The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-08-15
/. TREAsTRN RANK


We invite a., spec al attention Of readers TO
The t,urh re,a Itos ,irc State Cony ention, pub
',bc4 in 'his Gays per, which relates to the es
abi.shnent oi DtasuTy Bank. This hvorite
scheme Of Gee JACKSON will probably BIO revived
"a The ensuing session of Congress, and will be
'Ear,aly sIrpo-taI By the office holders Indeed,
there ndc, lous of no equivocal character, that
plan ofH I'D viii 10 submitted tor the consd-
crauon ofC ~ The message Of the Executive.
II sill To- r,-olec,d that in Gen. Jackson mes
sage Of De- ~, he submitted TO Congress the query
wh,the- IA snal oanK founded on the credit of
ths GOrgRiasft anil 40 rsreHusS,' might be sub
stiiuiod lee ris place ,f the then u. S. Bank. On
vetoing the b.I for re-ehartoring the U. s. B. in
is92 he iutin ted TO Congress, that if requested,
he soulj submit plan for n bank which would
meet the .ews Of The Executive. 1t was then we'll
unde-S'Ood that the plan alluded to was the sam
/ ssas contemplated in his message of 1920 viz a
treasury Ban.-uPon plan which should place
the public well as the entire currency
f the country with N the control of the Executive
Failing TO accomplish his designs through the CO.
operation Of Congress, it is well known that he at
tempted, and IN a measure succeeded, in grasping
! the public purse in the removal of :he public de-
posites. \ Treasury Bank, alias, an Executive
Bank, was not chartered by Congress but the Pres.
ident, by an brbi,nry stretch of power, virtually
created an Executive Bank of some 80 branches in
the machinery of the deposile banks. The depos.
ties removed Ivy has order, and placed in State
institutions to be controlled by him. To show that
we have not misTeE presented the views of the Pres
dent quote the following from his protest TO the
Senate 1884. He says,
81" Tho custody of the public property under such
regulations as maybe prescribed by Legislative au.
thorty, has always been considered an appronrinte
Junction of the executive department. In accord
anco with this principle, every species of property
belonging to the United States excepting that which
Is in the use OF the several coordinate departments
! OF the Government, as means TO aid them in per-
forming their apprn pirate unctions) is in the charge
of officers appointed by the President, whether il
be lands, or brldr gs merchandise or provisions
or arms and munitions Of war. The .superinend-
ents and keepers &C the whole are appointed by The
President and en0rabis at has tciH. Public noney
IS int species Of property. 1t cannot be raised by
aIauons or customs, nor brought into the treasury
10 any other way except by law but whenever or
howsoeveF ob'ain'd, its custody always has been,
aud always must be, unless the constitution. be
changed, .intTustef TO The EIecutpe Department.
No ohceF can De created by Congress for the purpose
Of taking charge Of il, whose appointment would
not by the Consu tuition, devove on tho President
and who would not be responsible TO him for the
faithful discharge Of his duties. Congress cannot
"eTgore take out Of nc hands Of the EzecutiUe De-
".
without the assumption of executive power"
SO much for the opinions Of Gen. jackson and his
scheme for Treasury Bank, to bo under the control
of the executive
That this scheme did meet the appreciation Of
Mr.. Van Buren,, there can be no doubt. In his in
augural address he says,
/ g an receiving from the people the sacred trps
twice Conhded ~ my illustrious predecessor anI
winch ne has discharged faithfully and so well
know that cannot expect TO perform the arduou,
TASK wan equal sbiity and success. But united ne
Hare Osen IN us e0uHseis, daily witness of his ex
elusive and unsurpassed devotion to his country,
welfare, AGREEISs WITH HIM IN SENTIMENTS an
PARrAKIN0 IARisELT OF HIS CONFIDENCE / ma,
venture to hope that somewhat of the same cheer
ing appreciation may DO found to attend upon m,
path.' "poN NY
As the plan fer Treasury Bank was considoret
OF such vital impOrtance by Gen Jackson. # ia bp
reasonable 10 conclude that all It's details sboulf
nave been communicated to one partaking so larpe
y Of ms conhd'n nee" and the inference is concu
Sive, that respecting 1t, abe agreed with hin, j.
sentiments " ~
Inc probability that this plan is to be revived nj
the opening ofCongress derives additional s,renn,t
from the fact iha the Globe, the government n,na,
al ashington, has recently changed its ground in
relation TO an exclusive metallic currency and -,
dorses the let,e df Senator Tallmadpe in RELATION
rsncy. rNP'' 'u'