Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-03-03

secretary oil Treasury under surh
cuinstances. But is commended that the President did
great injustice the Bank and violated charter by
causing the public monies to be removed the ground
that The Bank had paid valuable consideration for
use OF then in the form of bonus and that the Secre
tary had right TO them removed under the
10th section OF its charter unless there was danger of
the institution becoming nsolvent, which the
iact Sir there was no injustice done the Bank nor
was its charter violated by the removal of the depostes
he Bank did not bonus for the of the dc postes
but in consideration of the emolunents be derived
from exclusive banking privileges for twenty years
wa, read an extract from the report to Congress of MIR
Dallas, the then Secretary of the Treasury containing
the plan of this Bank charter which places this matter
beyond doubt SIT is proposed, that bonus be paid to
the Government, BY the subscribers TO the National
Bank, IN consideration of the emolunents be derived
from an exclusive charter, during period of twenty
years.
The 10Th section Of the Bank charter in leaving dis
creonary with the Secretary of the Treasury deter
mine when the public deposites should be Withdrawn
from mat institution, subject only to the restriction of
being required to report hts Congress- intend.
cd the exercise of this power check upon the Bank
ana punishment Tor any improper conduct, as well
TO enable him 10 withdraw the public money whenever
1t should become unsafe depository. For example;
an improper interference with the currency politics of
the country, and any corrupt conduct of the institution
would be sufficient for the removal of the POI
sites This, sir is the construction which the friends Of
the Bank in and of Congress- late as 1890 gave to
this section of the charter In support of this position
Will read short extract from the celebrated Bank report
OF the Committee of Ways and Means in the House Of
Representatives. the 18th of APRIL $780, The author
ship OF This able report is ascrbed the Chairman of
that committee, Gen. George McDufe, (at present the
'oVernor Oh Soutn Carolina OF the most able and
decided friends of the Bank as this report
the sanction of all the friends of that institution in
and out OF Congress- and endorsed by the Bank
ITSELF by spending thousands in its republication, with
which the whole country flooded for the Christian
purpose of enfghtning the public mind in relation it,
4 think II must be received conclusive evidence
against the Bank This report pointing the checks
on the Bank contained in its charter comments thus
the 10th secon
Every thing is fixed by law, nothing len to arbitrary
discussion 1t true that the Secretary Treasury
using us pows, unlns and punish
upon politics. the country by withdrawing
lightly exercised by the TTessaqy It's
would necessarily be subject be by Congress is
us sa99,y corrective creating no undue dependence tho
Here sir, is the power (Which has been exercised by
fancy, the Secretary of the Treasury, in the
al OF the deposes0 acknowledged by the Bank its
friends to the fullest extent 1t the time lin The
midst oil the panic and storm created by the Bank and
ITS political aes) sanctioned by the popular branch of
Congress, the immediate representatives of the people,
and 1t has been the verdict of The
American people Sir whether or not the removal of
the deposites was wise and polite act unnecessa-
ny for my present purpose determine but il does seem
to me- that no unbiased mind review history of
this transaction, and the subsequent events without
coming TO the conclusions that il a of
policy, measure founded in wisdom and great political
forecast and executed with degree of moral irmnesa
rarely witnessed in this any other country After
witnessing the unprecedented alarm and CONSERVATION
created throughout this country by the of the
BANK and It's panic orators for the of wringng
from the fears OF the people renewal of its charter and
al Tue subsequent developments which have been made,
can any doubt but that if the Bank had been per.
United 10 retain the public deposites TO this day and in
the time make all its secret 10 npuv
ITS 10 the people, that with the surplus revenue Of
thirty Millions in addition 10 its own immense pccuni.
airy means, 1t would now be able control the currency
break all The State Banks and of the commercial
houses IN the country; and in connection with its DO
ca allies and orators produce any degree of panic nd
CONSERVATION II should think proper TO Sc
cure IT'S by the vote of twothd of Congress?
SIR The transfer OF thirty millions (lhe amount of tho
surplus revenue at presently from the u S. Bank the
state Banks would in contest between the IT, s. Bank
and the People and the State Banks make difference
OF sixty millions of dollars against former and in
favor ofthe latter The President DISPLAYED great skill
in commencing the battle, and drawing the enenys fire
before he was ready the only measure which could
have saved the country from the of another Bank
thnk have established, that this is great consti-
tntonai question: and that the Senate ought not TO have
ADOPTED The resolution now proposed to be expungcd
from their Journa rst because they had no right To
90 So ana consequently were guilty of papabe and fla
grant violation of the Constitution; and secondly be-
cause il contains gross Islander PresdentDthe
charge, tha the President in the late Executive pro-
ceedngs in relation TO the public revenue has assumed
upon himself authority and power not conferred by the
CONSTITUTION ana laws, but in derogaon of BOTH being
false 22d groundless Let enquire into the mo.
tves OF the majority of the Senate in adopting this most
extraordinary proceeding against tile President and as
certain whether they entitled the high claims of
patriotism and dsnterestedness which their friends as
cfloc to them Sir am well aware, that it is difficult
task To pry into the motives of their acts some
times give such striking indications of them, that they
can scarcely be misunderstood, and this remarkable
case OF that kind To form, them Just estimate of the
oyes OF thls majority, 1t is necessary to bear in mind,
that four of their leaders either had been or were then
aspThhs 10 the PRESIDENTIAL chair; that of them the
author OF the resolution the disa ed nd defeat
ed rival OF the President HIMSELF another of them had
been very recently completely Frustrated by the Pres
dent, and hIs avorite scheme of Notification and
Southern Eonfederacy blown atoms and those two
and one other at least OF the conspicuous actors
IN this great drama were the malignant vim
dIcye personal enemies of the President In addition
to this, the Vice President known be the choice
OF the great Of the Presidents friends as his sue
cessor and unless the President and his party were
broken down. he would certainly be elected the great
ehagrn OF these aspirans in the Senate Besides the
charter OF the Bank OF the United States would
pre- an act to it for twenty wears had been We
toed by the President unless his party was broken
down, to prevent Mr. Van Burc from being elect
cd as his successors there could be hope
Sir when all these circumstances taken in connec-
ton with the gross vltuperaton and violent invectye
winch was Numbered by these from the Senate for
one hundred days. the mind be brought iresebly
TO the conclusion that this resolution originated in the
most malicious and vndicve feelings and that il was
intended, by It's adoption, TO brand the fair fame and
Puiaon of the President with inany, and place last
ing record OF IT on their Journal and break his Adj
hhnistration down, aud build up its ruin their own
party, and new Bank. Sir, we are impored bv the
gentleman from Cupeper, not to infuse poison into our
party struggles BY the adoption of the resolution in your
hand would say TO that gentleman, that the poison
las already been infused by the adoption of that nia-
nous resolution by the u s. Senate aud that il Gun be
eTadIcated only by expuDging it from the journal Our
oect IS not TO inuse poison but extract that which
mas been infused 10y the vruence and malice of tle
Wing majority i'm the Senate
we nave been told, that this resolution ought moi to
Tcss; because is intended disgrace and ,,nr with
nlaa,y, the majority Of the Senate who adopted the re-
solution, We propose TO cxpunge; and we have been
amused with the most extTavagan and gli.wrouObt
cuogies on that majority. They have been pointed 10
US as PatotS actuated 10y the pUres dsintcr
ested motives; the great champions If human erf-the