Vincennes Gazette, Volume 3, Number 31, Vincennes, Knox County, 4 January 1834 — Page 1

ITOLIAIIE 3.

JIJrCEJ1iWES, IJmDI.lAmJli IT 4, 1834. NUMBER 31 t H-Wiw

THE V1NC2NNSS GAZETTE, ?r7 Published every Saturdty, Terms $2 50, if pid during the year. pi 00. if paid iti advance.

fil 09, if not paid during the year i'l 25, fir fix mouth". Papers discontinued only at the option of the pjtnisner wrnie arrearages me due t'c5Advcrtisrments making onr Fquare orles . 'll i : t.t . . . . . . win "f inserieu mree rimes lor one dollar, and twenty-five cent fur every subsequent insertion ; Linger advertisement in the same ratio. Such artich s of produce, as are used in a family, v.-ill be received in payment for Mihfcrintions, nt the market price, delivered in Vinrenns. R3P3RT OP A COMMITTEE OF PIRECTORS OF THE BANK OF Tlir. I'MTI'D STATES. continued Dy the 16?h section, the depositee of the money of the United State shnll he made in the Hank and its branches, "unless the Secretary of the Trensurv shall at any lime otherwise order and direct AH these the Secretary may do but from the beginning of the charter to the end of it, there i not one single power over the administration of the Bank assigned to the President, except in the lat section, where it is declared that, "whenever any Committee of Congress hall find nnd report, or the President of the United ftates hall have reason to helieve, that the r ha iter has heen violated, it mm he lawful for Congress to direct, or the Preri lent to ordrr, a scire facias to he sued cut of the Circuit Court for the District of Pennsylvania, calling upon the Corpo ralion 'n s-how caue wherefore the eharter heifbv gianted shall not he declared forfeited ,1 The nhle function then de-! legated to the President is a power, concurrently with a Committee of Conrre.j fo iseue a scire facias, hy w htch the Curt j

is to fry whether hi helief that the Bank ! prescribes certan flu'-ies, to m otfi- er, il lias violated ifs cherter i well founded, j that fifficer . .icttngundei i!ie 6 net; ns of Vet this slender authority ia made the'his official oath and tus priv tte ch;u;.cter.

iiretext for u-urninff the whole power of the Secretary. aTid for doing tlia' which the Secretary alone. wa authorin' to

do, and which he the PiesiJenl w.- notlprov1 to he n " refractory subordinate.

merely not authorised to do, hat substan-jto continue his removals until he at l ist lially prohibited from doing. 'discovpie. in the descending scale of de Foi it is rr.inifet hat this removal ofigradatinn some irresponsive individual the dep isites is not made b the order of , tit to he the tool of his dsignv Unhapthe Secretary of the Treasury. It is a.'pily, (here are never wanting men who

perversion of language so to describe it. On the enntrarv. the reverse i openly ' avowed.' The Secretary of the Treasury 1

refused (o remove Ihem, believing, as htsjmen to whom (iaily bread is sufficient con

published letter declares, (hat the reroo (solation lor daily hame val was ' unnecessary, unwise, vindictive,! The present state of this question is a Arbitrary hm1 unjust " He was then li- fearful illustration of the da-.-ger of il. missed because he would not remove , u,is moment the w h. le revenue of this them, and another appointed because be rcn(rv j? at ,ie dispos ,1 the absolute, uoo!d remove them. Now Ibis is a pal j uncontrolled disposal .if Ihe President of pahle violation of the charter. The Bank ,ne rjni,el States The lawn declare that and Congress agree upon certain terms, j ,)t, pflhl ic funds shall be placed in the which no one can cbaime but a particular p., nf t)P United Sntes, unless the Seofficer; who, although necessarily nomi-1 crP(ary Gf the Treasury forbids it The nated to the Senate by the President, was j Secret";irv f)f the Treasury will not fir hi-; riesignatetl by the Bank and by Congress :t president di-mises him, and appoints as the umpire between them. Both Con .omebodv who will So the laws declare press and the Bank have a right to thejthHt nrt tponev s,a f)e drawn from Ihe

iree. and honest, and impartial judgment of thai Officer, whoever he may be the Bank, because the removal may inj'ire its interests the Coogre-s, because tne re- , rnoval ma gicatly incommode and distress their constiluents In this cae, they are deprived of it by the unlawlul interference f (he President, who "assumes (he responsibility," which, being, interpreted, means, usurp? the power ot the Secretary. 'To make tin usurpation m re evident, his own language 'mtradicls the rery puwer whn:l he i-serts: "The power of 'he becretary, ays ne, ; over the depopites, is unqualified 'The Presnient cannot refrain from presing upon th Secretary ol the Treasury his view of the considerations, w hich impel to immeoiate ac tion.'" And et these phrases have scarcely escaped him. when he ends by declaring that he "begs hi cabinet to consiuer the proposed measure - 1.1s own." ''Its responsibility is acsiimvtl,"1 &c. Finally, it was announced in the Official Gazette, that "We know the fact, Unit if Mr. Van l.uren anu every personal inemi of (he President, had united in recommending that the deposites should not be removed, the President woulo have taken lemovtu, 1 measures to re.i.u iucui -. The Bank, then, has a right :o complain : 1st. That after paying amply (or ihe use of the deposnes. they have oeen denly drawn Irom it. 2d. Tnat ibis has been done without the slightest suspicion of their insecurity. the only ground dm which the removal Could be justifiable am 3d. That it h i been done, not by the officer to w hose judgment it hao agreed to submit, but by another officer who had not the slighlest right to interfere. But the wrong done to the pecuniary interests ot the Bank, sinks into entiie insignificance w hencompared with the deeper injuiy inflicted on the country by this usurpation of all the powers of the Gov ernment . By the act ot Congres chattering the B ink, certain specified powers in regard ix it are delegated to particular o&ccre.

Py the 16th section, and by the 15th

rule of the 11th section, the Secretary of the Treasury has a constant superv sion of it affairs, and the power of placing the pnhlic revenue eNewhere. subject to an immediate and direct responsibility to Congrea. 13 V the 22d section, Congress it-elf has the power of investigation, to arertain if there he sufficient ground to justify an appeal fo the courts of the United States, to try if it ha violated its charter. Finally, by the same section, whenever the President of the United State shall have "reason to believe that the charter has heen violated," he "may rder a scire faciis fo be sued out of the Circuit Court of the District of Penn Ivania, calling on the said Corporation to ghnw cause wherefore the charter hereby granted shall not be declared forfeited This is the whole power of the Prei dent in relation to the Hank. lie may, if he thinks, that the harter has heen violated, bring th Bank before iherourt for trial Now in this manifesto, he distinct ly declares tha' the Bank ha lMed "in direct violation of one of ihe most imper tant provisions of Ihe charter -1 ! o. i! was his duM to ine , he scire ' V iipi eal !o the Court nod Junwa the only legitimate arti-v; i longed to him But a judicial in tion of his charges is prm-el. -dreaded. The more stirem r at;.; invasion of the power? of ihr- s have rmre attraction lha:. :!:e i ns to That h Ue-e-'tga-h "h . .i- tn i '.' "!) a t j t;sr ..im- . i ' .t uig ' le i : v f t!exercise of hi own A elf accuser and ju v vote of C-mjr---, i Courts a;'f; .Itii-io-s, nno ' er of the SfT- l r ".; f sol iute aJ r ' Ceriamlv sin.-o ' Govi i nnient. mil r.j; ' si Vf t ow - i I ieiury. he i?rhif r;'i v will u.d.iti )n of ibis n ever heei ifon ounds the. 'j'iri of ft. i:i fict, resolves whi h m e r!i-ej i our rce rti'iniot,s itself into this that whenever the laws refuses to violate that law. the President of tSe United Siates rna djsipiss hi n and appoint another: and if he too should will think as their superiors wish them to think men who regard more Ihe com-! pensation than the lut.es of their offie - Treasury , except o- warrants for appropriation m ule hv I tw If the Treasurer refuses to draw his warrant fur anv disburmeni . the President m ay dismiss lum '(:uwj p,,,,,. - ,rne , ,Vj nol j!Pii, more flexible agent. ite to gratifx his patron. The text is in the e.fficial G iz1 te, announcing the late of the dismissed Secrf -tarv 'o all who follow him. "The Agent cannot consejentio-uslj perform the ervice and refuses to co operate, nod desires , to remain to thwart the President's mea sures 10 put an eni 10 mi ouncuiiy m . .1- j: T- I . . hp WPPn th(, hear! and (he hands of the Executive Department, the Constitution arms the Chief Magistrate with authority j to remove the refractory subordinate. The theory thus avowed, and the recent practice unt'er it, convert the whole free institutions of this country into the mere absolute will of a single individual. They break down all the restraints which the framers of Government hoped they had imposed on arbitrary power, and place the whole revenup of the United States in , t!ie h;in(ls 0f (ne President :,SSPrtpH in a tone ! fitter for thp East, than for any country I . claiming to be governed bv laws. The ! . . . . u'President declares, lhat, "ia his opinion, (henear approach of thft termination of the charter, aod the public considerations heretofore mentioned, are of themselves amplv sufficient lo justify the removal of j the deposites. without reference to the con

sud-L,uf (), tne p,.,,,, or their safety in its

kee ing. The only "pub'ic considerations here tofore raentioned'are hi8 own re election, J :md his belief that the charter would not he renewed So lhat the President here avows that, although the last Congress passed a bill recharteriog this very Banlc although the ime Congress, a few months ag,-, at his own invitation, de dared lhat th" public depopites might be safelv continued in this Bank although a new Congress, many of whose members are chosen by the people since his own election, is about to meet m ninety days, and will continue in existence lor two years although at the end of those two years a new Congress, fresh from she pen pic, will meet t-icre tfct chttxtfcr ex pirr 1-

yet notwithstanding all thi, he, the Pre

, sident. declares on hi owe responsibility that the depositee shall he removed; no matter whether the conduct of the Bank has been good or bad, and no matter whether the depo?ite9 are safe or twsafe; and, accordingly, he dismisses the officer who refuses to remove them, and appoints another who will remove them. At this moment the process of evading the taw is in full practice B the Constitution of the United States, (Sec 9.) "no money shall be drawn from the Treasury but in consequence of an appropriation made by law " By the act of Sept 1. 1739, establishing the Tiepsury Department, the Secretary of the Treasury is authoii-ed to "grat-l aM ia?r:int8 for moneys to be issued fr iti the Treasury in jursuance ofap propriations by law:" and the same act further deH-iies, "that it shall be Ihe flu tv of the Tre iurf r to receive and keep the moneys of the United States, and to disburse the same, upon warrants drawn by the Secretary of the Treasury, countersignet! b the Comptroller, recorded by the itegisfer, and not otherwise." But there has been a usage of transfer ring funds from one branch of the Bank of the United Sta'es o Another, or one State Bank to another, when the public service required o,ibureements at remote (daces. This transfer draft, intended to require an actual transfer, ha been converted into a mere che k a warrant in fact, though not in form and has been applied to the purpose of taking the funds m:t of the dace to which they sue assigned by law, and transferring them to the opposite side of the street. A it was never presumed thai such a power would he nus ahused, the transfer draft has fewer checks than t he warrant for disbursement, the signature of the Comptrob ier. who is the law officer of the Treasury, not being usual; and accordingly by a strange anomaly, although the Treasur er s warrant to pay one hundred dollars to an honest rredifor of the Government j inns, go through a great variety of forms,! the transfer draft for a million has fewer I formalities. By means of these transfer drafts, as will be seen by the annexed "i n.r "'utn uv. i laicr ruin- "l niwiir ? iin,i been withdrawn from the Bank of lhe t;,i ci.in. i i i c. . r l United btates, and placed in State Banks. , ,, , , , . . ifi the same city, without ihe slightest! - ... I rererence 10 me puoiic oisrjursemenl? and no less than two millions, three hun dred thausanri dollars of the public reve nue have been placed at the discretion of the officers of the State Banks, by Iran-!" ill' "inn is llir uinir uo 11 JV, iy t I oil? 1 fer drafts privately issued, and without : tK nnii0 . Ra ti...,,t i r,o 'rv.n,,.., K.wt .., tn i and had h.thertn l.,v, ,Pn nf .imilar demands on the Rank

ri, if t: i i.Jto ,,,,a important snbiect and then when

fn,1Br. rf t.a iT;-.i i.onnril.pirmvnrnn.t.inMnn.dnnu.r .nrl the vindication of the principles of our (government, against the mol violent as sanlt they have ever yet encountered; and

w ill now- confine them-eUes to the more. limited purpose of -bowing that the rea- And now in the face of all these testions assigned for this measure are as un- nnonials of his urging Congress, year after founded as the object itself i illegal. jjear, to decide Ihe question, as they deThe main purpose in fact of this mani ri(Iefi against him, he asserts that Ihe festo. appears to be, to prove that the Bank must have brought it before ConBank was unfriendly to his. own election, Sre'9 o defeat his election and he endeavors o trace this opposition ( His second proof is scarcely less extra to him and his measures, j ordinary. He says that in order to carry lt In the application to Congress forjtlie election against him ''although the a renewal of the Charter charter was approaching its termination , 2d In th extension nf the loans of the i an(1 the Bank was aware that it was the Bark in 1831 and 1832 j intention of the Government to use the

3d In the ciaim for damages on the! French Bill. :

4th. In the circulation ofdocuments vin-jp

tin. 111 nit in 1 ui-uiiHI Dl 1 iui;uilieiji- v 111- j icatmgthe Bank 1mm the imputations hich had heen cast upon it All these! d w ! assertion it is proposed briefly to dis- j prove 1st He fit complains that the Bank I applied to Congress for a decision in re eard tn its charter. He savs "lhat there ; are strong reasons for believing that the motive of the Bank for asking for a recharter at that session, vas to make it a leading question in the election of a President of the United State? the ensuing November, and all stens were deemed necessary to procure from the people a reversal of the President's decision;11 and ' .1.1 . e again "the object avowed by many of the advocates ot the Bank was to put Ihe President to the test; aud moreover, "it wa9 to compel the President to take his stand that the question was brought for ward at lhat particular time " Now the fact is, lhat so far from prematurely hastening a discussion on the part of the Bank, it vas he himself who brought this very question before Congress, and rendered its discussion inevitable. Thus. In his Message of December 3, 1829, he said "The Charter of (he Bank of the United States expires in 183C, and its Stockhol der9 will most probably apply for a renewal of their privileges. In order to avoid the evils resulting from precipitan cy in a measure involving such important principles and such deep pecuniary interests, I feel that I cannot, injustice to the parties interested, too soon present it to the deliberate consideration of the Legis lature and the people." In his Message of December lllh, 1830 he says 'The importance of the. principles in-

- 1 volved in the inquiry whether it he pro

per to re charter the Bank of the United States: requires that 1 should again call the attention of Congress to the subject " fn his Message of December 6, 1831, he eays "Entertaining the opinions heretofore expressed in relation to the Bank of the United States, as nt present organized, 1 felt it my duty, in my former Messages frankly to disclose them, in order that Ihe attention of the Legislature and the peo pie should be seasonably directed to that important subject, and that it might be considered and finally disposed of in a manner best calculated to promote Ihe ends of the Constitution, and subserve Ihe public interest. Having thus conscientiously discharged a constitutional duty, I deem it proper, on this occasion, without a more particular reference to Ihe views of the subject (ben expressed, to leave it at present In .he investigation of an enlightened people and their representa lives." It was under these distinct and repeated invitations by the President himself, Ihht the Bank felt itself obliged not to decline his call upon Congress, and accordingly the subject was brought before that body Both Houses of Congress passed the bill renewing the charter. This result was unexpected to him. and although he had de lared in the Message just quoted, (hat he meant to "leave it at present to the investigation, of an enlightened people and their representatives y? the moment the enlightened people and their repiesentalives differed from him in opinion, he treated them just as he has recently done the conscience of the Secretary of the Treasury He refused his signature to the bill on the 14th of July. 1832, declar. ing (hat "had (he executive been called upon to furnish the project of such an institution, the duly would have been cheer fully performed " A however no such call was made he concluded that "as ike charter had yet four years to run. and as a Tene7i,at noze rva nnt neceasaru ro the ,,.r. CPc,fut r, ;, ir ,aQ m have been expected" &c &c. v Here then is the President who begins . nrr I . t. I i i ' , A ,,. years torvn,U telling Congress that to 3 . . . . - , & , avoid precipitancy he could not too soon , , . - . present Ihe subiect of the re charter to present ine subject oi the re charter to their consideration The next year, w hen the Bank had nearly six years to run. lie I VIA. n " . 1 . . t .1 t '-I 1 ' u..g,9 ...a, me imp-nance VJ rPMchar,er re 4 , .. . hi !,at he sWt caM ,he attention of Congress to it The next year hen the han "ad five years to run, he reiterated f Cnffress that be thought lh attention 1' Cor,sTress should be seasonal d.recten 'Congress at his request proceeded to con 8,f-er,t and renewed the charter, he sent it back with a declaration, that as the charter had yet four years to run, there was no necessity for being in haste about public deposit as fast as it accrued in the payment of the public debt, vet did it ex loflni rom January 1831. to May " 'j 1832. from 42.402.304 tn70,428 070 72 increase ot 28,025.760 48 in sixteen months. It i confidently believed that Ihe leading object of this immense extension of its loans was to bring as large ia portion of the people as possible under power ana inttiience The errors here are as follows: 1st. That the fact in regard fo fhe increase of the loans is misstated and that the motives of ihem are wholly perverted. The truth is, that the loans at the periods mentioned stood thus: January, 1831. Loans to Individuals 533,575403 33 Loan to Gov Mav, 1832 547,375,078 20 ernment 8 674,681 06 Domestic Bills 10,456,653 90 23105-',972 52 552,706,738 39 570,48,050 72 52,706,738 39 517,721.312 33 Baring. Brs. & l.'o.'Cr. 2,387,331 19 Dr 1,878.122 29 From this it is manifest lhat between those two periods the B nk had received from Goveminent the reimbursement of 5)674,661 06 It had drawn for its foreipn funds 52,337,331 19 nd drawn on its foreign correspondents for an additional sum of 1,878,122 29 Making a total of 4,265,453 48 Thus furnising additional means nfdiscounfmgtothe amount of 512,940,134 54 Yet its actual loans its actual discounts, were increased only 5,124,893 71 The Domestic Bills of Exchange purchased for the transferring of the funds of the Government or of individuals, make a separate and independent business; dependent on the demand for the interior commerce of tao countiy. But

taking the increase of those hil's into consideration, it will be seen that the increase of Ion s 5,124,h93 71 And the increase of Bills of Exchange 12,596,3'8 62 Making a total increase of 517,721,212 3fi Instead of 28 million? ns asserted by the eicrner

of the paper. That i? to say. in the year 133?, there beinp a most active foreign nd interior trade, requiring mutual facilities for it operation?, the Bank hnvinu received from the Government the reimbiirejeiit of its loan to Government, amounting to more thHn eight million ; and having called in its funds in Europe, and employed its credit thereto the amount of four millions, poe?inj thus additional means of loaning, to the amount ef thirteen million?, acttmlly increased its loan to th: amount of seventeen millions, making; in fact a mere increase of its investments nol f qn;l to fjee millions, erf which inrrtase the new Branch Paiik wt Natchez, established within lhat period, alone contributed nearly three millions. There are several circumstances which make this misstatement peculiarly improper. Hn re. proa hes the Hank with this increase, elthonsh "the Bank was aware of the intention cf the Government to use t tie public deposit a fast 0 it accrued, in the payment of the public debt.'' Now the fact is. that this public deposit was used as we havejusf ;een, in paying off the publie debt owned by the Bank itself so that instead of increasing it loan in such a way ato interfere with the payment of the public debt to others, this very public debt was actually paid to the I?avik itself, and furnished the very means of increasing the loan. What makes it still worse is, that this very public dtbt teas ia fart paid to t.'ie Bank on the solicitation of the Irtasury itself, before the Dank was bound to receive it. On the 2yth day of December, 1831, the Secretary wrote to the President of the Bank 4The offer made ny you this day on behalf of the Bank of the United Elates, for the imn ediate reimbursement at par ot the following stocks received by that institution, isacce; lei, viz : 91,189 P2of4 1-2 per els of :26th May. Ififl S,2oo,475 99 of 4 l-2percts. of 24tb May, lt24 3,351,n-65 91 "The department fully appreciateg the disposition which the Hoard rf Directors havo manifested by this arrangement , to o operate in the accomplishment of its desire for the dis charge of the public debt as erly as the means of the Treasury will permit It has been thus seen, first, that the actual nmount of increased investment was lrss by ten millions than is here asserted second, that the public debt which the Bank i? charged with not preparing to pay, was actually pa.i l to the Bank itself, and not merely paid to the Bunk, but paid before it was due, in order to accommodate the Government. In reaard to Ibis increase, too, the points of comparison are wholly fallacious. From the nature of Iho business of the country, the loans are nccessarilv larger in May than January, because the southern crop, with all its business, enlarges the Spring operations of the Bank and no more just result can be had by comparing: May and January, than by comparing; the thermometer of the two seasons The true comparisons must be between January and January , or between May and May Now tbe fact is, that the increase from May to May of the successive years is comparatively small. The loans at these srecessive periods were are follows:

11 From which it appears that this enlargement was gradual that it occurred when the wants ef the country required the aid of this expansive; power, so valuable m the institution, ami mat the increase has subsided when no longer required . Supposing all this however, to have been eractly as it has been stated, thnt is, supposing this increase of loans to have been twenty-eight millions, what, does it prove? Why that the B.ihte enlarged ifs business to meet the commercial wants of the country, and when thoe wants were supplied, the business of the Bunk of course subsided But the President ran escribe this increase to no other cause than bi5 own election. Accordingly, he says that the Bank in January, 1831 , began to prepare for his election, which was to lake place nearly two years afterwards, by lendinsr twenty-eight millions. It is somewhat hostile to this theory, lhat this whole increase had reached it3 height in May, 1832. Now in December, 1831, tbo Secretary of the Trea snry, with the full appro bation ot the President, had spoken in the mostfavourable terms of the Bank, and he did not sign his veto message against it until July, 1832, . ... J . . . . . . L ..I I up to wbicn period, it was doubtful wneiner un would veto it, anil of course it was unitnovvn whether the Bank would have the least reason to be opposed to his election -and these wnolo 28 millions might have been uselessly lavished : so that the Bank increased it3 loans while it had no interest in his election, and did not in crease them when he supposes it had Truly this mode of "bringing as large a portion of the people under its power and influence," geema singularly illtiraed 3d. In recurrence to his own election, ho next proceeds to declare that "whatever may be the opinion of others, the President considers his re-election as a decision of the people against the. Bank." Now it is impossible foran7 one to believe this, since it is notorious that many of the roost decided friends of th Bank ! Wtre his eealoOB supporter. Thu PtDn6jlvn-

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