The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-05-26

House az Representative. J Ihink, tsa-
Thirds a. he menhsrs voted faf INC bill.
The President gave u his negaises ard
- lhsre wrre not lwo-ihirds afthe Ssnale'
though large msjarity wsfe Tor q, ne
bill failed lo become law.
But IL vas not enough that . eonlinu-
snce uf the charter Of me bank was thus
refused. n had The deposile Of The pub
lie money. and this It was entlted 70 ~
Law, for the few years which vel remain
ed Of lis chartered term, But Ibis. o
was determined. il should not enjoy. A.
The commencement Of the session at 1889
-, a grave and sober doubt aas eKPres-
srd by the Secretary az the Treasury. In
his Official communication. wheiher the
public Moneys weie sale IN the custody
&c the bank. confess, genllemen. when
I look back 10 this suggestion, thus "tfi'
cially made, 81 serious IN is import -
unjust. II not we'll founded. and 50 greatly
injurious To the credit af the bank, and
injurious. indeed. 60 the credit of the
whole country, cannot wonder that any
man of intelligence and character should
have been willing 10 make n. read M
il, however. The first lines al another
chapter. | saw an attempt was nov Ia
be made 10 remove the deposiles. aud
such an attempt was made that very ses-
sion. But Congress was moi 10 be nTe-
vailed upon Ia accomplish the end hy us
own authority Il Vas well ascerlained
that neither House would consent to IL.
The House NJ Representatives. indeed.
al the heel of the session. decided against
the proposition by EeTy large m4joTIiy.
The Legislative suIharIIY having been
thus invoked, and invoked IN vain. ii
was resolved To stretch father the long
Of executive power, and by that arm 60
reach and strike the vicnm. II so hap
pened that | was in this city in May.
1888. and here learned. IRON . very su-
ih.uIIc source. that the deposiIes would
be removed BY the Presidents order; and
IN June. as afterwards Appealed, that or
der was given.
Now IL is obvious, gentlemen. that
thus Ter the changes IN our financial and
6sca system we're effected, no. BY Con-
gress, but BY the Executive. Not b.
law. hut by the will and the power Of
the President. Congress would have
continued the charter of The bank, but the
Presiden, ns,Igaled the bill. Congress
was of opinion that the deposItes ought
not TO b. removed; but the President Ie-
moved them. Nor was this all. The
public moneys heIng Withdrawn iron the
custody which the law had provided, BY
Executive power alone, Thar same power
selected the places for their future keep
ing. Particular banks, existing under
state charters. we're chosen. Win hese.
especial AID particular arrangements we're
made, aud the public moneys were depo-
sI,rd IN their vaults. Henceiorward these
sell ctei hanks were Ia operate on the re-
venue aud credit Of the Government: aud
thus the original scheme. promulgated IN
the annual message Ol December, 1929.
was SUBSTANTIALLY carried Inln effect Here
we're banks chosen b. the Treasury; Ill
the arrangements made with them made
by The Treasury; a set Of duties prescrb-
ed TO be perIormed by them to the Tres-
sury, and ghese banks were to hold the
whole proceeds Of the public revenue.
10 all this, Congress had neither part
nor lot. No Law had caused the removal
ol the deposItes: no Law had authorized
the selection Of deposile Stale banks. no
Law mad prescribed the terms on which
the revenues should be placed in such
banks. From The beginning of,he chap
ter to the ead il was all an Executive
edlc,. Aud nov. esnslemen, ask II il
be not remarkable that in country pro.
Tossing to be under a government Of laws.
such great and important changes ~
one of us most essential and vital interests
should be brought about without any
change Vt law. without any enactment Of
the Legislature whatever. L. such a
power trusted TO the Executive Of sny
Government in which the executive
is separated by clear and we'll defined
lines from the legislative department!
The CURRENCY Of the country stands on
the same genera! ground as the commerce
Of the Country. Both are intimately
connected, and both are subjects Of legal,
no, Of Executive regulation.
Il IS worthy Of notice. tina. the writers
Of the Federsllsl. IN discussing the
powers which the Constitution conferred
IN the President, made u matter Of
c"nmendalIon that i. wi,hdraws this
subject altogether from his grasp. "He
can prescribe no rules" say they. &" con-
corning the commerce or currency OF the
country" And so we have been all
taughi to think, under all former ADM
nis'rauons. But we have now seen
that The President and the President a.
lone. ddessprescribe the rule concerning
the currency. He makes IL. and he
alters u. He makes one rule for one
branch Of Tie revenue, and another rule
a. Il r a