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TIjo trunk was now tin? universal subject of
tall:, botli inside aud uut»iue, and every body]
*aid lie wo- ' i'O surprised it it to its jour
ney's e: .1 safety. All agree-i tli.it it ntani-.
,t most extraordinary disposition to be
h stolen, or strayed, but yet every one J
tltought that there was a kind of special pr.ovi- :
deuce about it, which kept it on the right j
road after all; and, therefore,'it Became.a lair
ubjcct of debate, whether the chances against,
or'tlil' chances for, were likely to prevail.
Before we arrived at Newport^<veJ)ad to go
on board the ferry steamboat for Dundee, the
conversation bad gone into other channels, and,
each being-engaged about his own concerns,
no one thought any more about the trunk, till
just as the barrow, was descending along- the
tper, the eternal lot.;: man cried our—
'Guard, have you got my trunk V
‘Olt, yes,’ cried tluo guard promptly, ‘I’ve
taken care of it now. There it is on the top.
til rtU.’
‘It’ no such thing,’ cried a gentleman who
had come -into the coach at Cupar; ‘that’s mj
trunk.’
.Every body then looked about for the on*
’chanted trunk ; the guard ran back, and once
unotE searched the boot, which ho knew to
have been searched to the botopn before; and
the tall gentleman gazed over land, water, and
: sky, in quest of his precious encumberance.
'Well guard,* cried he at length, ‘what a
pretty fellow’ you are! There, don’t you see!'
—there’s my trunk thrust into iho shed, like n
piece of lumber.
And so it really was. At "the head of the
pier at Newport, there is a shed with seats with
in where people wait for the ferry-boats; and
there perdu beneatli a form, lay the enchanted
trunk, having been so disposed, in the bustle
of unloading, by means which nobody could
pretend to understand. The guard, with a
half-frightened look, approached 'the awful
object, and soon placed it with the other
things on board the ferry-boat.
On our landing at Dundee pier, the proprie
tor of the trunk saw so well after it himsi If,
that it was evident no accident was for this
time to be expected. However, it appeared
that this was only a lull to o«r attention. The
tall gentleman was to . go to Aberdeen by a
coach then just about to start'froni Merchant’*
Inn, while I, for my part* was to'proceed by a-
nothtr coach, which was about to proceed froni
tW same place to Perth. A great bustle 'took
place in the narrow street at the inn door, and
somo of my late fellow-travellers were getting
into tlte one coach, and some into the other.
The Aberdeen coach, was soonest prepared to
start, and, just as the guard cried ‘all’s right,’
the long figure devolved from the window’, and
said, in an anxious tone of voice—
'Guard, have yon got Iny trunk!’
‘Your trunk, sir!’ cried the man; ‘what
like is your trunk? we have nothing here but
bags and baskets.’
‘Heaven preserve me!’ exclaimed the un
fortunate gentleman, and burst out of the coach.
It immediately appeared that the trunk had
been deposited by mistake in the Perth, in-
stead-of the Aberdeen coach; and unless the
owner had spoken, it would havo been,’in less
than an hour, half way up the Carso of, Gc w-
rie. A transfer was immediately made, to
the no small amusement of myself and oho ‘or
two other persons in both coaches who had.
witnessed its previous misadventures bn the
road through Fife. Seeing a friend on 'the
Aberdeen vehicle, I took an opportunity of
priv.vHy requesting that he would, on arriving
at iiis destination, send me an account by post
of all the further mistakes and dangers which
were sure to befall the trunk in the course of
the journey. v To this he agreed, and, about
a week after, I received the folic wing letter:
“Dear —,
“All went well with myself, my fellow-trav
ellers, and the Trunk, till we got a few miles
on this side of'Stondmven, when, just as we
wero passing one of the boggiest parts of the
whole of that boggv road, an unfortunate lurch
threw us over upon onQ side, and the exterior
passengers, alone with several liesvy articles of
luggage ; were all projected several yards off
into the morass. As the place was rather soft,
nobody was much hurt; but, after every thing
had again been put to rights, the tall man put
some two thirds of himself through tho coach
window, in his usual manner, and asked the
gmrd if lie was sure his trunk was safe in the
boot.
“Oh, sir!’ cried the guard, as if a desperate
idea had at that moment rushed into his min’d,-
the trunk was on the top. Has nobody seen
it lying about any where?”
“If it be a trunk ye’re looking after,’cried
a rustic, very cooly, ‘I saw it sink into that
wool eef of a quarter of an hour syne.’
“Oil! exclaimed the'distracted owner, ‘my
trunk is gone for ever. Oh my poor dear
trunkSrAvhere is the place, show me where
it disappeared.’
“The place being pointed out, .he rushed
madly up to it, and aocmed as if he would
have plunged into the watery- profound to
s 'nrc! for hi lost property, or die in the at
tempt. Being inTcrmed that Hie hogs in this
part of tho country were perfectly bottomless,
I • soon aw how'vain every endeavour of that
kind would be; and so he was with difficulty
induced to resume his place in *he coach, loud
ly threatening, however, to make the proprie
tors of the vehicle pay sweetly for his ioss.
“\\ hat was in the trunk, I have not been a-
ldc to learn. Perhaps tho title-deeds ofan es
tate were anions tlie contents: perhaps it was
only filled with bricks and rags, in order to im
pose upon the iukeepers. In all likelihood,
the mysterious object is still descending and
descending, iiko the angel’s hatchet in Rabbi
nical story down the groundless abyss; in
which case its contents will not probably be re
vealed till a groat many things of more import
ance and equal mystery are made plain.”
’Not innocent—a plwase applied by the com
mon people in Scotland to any thing which they
suppose invested with supernatural powers of a
noxious kind.
fTho orifice of a deep pool in a morass is so
callcJ in Scotland.
UNITED STATES BANK. power; for jl»«-purpose of framing”new systems.
f'rou. :/u J) « : be. it is proper tor him seasonably- to consider the
If has been generally ku-nvu for some motility' means by which the services rendered by the
pa-t that the propriety ol withdrawing the pub- j Bank of (Le United States are to be performed
lie depositee from the Batik ot the United^ States | after its charter shall expire.
was under consideration and t-itg'arod much* of
tho attention of ti.u President and of the different
members of Ids Cabinet, all of whom, had been
called upon by the .President to rt—.at him iu his
deliberations on this subject. After ti very Full
aud careful examination, the President came lb
the conclusion that the public deposites ought
to Iio chahged to tho State Bunks, and his opin
ion! was communicated in writing to his Catmint
on Wednesday last, at n meeting held specially
for that purpose, and the facts aud reasons on
which ft was fotiuded. As public attention has*
been drawn to this subject, it is decerned proper,
iti order,to prevent misuiider.staodiug or misrep
resentation, to lay bcfpvc the people tho commu
nication made by the President as above men
tioned, and a copy has been furnished - to us 'frir
that purpose, which we now prococd to publish.
Head to the Cabi.neT on the 16th of Sept. 18311.
Having carefully aud anxiously considered all
the facts and antutnePts, which have, been sub
mitted to him, relative to. a rcrnoVaPof the public
deposites from tho Bank of-the Ihiited States,
the President deems it Ins' duty, to communicate
in this manner to his Cabinet the filial conclu
sions of his own mind, and the reasons on which
they are founded: iu order tojuitthem iu durab.O
form, and to prevent misconceptions.'
The President’s convictions of the dangerous
tendencies of the Bank of tho United Statei,
siuco signally illustrated by its own nets, weie
so overpowering-when'die entered upon the du-
lies of Chief Magistrate, that he felt it his duty,
notwithstanding the objections of the friends ty
whom he was surrounded, to avail himself of tl o
first occasion, to call the attention of eongreis
and the people,.to the question of its re-cifartcr.
The opinious expressed in his annual message of j
Tho existing laws declare, that “tho deposites
of the money of the .United -States, ih places in
'which the said Hank and branches thereof rnav be
established, shall be made in said Bank or branch
es thereof, unless the Secretary of the Treasury
shall at any time otherwise order and direct, iu
which case the Secretary of the Treasury shall
immediately lay before congress, if iu. sess
ion. and if not, immediately after the commence
ment of the noxt session, the.reason of such order
or direction.”
The power cT the Secretary of the Treasury
over the dcpoVttcs, is unanobfiei. The. provis
ion that he'fchall-report fn* reasons" to congress,
is ntv limitation. Had it nut been inserted, he
would have been responsible to congress, had
he made a removal for any. other than good rea
sons. and his responsibility now ceases,‘upon the
'rendition ofsuffieicul ones to congress. The on
ly object of the provision, is to make his rcaSods
nccossible to-congress, and eiiabltj thau- body the
more readily to judge of their souhdhess and
purity, and thereupon -ttr make.such.further pro-,
vision bylaw ers the legislative' power fnay think
proper in relation•Ufc’Jnq deposites of the public
money.' 1 Those.reasons may faekVcry diversified.
It was asserted by the Secretary of tho Treasu
ry without contradiction, as early. aa-l 817', that
Jiohad -power “to cpiftroptiic" procecdruge” *of
the Batik of the United States at any •moment,•
“-by changing the deposit^ to tho State Bant s,”
should it pftrsue an illiberal et ui se towards those
institutions'; that .“the Secretary of (ho Treasu
ry will always bo disposed To support the cretlit
of the State Banks', aud will invariably direct
transfers from the dejuisite's'of the public tiUnfey
iu aid of their legitimate exertions to maintain
their credit; atfd he'asserted a right xo employ
December, 1329. were reitera ted in those of . Du- j the'State-Banks wheii'the Jlauk of the United
cember. 1830 aud 1831, aud in lhatbf I{}30, l.o States should refuse, to receive on deposite .the
threw out Tor consideration, sots* suggestions, u uotes.of such Stale Banks as the public'interest
relatiou to a substitute. At the session of 1831-2 : required, should be received in- payment of. the
nil act was passed by a majority of both Houses public dues. In several Instances he did transfer
of Congress re-chartering tbo present bank, open tbe public deposites la State Banks, iu the im-
wliicb the President felt it his duty to put his mediate vicinity *of the branches',.for reasons con-
oy Wo understand that at the late .Supe
rior C..m t for Fayette County, Col. Finly C.
Stewart was tried for killing Mr. Leonard.,
1 ii“ Ir.al lasted two days and resulted iu Stew- !
art’s acquittal.—Sout/i'crii Banner. i
constitutional -veto.- In his message, rctitntii g
that act, he repeated aud enlarged upon tho prin
ciples and views briefly asserted in ht3 annr.al
messages, declaring the bank to he, in bis opi l-
inn, both inexpedient'and unconstitutional, a’tid
announcing to bis countrymen, very uaequivoetl-
ly, bis firm determination never to sanction, by
his approval, tbe coutiuuance of that institution
nr the establishment of auv other upon simi! ar
principles. - *' , ,' ' ■
There arc strodg reasons.for believing that t ie
motive of the Bank in asking for a rc-charicr at
that scssiou of congress, was to make it a Icadng'
qucs'iou in the election of a Prcsidenl of ihc J-
nited States the ensuing November, aud all steps
deemed necessary, were taken to procure frem
the people, a reversal of the President’s decision.
Although tbe charter was approaching its ter
mination, and the Bank was aware that it was
the intention of the Government to use the pi li
ke deposite as fast as It accrued, in the paynit nt
of the public debt, yet it did extend its loans from
Jam 1831, to May 1832, from 842,402 301 24 to
$70,428,070 72, being an increase of $23,025,7OG
48, in sixtee'n months. It is'confidently believ :d,
that the tending object of this immense extension
of its loans; was to bring as large a portion of die
people as possible under its power aud infiuunre;
and it has been disclosed, that some of the largc-st
sums wore granted on very UtiUstta! terms to cm--
doctors of the public press. In sqme_ of these
cases, tho motive was rnado manifrst by the-no
minal or insufficient security taken forthe loans,
by the large'amounts discounted, by the extraor
dinary time allowed for payment, and especially
by the subsequent conduct of those receiving the
accommodations.
Having taken theso preliminary,steps to ob
tain control over public opinion, tho Bank camo
into congress aud asked a new charter.' Tho ob
ject avowed by many of the advocates of'the
Bank, was -to put the President to the tesi, that
the,country might know,his final determination
relative to the iSank prior to the ensuing election.
Many documents and articles were printed aud
circulated nt the expense ol the Bank to bring
the people to a favorable decision upon its, pre
tensions. Those whom the- Bank appears to
have made its debtors for the special occasion,
wero warned of tho ruin which awaited them,
should the President be sustained, and attempts
were made to alarm the whole people byjiaiut-
ing tho depression in.the price of property' and
produce, and the general loss, inconvenience aud
distress, which it was represented would imme
diately follow the re-election of. the President in
opposition to the Bonk.
Can it now be said that tho question of a re
charter oFthe Bank was nqt decided at the elec
tion which ensued ? Hud tho veto been equivo
cal, or had it uot covered thoJyvholo ground—if it
had merely taken exceptions to the details of the
bill, or to the time of its passage—ifit'hud not
met tho whole ground of constitutionality and
expediency, then there might have been some
plausibility for the allegation that tho question
was not decided by the people. It was to com
pel the President to take his stand that the ques
tion was brought forward at that particular time,
lie met the challenge, willingly took the position
into which hi3 adversaries sought to force him,
and frankly declared his unalterable opposition
to the Batik, as being both unconstitutional aud
inexpedient. On that'ground tho case was argu
ed to the people, and now that tho people have
sustained th<- President, notwithstanding'the ar
ray of influence, and power which was brought
to heat upon him, it is too ’ate ho confidently
thinks, to say that the question has hot been de
cided. \V hntever may bn rh'd opinions of others,
the President considers his rc-elcction-as a-decis
ion of tbe people against the Bank. Iu the con
cluding paragraph of his Veto Message lie said :
“I have now don; my duty to'my country. If
sustained bv my fellow citizens, I shall be grate
ful and happy ; if not, 1 shall find iu the motives
which impel me, ample grounds for contentment
and peace.” •
He was suttaiflled by a just people, and be de
sires to evince Ins gratitude by carrying into effect
their decision, so far as it depends upon him.
Of all the substitutes for tho present Batik
which have been suggested, none seems to have
united any considerable portion of the public in
its favor. Most of them aro liable, to the same"
constitutional objection for which tho present
Bank lias been condemned, and perhaps to all
there aro strong objections ou tho score of expe
diency. In ridding the country of an irresponsi
ble power which has attempted to control tho
Government, efiro must be taken not to unite the
same power with the executive branch. To givo
the President the control over the currency and
the power over individuals now possessed by tbe
Bank of the United States, eveu with the materi
al difference that he is responsible to the people,
would he as objectionable and as dangerous as
to leave it as it h*. Neither the one nor the other
is necessary, aud therefore, ought not to bo re
sorted to.
On the whole, the President considers it as
conclusively settled, that the charter of the Bank
of the. I nitial States will not be renewed, end ho
has no reasonable ground to believe that any sub
stitute will be established. Being htiund to reg
ulate tiis course bythelawbas ihey exist: and not
to aulicipaictho interference of dm Legislative
qecteibonly with the safety of those Banks, the
public convenience ami the interest of the Treas
ury. . * -
• If it was lawful for-Mr. Crawford,-the Secre
tary of the Treasury, at that tune, to net on these
principles^ it will he difficult to discover any
sound 'reasou against tbe-application'of similar
principles' in still -stronger cases. Aud it is a
matter of surprise that a power Which, in thtj in
fancy of the'Bank, was freely asserted as onyof
tho orcliuary aud familiar duties of the Secretary
of the Treasury, should now bograycly.'quest»oa-
ed, and attempts rn ida to excite aud alarm the
public mind as if some new ami unheard of pow
er was about to lie usurped by the Executive
branch of the government. .s‘.
U is hut c little more than two atiil a half ye.ark
to. the termination of the .charter of the jirosent
Bank. It is considered as the decision of the
country that it shall. then cease td exist, and no
man, the. President believes* has reasonable
ground for expectation that any other ‘Bank of
the "United Slates will be created by congress.—
To tho Treasury. Department is entrusted ihc
safo,keeping'aud faithful application of the pub
lic moneys. _ A plan of collection different from
tbe jwesent. must therefore be introduced and
put incomplete operation before the dissolution-
of Uio present -Bank. When shall it he corqmeu-
ced ? 'Shall uo step be- taken in this essential
concern until the charter expires,* and tfic Treas
ury finds itself without flu agent, its - accotuits iu
confusion, with ;ao -depositary for its funds, and
the whole busilfe'ss of die government.deranged ?
or shall it be delayed, until six months,*or a year,
or jwo years before the expiration of the char
ter ? It is obvious that any new -system which
Tuny bo snbstitutcd'in the placo of the Bank of
tho Uuitod Statos/codld not bo suddenly-carried
into effect on the termination of its, existeurt
without serious inconveuience to the government
and tho people. Its vast amouut of notes arc
then to he redeemed and withdrawn from circula
tion, and its immense debt collected. These op
erations mustbe-gradual, otherwise much suffer
ing aipl distress will be. broaght upon the commu
nity- It ought t<rbc not a work of months only,
but of. years, and the President thiukxit cannot,
with dtfc attention to tho interests.of the people,
be longer postponed. lt_is safer to begin it too
soon tliau to delay it too long.
It is forthe wisdom of congress fo decide npon
tho bcstsitbsdtuto to bfc adopted iu the place of
tho Bauk of tho United States ; and the-Presid
ent would have fell himself relieved from a heavy
and'painful responsibility if iiuihc charter to the
Bank, Cougress bad reserved to itself the powcT
of directing, at its pleasure, thc'poblic money to
lip elsewhere deposited, aud had not devolved
that power exclusively ou one of the Executive
Departments.. If is-useless how fo inquire why
this high and important power was surrendercil
by those who arc peculiarly nub appropriately
the guardians .of thol public money. Perhaps it
was an oversight. lliit-BS.the President pre
sumes that jhe charter to the-BSnk is to be con
sidered as a contract bii tile part of Government,
it is not now iu tile potvpr of congress to, disre
gard its stipulations; and.by the terms qf that
contraet tho public money is to bt> deposited in
tho Batik, during tho continuance of its charter,
unless tho Secretary of the Treasury shall other- -
wise direct. Unless, therefore, the Secretary of
tho Treasury first acts, - congress.has no- power
over ike rnbject, for tney-eanuotraerd a new clause,
to tho charter or strike dfic out of it without the
Consent qf the'Bank ; and consequently the pub
lic money must remain in that instilution to the
last hour of Its existence, unless- the Secretary, of
the Treasury shall remoVc It.at nu earlier day.—
The responsibility is th?ts thrown uppfi-thc Exec
utive branch of the government, pf deciding how
long before the expiration ijf the charter, the pub
lic interest will require the deposites to be pla-
ccd’.dtsewbcre. And although, according to the
fi-ame and principle of our government, ’lfis de
cision would -seem more properly to belong to'
the legislative power; yet as;the law. has imposed
it upon the Executive Department, tho duty
ought to be faithfully and firmly mot, and the
decision made.and executed upon tho best lights
that can be obtained, aud the best judgment
that can be formed. It would ill become the
Executive branch of the government to shvink-
froin any duty whifh the law imposes on it, to
fix upon others the,responsibility whiclijustly be
longs to itself. And -while the President atfsiojis-
ly wishes to abstain from the,cxcrcise of doubtful
powe'rs, and to avoid all Tntarferencp with the
rights and duties of others, lie must yet, with un
shaken constancy, discharge his own obligations ;
and cannot allow himself tir tprn aside, in order
to avoid any responsibility which the high trust
with which he has been honored requires-him to
encounter ; and It being the duty of ono of the'
Executive Department? to decide in the first in
stance, subject to tho future action of the legisla
tive power, 'whether the public deposites shall
remain.in the Bank of the United States, until the
end of its existcuce, or be withdrawn sometime*
before, the President has felt himself hound to
examine the question carefully aud deliberately
in order to make up hi* judgment on the subject:
and in his opinion the near approach of the ter
mination of the charter, ami the public consider
ations heretofore mentioned, ure of themselves
.amply sufficient to justify the removal ol the dc-
1 pe tites without reference to the conduct of the
Hank, or their safety in its keeping.
But in tlie conduct of the Bank tnny be found
other reasons very imperative in their character,
and which require prompt action. Develope
ments have beeu made from time to time of ii
faithlessness as a public agent, its misapplication
of public funds, its interference in elections, its
efforts,by the machinery of committees, todeprivi
the Government Directors of a lull knowledge of
its concerns, aud above all, its flagrant misconduct
as recently and Unexpectedly disclosed in placing
all the funds of the Bank, including the money
of the-govermneut, at the disposition of the Pres
ident of the Brink as - means of operating upon
public opinion and procuring a new charter with
out requiring him to render a voucher, for their
disbursement. A brief recapitulation of the. facts
which justify'thns.c*charges and which have come
-to the .know ledge of the-public.and the Ptesident,
will, he thinks, reinove every reasonable doubt
as to the course which it Is now the duly of the
President to pursbe.
•We.have seen that,in sixteen months, ending
►iu .May. 1832,’the Bank lfnd extended its loans
more than $23,000,000, although it knew the
government intended to appropriate most of its
largo deposite during thf.tj ear in payment of the
politic .debt. It was in May, 1832, that itsjoans
arrived at the maximum, and in the preceding
March, so sensible whs the Bank that it would not
be able,to pay over the public deposite when it
would bo requirejd by the government, that it
.commence^.*! secret negotiation witlioitt the ap
probation or knowledge pf the government, with
the agents, fad* about $2,70(X.O(HJof the three per
/cent, stocks held in IlpHand, with a view of in
ducing .them not to rcaiic forward" for payment
for one or-'more years after notice should be j;iv-
*en by the Treasury Department. % This arraiige-
nient would have enabled the Bank to keep aud
use during Uiat.time the public, money set apart
for the payment of the’se stocks. * -
Aftcc thisnegmiatioli.fail'd commenced, the Se
cretary of the Treasury informed-the Bank, that
it wasliis iutention tq pay offoa9.half of the three
'per cents on .the first of the succeeding July, which
amounted to about $6,500,000. The President
of the Bank, although the committee of invest!-.
gationAvas then looking into its affairs at Phila
delphia* came iimtiediately to Washington, and
upon representing that .the Bank was-desirous
of necommo'datiqg tho importing merchants nt
New Ycfk {which it failed to do.) and. underta
king to pay the jhterest'itself, procured the coni
sent of.thb Secrctaiy, after consultation with the
•President, to postpone the payment until the suc-
cceding.fiirsl of October.
' Conscious that at the end of that quarter the
Bauk would not be able, to pay over tlie depos
itee, and-..that further indulgence was not io hie
expected o'f the government, 'an ageut was des
patched to England secretly. t<P negotiate with
the holders of the public debt "in Europe, and
induce them by Hie ofijec of- an- equal or -higher
interest’ thaii that paid by the government to
hold backiheir claims for one year,during which
the Bank.expected thus to retain the use of $5,
OoO.OOO of public molicy, iviifcH the government
should set apart for tho payment of that debt.—
Tho agent made an arrangemijct on term;, in
part, which were in direct violation of the char
ter of the Bank, and when some incidents con
nected •with this secret negotiation accidentally
canto to the knowledge of the public and the
government* then and not before, so much of it
as war palpably in violation of the charter was
disavowed ! A modification of tho rest was at
tempted with a Hew of getting the certificates
without' payment of tho 'money, and thus absolv
ing 1 the government front i's liability to the hold
ers. lu- this srlicmo the Bank was partially suc
cessful, but to-this day tlie certificates of a portion
of jhesc stock?.have not been paid, and the Bank
retains the. use of the money.
This effort to thwart the government in tho
payment of the public debt, that it mi^lit retain
the public money.to be used for their private In
terests, palliated By’ pretences notoriously uo-.
founded and.iusinctre, would have justified the
iustaut withdrawal of the public deposites. The
negotiation itself rendered doubtful the ability oF
tho Bank to "meet the demands of tho Treasury,
and the misrepresentations by which it. was at
tempted to be justified, proved that no reliauce-
coujd be placed upon its allegations.
If thd question of a removal of the deposites
"presented itself - to the Executive :u the same at
titude that it appeared before tlie House of.Rcp-
tesentnrives nt -their last session, their resolution
ju relation to the safely of the deposites would be
entitled to more weight, although the decision of
the question, of removal has been.confided lty Jaw
to nuotlier-dcpartment of government. Blit tho
quesuou now Occurs, attended by other circum
stances .and new disclosures of tlie most serious
import. It is true that iu tho'message of the
President, which produced this inquiry and res-
nlutiou on the part of the IloUscf’of Representa
tives, jt was his object- to obtain the aid of.lhat
body in linking a thorough examination into the
conduct and condition of tlie Bauk and itsxl)ran
ches, hi order to enable the Executive Depart
ment. to decide whether tho public money Was
longer safe in its bauds.- The limited power of.
the Secretary of tho Treasury over the subject,
disabled him from makiug tho investigation as
fully ami satisfactorily as it could he donc'by a
cotnmittce of the House of Representatives, anil
hence the President desired the assistance q'f
congress to obtain'for tho Treasury department*
:i full knowledge of all the-facts which wore tie
cessnry to guide his judg'inent. But-it was uot
Ids purpose, as the language of his message will
shew, to nsk tho Representatives of tlie people
to nssumo a responsibility which did not belong
to them', and relievo the Executive tfranch of the-
government, from the duty which the law had
imposed upon it. - . ... ., • - -*
• It is duo to the.Prcsiden' that'his object in that
priyceiijjjg should be distinctly understood, and
that he should aCquit himself of all suspieion of
setking to escape-from thq performance of his
7>wn duty, or "of desiring to interpose.nno'.lferbo-
,dy between hintsclf and the people in order to a-
void a measure which ho is called upon ;q meet.
But although, as an act of justice to himself, he
disclaims any design of soliciting tho opinion of
the House of Representatives in relation to his
own duties, iu order to shelter himself from res
ponsibility tinder the sanction of their counsel,
yot he isal all times ready to listen to the surges’
lions of tho Representatives of the people, whe
ther, given voluntarily or npon solicitation, anil
to'consider them with the profound respect to
which all will admit they are justly entitled. —
Whatever may he the consequence.-, however, to
hitnsQlfohe'mast finally form his o.wn judgment
where, tile constitution and the law makes it his
duty to decide, and must act accordingly: and
he is hound to suppose tha? such a course on his
part will never he regarded by that elevated body
as a mark of disrespect to itself; but that they
will, on the contrary, esteem it the strongest evi
dence he can give of his fixed resolution consci
entiously to discharge his duty to them aud the
country.
A new state of things has, however,'arisen since
tho close of tho last session of Congress, and evi
dence has since been laid before the President,
which he is persuaded would have led the House
of Representatives to a difiereut conclusion, if it
had come to their knowledge. The fact that the
Bank controls, and iu somo cases substantially
oir/is. and by its money supports some of the lead
mg presses in tlie country, is now moro clearly
established. Editors to whom it ioaued extiava-".
. to u!l ,
he pleases
the responsibility of rendering auv soVe^!’ " illu,c t
The Bank is thus converted into T' u " 1
eeriug engine wnb means to c„ l )ro j] ecll0 n ;
in deadly feuds, and, under cover of expen'il
H-'i.lW
torr upiio,i
.’tint sums ill 1831 and 1832. on unusual time anu j vice o'f the Bank, to hire writers an,I
nominal security, have since turned cut to be insol- and to payout such sums as he i.'ln:'J' C, !*P !l P e r>
vent, and to others apparently in 110 belter Condi-1 persons and tor what service;
cion accommodations still more extravagant, 011 the
terms more'unusual and sometimes without any
eenrity have also beet; heedlessly granted.
The allegation which has so otu n circulated
through these channels that the Treasury, was
haokrupt aud the Bank was sustaining it, when,
for many years there has not been less, on an av
erage, thar. six millions of public money in that
- institution, might be passed over as a hnrnih ss
misrepresentation: hut when it is attempted, by
substantial, arts, to impair the, credit of the
Government and tarnish the honor of the country
-tirh charges require more serions attention —
With six millions of public money iu its vaults,
after having had the use from five to twelve mill
ions for nine years,without interest, it became the.
purchaser of a bill-drawn by *our Government oa
that of France far about 0T)O,UOO dollars, bein
the first instalment of the French indemnity.-
TJie purchase rtiduey/was left iu tlie use of the w t
"Batik, Ming simply.added to the Treasury do- uveresupposed to be instrumental in resistin' 1
posiie. The Bank sold tho' bill in England, and l wishes of this grasping rtnd dangerous iuMim,;
the holder sent it to France for collection, and ! As the President of tie Bank ha s not b w .„ r '
nrrangjments not having been t?VMe **y the French red to settle bis accounts, no one but Lint
Government for its payment it was taken up by knows how much more than the sum
the agents of the Bank in Paris with the fumis of j mentioned may have been sqaainlcrtil ;
the Bank iu their hands.' Under theso Gircutn- '
stances it has, through Its organs, openly assail’d ]
the credit of the Government; and has actually ,
made, and persists in a demand of fifteen per cent
or $1‘53,842 77 ns damages, when no damage, or
themselves improper, exteud
through all the ramifications of society
Some of tho items Tor which account- e
been rendered show the construction -,vh u
been given to the resolutions and the „ •
w bii Ii the power it confers has been of* V'
The money has not been expended msrc j v J ! ;
publication and distribution of spei .-hcs J n ’*
of committees, or articles written for ihc
of showing the constitutionality or u-,fu'-
the Bank- But publications hi,\. ,‘ ( ' r .' ^
and extensively circulated, ci-ina'aiii^-1),,, li ’’
invectives. ne;.v.,-,1 the officers of the Govcnie^''
and the money n Inch belongs to the stockin'"' 1
.and to the public has been freely appliedTt
forts to degrade, in public estimation, thia,-
were supposed to beinstruu
wishes of _ . .
ssident'of ti.b Bank h;io not been
In Ills flCmimN nn nn* I.... I
,r pnW
"«t 3-
which a credit may hereafter be claimed j-
account under this roost extraordinary reiolr
Willi these facts before i;-, can wc bo
at tfac torngot of abuse incessantly .pon*
gainst all who arc supposed to stand ii
uoue beyond some trifling .expense has iu fact | of the cupidity or ambition of the Bank offftF
been sustained, and when the.-Bank, had in its Stapes? 'Cau we be surprised at sudden snJ f
owu’possessiqwoD deposite. several millions of expected changes of opiuion in favor of,m im,''
the .public-money which it was their using -for its j tuion which has millions to lavish and avoir* j.
own profit. Is a fiscal agent to tbo.Goveriiment' determiuatioa not to spare its means when ii!'
which thus seeks “to t-nricii itsvlftu tuc expense of j are necessary to accomplish its purposes? Td
the public, worthy of further trust? j refusal to render nu account of tire manner L
There arc other important facts not in the con- ; which ;t part of tlie money expedited has beta
tcmplation oftbc House of representatives, or applied, givbs juit cabs* for the suspicion that
at. the time they voted has been used 10'r purposes which it is not iW
not known trothc member
for the-resolution.
Although the charter and tin; rules of the Bank
both declare that “not less than seven’ directors”
shall.be necessary to the transaction of busiucss,
yet. the most important business,.even thnt'grant-
iug discounts tb any extent, is intrusted to a com
milted of five members who (Jo not repoil to the
Board.
To cut off all ineaus ofcomnnmicntion with the
Government in relation to its most important acts,
at-thc eomniejiceiu ent of the present year, not
one of the Government Directors was placed or r-
uy otie Committee. Ami although.since, by-an
Unusual remodelling oTthose bodies, .some of these
directors have been placed on some of the cym-
mittees, they arc yet entirely c.vlt’ded from the
Committee of Exchange, through which the
greatest aud most objectionable loans have been
made.
When the Government Directors made an effort
to bring hack the , business of the Bank to -the
Board, iu obedience to the charter and ex-sting
regulations, the Board not only overruled liieir
attempt, but altered tlie rule so as to make it con
form.to the practice, in direct violation of oho of
the most impoMnnt provisions of the .charter
which gave them existence'.
. I? has long been ftcotvn that the FrdsidcuVof
the Bank,'by his single will originates and exe
cutes many of the most important mr asures cou-
nectcdwith the thanagement. and credit of the
Bauk and that the. Committee, as well a* ihelbuinl
ofDircctorVnrc left in entire ignorance" o! many
acts done, aud correspondence carried on, in their
dames and apparently unde- their authority.—
The fact has been recently disclosed, that ah un
limited-discretion has bccii, and is now. Vested
ill the 1‘icsidcut of tho Bank to expend its- fumis
i.li payment for preparing ami circulating articles
and jTu'rehasin_ pamphlets and newspapers, cal
culated by their contents to operate on elections"
aud secure a renewal of its charter. It appears
from the official report of the Public- Directors,
that on the 30th November, 1830, tlto. President
submitted to the Board an article published in the
American’ Quarterly review, containing favorar
hie notices of tlie Bank, aud suggested the expe
diency.of giving it. a wider circulation jit the ex
pense of the Bank; whereupon the Board pass
ed the following resolution, viz :
“Resolved, That the President he authorised to
take such measures in regard to the circulation
of tbe contents of the said article, cither In whole
or iu part.-as-hc may deem most for” the interest
of tti“ B-i-.tk.”
By an entry in the minutes of the Bank, dated
.March 11th, 1831, it appears that the President
had not only caused n large cditioit of that article
to he issued, but had also, before tlie resolution
of 39th November was adopted, procured lobe
printed and widely "circulated, numerous copies
-of the Reports .of Gen Smith"arid Mr. McDuffie
in favor of the Batik, and on that day he suggested
-theexpediency ;:f cxfeiYdmg his powfcr-td the prin
ting df other articles n liiclf might subserve tlie
purposes of the institution. W hereupon the fol-
lov'fng resolution was adopted, viz r
“Resolved, That tin;'President - is hereby au
thorised to cause to be prepared and circulated
such documents and papers as may comnnim-
ctite tqjhe people information jn regard to.the
itehire atfd Operations of the ‘B.lnk.”
. Tho expenditures purporting to have been
made under authority of these resolution's, during
tho years 1831 and 1832 were about $80.01)1).—
For a portion, of these expenditures vouchers
were rendered, from which it appears that they
were incurrcd?in tflo pdrehace of some hundred
thousand - copies of newspapers, reports and
speeches, made in Congress, reviews of the Veto
MessagcT,-and. reviews of speeches against the
Bank, &c. &e. For another" large portion no-
vouchers whatever were rendered, but the Vari
ous silms were paid on orders oTthe President of
tho Bank, makiug reference to fhe resolution of
the LIth Mar'chj 1831.
Ou .ascertaining, these facts, and perceiving
that expenditures of n similar • character Were
still continued, tiie Government Directors n few
weeks ago offered, a resolution in the Board call
ing for a.specific account of those expenditures,
shewing tho objects to which they had been ap
plied and the persons to.v.hom tlie money had
been paid. This reasonable proposition was vo
ted down.
They also offered a resolution rescinding the
resolutions ot November, 1830, and March, 1831.
This also was rejected.
Not cement with "tint--, revising to recall the ob
noxious power, or even to. require nuch an ac-
rount of the expenditure as would shew whether
tho money of the Bank bad in fact, been applied
to the objects contemplated by those resolutions
as obnoxious as they were, tho Board renewed
tho power already conferred and even enjoined
renewed attention to .its exercise, by adopting
the following iu lien of the propositions submit
ted by the Government Directors, viz :
Resolved, That the Board have confidence
has beep '.we;! for purposes wlnctt it is not dett;.
ed prudent to expos’o to the eyes of nn iutelliftn
and virtuous people.. Those Who ah justly fo
not slum the light, uordo they refuseex|iI.itia"iiots
when the propriety of their conduct is brotnt
into question. '
With these facts before him, in an official n.
port from the Go'-er.iii ent Directors, the Presi-
(lent wbiiffi feel that he w;w not only resptnuikii
for all tbe ah'Asbs and corruptions the Bank bts
committed, or may coimnit, but almost ai* k.
complice in a conspiracy against that Govtn-
liieut which he lias Sworn honestly toadmai - -
if he did not lake every step within his coiHth-
liotial and legal pawer likely /o be efimes in
putting tin bad to lhe.le enormities, lfitbtpos.
•eibia. ivithii* the scope of human affairs, to Cad 3
reason for removing the Government deposit!
mid leaving tlie Bank to its own resource forthe
'means of effecting its criminal designs, we harts
here. Waste expected when the moneys of the
United {States'wore directed to he placed in [fo
Baiik.-t'ipit tfiey would be pot under the round
of oho man, empowered to -spend millions with
out rendering a voucher or specif ying the bliject!
Can they lie considered safo with tlie cvidtsre
before us, that tens of thousands have been spec!
for highlyimproper, if not corrupt purposes, and
that the same .'noiivo may font! Io the expendit-
tire of hundreds and thousands, and even millocs
more ? At'.d-ca.t we justify outscl' es to thepeo-
ple by longer lending to i* litc money and powtt
of the Government, to bo employed f r suet
porposes ? .
It lias been .alleged by some as an objection la
the retroval of the deposites, that the Bank ht
l!ic power, and iu that event.wilihat'c lliedisps-
sition, tc destroy'the 5 tin o banks feniplojtily
the Govcrnineitt, ttin! tiring distress 111-00.the
country. It has been the fortune of the 1'k-
dent to encounter dangers which were lepreswd
as equally tilarnliug, and he has seen tlirm n:-
ish before resolution and energy. J^itHiircsequal
ly appjdlfng were paraded before him wluntta!
Bank camo to demand tt new ebartor. Batvdat
w is the "result: Has the country been ruined, or
even distressed ? Was it-ever nicrp pr6ir.oatt
than since that act ? The 1‘residctit vein In-
Ifevesthe Bank litis not tl-.e power to produce ik
calamities its frivutt? tiircateh. The fowls of ib
Government will not he annihilated by tit;
transferred. They will immediately Iks is-ned
for the benefit of the trade,, and if the Bank, oft*
United Suites curtail its loans, the. Klafe- Sa/iks,
strengtlicncd by the public depbsitts, will 1
then's. What comes in through one Bank, wi
go otit through others, and tlie equilibrium iti?
be preserved. Should the Bauk, for tlie rocrepiit-
pose'of producing distress, press its deLtors
heavily than some of them can bear, the cow-,
qucuces will recoil upon itself, and in aUnq'J
to embarrass tht the country, it will only b*t
loss and ruin upon the holders of - ii$ o'wrt la*!’
But if the President believed the Bank posse?-
all the power which lias been attributed to it- L
dotci’mniatiqn- would only he rendered tnorciulki-
ihlc. If, indeed, this corporation now bolds ii sj
hands the happiness ami prosperity of the Aar 1
lean people, it js high time to take the alarm- *
the despotism be already upon us. and our ok' I
safety is iu the mercy of the despot, recent d'.v-"
irpements iu relation to his designs and the nr- 5
he employs, shows liow necessary it is to sink*
off J'be struggle can ne v (';r coma with 1c-;
tress to me peo|>le. orxundcr more favorable tef
ices than ht the present moment.
All dpilbts as to the w iljuigiicss of tlte 2^-
,Banka to mtde.-t ,ke the service of the '' ovff3
meut, fo the saufo etfent, and on the same iff*
as it 13'now penorjned by the Bank ofthelujk
States, is put to rest by the report of the
recently employed to collect infornintiou. 7
f><iio that willingness, their own safety !” 1 ^
Operation may he confidently inferred, br
mg their own resources better than they
known l>y others, it is not to he aip|>'"'v'
they would ; hc willing to place themselves iu •>-
nation tvhieh they cannot ocanpy withou'* - .
of annihilation or embarrassment. * — -.
consideration applies to the safety of <*,1
funds, If deposited in those institutiou*- - V
when it is seen that the directors of m 8 ?!
them are not only willing to pb -foe the , ,
ter aSd capital of tho corporations in K |VI '
cess to this measure, hut also their « ": ’ j
and reputation, wo cannot doubt •'"';
least, believe the public deposites wow , ,
- • ' —- Presided-
their mauageineut. The
that these, facts and circumstances i;;
Strong a guarantee as can be hail in l'- l,r . .
fairs, for the safety of the public ur. n! '‘',,
practicability of a new system of collerb 1 -.^
disbursement through the agency of t“’
-Banks. -rjt
From ail theso considerations *‘! c * 1
thinke that the State Banks ought ^Sf-
to he employed in the collection and '
meat of the public revenue, and tbe j-
in the Bank of the United States drawn e' 1 -
The safety off
estate BankMj
ubts: ; r
extent and nature of the security, in a ^'''
their capital, if any he deemed ..cn'"‘ ir k
subject of detail to which fhd Treasur^^g,
, _ ri ... . all convenient despatch.
the wisdom and integrity o‘f tho President and iti | lie moneys, if deposited in the St
the propriety of the resolutions of 30tli November ! he secured beyond all reasonable
1830 and Mth March," 1831,and entertain a full
conviction ef tho necessity of a renewed atten-
ion to the object, of those resolutions, and that
the president be authorized and requested toeou-
tinuc his e>eriions'for the promotion of said'ob
ject.’'
Taken in connexion with the nature of the ex-
P f nditures heretofore more, as reeentlv di-closed
which the Board r.ot only tolerate hut approve,
this resolution puts the funds of the Bank at the
disposition of the President for tlie purpose of em
ploying the whole press of the eouutry iu the scr-
ment will imdoubr dlv five its anxious ...1
The Banks to be employed must retiid ;
J . Unrrf-. ‘ ' I
i$t V*
eys of the Government with out c htirg* •
Bank of tlie United States now does
dor ait rhe servi’-T which that Bank 'J 1 . .
ad?
S- ill
fine-
forms: must keep the Government
their situation by periodical returns .(Joi
ntly arrangement with the 8inte Baak'• 3 jl
erameut must uot, iu any respect, be p