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


hocded or noticed. AT first, the Bank merely
declined, as gently AZ possible, complying
with these and similar requests. But like
applications began 10 show themselves iron
many quarters, and n very marked case arose
as early as June, 1870. Certain members oi
the Legislature of New Hampshire applied
for change in the Presidency Of the Branch
which was established in that State. A mem.
her of the Senate of the United States wrote
both to tho President of the Bank, aud the
Secretary of the Treasury, strongly recon-
mcnding change, and, in his letter to the
Secretary hintlng very distinctly at political
considerations, NJ the ground Of the move
n,ent. Other officers in the service of the
, Government took m interest in the matter
and urged a change; and the Secretary him
self wrote TO the Bank, suggesting and re-
commenting it. The time had come then,
for the Bank Ia take its position. IL did take
II, and in my judgment, if it had not acted a.
It did act, not only would those who had the
care OF II been most highly censurnble. but
claim would have been yielded to, entirely
inconsistent with a government of laws, aud
isubversive Of the very foundations of Repub.
licanisin.
! A long correspondence between the Sec
retary of the Treasury and the President of
the Bank ensued. The Directors determin-
ed that they would not surrender either their
rights or their duties 10 the control or super
vision Of the Executive Government. Thev
said that they had never appointed Directors
4 of their Branches on political grounds, aud
they would not remove them on such grounds
They had avoided politics. They sought for
men OF business, capacity, fidelity, and expe-
rlcnce in the management Of pecuniary con-
Germs. They owed duties, they said, to the
Government which they meant to perform,
faithfully and impartinlly, under Nil admins
trntions; and they owed duties to the stock
holders OF the Bank, which required them to
disregard political considerations in their ap-
poinfments. TINS spondence ran along
into the fall of the year, and finally termina-
ted in stern and unanimous declaration,
made by the Directors, and transmitted to the
Secretary Of the Treasury, that the Bank
would continue 10 he independently admins.
tered. and that the Directors, once for all, re-
fused to submit to the supervision of the FIX
fecutive authority, in any Of its branches, i'm
the appointment Of local directors and agents
This resolution decided the character Of the
future. Hostility towards the Bank thence.
forward became the settled policy of the Go.
vernmcnt; and the Message of Drccmber. IS.
~, was the clear announcement Of that poli.
cy II the Bank had appointed those Direc-
tors, then recommended bv members osCon-
gross, IT il had submitted ~! it's appointments
to the supervision Of the Treasury; if it had
removed the President of the New TIamp.
shire Branch; it it had, in all things. showed
itself complying, political, party machine,
instead Of an independent institntion;-if il I
had done this, leave all men to Judge whcth- I
er such al entire change of opinion, nv to it's
constItutionality, its utility. and its good ef-
fects on the currency, would have happened
between March and December
From the moment in which the Bank as
serted its independence Of Treasury control,
and It's elevation above mere party purposes,
down to the end of its charter and down even
to the present day, IL has becn the subject to
which the selectest phrases of party denun-
citation have been plentfully applied.
But Congress manifested no disposition to
establish Treasury Bank On the contrary.
1t was satisfied, and 80 was the country most !
nnquestIonably, with the Bank then existing.
In the summer Of 1892, Congress passed an
act tor continuing the charter of the Bank. bv
strong impurities in both Houses. In the
House OF Representatives., | think, thirds |
OF the members voted for the Bill. The Pre-.
sident gave 1t his negative; and MS there were
NOT two thirds Of the Senate, though large
majority were for it, the Bill failed to become
law. "
But It was enough that n continuance Of
he charter Ofthe bank was thus refused. "
iad the dePoslte of the public money, and
his 1t was entitled to by law, for the few
ears which yet remained of its chartered
erm. But this it was determined it should
ut A thn II
session Of 1899 3, grave and sober doubt
vas expressed by the Secretary of the Trea.
ury, IN his official communication, whether
ne pubic moneys were safe in the custody
VI the bank! confess, gentlemen, when I
ook back to this suggestion. thus officially
made, So serious in it's import, so nninst, if
lot well founded, and so greatly injurous 10
he credit OF the bank, and injurious, Indeed.
% the credit Of the whole country. cannot
mt wonder that any man Of intelligence and
haracter should have been willing tn make :
!. read in it, however, the first lines of c
mother chapter. ] saw an attempt was now .
D be made to remove the dcposites, and such j
n attempt was made that very session. But .
'ongress was not To be prevailed upon to ac.
omplish the end by its own authority. II
'as well ascertained that neither House u
'ould consent TO H.. Tho House of Repre-.
entntives, indeed, at the heel Of the session,
ec'ded against the proposition by a very a :.
rye majority. p
The legislative authority having been thus
'vokeo ana invoked in vain, il was resolved =. !"
stretch farther the long arm Of executive = :,
over, ana by that arm to reach and strike -
e victim. II so happened that was in this :, !.
ty IN May, 1882, and here learned, from a o. "
'ry authentic source, THAT the dcposites ~ ~
ould be removed NY the Presidents order; y. :.
nd IN June, rs aNerwsrd appeared. that Or =, =,
,r was given.
Now IL is Obvious, gentlemen, that thus o'