Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-05-16
NUMBER 81.


W tho sammer Of Ies, Carg'ess pissed cr cesss
ies tho charter Of tho bat by strong nsas,pe. in both
,hds the members voted fef The ball The pre.eut
gave bs negative and A. there third. 81 the
reas,s ihourh large m'J"ti were for H. tho bill ALLIED to
t~eome law.
Bo Va. not enough that Continuance Of the char.
ter oltbe bank ws' thu. refused hsdthe Derose Of the
puhe money, aud TIT. entitled IN N law ot the fe~
ycat, which yet remained cfs chartered term. hot thisn
~is determined II shesid m, ENJOY A. the commence
meat ~ tho session ri fai,a and socT doubt
expressed b, III. Secretary 81 the Treasury his ccis
communications whether tho public monies were s'e IN the
custody of the Bank' confess Gentencn when ioch
bach this suggestion thus ocis, made ~ ~
import SO unjas not well founded and greatly inIat
to tho credit OF the bank and injurious indeed the
credit Of the whole country cannot bat wonder that any
81 Intelligence. sad character should have teen will lag
to make H. read in IT, however tho fret lines Of another
etsiss'. fsi~ attempt 20 he msdc
tie Deposics and such attempt made tha,
SION 'u, Congress was not to he prevailed upon sooom
rlish the end by It's Auihoty n well ssrersincd
that neither House would 20 H. Representative
decd at tho heel session decided against the pcpo
si,ion ty voiy large majority.
The legislative authority having been thus invoked and
invoked In vain it resolved stretch farther the long
the victim II 40 happened that was Ia this city in Msy
1883 and here learned from very authentic source that
the Deposits would be removed by the Presidents order
and in June afterwards appeared that order given
Now it is obvious Gentlemen that thus far the changes
in our hoanei, and fiscal system effected not by Goa
grc-s bu by the Executive Not by law bat by the will and
the power the President Congress would have confirm.
ed the ch,er OF the bank but the Preen, Msgaved the
bill Congress. was OF opinion that the Dcpos,s ought MOI
to be removed but the President removed thom Nor
this all The public monies being withdrawn from the
tsdy which the law had provided by Executive power alone
that selected The place Of their future keeping
Particular banks, existing under state charters were ebo
With these espsosi aud pAcuas arrangements
made md the public deposited In their vaults
ienccfowsrd these selected banks operate tho
and credit OF the Government and thus tho origin
al scheme promulgated In the Annos Message Of December
1929 substantially carried into effect Here were bsnks
chosen by tho Treasuy all the arrangements made with
them made BY The Treasury ase, ofdu,ies prescribed TO
be performed by them to the eassy and these banks
TO hold the whole proceeds Of the public In all
this Congress had neither p,t lot No law bad caused
the removal Of the deposits law had authorised the
lection Of Depo State banks no law had prescribed tho
which the should he such banks
From the beginning Of tho obaier 10 tho end all En-
ecutive Edct. And, now, 9cntioaen. ask IT. be not
most remarkable that in country protesting 20 10 undera
government laws such great and important changes in
of its essential and vital interests should be brot
about without any change s law without enactment Of
the legislature whatever IL such power trusted the
Executive Of in which the Executive sep
aa,cd by ccnr and well defined lines from the Legislative
The currency Of the country on the same
general ground the commerce Of the country Bath
intimately connected and both are subjects o legal not Of
Executive regulation.
in discussing the powers which tho Constts'on conferred
the President made matter Of sommeoda,ion that
wthdraws this subject altogether from his evasp He
currency Of tho country AID so We have boe" ali tuusS
that the President and the Prcsen, alone docs
prescribe the rule concerning the lie makes
and he alters it, lie makes rule for branch OF the
and another rule for another lie makes one
for the citizen ofoue State and another for another This
But at last Congress inercsd and unaerook 10 reru.
late the Deposs of the public moneys, II passed the law
srninng the power Of the Esscuvc subecas ,bs b.nb.
10 liabilities nnd to duties the and securing
them against Executive avoritism on the ether Ru, this
law contained another important provision which was that
all the money in the Treasury beyond what was necessary
Tor the caHsn, expenditures ~ tho Government should
deposited with the States This passed both hous.
en- by unusual maiorres yet II hardly escaped veto
Il obtained only cold assent slow reluctant and hes,a.
ting approval aud an eariy to array
ganst II long list Of objections Hut the law passed Tho
money in the Treasury beyond the Of tive was
to 20 to the States has gone and the Treasury 10,
tho present is relieved from The burden Of surplus, hut
observe other concdences In the Annual message OF
December 1885 tho President quoted the fact of the ranidv
increasing s,le pfhe public lands proof Of hah uatooa
prosperity lie alluded to that subjert with much
satisfaction There was not word said ,ho.t moron,v
not word about speculation not word about issuev
of paper, to pay for the lands All ali WIS
full Of evidence o. wise administration OF Government all
Joy and triumph.
Bot the idea of deposit distribution the surplus mon
ey with the people suddenly damped this eere.cns happ
ed gloomy aud black Now lciia, ION OF conyrsi
ulaon account Of the rapid sales @ the public lands no
more o ,hs most decisive proof OF nstona prosperity and
happiness. The Executive mu.e takes 10 a neiaachoIy
strain. She sings Of monopoes. Of speculation Of worth
les. piper 10Th Of land and money Of the muI,pes
fon OF bants and the danger Of and the end
the canio the catastrophe that lands shalt no longer he
sod but for gold and silver alone The object Of all
clear enough IL was 10 diminish the income Of the public
lands Bot ds-ire for such dminn,ion had been ma at
tested so long as the money likely be suppo'c
main IN the Treasury Bu, growing conviction that
other Imposition must be made Of the surplus swsksned
tention to the means Of preventing tha, surplus.
Toward e-a ~ .s.s.a., .-.no..
ton brough, forward Congress for such an alteration
oftho law as should sdn payment for public sBds 10 be
made in nothing but gold and silver The voted 81.
for his proposition bu, do reeoect th1t any
other member coneUrred ~ the vote The proposition
rejected al but in other that which Con
gress refused tn do the Executive power did Ten DAYS
congress sdjourDeJ having had this before ssd
having refused 20 act o. by naking alteration 10
the ersng laws, treasury order issued oonHndiBg
TINT thing t. he done which congress had
quesed 10 DO ard had refused the esse 81
the removal II the Deposits the Executive power acted
this also against the known we'll usderstood snd
Gently s,pressed will Of the Representatives of the people
There has been moment when tho Legislative will
would have sanctioned the object ~ that order Probably
never IN which nds i5ssi msubcfs az Con
rress would have eebcBfred 10 The done With
the ~ COMPRESS and sgsnst the we'll known
pnan ~ Congress That act altered the lsw ~ the land
papp alter a. sgainsi the well known will Of tho
iaw making poxer
For one, confess I sse suthor,y whatever in the
constellation or any s~ of this Treasury order Thoss
WIN have sndsraken to maiBian u. have placed 70
goubd. only different bat incnnsssHt and eonifsde
iory The reassn which gives. smother REJECTS
coafste. what another argsss with - the yo's
aulian Of 1916 whioh gaze the authority with another u
the lac ~ IglO With Jfd Is the general
power ofibs President and the lest Argument sines
solves itself poser without stopping 10 poui cot
the 81 has power Bot eny the shortest bot ia
,ttk. He