Below is the OCR text representation for this newspapers page.

“The ferment of a free, is preferable to the torpor of a despotic, Government.” ATHENS, GEORGIA, MARCH 22, 1834. NO. 1. LEtfil OF MR. FORSYTH, OF GEORGIA, the Senate of the United States, Jan. 1834, on the subject of the removal of the depos its from the Bank of the United Slates. 1 hold it fortunate, Mr. President, that it was not essary for me to enter upon the cold and teinper- cxoiiiination that I propose to make of this sub. t, at the close of the very impassioned address of Senator from South Carolina, (Mr. Preston,! f now scarcely hope to secure so much of the at- ,ntion of the Senate as shall ho necessary for my ttifposo—then it would have been impracticable. ™Sg a member to Congress, 1 have witnessed fro nt ly scenes like the present, when difficulties anJ that the Senator is correct, that tbs President did not present the issue of Hank or no Hank to the people. The issuo, tiie Senator well knows, is made by the two parties and not by one ol them; that was done by his opponents, by the Bank itself, and all the par ties who were connected with it in the struggle for power they made the issue—they presented the question distinctly and intelligibly to the people. After the Hank had, contrary to the earnest remon strances of its friends, who were also the friends of the administration, urged its pretensions successfully to Congress, and had been foiled by the President; did they not appeal to the people through all their organs of the press—what said the Senator from Massachu setts in his examination of the veto mcss.gc—“there is no longer doubt of the President’s opinions”—“ the Bank has fallen, or is to fall.” The only hope of escaping tlio impending ruin, is "a change in the councils of the nation." By the right of self-defence Bg.-rs were said to hover over us; hare often heard I wi ^ j t claims, the Bank poured out its money to Im.atud appeals to popular feeling; fcrvi.1 denunci- ' ~ wnp ., 0 f prcss es, to spread abroad this and bus of al’usc of Power; awful anticipations of olher lf speeches, all of them burthened III-coming ev..\ The country has survived, nev- hclcss—the lapse of a few months, or weeks, or rs, have dissipated the apprehensions of the tim- un-l falsified the prophecies ol ilie bold. 1 lie cri- have, in succession, pissed away, and t/iO fright, pictures that have been exhibited here, have pro- l to ho hut “ fancy sketches.” To those who re not been long members of the legislative bo ly, rill recall an incident brought to mind by an allusion this discussion, that may serve to sustain them un- the gloomy forebodings ofthe Senators from Ken- other similar with the same song. “ the councils of the nation must be changed or the Bank must go down.” Of this right of ■clf-dcfenCO to which the Bank makes claim, I shall say nothing* Unfortunate ly it committed the mistake too common to us all ; it confounded recrimination and defence. The stron gest efforts were made to poison the public wind against tlio President—especially in Pennsylvania, the strong hold of the Bank, whoso legislature i hud by unanimous vote recommended a rc.charter : more than one hundred thousand copies ofthe speech- ky and South Carolina. The establishment of j cs O ftho honorable Seaitor from Massachusetts,(Mr. |C independence of tlio United States was followed "trials of tl.o virtue and fortitude of the people, al, if not greater than those of war. Out of those Is arose the Federal Convention ; the result of fir labors win- .he constitution of our Government, lirh was presented to the people of the Slates for eir ratification or rejection. To every State, as question of adoption was submitted, anxious eyes »re turned ; bet to none with such deep and solemn irnestnoss as to the State of Virginia, then the leu- tato in population,revolution iry services,and in- cclual power. Among her celebrated sons who assembled to discuss and decide that vital topic, eared a man endowed by nature with the rarest of eloquence, cultivated assiduously through n life at the forum, and in tlio Halls of legislation, cl; Henry, who was,l understand, connected with senator from South Carolina; and it is not difficult linvo that Mood from the same source runs in veins, sinco tho exhibition of his powers here— opposed to the adoption of the proposed Conati on—that voice which, like the trumpet call, had mated the hopes and fortified the courage of his ntry in tiie hours of her severest suffering, was to warn her against thk new and dangerous cm prepared for her future government. Ho per- 1, he threatened, he urgued, ho prophesied— die liberty was to he lest—property, life, and lion, were to 1* unsafe. Bui all was vain. The e and tho swor 1 were entrusted to an alien gov- incut, ami peace, prosperity, liberty and glory, were red to tlio people and to the States. Th it illus- •... man livd long to onjoy the glorious spectacle is country’s happiness—to rejoice that the dulcet li irmonious sounds ho had poured into tho cars iis entranced auditors; tho images cffearf.il por- he had created in their inflamed imaginations, powerless to produce convictions on their judg- , or to make abiding impressions on their hearts, olh the re bjectionable iori il, not strike at a supposed offender—they offer no re. for the asserted injury. They arc justly expo- all the reprehension of the Senator from Mis- Tlio first resolution can bo defended on hut round—the right of tho Senate, to the expres s'. 1 * its opinions, to appeal to the. people, to con- the exercise of power by the elective franchise call upon the people to awake from a false seen- lauc auimng impressions on mc.rj incrcafin „ piJI>p lies ofthe precious n •solutions oi tlio Senator from Kentucky I Proln ro cciitly discovered sources, of lblc, in form and substance. 1 hey arc nQ oue dri . alncd . While peace and t correct! 1C , vindictive, not lucidatlU. nnr, "lie mil of a hank will not and rescuo their endangered prosperity from the Webster,)had been distributed in Pennsylvania alone. True to her early love and early hate,Pennsylvania pre- fcrreiiGeueral Jackson and no B.mk,to a Bank and any other candidate ; and now, amidst all tho fury ofthe storm, raised by that recent act ofthe administration, lie rests triumphantly secure upon that great key-stone of tho Federal arch. Khali we ho told, sir, that the people had no right to settle this question, i hod net supposed it possible for any man who had ever held an office from the people to deny the power, the right of the people thus to decide all questions of Govern ment policy. Can we, acting on the broad assertion of the Senator from South Carolina (Mr. Preston,) control or even embarrass for any length of time, the exercise of the power of the people 7 Remember, sir, this is aot a question of repealing hut re-enacting laws. The w ill of the people of tho United States, the hare majority of the people of the United States, residing in the great States, only, cm and will decide if tiiev have not alrcaoy pronounced their decree. A majority of the other branch of Congres, solectod by a majority of the whole people, can control the fate of the B ink against the united force of this body, and of the Executive, and of the Governments of all the Stales. How powerless are we, when the Exe cutive and tho popular branch combine against us, and tho State sovereignties direct their representa tives here, to follow in their train. Of the decision which has been or will be made, I shall speak with the respect due to those who have made, or will make it. Tlio second experiment of abandoning a National Bank, will indeed he tried under the happi est auspices. Specie is abundant ; tlio Government is free fro m debt ; the people aro prosperous ; the State institutions in the best credit; the Government dcpositcs,a nd the deposites of individuals in the banks j aro unusually large ; foreign exchange is, and prom ises to cotitinuo in our favor ; largo and constantly increasing supplies of the precious metals are drawn ‘ whose existence prosperous days are ours, :ho aid of a bunk will not lie required ; hut when the hour of danger and difficulty comes, when large and unrestrained emissions of paper, necessary for the Government itself, drives tlio precious metals from our shores, the want of the great balaucc.whccl will, I fear, be felt, and wo may be driven under cir cumstances adverse to salutary precaution, to forco it again into the machine. I sincorely hope that in this opinion I am greatly deceived, that the hard- being changed to the State Batiks, a new and un worthy class of persons will receive loans who could not. have obtained them from tho Bmk of the United States, This sweeping denunciation of tho respecta ble and irreproachable directors of all tho State institu tions trusted by the Secretary of tho Treasury, is without the shadow of foundation. For skill and integrity they stand as fur ns the directors of tho Bank of .he United States or any of its Branches. The phrases of favorite partisan Banks show how idle the suggestion is. Of the bunks now the depos itories of the public money, the great mass arc man aged by persons decidedly opposed to the administra tion ; who, ou the question of rcchartering the Bank of tiie Unitod States, differ with the Executive; whose influence and whose votes were against the present Chief Magistrate at the late election. The honorable Senator from Kentucky (Mr. Clay) denies that the President has any control over the Treasury Department, and that his interference in the exercise of the discretion vested in that officer is an usurpation of authority, if not for corrupt pur poses, leading to dangerous results. Ho admits that tho control of the Executive over the other Cabinet Ministers is complete. Tho Secretary of the Treas ury is asserted to bo exempt from this controlling power, and is responsible to Congress and to Con gress only for the wisdom or purity with which liu discretion is exercised. This distinction seems to me to ho fancied, not resting on any sufficient basis in the Constitution of the United States, or in the laws organizing the Departments. In truth sir, it is really founded upon a difference in tlio title of the acts es tablishing tho Treasury, and the olher Executive Departments. Tiie titles arc “ An act to establish the Treasury Department—An act to establish an Executive Department, called the Department of War,” &c. How this difference of title arose is not apparent from tho Journals of the Congress of 17 89. AH tho bills for establishing the Departments, were reported under a resolution of the House of Representatives “ that it was expedient to establish Executive Departments of War, Navy and Tre.usury, tho hills had the same titles; yet, when the kills pas sed and it was necessary to give titles to the acts, the title of tlio hill respecting tho Treasury Department was not given to the act. The words “ to establish an Executive Department, to be called the Treasury Dc] >nrtinent,”wcre changed, and l«cainc,“:o establish the Treasury Department.” Is it not obvious to the most superficial observation, that the alteration was made to avoid tautology. A design to mako a dis. tinclion between the responsibilities of the head of the Treasury Department, and tho other Executive De partments, cannot be even plausibly inferred trom this cause. It is further alleged that the terms of the act estab lishing the Treasury Department prove that the Sec. retary was not to be under the control of the Execu tive. It is made his duty “ to prepare and report plans for the improvement and management of the public revenue, and for tho support of public credit;” and “ to report to either house of Congress upon any posites, in the •Secretaiy of the Treasury independent j the Treasury, distinguished through a long life as a of the Chief Magistrate, because tho reasons for re- I politician, and as a man, by his urbanity and courtc- moving the deposites must be reported to Congress. I sy and virtue 7 To caU it-harsh would not convey I hive already shown that the obligation to report I an adequate idea of its extreme injustice. An offi. to Congress did not chango the resjionsihility of the I ccr, who, previous to his appointment to the Treasu- Sccretary, or if it did, it renders him in effect an ir- I ry Department, had urged upon the President by fact responsible agent, beyond al! control, while his errors I and argument the propriety of tho removal of the de pressed from no criminal intent. I have not at- I posites, is accused of being made the supple tool of tempted to show that Congress can have no power I the executive, for the performance of that act; is rep- to weaken the authority of tiie President by creating I resented os standing by, tho cold spectator of the a new and diminishing the ordinary responsibility struggles of his colleague, in the contest between his of a subordinate to the Chief Executive Magistrate. I conscience and his attachment to the chief magis- Congress never intended to give a personal discretion I irate; as witnessing tho contemptuous expulsion of to the officer at the head of the Treasury. The dis- J that colleague from office, and then coolly entering cretion given is official, and subject, like all other J the vacant place, without sympathy or the smallest discretionary power to inferior officers, to the con- j emotion for tho man who preferred the loss of hon- troiiing autiiority of the Executive. The discretion I ors and emoluments to a betrayal ofthe interests of was given with tho well understood qualification, J the people. The present Secretary left a place of that it was to be exercised in subordination to the duty I honor for another not more honorable ; a place of of tlio President, who is bound by the most solemn I great responsibility for one of greater responsibility ; of all obligations to see tho laws faithfully executed I a place uniting honor and profit, which the condition —who is responsible to his country and to his God I of a large family impelled him to regard, for an hon- for the purity and wisdom of all the officers under orable place, the profits of which aro insufficient to his executive control in the discharge of their rcspec-1 defray his necessarily increased expenditures. These tive trusts. I like not tho phrase, “ I take the res. J circumstances alone should protect him from the ponsibility,” which has been so harshly condemned. ] slightest censure; but ho stood committed to the I like it not, because it would seem to imply that the | President by his previously given advice, and when President could have avoided the responsibility ofthe called upon to perform a task ho had urged upon his removal of the deposites. He could not escape his I colleague, he could not, without dishonor, havo diso- just share of the public pdium or approbation of this I beyed the call. lie stood pledged to the Chief Ma- measurc. What would have been the language of I gistmte and to the country, and he has not shrunk those who have condemned tho President, if the re- from his duty. Ho abides with unshaken confidence moval had been made under the Secretary’s discretion-1 in the justice of his country, all the consoquenccs of ary power, contrary to his declared judgment ofthe in- I the act ho recommended to another and performed justice and impolicy of the act ? He would have cs- himself. And how is he represented here by the capcd the odious appellations of usurper and tyrant, Senators from Kentucky (Clay) and So. Carolina bestowed so freely upon him, but he would have been (Calhoun) ! as claiming all power to himself, and saluted with the not less vile epithets of driveller and I denying all power to Congress; as claiming to him- dotard. lie would have been called a miserable old I self and the Executive an authoritative control over woman, fit only to hatch chickens at tho Hermitage, j the whole treasure of the nation, and denying tho since ho was incapable, by the exercise of his consti-1 right of Congress to interfere. This is a terrible tutional authority, of preventing the ruin brought I position to an officer whose duties are prescribed by down upon us by the folly or madness of a perverse 1 Congress, who is now dependant upon Congress for subordinate. I his continuance in an office which he is accused of In utter forgetfulness of tho express provision of I having earned, regardless of tho feelings and honor tlio Constitution empowering tho President to require I of a colleague, by baso subserviency to the nian- the opinions of the heads of departments in writing, I dates of a ruthless master are received in placo of the specie required to be paid aaa part of tho second instalment, is an umvarranta. ble extension of the corporate power of that body ; and that tho Secretary of the Department of the Treasury be, and he is hereby directed to withhold tho deposites of the government from the said bank, until the proportion of specie, required as part ofthe second instalment, is actually paid according to tho rue intent and meaning of tho act of incorporation. Resolved by the Senate and House of Represen. tatives of the United States of America in Congres. assembled. That the discount of any note, or the loan of money by tho Bank of the United States to indi viduals, on the credit ofthe fuuded debt of tho Uni- ted States. . ;ther transferred to the hank or to any of its officers, or deposited with an authority to sell the same for the payment ofthe debt contracted is a manifest violation ofthe ninth rule, or fundamental article of the constitution of said bank, and is con. trary to the spirit of the fifth section of tho act of incorporation; and that tho Secretary of the De. partment of the Treasury be, and ho is hereby direc ted, whenever he shall hereafter ascertain that any discount of notes, or loan of money, has been mado on such security, to proceed forthwith to withdraw from the said bank the deposites of tho government ; and that it shall ho his duty to giro information thereof to Congress during the first week of the pres ent session.” on their respective duties, the Senator from Kentucky said, in a tone of triumph, “ the President had no right either by the constitution or law, to go to the other Secretaries to ask them how a service should he performed, which was confided exclusively to the judgment ofthe Secretary of the Treasury; he might as well have asked the Secretary ofthe Treasury how a movement of the army should be made by the Sec retary of War,” &c. See. Well sir, is it not in the experience of that Senator that Secretaries of the Treasury havo been consulted about the plans of Let us examine, if in fact the Secretary claims tliis extensive, exclusive power. The Secretary holds that the charter of the bank is a contract be tween the Government of the United States and the stockholders—is this denied 1 The Secretary holds, that by that contract the power to rcinova the dc. posites is expressly given to the Secretary of the Treasury, and to him alone. Is this denied ? In the execution of that contract, the Secretary holds that ho must be the agent to exercise that power, and that it cannot he exercised by any other agent with- campaigns and the movements of the military and out a violation ofthe obligation ofthe Government, naval force of tho United States 7 Is it not every I Is this denied 7 The Secretary holds that the To day’s practice to call upon him for opinions relating j moval of the deposites by himself is in conformity to the duties of all the other Secretaries 7 If any I with the contract, and prostrates the only o'istacle to doubt could exist of the power of tho President to sec 1 tho exertion of t!io power of Congress over the whole subject referred to him,” See. The Secretary being J that every discretion vested in the heads of depart, j subject, and all the interests connected with it. So bound to report to Congress, and not to the Exccu- j ments was faithfully and wisely exercised, the clause I fur from claiming, therefore, power to the prejudice live, it is gravely urged that tlio responsibility of tho { in the constitution to which I have alluded would 1 of Congress ; so far from denying or attempting to re remove it. Why should the President be authorized I sist their authority, ho has loosened the bonds impo to require the opinions of one Secretary about the du-I 8cd by Congress on their own hands. Supposing ties of another, but to enlighton his judgment as to him to have been mistaken in his construction of the tho proper mode of having those duties performed ” I charter of the bank, admitting that Congress had Why should ho form a deliberate judgment, if the power is not given to him to control the Secretary, to sec that the laws prescribing that Secretary’s duties are faithfully executed. Under the constitution, Congress cannot divest the Executive of control over those who are his eyes and hands to perform the ap- Scc retary must be to Congress, and not to tiie Exe cutive. These clauses in the act of 1789 were not admitted without dispute and animadversion. The construction now put upon them would bo truly sur prising to the disputants of that day. Then it was urged by the objectors to the introduction of them, that it gave power to tiie Secretary over Congress ; not power to Congress over the Secretary. [Sec Marshall’s Life of Washington—pages 200 to 205.] They were defended and retained on the simple ground that they were intended merely to procure, direct ly and conveniently, information in detail from the the same power as the Secretary, or unlimited power over the deposites, there is nou> no pretext for accu sing the Secretary of tho Treasury of setting up claims to an authority above the power of Congress The honorable ccnsurors of the Secretary accuse him of a misconstruction of the 16th section of the bes*. and most practical source. No one maintained propriatn function. Congress have by no previous I bank charter. The power given to the Secretary “ to enactments made such pretensions. I order and direct” the government deposites to be It has been justly urged. Mr. President, that under I “ otherwise” made than in the bank of the United or imagined that any change in the responsihiliiy of j this view of tho Executive power over subordinate States, is allege;! to have been given for a singlo ob- tlic Secretary was to result from them. Gentlemen I officers of the Treasury, he might interfere directly jeet, the safety of the public money. This construe- soe.n to he entirely unconscious of the effect of their ! j n the settlement of accounts by the Auditors and tion, in glaring contradiction of tho broad and un. hypothesis. If they are right, the responsibility of a j Comptrollers could say, “pass this account” or “ re- qualified terms of the section, is founded upon an Secretary of the Treasury for a wise administration I f usc that account,” under penalty of rejection from assumption that tho discretion of tiie department is of his department, is nominal—it has no sanction, office. The personal interference of the Chief Ma- | necessarily,limited by the nature of its duties; these . . . , money days may indeed come, and speedily come, corrupt, improvident, or unn ise a minis. , and a ; wa y 3 continue. All the measures appropriate i According to true theory, all the Executive officers ■ mstrale in the settlement of accounts certainly never I -being fiscal’, his reasons for exercising the discretion Occasions for such expressions o opinion j tQ j,. ;E . on that period, I shall freely support, having j of Government aro responsible for the purity and wis- ! was contemnll rar- o :currcncc. I\ioy cannot lie made with j j parncd the necessity, and indeed the duty, of cheer- j doin of their conduct in the execution of the duties ! show of justification when the legislative power . fu , obedienco to thc wiU 0 f t l lc p( engross is ample to correct tho existing, to avert of contemplated—that ho has the powor to inter- must be fiscal reasons. Hence it is concluded, that fere is undoubted—that it would bo his duty, under the deposites must be in danger before he can proper- people. j devolved upon them ; to thc Executive and to Con- i probable circumstauccs, cannot be fairly questioned, ly act. The premises and tho conclusion aro not Thc time chosen for changing the placo of tho : gross for their purity—to tho Executive ulone for Suppose a corrupt understanding, or an erroneous very closely connected. If the premises are true; Unfortunately for tho country and the bank, these resolutions wore not passed by Congress. Tho Bank continued to substitute stock notes for specie, and also for public debt. Instead of 1,200,000 dol lars in specie, it began its business with $1,724,109, only $325,000 more than the coin required to bo paid as the first instalment. Iiow such coin was eventually paid cannot be ascertained, but this fact is certain, that while stock notes were almost whol ly substituted for coin in thc second and subse quent instalments, only $13,872,000 of public debt, was in the whole, paid in as part of the capital of tho bank, instead of $21,000,000, contemplated by and required by law. The consequences of this omission to enforce the charter became too notorious to be overlooked. A committee of investigation was appointed in ISIS. Mr. Spencer, of New York, Mr. Lowndes, of South Carolina, Mr. McLano, of Dela ware, Mr. Burwell and Mr. Tyler, of Virginia. Tlio committee after investigation in Philadelphia, report ed sundry violations of tho charier. They recom mended no measures to Congress to correct the ma ny evils and mischiefs they had depicted; “ because by tlio provisions of tho charter, the Secretary of the Treasury has full power to apply a prompt and adequate remedy,” (the removal of the deposites) whenever thc situation of the bank shall require it. And if, after tho stockholders shall have become ac quainted with the mismanagement of the institution, they shall adopt no means to prevent its continuance, or tho directors themselves shall persist in a courso of conduct requiring correction, tho committee can not entertain a doubt that the salutary power lodged in tlio Treasury Department will be exerted, as oc-r- cusion may require, with reference to the best inter ests of the United States.” Being a member of Con gress at that period, I can say with confidence that there was a general acquiescence in tho vicw3 of the committee, and no doubt can be entertained that tho power of tiie Secretary of the Treasury would bavo been exercised according to tho expectation of the committee, had not a change in tho direction, and, consequently, in the management of the bank, resto red public confidence. Thc popularity of a new pro- sident (Mr. Choves) was of decisive effect in its favor. The chairman of the committee on investigation (Mr. Spencer) did not think it wiso to leave this sub ject to thc power of thc Secretary alone. Ho propo- posed resolutions for altering the charter of thc bank, and to require the Secretary to remove tho deposites, unless the bank cemented to the proposed alterations. The opinions of Mr Crawford, Mr. Rush, and Mr. Ingham, coincido with that of Mr. Taney. Mr. Crawford acted upon it in a variety of instances, ex pressed it on numerous occasions. He continued the deposites in state banks, to induce them to re sume specie payments in 1817, after the Bank of tho United States was incorporated. He made special deposites in banks of thc District of Columbia for tho same purpose. After specie paym ents were resumed, lie'made limited deposites in 1819, in the West, in mod by the Executive. We have hero, then a nomi nal responsibility to Congress, resting for its efficicy on the only constitutional sanction, the Executive power of removal c.\( rciso of the power given to him bj the cliai- j bu | [ advise you not lo take it for granted ! laturc may indeed decide that the removal of the of. ,c has decided that Umeand circumstances reqnir. , ^ ^ jndcrsUnd J thc opinion8 of tho House of ficcr would bo proper. But this act must lie perfor- ' Representatives. it is possible that the people may have continued you in place, and yet desire the continuance of the institution ; wait until a vote oftho House of Reprc. scntativcs renders their opinion not a matter of argu ment, but of undisputed and indisputable fact. Thc President has chosen to act upon thc strong presump, springing from their hypothesis. If the obligation to tion afforded by the result of his own and ofthe other i report to a particular part of tho Government cstab- popular elections. Iiis justification depends Upon j lisliesl'.io exclusive responsibility of the officer to the iho establishment of the fact presumed. But what i authority to which his report is made, then the Sec- right have wc to complain t The course of thc Senate - retary of tho Treasury i3 responsible to tho whole h. dcrangamen,. ,1k pfwti.ru in j *’ “* ■— 1 "•* “ tho Treasury, to bolievo, and to act on tho belief, that changes of opinion regarding tho Bank had been wrought bore by changes in tho State Govern ments. Ban it be a matter of supposition what arc the wishes of the State sovereignties 7 Do they not correspond with thc wishes of their respective sover. cigns, with thc wishes of the sovereigns of thc , . ... - , , . . i United States 7 n tin* •'rchminary question, I have no uosiro lo • , , , . . . , r . . - •- necessities of But, sir, tho President is arraigned for ti.eexorcise teal my opinions. Under ui* s ‘ cra neccssitn-® ui - - * -- in to perforin thc act. Thc President approves He lias done more, lie urged the former Sccre- ef the Treasury to perform it. In my judgment Imposition of the deposites is neither thc prima- ■ preliminary, but a dependant question. Chan, the place of collecting eight or nine millions of »rs can be of no great consequence in its effects lie business or ti-.o currency of tho country. The enlightened of the friends of the Bank admit, of itself, thc order of the Secretary has not pro. cd or ought not to have produced serious embar. hiaents in tho systems of credit or exchange. isactions of tho commercial cities, proceed from net of tho Bank, which wants to ascertain what lie its fate. Is tho charter to expire in 1836, or renewed 7 If the charter is not to be renewed, a Inge in thc place of deposites was a thing of courso, certainly there can lie no ground for clamorous nphunts at tlio performance of an act now, which (•« performed al no distant day. T,r , , , l, *:r id: ’ ’ of an usurped authority over thc public treasure. In rear lbl4, I advocated with zeal tho eslawisu. 1 f it -of a National Bank as thc best if not the only j tho language of the Senator Iron. K» nine.,, ho hd? car, [niii mode of procuring funds for carrying on the In 1816 1 voted to charter the present Bank, ot ns a measure of nc cessity, but of convenience, to in the restoration jf a sound currency. I believe s done good. I um sure it has attempted to do :h evil. 1 will not consent to thc renewal of tho nt charter ; but for a Bank properly controlled, i salutary restrictions upon its power, I stand fly to vote to-morrow, without regard to tho wish, if tho existing or exjiccted administrations. My hions oftho constitutionality or the expediency of liic measures aro not regulated by tho probable lets of thoso measures on thc fortunes of adminis- tions or of men. Rechartor tiie Bank, with or uiout modifications, establish another to be thc im. Iliate successor of the present, and the clamor and | question about tho deposites is at an end. Let »uo who liclicvc it practicable to create an institu- n which will reconcile conflicting, opiniohs, make i experiment at one a. I do not. To mo tho ques- n seems virtually decided. The people are against d Bank. For expressing and acting upon this con- ption, the President and the Secretary of the Treas- havo been severely arraigned by the Senator from tucky. 0 '‘as examined at largo the messages ofthe Fres- t to prove that he made no issue with the Dank lie late election. The opinions of the Chief Ms rate arc clearly and explicitly expressed in all his isagoB. The veto of the bill for reehartering the ink could not be mistaken; admitting however, laid an unhallowed hand upon the public purse. Is this fact, or groundless assumption 7 By changing tho places of collecting and depositing the revenue, has he increased his powor over tho money of thc people ? Can he now touch it without polluting his hands 7 Can tho Secretary of the Treasury use one dollar of the public money in tho State Banks, more than ho could before, when it was in the Bank of tho United States and its branches 7 The same guar antees for the safety of our treasure now exist that formerly existed. The power of the President is neither increased nor diminished. If corrupt, the public money was equally within his reach in tho Bank of tho Unitod States as in tho State Banks. But gentlemen assert that ho has assumed the aarno pow er over the purse that ho has over tho sword. True, sir, ho has exercised tho same power over tho parso and the sword. He has rightfully the same power over tho sword and purse. He cannot use, and never has used, either, without legislative authority, given according to tho provisions of tlio constitution. Can ho unsheath the sword to strike abroad or at home 7 Can he lift his hand against foreign violenco or domestic treason without our leave 7 So is it with the purse, he cannot, he dare not, touch one mill without legislative permission. A suggestion has been made, Mr. President, which I heard with regret, that tho public money has been placed in favorite partisan Banks, where it is likely to lo us ad for all purposes of 6pocnlation and peon lation. Tins means, I presume, that the deposites just to individuals and to tho public. . - President might interfere corruptly is certainly true— I not be endangered, yet I can scarcely conceive that this possibility does not prove tho want of power or I it will be denied, that tlio fact being certain, i i the propriety of withholding it. No President can, not afford a snfficient fiscal reason for the exercise of in this regard, act corruptly without certain detection, the Secretary’s discretionary power. Tms construc- immediate exporure, and probablo punishment by im. I tion oftho 16th section has, however, I lr. Prcsi en , pcichmcnt. Sad indeed sir, would bo tho condition one great and uncommon merit—it is perfectly new. There is another strange consequence to which I : oftho country, if the rights of individuals and ofthe It may ho correct, but I will procee o s low, la would call the attention of honorable Senators, 1 public, were in the irresponsible hands of every sub-j from the establishment of the ban o le a e or- ordinato officer who settles accounts in tho Treasury Her of Mr.' Taney, all the opinions expressed by ,n- or other departments of tiie Government. dividuals or committees in Congress sustain the op- The President oftho United States and the l at e positeeonstrnetiop; opin.onsporfectlym accordance _ — . | __ I with the actions and convictions of every head ot tnc Secretary of the 1 reasury seem, sir, to have well on- Department from that hour until the pre- derstood their respec ,vo powers ''nd obhgat.ons Without referring to tho general doctrines of When the quostaon of the removal of the- deposit*. ^ the % ank J tho Unitcd States, was first agitated, Mr. Duane, with the frankncM and l con g,j e m y BC ifto the period succeeding to tho in firmness entitled to public respect, opposed the mess. CQrporation J 0 f the present bank. Tho subscription urc-it was one he could not sanction, but if resolved PJ capital stock of the bank was in due time fil- upon by the President, he would1 give, way foranoth- ' | wt instalment paid , the first board of dircc- er, who coinciding with the IMmU act ££ p rior to m prcparat ion of notes for without scruple_or hcsUation. Afteratorough in- the board of directors at their first meet- fortunately, Mr. Duane declined fulfulling his vol- which^the subscri. ed. This did not absolve him from his engagement; * thour bank stock or pubkc stock, at 90per c*i£ indited it should liavo furnished a new &&. fee | <" If truled coutleenely, his ie.i,».ii«n that Mr. Crawford acted. It gave him no powor over tho deposites inconsistent with tho bank charter; lie never so treated it. In fact, if the history of the day is recollected, it will be seen that thc resolution anil for his plans for supporting the public credit, and responsible to that branch of Congress only to which his reports on referred subjects are made. Here we have established another and still more loose respon sibility in that officer. Supposing him to betray gross ignorance or consummate folly, wliat can eitlier House do to rescue the administration of the Tre:ts- ury from his hands 7 Must there be a supplication to the President to remove him 7 a supplication from Congress to the President to remove the officer for acts, for the faithful or wise performance of which lie is not responsible to tho Executive ? What a whimsi cal spectacle would be exhibited if tliis thing was prt.C- tic Jly applied, and the President should, as he just- ly might, reply to us or to the House of Represen tatives, Gentlemen, the Secretary is bound by law to inako report to you, and to you alone, therefore, is ho responsible. It is no part of my duly to control or to punish tho honest exercise of a conscientious dis. cretion vested by yourselves. Thus, sir, honorable Senators, in seeking to withdraw tlio Secretary of thc Treasury from liis constitutional responsibility to the Chief Magistrate, are proving that ha is above all control, while his conduct cannot be connected by proof with criminal intention. Thc contradic tory language to which the honorable Senator has been driven in describing the character of this dc. department should have shaken his faith in tho ac cu racy of hia theory. He does not pretend that it is log. islative or judicial. Not being executive, what is it 7 Wu aro told that its duties are administrative. In. deed, and what are administrative duties but cxecu. tivo duties! Administrative relates to administra. tion, that which administers is administrative. As applied to government, the chief executive magis trate, a President, or holding any other title, ad. ministers. His duties are administrative. The hnn. orable Senator is thus driven in seeking to find a distinctive descriptive word, to nso ono equivalent to executive, in his attempt to prove that the Treasury, duties are not executive in thoir character. It is alleged, Mr. President, that the charter of the Bank vests an authority over the Government do- A resolution was passed by withdrawing. If treated courteously, his resignation I ‘ be 1 '' f iou 8 e'' 0 f Rcprcscntati V os, directing tho commit- amount 1 I replied, I too. not, should have been tendered out of respect to tho Presi- j - ,i 10 Senator from South Caro- gross amount of debt due for land in these districts dent; if rudely, ho should havo thrown back upon I leo on 1,10 c ' ... ... - - - . .— the President his commission from respect ‘ self. Honorable Senators censure without the paper read to tho cabinet by the President. The exercise of ordinary charity would placo the subject in a very different light from that thrown upon it here. Is it not apparent from tho document itself, recollecting tho preceding and attendant circum. stances, that tho sole object of tho President was to ♦ Una (Mr. Calhoun) was its chainnan-to inquire in. respect to bim- P and into the expediency of adopting measures to enforce tfo payment of the speeio part * The subjoined letter, received as this speech teas going to the press, shows that Mr. Crawford actual ly transferred a large amount of deposites to a South, ern State Btuik. Dear Sir : Having terminated the business which brought me to Washington, I shall probably depart upon Tuesday morning for Georgia. And in answer to your inquiries, as to my recollections of what pas sed between Mr. Crawford and myself, (then Presi. dent of the Bank of Darien,) in the years 1821 and 1822, upon the subject of making the Bank of Darien the depository of the moneys collected from the land sales of Alabama, I reply, that in those years the bills of the Darien Bank had acquired u very wide circulation in the West, and that J became sensible that if these bills passed at once into the Land Offi- ces, and were paid over in masses to the United States Bank, it would be impossible for the Bank to meet these demands, and proceed in its course of business. Under these impressions, the applications were made to Mr. Crawford, who listened to them. In the course of conversation, Mr. Crawford inquired if / was aware of the extent to which these deposites might He then said, thc of the capital within a limited time. The commit tee addressed themselves to Mr. Lloyd, of Massachu- setts, a director of tho bank. Tho fact was admit, tod, the convenience of tho resolution alleged, and an argument offered to prove that it waa not incon- , sistent with the obligations of tho chartor. Tho shield Mr. Duane from the responsibility ot the act ... conv inced by Mr. Lloyd, asked to bo dis. which he seemed to dread 7 The President desired r ’ m f nc further consideration of the reso- to take the whole, to reconcile his Secretary to the 1 • satisfied with the letter of Mr. Lloyd, course resolved on. Entertaining a conscientious __ tu- oninion of the Committee, I had the honor to conviction that tho courso was fraught with injuri. ous consequences to tho public, the Secretary would have been faithless had he accepted the offered shel. ter. He was only wrong in shifting the ground upon which ho stood. No honest Secretary will ever put his hand to a work which, in his judgment, will bring ruin or distress upon his country. No public officer is bound to suffer even uncourteous treatment from the chief magistrate; the only honorable step in either case, is resignation of office, and submis- or tho opinion propose two resolutions to the house to correct the proceedings oftho board, and to compel a future ob servance ofthe charter. The Senate will not under stand me as quoting my own resolutions as authority. I read them to show the opinion then ontertainod of the use which might be properly made of tlio depos itee as an instrument to correct or restrain the usur. pations or irregularities of the bank.' Resolved by the Senate and House of Represen. — - - - • Congress l nnVie nnininn. tn whinh a.11 must yield a 1 assembled. That the ar.ange ^ tribunal, pub’ie opinion, to which all must yield a. i , tt-umI States, Seerful or foreJobedience. If little charity h>5 been shown to the Resident, by what term shall I w! ? ich note » States, Scribe the treatment of the present Secretary of} by depoeite off. percent, stock ofthe unit was thirteen millions of dollars; that Under the laws of Congress, the debt would be greatly diminished; but that the sum would still be very large. If •* r < • member my reply, it was this, “ that the Bank intend- ing to go into the operation with good faith, the grea - cr the sum received, the greater I should consider the favor, as the means in such a ease must ever be equal to the end.” The deposites were ordered to the Bank of Darien; they extended to one million four hundred thousand dollars. The time came, waen. from storms at home, I believed my honor required that I should place the moneys of the United State in some Bankof larger capital than the Bank of Daru en I wrote to Mr- Rush > then Secretary of the Treasury of the United States. But, if I remember well and I think I do, it was only after mu second letter to Mr. Rush, that he permitted the amount then in the Bankof Darien to be paid into the Bankof the United States in Savannah: he too, saying the Bank had well and faithfully complied with its engage, ments to the United Slate Treasury, in becoming the depository of any portion of its moneys. And J remain, respectfully. Sir, uour obedient servant, THOS. SP.lZfiltttc.-i, . Washington, Feb. 53. l^3i- Sir.;