Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-05-12

| O"'ttu CtH'cs, WTOte, UOln w inc ITcSl-
dent Of this Bank. and to the Secretary of
the Treasury, strongly recommending o
change, and in his letter to the Secretary,
limiting very distinctly at political con-
slderations, as the ground ofthe movement,
Other officers in the service Of the gov
eminent took an interest in The matter,
and urged the change; the Secretary him
self wrote to the Bank, suggesting and
recommending it. The time had come,
then, for the Bank to take its position. 1t
dd take it and 10 my judgement, if it
had not acted as it did act not only would
those who had the care Of It, have been
highly ccnsurable, but claim would have
been yielded TO entirely inconsistent with
a government of laws, and subversive Of
the very foundations Of republcansm.
long correspondence between The Sec
rotary of the Treasury and the President
of the Bank ensued The directors deter.
mined that they would no. surrender ei-
Their their rights or their duties to the con
troll or supervision Of the executive govern
ment They said they bad never nppoin'
ted their directors on polll caI grounds, and
they would not remove them on such
grounds. They had avoided politics.
They had sought for men Of business, ca.
pac'y. fidelity, and experience in the man
ugement Of pecuniary concerns. They
owed duties. they said, to the government
which they meant TO perform, faithfully
and impartiaIIy, under all administrations;
and they owed duties to the stockholders
Of the bank, which required to disregard
political considerations in their appoint
mcnts.
This correspondence ran along into the
fall Of the year, and finally terminated in
stern and unanimous declaration, made by
the directors. and transmitted to the Secre
tary ofthe Treasury, that the Bank would
continue to be independently administered,
and that the directors, once for all, refused
TO submit TO the supervision Of the eXecu-
tive authority, in any of its branches, in the
appointment of local directors and agents.
This resolution decided the character of the
future. Hostility toward the Bank, thence.
forward became the settled policy of the
government; and The message Of Deem
Der, 1929, was the clear announcement OF
that policy. II the Bank had appointed
those directors, thus recommended by
members Of Congress, if it had submitted
III it's appointments to the supervision Of
the Treasury; if had removed the Pres.
ident of the New Hampshire branch; if it
had, in all things, showed itself comply
ing, political, party machine. instead Of an
independent institution if it had done
this, leave all men 10 judge whether such
an entire change Of opinion. as to lis. con-
stitutionality, its utility, and its good effects
on the currency, would have happened be
tween March and December. -.
From the moment in which the bank as
serted its independence of Treasury control
and its elevation above mere party purpos
es, down to the end n It's charter, and
down even TO tie present day, it has been
the subject, to VIII OH ~ sefecest phrases
of party denuncialIon havc been plentlfully
applied. -
TO establish 2..Tmasury Bank. On the
contrary, it wa s.sdtistied, and so was the
country most PROFESSIONALLY, with the
bank then. Existing. In the summer of
1882, Congress passed an act for continuing
the charter of the bank by strong maior'ies
in both houses. In the House of Repre-.
scntatives. think, two thirds ofthc mem
bers voted for the bill. The President
gave it his negative; and as there were not
two. :hirds Of the Senate, though a large
majority were for it, the bill failed TO be
come law.
But it was not enough that a continu
ance Of the charter Of the bank was thus
refused. 1t had the depos,e of the public
money, and this it was entitled to by law,
tor the few years which yet renamed Of
its chartered term But this it was deter.
mined It should not enjoy. A the COM
mencement of the session Of 1925, n
grave and sober doubt was expressed by
the Secretary Of the Treasury in his official
communication, whether the public monies
were safe in the custody of the bank !
confess. gentlemen, when look back to
this suggestion thus officially made, so Sc.
rlous IN its import, so unjust If not well
founded, and so greatly injurious to the
credit Of the bank. and injurious. indeed, to
the credit Of The whole country, cannot
but wonder that any man of intelligence
and character should have been willing to
make it. read in it, however, the first
lines Of another chapter. ! saw an attempt
was now to be made to remove the depos-
ties, and such an attempt was made that
very session. But Congress was not to be
prevailed upon to accomplish tho end by its
own authority. 1t was well ascerlained
that neither House would consent to it,
The House of Representatives, indeed, a,
the heel ofihe session, decided against the
proposition by very large majority.
The Legislative authority having been
thus invoked, and invoked in vain, it was
resolved TO stretch farther the long arm of
Executive power, and by that arm 10 reach
and strike the victim. 1t so happened that
! was in this city in May 1888, and here
learned, from very authentic source, that
the Depostes would be removed by the
Presidents order and in June, as after
wards appeared, that order was given.