The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-05-26

ahirh | III supposed no MAJ hiding
one Executive poser - his Own hands
would venture % put forth.
Bot the question nos il. What had
xraght This great change Of feeling and
Of purpose in regard 10 The banki What
events had occurred between March and
Derember, Than should hsse caused The
bank, 80 constitutional, 30 useful. 80
pesersbls, aud 30 safe al institution. IN
The 6rst Of these months. 20 start up into
The ehsrseler nf monster, and become
so horrid and dangerous. in the last.
Genilemen, len Us see what the events
were which had interviewed
Gen. Jackson was elecsed IN Decem-
Der. 1873. His term Vas 20 begin in
March 1879. A session of Congress
took place therefore. between his election
and me commencement Of his admins
lraiion.
Nov. gentlemen. the truth Is, that dur
ing the session. aud a liiile before the
commencement OF the new Admlnisira-
lion. disposition was manifested by pn-
lItical men IN interfere With the manage
ment of the bank. Members 1T Congress
undertook TO nominate ar recommend
individuals As dIreeInrs in the branches
or offices of the bank. They we're kind
enough. sometimes, 20 make out whole
lists or tickets. and To send them To Phi
ladelphla. Containing the Games Of those
whose appninIm. nis would be salisiaclO-
~ to General Jaekson's friends. Pnr.
toms Of the correspondence on these sub
jrcls nave been published in some Of the
Eolumlnous reports and other ducu1enIs
connected with the bank, but perhaps
have mol been generally needed or nouc-
ed.
Az first, the hank mfrely declined. as
gently as possible, complying with these
and similar requests. But like appllca-
lions began 20 show themselves from ma
ny quarters. and very marked Ease &c
Cured as early as June. 1929. Certain
members II IN. Legislature Of New
Hampshire applied for change in the
Presidency Of the branch which was e.
tahlIshed in that state A member NJ The
Senate of the United States wrote both to
the President of the bank. aud Ia the Se-
ereiary II the Treasury, strongly recon-
mendlng change. and. IN his letter to
the Secretary. limiting very distinctly al
political Considerations as the ground of
the movement. Other officers IN the
service Of the government took az nle-
rest IN the matter, and urged change:
and the Secretary himself wrote To the
bank suggesting and recommending n.
The time had come. then, tor the bank
to take us position. II did take u. and
in my Judgment. If il had not acted a. u
did act. not only would ihHse VIVA hal
the care nf il been highly rensur able, but
a claim would have heeR yIride.i IT,. en-
ute:y Inconsistent with a government of
laws. and subyersive II the very iounda-
tons Of rerublicanisp.
A long correspondence between the
Secretary # ,he Treasury aud the Presi-
dent "f the Bank ensued. The directors
determined that they would mol surren-
der either Their rights or their duties to
the control or supervision Of the ExecU-
tive Government. They sand they had
never appointed directors of their branch
es on political grounds, and they would
mt remove them on such grounds -
They had avoided polIucs. They had
sought for men ot business, capacity. H.
d"hIy anil experIenee IN the management
81 pecunlaTy Concerns. They owed du.
ties, they SAID. 10 the 1ioVernment, ahlch
they meant to perform, faithfully and
Impsr,Ialls. under all Administrators; aud
they owed duties to the stockholders Of
the bank. which required them 10 dlsre.
gard political considerations IN their ap-
continents.
Tins correspondence ran along into
the fall of the year, and finally Terminated
IN stern and uuanmons declaration,
made bv the directors. and transmitted
10 the SecreiaE, Of the Treasury. that the
bank would continue to he independently
administered. aud that the directors, onre
for all, refused to submit To the supervI-
sion of the Executive authority. ~ sny Of
lis branches, M the appointment 0f local
directors and agents. This resolution de-
cided the character Of the tutuIe. Hosli.
lily toward the bank thsnreforw ard be-
came The settled policy of the Covers
meni; aad the message uf Decenber. 1929.
was the clear announcements thai policy.
II The bank had appointed those directors.
thus recommended b. the members of
Congress; il 1t had Submitted all its 4p-
poinIDenis Ia the supervisors Of the
Treasury; il it had removed the Presl-
dent OF the New Hampshire branch; # II
had. in ali things. showed itself Com
plying, political, party machine. instead
al all independent Institutions; # il had
dour this, | leave all men To Judge whe-
Their such an entire Change OF opinion, as
to It's constisuuonalty, It's utility. and lis
good Effects on lnr currency, would have
hannsnsd hstu con March and npcpmher