Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-05-18

VIC WI I'SIuNUt utRu'Nfu tuN
bill. Congress was of opinion that the de-
positcs ought not Ia bc r"nioved; but the Pre-
sidcnt removed them. Nor was this all
The public moneys being Withdrawn from
the custody which the law had provided, by
executive power alone, that same power Sc.
lected The places for their future Keeping
Particular banks, existing under state char
ters, were chosen. With these, especial ano
particular arrangements were made. and III.
public moneys were deposited in their vaults
llcncctorward these selected banks were tc
operate on the revenue and credit Of IN" G;p.
vernmeni: and thus the original scheme, pro.
mu gated in the annual message OF Drcct,-
ber, 1879, WAS substantially carried into ef-
feet. Here were banks chosen by the irea
snry; all the arrangements made with tha.u,
made by the treasury; n SET OF dune. pre-
scrbed to be pcrinimod by them Ia the irca-
sury, aud these banks were to hold the whole
proceeds Of the public reycnue.
In all this, Congress had neither part nor
lot. No law had caused the removal of the
deposltes; no law had authorized the selection
of depositc state banks; no law Ind prescrih-
ed the terms on which the revenues should
be placed in such banks. From the begin
ming Of the chapter to the end, it was all ex-
ecutive cdict. And now, gentlemen, ! ask
il it be not remarkable, that in n country, pro-
Tossing to be under government Of laws.
such great and inp"rtant changes in one of
it's most essential and vital interests, should
be brought about without any change of law,
without any enactment of the legislature
whatever. Is snch Il power trusted to the
executive Of any government, in which the
executive is separated by clear and vel de
fined lines, from the legislative department.?
The currency Of the country stands on the
same general ground as the commerce of the
county. Both are intimately connerteJ,
and both ARE subjects Of legal, not Of execu-
tive regulation.
Ii is worthy Of notice, that the writer's Of
the Federallst,in discussing the powers which
The constitution conferred on the President,
made It matter of c"nnendation, that it with
draws this snblrct altogether from his grasp.
~lle can prescribe no rules" say they, Soon
cerning the commerce or currency of the
And so We have been all taught
to think, under all former administrations
But we have now seen that the President
and the President alone, does prescribe the
rule concerahug the currency. He makes il,
and he alters H. He makes one rule for one.
branch of the revenue, and another rule for
another. lie makes one rule for the citizen
of one state. and another for the citizen of
another. This, it is certain, is one part of
the Treasury order Of July last.
But at last Congress inteFfered. and under.
took to regulate the dcpostes of the public
moneys il passed the law of Julv, 1886.
,lacine the subject under legal control. re-
'tralning the power of the executive. subject I
n tho ha pto IA H,.hili,,.,- Il Al.
me hand, and securing them against exccu-
i've favortiSm on the other. But this law
contained another important provision; which
vas, that all the money in the treasury, be-
'ond what was necessary for the current rx-
'endltures OF the government, should he de-
'osIted with the states. This measure pass
ID bath honscs by very unusual maiornips,
et 1t hardly escaped Il veto. 1t obtained on
y cold assent, slow, reluctant, and hesi-
atng approval; and an carly moment was
'eizrd to array against it a long list Of objec-
ions. But the law passed. The money in
he treasury, beyond the sum of five millions,
vas To 90 to the states; il has so gone, and
he treasury, toi the present, is relieved from
he burden OF n surplus.
But now observe other condolences. IN
he annual message of December. 1885. the
resident quoted The fact Of the rapidly in
reasIng sale Of the public lands ms proof of,
lgh national prosperity. Iic alluded To that
ibJcct cextaInly with mitch satisfaction, aud
'parcn,ly M something of the tone of exnl-
lion. There was nothing said about mo
poly, not word about speculation, not a
ord about over issues of paper, to pay for
4 lands. All was prosperous, all wns fnll
evidence of wise administration of Co
rnlnent, oil was joy srd triumph. II
But the Idea OF deposlte or distribution of
e surplus ehoney with the people, suddelv
mped this effcrvcscing happiness. The
'lor at the rose was gone, and every thing
Nv looked gloomy aud black. Now no
ore te'Icitation or coDgratulation, on ac-
'unt OF the rapid sales Of the public lands;
'r more OF this most decisive proof of ma 1
,nal prosperity and happiness. The exec
I've muse takes mp a melancholy strain. She
hgs OF monopol1s, of speculation, of worth 8
rs paper, of loss both of land and money, Of I
e multiplication of Banks, and the danger =
paper issues; and the end Of the canto, the !
tnstr0phe, is, that lands shall no longer be u
Id but for gold and silver alone. The OBJ o
Ct of oil this is clear enough. Ii was 10 d. d
nlsh the income from the public lands u
IT M desire for such diminution had been
,Diiestcd NJ long Ms the money was likely a
be suffered to remain in the treasury. Bit q
growing conviction, that some other dispo- n
lon must be made Of the surplus, awakened q
ention to the means OF preventing that sur e
~. Il
Toward the end Of the last session, gentle Il
~, n proposition was brought forward in y
ngress for snch an alteration of the law, as il
,uld admit nj Sar unhl;c .,.l. A., Ia n
de IN nothing but gold and silver. The a
ver voted Tor his own proposition; but do h
fecollect that any other member concur. VI
IN the vote. The proposition was reject. u
at once; hut, rs in other cases, that which IL
ngrcss refused b. do, the executive power b'
|. Ten days after Congress adjourned, IA