Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-01


il The general scope design and result OF these
transacuns. a'l aiming at and terminating IN making
the Bank Of tie ) On despite Of fuDer decarai'ons
Of unc"mpromising hostility the leading depository and
fiscal agent Of the GuVernmentand the dangerous con.
quenccs and evil example Of alliance thus brought
about between The ETrrUiirc and the mos, powerful
banking institution Of The Country. that mainly attracted
and aroused my attention In ull The negotiations re-
spec'ing The sale anticipation If the bonds Of the
Bank, il fundamental stipulation that the pro-
crrds remain opposite in The BdEk I'LL called
for by the public tssss and that they were 10 lie
administered and applied by HE Bank MS the fiscal agent
Of the Government, Whatever points, however re
mote the public service should require payments 10 be
made at In addition Ike proceeds OF he bonds,
sum Of S300G00, received from The Bank of Kentucky,
h1d been placed and lett on dcrosAc with The Bank OF
the U. S clearly mani'esDa that 1t not the IN
tenion Of the Administration, al the time to limit lis
relations with the Bank 10 he nvails Of It's
bonds only In virtue Of th 81 different arrangements,
public moneys The o! fire millions n do'iars
had been deposited in the Bank Of the u s., nnd that
al time too when all the rest Of The money belonging
the Treasury. sh the exception of what in the
mint was stated by the Secretary Of The Treasury him
self 'to be sometimes less than S!GO0O0 Qwo hundred
thousand duiars Besides the advantages Of these
large dfpnshs of The public money, the Bark had
cured 10 hy It's arrangements with The Government
an incacuIabr benefit in Tie stipulation that lis pay
ments were lie made. not al the Of the Bank
in Philadelphia, but nj remote places, chiefly in the
South ard West. he difference Of exchange between
which aud PEadrl ghii enabled II 10 realize
mo us gain in these raried financial operations on
trhal! q! tle Government extending from Boston 10
New Orleans and !tum Ncrfnik 10 ST Louis, the Bank
was and Irt every where, 10 be rensated in lis
ancient connection with The Government ri!hout any
fiat Of atr and stood confessed 10 lie view Of The nnton
lh ncrrt di,ed fiscal agent ard representative Of The
Administration. So sudden aud extraordinary revou
ton in the relations Of these recently antagonist and
warning powers brought about no, only without he
concurrence bu! IN despite of the legislative authority
Of thu country seemed political phenomenon Of
Ipy cnuup ptlutiv
new ard NEST alarming doctrine brought lurwurd IN the
Presidents Message al The commencement Of The ses.
sim e Congress- doctrine which seemed designed IN
advance, 10 paIate and excuse this monsrous alliance
with The Eank-ll not only demanded enquiry anil tx.
posurr but aprt nlrd in ihe most impressive manner. 10
the anxious reflections Of every patriot and freeman in
the land.
What frllow.r!izens was this do, ,rne; Why TINT
while The Sbtrrasury scheme sholId be tie iam OF the
land tor the Prrsii'at again recommended IL 10 The
adoption Of Congress the Ercc"tice should be tt II
HLcy Banks not The lisca! agents OF the
Government, according az lie or his Secretary OF the
Treasury might iiina u>ctM or p0te, or c0aoeatcnt
10 d. So A doctrine directly al war with every
principle Of a limited Government, and more dangerous
10 the pihc h-ry. The mind o! man cnnnnt conceive.
You al rrcn!iec, gsnlrrncn hrw often and how earn.
esp Mr. Jr!@FSon, The great patriarch G The Rspub
lcan party called upon Congress 10 lie up the hands OF
Fyrc'ive discretion by gal regulation, md cSPccia!
" In "ccumscrhe Discretionary powers over the public
money - Gem 10! Jackson too, in "whnse footsteps
the President pledged 10 tread in calling the alien
ton tf Curgess I" he regulation e The public cepo
EauSs by lac, lad emiha'lca'y declared that
as little power possible should be el. 10 tie Pres
dent or Secretary Of the Treasury these lnstu
lions" and again, general terms, that in eve
" thing relating 10 the contr"l Of the public moneys
Executive Gtsc;rt'a should te restrained and limit
ed" IN The s,lic'cSt possible manners Yet MIR Van
Eurn, strangely forgetting these great na1Ims Of
his Republican predecessors. garPly asked to be enun
cjpattd in this delicate and important branch o the
public Interests. from all legislative restraint and 10
h.. I .itp Ii,TJu 10 uyc o.
nrsnis Of the Government, according he or his Scce
iry Of The Treasury might determine il totc "s.tni or
IpEiic or coRrcnisHt 10 d. So. What would this be,
rrnrmrn but place all the m0neyed Institutions OF
the Country a, The absolute devotion nf The Executive;
No rule Of iar being esabstG on tie subject pescElb.
ing the Number Of Eanks 10 be employed the nature Of
The Services be performed by them defining the man
nrr their selection specifying the causes Tor which
alone hen once employed they should BIZ discontinued
Us fiscal agents, The President would he ".> at liberty
TO employ them when where, IN what number or
manner lie praed 10 impose What conditions he chose,
dsmssiug to-day. employing another 10 morrow,
and thus welding the pubic moneys alte Eate y lure
or terror the Banks. bring them al last into virtual
suhieciir y ard close alliance with the Eiceutre Could
there BE- more striking illustration or more seasona
bic warning Of the formidable character o.! has sweeping
ffioEaru power over The monied institutions OF The
country uhirh The President modrstlg crared for him
self than in The onlnUus alliance which, IN spite OF The
most pru,iGCiCd and cmtiereG has'iiies and Inc most
solemn vows Of GucCmprr missing enmi;y, one side
nj least, its exercise had inst effected between the Ad
m Illustration and The most powerful Banking insliiu
ton in the Uncn 1t was for the sake OF this moral,
deeply interesting 10 The public liberties and as 'hr best
commentary could OFF, On the new and alarming doc
irinps Of The Presidents message, That felt myself
especially called hold up this startling and unna.
lura alliance The sober aud earnest nj elton vi Tie
country
But his new ard mcs dangerous system Of The Pre-.
sdeni-a 81 stem Compounded OF The SubreasHy scheme
end d;scTttionary employ ment of Banks both aiming
al fearful enar al The Executive power, deserves
farther ev.lol;en,. BY The SnblrraSury project, The
Executive acquires lie possession and control the pab.
fe manies-by The discretionary employment Of Banks,
in The Keeping and OF The public monies
the E.ecuties obtains control over The m0neyed M
snutiOnS o. the country. ~ first view these two
theuIes mi gh seem 10 be Incompatible. But by The
simple conltiyarce Of drposiling The public monies in
Bank 10 The crdu IF The rcUci"r rcrcirer who IS The
Subreasurer, both objects are al once reconced and
tecune iEdeed. mutually auxiliary 10 each other The
SubtreasGry or Executive agent has still perfect con
troll and sir uat custody Of the money, because standing
10 his credit the Bank. he draw II cut at any time
by his check and reduce it in his personal posses
sion; ard a; the lime having the full and uniI"nl
cd discretion leave it III Bank 10 draw II QUITO
continue il in the same Bank 10 transfer il TO some
other according 10 his interest or caprice, or The
directions e his official headthe important Object OF
ELcuse influence and control over the m0ncy.d tnsti-
buttons of the country attained Now, fellow citizens,
this sy stem "f complicated evil and insecurity, and OF
accumulated and corrupng Executive influence IS The
yery system which is this in full operation
al ~ York. The great central depot ct the public mo-
MES where, told by the Secretary The irea-
sury thirds OF the whole amount OF the pub.
lie revenue arising from duties, is collected" It's
workings fully developed and exposed by the e1amI.
nation and testimony of the Collector himself, (hlr.
Jesse fIoytJ contained in document most instructive
for lis fac's uhe Report of The Investigating Com
mt,ee on the Sm defacation which sincerely
wish could be in the hands Of every citizen If this ds
spread Republic Now isow citizens, yon con!d hardly
believe IT, If il vnuched by the sx,orrd ond re-
luclant testimony Of the party himself that all this i'm
mense portion Of the public treasure, amounting annually
10 some ffrsn miions Of doliars kept By Mr. Hoy',
par, If his PIRATE funds lie employs Two D1nas'
1.-THE Bank Of ,hr State of New York, and The City Bank