Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-05-12

In TINS city IN May, 1883, and here learned, |
from a very authentic source, that the depos- \
ties would be removed by the Presidents or
DER and in June as aGerwaId appeared, that
order was given
Now it is obvious, gentlemen, that thus far
the changes in our financial and fiscal sys-
TEN were effected not by Congress, but by |
the Executive Not by law. bul by the will |
and power Of the President Congress |
would have continued the charter OF the |
bank but the President negatived the bill. |
Congress was Of opinion that the deposites |
ought not to be removed but the President
removed them. Nor was this ALL The |
public moneys being Withdrawn from the !
custody which the law had provided, by ex-
ecutive power alone. that same power select |
ed the places for their future keeping. Par
ticuai banks, existing under State charters,
were chosen. With these, especial and par
tia arrangements were made, and the public
moneys were deposited in their vaults
| lienceforward these selected banks were to
operate on the revenue and credit of the gov
erement and thus the original scheme, pro-
mulgated in the annual message of Deem
Der, 1929, was substantially carried into el-
feet. Here were banks chosen by the treas
ury all the arrangements made with them,
made by the treasury; a set Of duties pre-
scribed to be performed by them to the treas
ury. and these banks were TO hold the whole
proceeds Of the public revenue.
In all this. Congress had neither part nor
lot No law had caused the removal Of the
deposilcs; no law had authorized The selec-
lion of the deposite State banks; no law had
f prescribed the terms on which the revenues
should be placed in such banks. From the
} beginning of the chapter 10 the end OF II, 1t
was all executive edict. And now, gentle
men, ask if it be not remarkable, that in
country protesting 10 be under a govern
/ ment Of laws, such great and important chan
ges in one of lis most essential and vital in
, teress, should be brought about without any
change Of law, without any enactment OF the
legislature whatever. Is sucha power trust
e ed TO the executive Of any government In
which the executive is separated by clear and
+ well-defned lines, from the Legislative de-
= parment2 The currency Of the country
o stands on the same general ground us the
}. commerce ofthe country. Both are intimate
~ connected, and both are subjects OF legal
:. not OF executive regulation.
Ii is worthy OF notice, that the writers o
y the Federalist, in discussing the powers
: whichth constitution conferred ON the Pres
!. ideni. made il matter OF communication. tia
4 ii withdraws this subject altogether from his
/. grasp. "He can prescribe no rules" say
!. they, concerning the commerce or curren
!, cy Of the country" And so we have beer
: all taught 10 think, under all former admin
isirations But we have now seen that th'
j. President, and the President alone, does pre-
scribe the rule the currency. IL
- makes 1t, and he alters it. He makes on
I rule for one branch of the revenue, and al
,s other rule for another He makes one rul
N for the citizen of one State, and another 70
=. the citizen OF another State. This it is certain
~ is one part ofthe Treasury order OF July las
20 But at last Congress inlerfered, and under
ID moneys 1t passed the law OF July, 1886
no placing the subject under legal control, r,
n siraining the power OF the executive, subJec
Il. ing the banks to liabilities and duties, OH tn
m one hand, and securing them against exec,
on tive iavori,ism on the other. But this la
contained another important provision;-
,s. which was, that all the money in thetreasur
& beyond what was necessary for the currei
70 expenditures of the government, should
h. deposited with The States. This measul
Oh passed both houses by very unusual major
on lies, yet it hardly escaped veto. Il oblai
ed only cold assent, slow, reluctant, an
on hesiia,ing approval; and an early mome
N. was seized 10 array against 1t long list
n. objections. But the law passed. The mo
an ey in the Treasury, beyond the sum OF III
.ss millions, was to go to the States; II has
~ gone, and the Treasury for the present,
Ne. relieved from the burden Of a surplus.
nix But now observe other condolences.
i'll. the annual message of December, 1885, Il
as President quoted the fact Of the rapidly i
tie, creasing sale OF the public lands as proof
ill high national prosperity. He alluded
that subject, certainly with much salisfa
ice ton, and apparently in something OF the toI
ed of exultation. There was nothing saidabo
nd monopoly, not a word about speculation, n
ew a word about over issues Of paper to pay f
ed the lands All was prosperous, all was fl
aid OF evidence of a wise administration OF 60
he eminent. all was joy and triumph.
nbt But the idea of deposite or distribute
as Of the surplus money with the people, su
Ter denly damped this effervescing happiness
- The color of the rose was gone, and eve
to thing now looked gloomy and black No
'r- no more felicitation or congratulation,
an. account OF the rapid sales of public land
Of nor more of this mosr decisive proof Of n
dit tional prosperity and happiness The e
der ecutive muse takes up melancholy strai
ter She sings of monopoies, of speculation,
lad worthless paper, Of loss both of land al