Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-07-15

gent, or as a regulator OF currency.
NO new bank has been recommended for most obviou.
reasons lst Because by the OF The present bank
charter other bank could be created by Congress- 10 90
mo effect before the 4b of March 1886 when that char
ter expires. I'll. No w bank could furnish a remedy
or The commercial distress and embarrassment-real or
pfeended-ccnplsined Of because that distress or embar
'ssmeh whether real or Imaginary, have run its
course and passed away before any me- ban coud COM
mence operations; and thirdly and mainly because any
pank organized upon the principles of the present bank
would be snbeci the objections that the present
oank lie; would probably be owned by the same persons
ana De SUBJECT 10 the abuses doubt whether IL il
IN The power Of statutory provisions to provide chains
strong enough to eonfine ndous power shall
be disposed 10 abuse it, The objection therefore TO the
employment oil State Banks that national ipstion 10
necessary either ss regulator o. currency or Co.
sgent cannot uponany sound principles, be main
The State Banks then TO be employed, and thew
are 10 be employed either under law as il exists
or under the law os Congress may modify IT, The bill
before us proposes notifications, limiting and defining
with more precision than has heretofore been done The
Executive discretion and power II is rendered 10 the
loue and especially TO those who haye raised the crv
OF union In the President The sword and tho nurse
when in fact he possesses neither The present Ex.cn
1--WE does not desire, and desired retain any
1isereuonay power in the execution OF the laws which
rom It's nature s susceptible OF being defined by law The
Executive and his friends upon this floor sustain him
in the recent Executive measure OF the removal of the
deposes desire to him. and only him. but his sue
ee:sos In The Executive office, relieved from the respon
sbty oil exercising discretionary power in relation to
the keeping. management and disbursement Of the
puoc money, as lar by legislative provisions II can
be done. The bill which has been presented contains
provisions suited, in the opinion OF the committee who
prepared and brought il forward, TO attain This end
have ovie, gentlemen who may think It's provisions
inadequate, Who suppose tina, too much mover Ia
sui lett in the hands Of the Executive TO come forward
WIN their modihcaions, still further limiting nd coniinnp
MS power III they will neither accept this bill nor nro
pose to amend and make ii perfect the conclusion
must be- that they prefer the law as il is TO apv new To-
g!slaiiye provision II they do not co.operate Win ns
IN Perieeng and passing this BILL the conc uson will be
m ha The charge which has been made against
he PRESIDENT oil desire TO seize upon powers which do
not belong 10 him. designed 10 produce an erroneous
impression upon the public mind, and wholly unounded
nraIa fha sxisf
ments which can be made; in word thai the real
purpose to be effected by all the violent and inpassoned
aPpeas winch have been made charging him with usur-
paon was TO operate upon the public with vie TO pro-
cure continuance of the present odous bank
sns 3teny caIi the attention Of The House the de-
tails OF ms b. The bill provides Ist, "Tbe mode of
seecon I'd, The securities propert to be and "a
ne manner and terms on which they employ,
eu ny ,e existing law the Secretary Of the Treasury
possesses the power to select the banks of Depose 10
prescribe the terms and conditions of their enpIoyment
ana 10 discontinue them at pleasure The bill continues
me power OF making the selections in the first instance n
me secretary OF the Treasury upon certain and con-
dons prescribed; but when once ected he 1. by H.
9Th section expressly prohibited from discontnning ,nv
sucn bank as depository $50 long the said bank shall
commune 10 40 and perform the several duties services
required TO be performed" by BILL and $50 long az said
bank shall continue TO be in all respects safe depository
OIL the public money II is only Tor failure or refusal
on e part any bank OF depose perform the duties
and services prescribed and stipulated to be performed or
mat shall have so extended conducted It's business az
70 render II an unsafe depository, that the public monies
which 1t may hold on depose are 10 be removed AndS
congress be in session. even thea be discontinue
ca "nou 'he appreciation OF Congress previously OBJ
sbeu IN The recess OF Congress the Secretary of The
Treasury is authorized to remove the public mo1ies @
the causes only aeady stated and in that case is requred
10 report 10 Copgres5a at the of the next
session, the facts and which have induced snr
discon!nuance BY another provision in the bill the
powers expressly reserved Congress at anv time n
pass claw for the removal of public money from arv
oil the said banks" The power reserved 10 Congress
remove is absolute Congress NAV NV law ,ySass ~ !"
eonhuance oil any OF the selected banks as depotore
at its ioH The Secretary by ths nrovis;nns Of az
o possesses no such power. lie can only remove the
tTn fhor Eaan
IN The BILL and which have been already stated So ion
therefore as any bank selected depository shall per-
form the spulaons OF its contract aud shall remain in
SAFE condition, IL will hold the public money ON danos
not at the pleasure Of the Executive but independent of
i , NenneI me original selection, nor the continued
employment oil these banks by The Treasury under such
circumstances the bill provides can by possjb, he
used as Government patronage, control or in sny de-
gree l"huence them in their operations.
Inc power OF making the original selections was rom
nnued in the Head Of The Treasury Depsrtment-6rs,
because the general management of The 6nsnces and h
safe keeping and disbursement of the public monnv &c
sording to law appropriately belongs that officer and
seecuohs cou'd be made by him. conveniently and
with a. much safety 10 the public az regards the sec,
o. PUBIC money as by any other officer true that
Congress might, by law, designate the Banks in Cvbch
The public money shall be kept. And the com mites ~
prepared this BILL in their Report state that there could
oe no objection to that mode, provided il be deemed prac
lcabe TO make the selections in such manner az IN
!ect ana preserve the public funds therein
IL was believed however, that Congress- from lis numbers
u organization could not 70 conveniently ascertain tho
condition and safety of the Banks 10 bo seeced "a the
PfinciPa ocoT OF The Government. Another
mas oeen made and Thai is, that all the Banks AT the
point or place where the revenue may be received and
which may be found TO be in a safe condition shall he CO.
poyed In proportion TO their respect capitals The ober
ton 10 this plan, is that would too much dsperse The
public funds produce unnecessary complication in The ac
counts OF The Treasury, and in nan
disbursements, especially Of large amounts for The pnbi
service The plan adopted by The BILL continues 10 the
Secretary u the Treasury the power of making the esc
uons' WIN tue restrictions his power OF discon
nudnce already Stated lie is select "such of the apLa
incorporated by the several States, may be located ao
convenient to the points places at which the revenuos
may be colec'ed; aud at the principal points of coec.
ton in the principal cities where large amounts are receiv
uat they be, Gin his opinion safe repositories Of the
public money and shall be willing TO undertake to do ana
perform the several duties aud services and to conform IN
the several conditions prescribed by The bills"
81 The bill next provides "the securities proper ia be
;sken Before any bank shall be selected the Cd secdon
requires ba the Secretary shall 80 furnished Win f1
statement OF lie condition aud business TINT ne NAV be
enabled TO judge Of is safety Being hrs satisfied o
an inspection Of such statement sad from other sources
Of nlomaon within bis reach, thsta given Bank vyould
be safe depository, and would be willing 10 receive Ire
anhozed 70 make the selociion; and By the sb section
ba q authorized to into contracts with The seected
bsnks. With view 10 lho continued safety of The nubI
funds in sny Of the selected bsnks he is authorized m
require them Of The conditions upon which fbev are
10 hold the public depostes, that they shall furnish from
time TO time, as oiteu required, not exceedna once
week, such statements OF their condition aud business.
aud shall also agree to permit inspection OF The general
accounts Ia Use books Of the bank, az shall rsate 10 sucb
satemeots. And sddilonal security 10 the public
tho Secretary 10 by The 7h section authorized Whenever
~ ftt Q a. ri. i. 40