New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-04-13

amount Of over Oo and Of equal and more permanent
importance be assumed the respon-
sbty calling upon Congress TO exert the erelrsrs pop
Of United States provide national currency through
national banking system which intended TO De extended
all the States may here remark that this was held and
declared to be the erusirs power OF the Und states py
the first Secretary Of the Treasury Of the United staes BY
Presidents Madison and Jefferson and that consequence o.
this exercise power that have extended through
oil parts OF the United States system Of United States banks
founded upon the credit Of the Government OF the United
States well upon its public securities deposited WIN tAe
Treasurer Of tie United States the payment OF the
notes OF all these National Banks and that almost al the
State banks under the operation Of the act TO provide
National Currency passed February 1863 have ceased to
exist By this measure Mr. Chase gave the first and decisive
blow magn influence to which the admisstra-
ton affairs has been subjected by inducing Congress to
pass the above law declaring that the Controller Of the Cur
rency sa DO appointed by the President by and with the
adyice and OF the Senate and shall hold his Office for
the term Of fee years reorsd by the Pr dent
and Gdries and Of the Senate" It's 1t Is be-
eyed is clear and distinct declaration, by the legislative
power the United States that the President has not by the
Constitution the power to without the advice and
consent Of the Senate such constitutional power
then this is clearly unconstitutional because tie Legsa
Of the United States cannot abdge Of the consttu
tiona powers Of the President
believed that the exercise OF the power Of removal from
10 THIS making the oIlces OF
spoil, Of roy has degraded the country by corupng the
political parties and the people Mr. Calhoun said, in 1885,
in report to the Senate speaking Of the power REMOVAL
Were premium offered for the best Of extending
this power Of patronage destroy the love of country and
in word prepare the subrsion Of liberty and The s.ab-
lsmrt e desDo,s scheme p,et could be dsvlsed
Webster in a speech in the Senate. 1885. said;
IAN Interpretation wa. given 70 the Constitution
IN this respect By the first Congress The unlimited power
grant Office and take it away gives power over the
hopes and fears of vast multitude Of men, when fayors
granted be withdrawn at pleasure there ordlnar
ly ao security for personal independence Of character
Blind devotion party thus takes the place of the sentiment
Of Gn genuine ''''''" and and exalted state ~
No. II Of Tie Ftdroli,t written by Hamilton;
at has been mentioned Of the advantages to be ex
peced from the cooperation OF Senate the business Of
apooinmens that it would contribute the stability Of the
administration The consent OF that BODY would De necessary
TO dispace rs well as to appoint change the Chief Mag
saie therefore would not occasion violent general
revolution might be expected he were the sole dhpoSsr
Of Offices"
These high authorities against the right Of The Presi
d remove and the dporabe consequences of the
exercise Of that power The experienced country concu
syey proves its debong consequences and thus Mr. Chase
due the distinguished merit o. having indsced Congress to
give Interpretation the Constitution which forbds the
exercise by the President Of that assumed power
As to the greenbncks" and making them sGl tender
the courts in New York aud in Pennsylvania
have decided hoy made in the exercise OF
stituona power in Congress That they absolutely
necessary they issued there cannot be doubt In
may be said that although this measure has been
much censured that suggested which could
have rendered the vast this did The people certainly
received the with confidence The experience Of the adj
insraon Of the Treasury during the war OF 1879 sugges
tive Treasury notes bearing interest then authorized
BY Congress mot legal tende The consequence they
could not be adopted currency Mr. Dallas the Secretary
Treasury requiring the currency necessary to meet the
expenses Of the war his friend jonathan Burial one
experienced ard intelligent bankers in New York
informing him that be intended propose to the banks in tie
different take the u Treasury Notes in exchange
for thor notes. M b. in reply urged him not to do So say
log:
The banks in Boston m make the exchange Some
OF those IN Newiork may Those South aud west VIII
because their fax inferior circulation to yours
Secretary persisted The experiment turned out as the
intelligent experienced banker predcted and the United
States Treasury held for years aerward the worthless bank
notes received in exchange FOR the Treasury notes.
The reports from the Treasury from year year SINH
lar to this Balance in Treasury Let Jan. ls32, s.
rliel Aorerrr ip4d he funds s'staied at $4,000 rep
rtseHnd cgcc'ire"
Mr. Chase also recommended and the Congress on the
a6h Of February sG passed act by which there was
sst apart" fund in gold be applied to the payment or
purchase Of the public debt which fand sufficient If strict
applied according the Of the to exnguish the
entire" public deb, within "a years.
an confident that the system OF measures suggested
BY Mir Chase aid approved by Congress due in grea;
that tho Teal sHi had been issued the banks
aud all who were debtors would have been crushed
Signal honor is dae lamented President and lnsIi
Generals, the Secretary Of War to the Secretary Of
tie Navy; Meig, FOR his untrng zeal
Industry and energy the management Of one OF the most Diff
colt Bureaus OF tho War Department. and certainly not less
honor lin who had the wisdom to devise aud the
courage recommend the adoption Of system Of measures
comprehensive which have been emineny
full have the honor 10 be. with great respect,
Your obedient servant.
JAMES A. HAMILTON.
Eesr York March 30 1880.
Naval Intelligence.