Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-16

pinion, as TO ills constitutionnlity, its utility, &
| its good effects on the currency, would have
happened between March and December.
From The moment in which the Bank osser-
ted its independence Of Treasury CONTROL and
its elevation above mere party purposes, down
10 the end Of its charter and down even to the
present day, it has been the subject, TO which
the selectest phrases Of party dcnuncation
have been plentifuly applied.
Bat Congress manifested no disposition 10
establish Treasury Bank. On the contrary,
il was satisfied, and SO was the country most
unquestionably, with the Bank then existing.
In the summer of 1882, Congress passed an
act for continuing the charter OF the Bank by
strong majorlies in both Houses. In the
House Of Representatives, think, two thirds
OF the members voted for the Bill. The Pres
dent gave it his negative; and as there were
not two thirds ofthe Senate, though large
majority were for it, the Bill failed TO become n
law.
But 1t was not enough that continuance of
the charter of the bank was thus refused. Ii
had the DePosite of the public money, < this it
was entitled 10 by law for the few years which
yet remained Of It's chartered term. But this
1t was determined it should not enjoy. Attic
commencement of the session of 1928, n
| grave and sober doubt was expressed by the
Secretary Of the Treasury, in his official COM
munication, whether the public monies were
safe in The custody OF the Bank | confess,
Gentlemen, when | look back TO this sugges-
ton, thus officially made, so serious in its i'm
port, so unjust, ii not well founded, and so
greatly injurious TO erredit of the Bank, and
injurious, indeed, 10 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 at
tempt was now 10 be made TO remove the De-
posites, aud such an attempt was made that
very session. But Congress was not TO be
prevailed upon TO accomplish the end by its
| own authority. 1t was well ascertained that
neither House would consent 10 it. The
House of Representatives, indeed, at tho heel
OF the session, decided against the proposition
by very large majority.
The legislative authority having HI en- thus
invoked, and in vain, it was resolved 10 stretch
farther The long arm OF Executive power, and
by that arm TO 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 Dcposites would be removed
by the Presidents order; and in June, as at
terwards appeared that order was given.
Now IT is obvious, Gentlemen, that thus far
the changes in our financial and fiscal system
were effected, not by Congress, but by the Elk
scutive. Not by law, but by the will and the
power ofthe President. Congress would have
continued the charter OF the Bank but the
President negaiived the Bill. Congress was
of opinion that the Dcposics ought not 10 be
removed but the President removed them
MGR was this all. The public monies being
Withdrawn from the custody which the law
had provided, by Executive power alone, that
same power selected the places for their future
keeping. Particular Banks, existing under
Stale charters, were chosen. With these es-
pecal and particular arrangements were u ade,
and the public moneys were deposited in their
vaults. Hencciorward these selected Banks
were 10 operate on the revenue and credit oil
the Government; and thus the original scheme
promulgated in the Annual Message of Dec
1929, was substantially carried into effect
Here were Banks chosen by the Treasury
all the arrangements made with them, made by
the Treasury; n set OF duties prescribed to BE-
performed by them to the Treasury and these
Banks w,re 10 hold the whole proceeds Of the
public revenue. In all this, Congress had ne
lher part nor lot. No law had caused the re.
moval OF the Deposiies no law had author
zed the selection Of Opposite State Banks
no law had prescribed the terms on which tn,
revenues should be placed in such Banks
From the beginning 20 the end of the chapter
: it was all Executive E1ct. And now, gentle
men, ask III III De not most reHldIkaDle, ina
in country protesting 10 be under Govern
ment of laws, ouch great and important chan
gcs in one of its most essential and vital inter
3 ests, should be brought about without an,
1 change OF law, without any enactment of thu
Legislature whatever. Is sucl. power trust
ed 10 the Executive OF any Government, il
1 which the Executive is separated by clear ant
G well defined lines from the Legislative Depart
= ment? The currency Of the country is on tn
e same general ground as the commerce of In
: country Both are intimately connected, an
Y both are subjects Of legal, not of Executiv
1 regulation.
n II is worthy Of notice that the writer's Of III
: Federalist, in discussing the powers whic
v the constitution conferred on the President
made it matter of commentator that it with
. draws this subject altogether flom his grasp
G "He can prescribe no rules" say they, .con
# corning the commerce or currency Of th
r country" And SO we have all been laugh
: 10 think. under all former administrations
: Bnt we have now seen that the President au
= the President alone, does prescribe the rul
G concerning the currency He makes it, an
d he alters il. He makes one rule for on
j. branch Of the revenue, and another rule to
G another. He makes one rule for the cilize
Y Of one State, and another for tho citizen of an
/, other. This, it is certain, is one part Of ih
d Treasury order oil July last.
d But at last Congress interfered, and under
@ took 10 regulate the depostes OF the publ
i moneys. 1t passed the law OF July, 1885,
S placing tho subject under legal control, re
@ straining the power Of ths Executive, sub,sc,
= ing the banks to liabilities and duties, on tll
d one hind, and securing them against the pow
=, or of the Executive on the other. But this La
/. contained another important provision whic
;, was that all the money in the Treasury, be
3 yond what was necessary Tor the current e'
!. penditures of the Government should be do
d posted with the States. This measure pass
:, ed both house by very unusual majorilies, "
(, II hardly escaped a veto. II obtained only