The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-02-28

scheme 10 adopted the inadequacy will be still greater
While upon this subject Of the relative powers Of
the Federal and State Governments support OF the
opinion which have expressed and TO this House
and the country Of their danger, resd from speech
OF Mr. Van Buren,, delivered in the Senate the 7th
day OF April, 1926, the following passage, in every word
Of which most heartily concur.
with feelings for the General Government, as !
humbly hope, purely catholic. firmly believe and my
daily experience confirms that conviction, that mach,
vey much Of the present prosperity Of the country and
lie Institutions depends upon the successful action OF
the State governments and that the preservation oil
their rghul powers Is the sna qua OF our future
welfare. 4 rM NOT therefore gree my assent 10 any
oh,eh may still further disqaahy The States
10 sustain hemstrss those collisions Of poirer rheh
unavoidable and in ohieh the 81 the parties
Is already so unequal.
will now, Mr.. Chairman as briefly can. present
the objections, which entertain 10 the SubtreasnTy
scheme OF the Executive and in doing So sir can do
but little than urge the very objections which were
urged by the administration, and its friends with so much
force and effect when IL first presented, as an adj
proposition TO the Administration plan OF State
Bank deposi,e system, by Of its opponents. was
then convinced am now, Of the danger and mPrac-
ticablty Of the scheme. My objections are threeiold
l. That il will enlarge the power Of the Executive to
dangerous extent ID Thst will increase its already
excessive patronage And Sd, impair the constitutional
power Of the states. and produce hostile action between
! the Federal and State powers
1
- once tho4sht, that the Legislative was the most
dangerous department Of government; but the events
/ OF few years have awakened me from the deinsion
under which abored, and pointed out, with unerring
certainty the Executive the strong point 10 our sys-
TEN. None be insensble to the fact that he who
appoints and removes from Office, at his will--drects
the operations of the Army and the Navy and supern-
tends and controls all the and disbursements
Of the government must WELD most fearful and dan
gerous power IL to these powers be added the actual
custody and control Of the public money how fearuy
this power be increased Sir. il is grave sub
ec and demands the most grave and serious consdera-
Of every statesman and every friend OF free nstitn
tons and human liberty The gradual, insidlous and
and unressted accumulation of power in Executive
hands, has been the bane Of all free governments and
the true of their overthrow. lftbs scheme should
be adopted, it is perfectly manifest that whatever guards
you may throw around the public officers oil and each
in the constitutional power OF the President and
may be removed at his pleasure The President, there
FORE effect, will have the control and custody Of the
whole Of the country. do not mean to inst
that the present President would abuse that power
but is it not manifest that is power susceptible OF
abuse and capable Of being welded with most danger
and mischicvous effect The very fact then, that
this power susceptible Of being dangerously and
mschevously welded is the most conclusive argument
which can be welded against it. | need only to refer
to the history OF man. to his character his nature and
his selfshness prove the controlling influence which
he who holds in his hands, his place and his pay,
cises every public officer Ia the MAN, it subjects
him and all his actions TO the will Of that power, which
is despotic TO him. The extent to which this lnn
ence may be exercised, may be well determined by the
fact that these public officers holding their places at the
will Of the Executive ram6ed into every quarter OF
the country, and continually increasing in number,
aud diusng their influence through all classes Of so
| ciety
Money, Mr.. Chairman, is an instrument, and ef-
fective one too, Of power and it would, in my humble
opinion, be as sound policy to place dagger is the
hands Of your enaged enemy with the vain hope that he
would not II to your destruction, for lreemen to
place the means of destruction in the hands Of power,
with the belief that would not, in the progress OF time,
he employed against their Liberties. Says the President,
In his last message, sentiment which should be IN
scrbed upon the heart of every representative OF free
people, "CoNGREss CANNOT TOO JEALOUS or
THOSE ENTRUSTED WITH THE KEEPING OF THE PUBLIC
MONEY" True, sir to the letter, and cannot
perceive how that jealousy be quoted, when it is
proposed TO commit the public money TO the custody
and control Of him who is already armed with such
traordinary powers.
When General Jackson removed the public depostes
from the Bank Of the United States in 1888, he justi-
fed the act because, under the Constitution, he
armed with the whole executive power, and was not
restrained by any existing law Yet conscious OF the
extraordinary aud dangerous character Of this power
the hands OF the Executive, and deprecang its future
exercise, he repeatedly and earnestly called upon Con-
gress, to exercise their constitutional functions, by
stripping the Executive of this power and placing it in
the hands Of the representatives Of the people In his
Cabinet paper, General Jackson is thus emphatic upon
this subject In Kidding the country Of the rresponsi-
BILE power which has attempted, must be taken
not to unite the same power with the EXECUTIVE
BRANCH Iogire PRESIDENT the controiore De
rcney and e pooer individuals possessed By
the Bank Of The United States epen ioh The material
difference at he responsible TO the people trod be
as Objectionable and as dangerous 10 leare as IL
as" To give President, says General jackson, this
power over the State Banks and the currency, would be
as objectionable leave it was, possession
Of the Bank Of the United States To strip the Bank
Of the United States Of this extraordinary and dangerous
power, General Jackson, and the whole party sustaining
him, myself among the rest, exerted every Yet,
sir the proposition before necessarily places this
identical power in the hands Of the President. What,
sir, is the power which the Bank Of the United States
exercised the State Banks and the currency so
much complained of With its immense capital its
extended circulation and aided by the credit Of the Co
vernment the power to designate the notes Of State
Banks which should be received in payment Of the
public dues, and its being the depository Of the public
revenue, enabled it, at its pleasure, to check and en-
bsrass the operations Of the State Banks expand
contract the currency and to produce commercial en-
barrassment and distress That select system Of De-
posite Banks welded by Executive discretion, may
exert the same influence the currency Of the coun-
try most manifest. That such would be the effect,
refer to the following opinion expressed by Mr. Van
Buren, in his letter Sherrod Williams: !" That the
result Of all these measures Speaking Of the financial
policy OF General Jackson's administrator must be a
large and heahu infusion Of gold and silver into the
circulating medium OF the country doing more good 10
the currency than done by the old that be
expected from new bank no one can doubt Indie.
pendent OF all this the Treasury has it in its power
TO exert sautary influence first over the Deposite
Banks which will always be selected from the princi-
pal banks in the States, and through them over the re-
sdue Whatever check exercised by the United
States Bank the issues OF the State Banks was done
ehcr by refusing to take their in deposte or
taken, by returning them quickly for specie IL il be-
| heved their Issues TO be excessive. The Deposite
Banks have right to do the same thing, and are in
habit OF exercising 1t, when, in their opinion an occa
sion ior It's exercise exists" These the powers
OF the Bank OF tho United States and these are the
powers Of the Opposite Banks which General Jackson
sought to strip from the control of Executive AUTHORITY
aud nlaca undcr the anthnrilu &c tho L.. IL La u.