Western Statesman, Volume 4, Number 30, Lawrenceburg, Dearborn County, 9 October 1833 — Page 2

i

POLITICAL

- ' Handing the nrrav of infra

r.vlneh was brought t" bear si - " too Into, he conli'Jont'v thiok

Til K PUBLIC DEPOSITES. From the Giobe of September 21.

the quesd.m has not been d.

lever i aav bo tlie o;mn-

cr.ee r.nu power

!i him, it ito sav -hat -1. Y.'h.v-

' tninafinn of its exigence wi'hout scriouc In-J merchants at New York, (which it failed to j Representatives to a different conclucenvcmotioe fu the Government and the pec-1 do) and undertaking to pay the interest it-'sion, if it had come to their knowledge.

t;I tilt

!iO.

: redeemed

d its immense

raci -as most le

month? past that the propriety of withdraw-' of the people against the Bank, in the con- suffering and da

in"- the nublic denosiies from the Bank ot'i Ci'imng paratrrann ol hits Veto Jlessa-e, he , Lie cumm unity.

ttl.'

It has been generally known for some si'-cnt considers his re-c!ec:i';n a-

s. the i re-

a e.cc.si on

the United States was under consideration

said :

and engaged much of the attention of the "1 have now dene my duty to my country . ! dent thinks it cannot, wivli due attention to

;rv;u!:;ni. others i.e inucu ivss vi!i be brought upon h ought to he net a woric

of inc-uths onlv, but of years, and the Pres

re then to be i self, procured the consent of the Secretary, ; The act tjlat t;)e anj. controls, and in circulation, ; after consnUaiion wi.h the Premier.', to po?i-! some cacs substantially ou-ns, and bv Those ope-1 pone the payment until the succeeding hrst ; it m spporls some Df the leading

presses, of the country, is now more

of Co

Conscious, tnnt a. the end ci i dearly established. Editors to whom it quarter, the Bank would not be able to j loaned extravagant sums in 1S31 and

!S:" pay over the deposites, and that further

' ! inrhilrrprrp ivns suit t( li ornse! crl fif

1 shall be : the microns of the people, bo lon-:er post- , 1 ,i.

- - . - . till!" 1 II liri . Mil .1 'f ill v .1 lit-'

patched to England secretly to negoti-

ate with the holders of the public debt

President and of the different members ofi " sustained vy my ietlow-enzeus.

Lis Cabinet, all of whom had I con called j ga;cf-.d and happy ; if not, I shall iind in the ' pone.!. It is pa for to begin it too soon, than ip. ii i .ue President to assist him in his ;la,'t'vcs which impel me, ample grounds ibr j to !e!a- it too long.

re:;: tT.t;..-iif on tins eu. jo-a. . n r a ver ,v " - r"' ... ... . ..... , . -, ., . f

f.i'l atii ci.ref.d ev.ooination he iv i ' 1!d was hi lined by a just people, and upon the best sabslil.Uo to be adopted in the j ' iuiope.ana inuuee mem uy me oicame the e. ru-hui .tl d.at 'the .oboe oe-1 ho iesins to evince his gratitude by carry-j place of the iiankofihe United States; rnd ; Icr o an equal or higher interest than

to he eii.'.n ed to the S; oe ,nr- '"T,) cueci men accitu n, bj iar us n ue-1 me i resioen;. 'u.u n;te ien liimseii it- , pmv.. vj i.i mut-m, m uuiu

p tires r.i .i.

iKUOvs, a no ins opuiK

n was cmnmnicated ! l)0!lus lltv-;!l hlll!-

in writaig to las Cabinet on Wednetdav las!, Of all the substitutes fertile present Hank

lievod frm a heavy and y-aintul responst- j oack their claims lor one year, during bilitv if. iu th.oeliarter tothc Hank, Congress j which the Bank expected thus to retain

at a meeting held speciallv for that purn-.se.! which have been snacstcd, none seems to' resirventonseit tnc power oi uircc.mg. me use oi o,Ul'U.UUU ct public money,

tt tiie i ! '" '" w n i is i wnicn me Government snou a seta-

t ii " i . i-.t i i I -rlini'd iiA'wititof' i:!il iiriil iw.t lcil'i il Vfi i)y,:t r ,1 r , . i i .

. ii .u -'v"v- ....v, port rnr Fnr tinvmnni ni runt ritir

a:. 1 the facts and reasons on whi: U it i have united any considerable norliou of

l'..-.,:i.l,Mt - nMtt!i.-.ti.m:i.n !m....,...!., on! lie in i- liivur. l1.it of ibim :irr liable Where aCpoSUCC, ant

to this subject, it is doomed proper, iu order i t the same constitutional objections for j lKwer exciusn e.y on one tlio lixccutive De-

to prevent misundcrstandiivr or mw,. ' which the t reset:- Ikink has been r.,ndemn- j panmcn.s. u is useless i-w 10 r.iiuirc w ay

sentatioa, to lay be lore the people, the com- cd, and pt - ps to all there .fo : ng i.iunieatii"! made bv tha Pnidett : - !k-. ' iections on the score of cx!)e;.iciicv. in rid

. o r ;ronna.Toi use guara

! part for th.c payment of that d(

lho. agent made an arrangement on

this J 11 0

1.

Ocred

;.na imp diose v h

Mit i e

mentioned; and a copy has been furnisher

to us f r that purpose, which we now proceed to pablish. Ucad to the Calbu t on the ISth ofSi ptcmbcr, ISM. Having carefully and anxiously considered all the facts ami arguments, which have been submitted to him, relative to a removal of die public deposites from the Bank of the b idled States, the President deenu it his duty to communicate in this manner to bis Cabinet the linal conclusions of his own mind, and the reasons on which they are f viikie 1, in order to put thorn in durable r i . 1

or; !i i !.) prevent ni;.-:eonceruo:i?

Perhaps it was an over

:' was . e.diarlv --f the pub

urrei:-up-

terms, in part which were in direct violation of the charter of the Bank, and when sor.. . incidents connected with j i - t- - . ii

lit. Ibitasi1"13 secret negocianon acciacntaiiy

resumes tb; r the charter to i came to the knowledge ot the public c considered as a contract en j nd the Government, then and not bc-

he i'resii. cut's convictions i-f tlic

!an-

uiont. care must be taken not to unite tiie

eiiiip m.wpr t!io Kvi-rnf ivr l,r:iiir! To i the jjauli is to

-iYC a President control over the currencv !he part of the Government, it is not now in ; fore, so much of it as was palpably in

n.l ',. .imvor ovnr in.! i v iOi ! noiv ,!,,,. i tliC pOWCrot ConrCSS to UisrOffimt it

eu oy tke la:i:v ol tnc Liikcu states, even witli the material difierenee that he is responsible to the people, would be as objectionable and as dangerous as to leave it as it is. jXeiihtr the one nor the other is necessary, and therefore, ought not to be resorted to. On the whole, the President considers it as conclusively settled that the charter of die Bank of the United States will not be renewed, and he lias no nasoiuiblo ground to

serous tetioeaetes of the Bank of die United ! be!iev

Mates, since si;n;iliv illustrated bv its ov.nlcd.

acts, tre so i.vewworin' when he e:vr-

n

Cd upoil t ie UUttl sot o.O M:-'K-ip;,'p fl.-il

hit anv substitute will be establish- ; "Al"

I- : ... 1 i ... !.- . I . ' 1

jeiui itij'iiiu 10 reuuue ms course ov

oo-

cd u

he felt it his duty, nof.vithstandiug the

jecti'.us ut 1-icnos by whom he was s.irrotmded, to a ad hiin.-e!fef the lirst occasion to c.iU the r.ttentii.a of Congre.-s and the pe.iplc to the tpiesdan of its ro -charter. The

opm;.. of D:

of I).

is expressed in hid Annual Ics.-

l.lr. i-

'.i"i.,i..,y.ci'o rorerateu m t.i ,:e

oi uoccm.wv. I'sju and nn. m thnt;i

1 -oO, he threw out lor consideration, sor.ie eugges-ions in relation to a substitute. At tl.c session of 131-2, an act was passe.', by a majority of both Houses of Congress rechartcring the present. Bank, upui which the i'residcnt f it it his duty to put his constitutional veto. Jn his Message, returniii"t';at act, he rope; ed aid enlarged up-.n the pnneipdes and vie us brieily asserted in hii Annual Messages, declaring the Bank to he. m his opini- :i, both inexpedient and unconstitutional, and announcing to his count rymcn, very unequivocally, his firm determination never to sanction, by his approval, the continuance of that institution, or tho estab

lishment of p'es.

the lav. s as they exist, mid not to anticipate tiie interference of tho legislative power, for the purpose of framing new systems, it is proper Kr him seasonably to consider the means by which the services rendered by the Bank of the United States .arc to be performed after its charter shad expire. The existing laws declare, that "die deposites of the money of the United States, 1:1 places in which tiie said Bank and branch

es tiKTeot mavbe Cbtabosl

Iaiie-ns: and bv the terms of that contract tiie

public moiie is to be ucposited in the Bunk during the. continuance oi'hs charter, unless the Secretary of the Treasury shall otherwise diiee!. Unless, therefore, the Secretary of tho Treasury iirst acts, Congress has no power over the sul ject, tor they cannot add a new clause 10 tho charter, or strike one out of it v ithoutthe e. .m-( nc of the Bank ,; and, consequently, tiie public money mast remain in the iusotutioii to the last hour of

cxis-icuee, muess tee Secretary 01 tnc

c inn V.movn C -

The re.-pon i'xecutive 1

ciding how long before the expiration of the

cuarter, me puunc urerest win require tne

violation of the charter was disavow

cd. A modification of the rest was attempted with the. view of getting the certificates without payment of the money, and thus absolving the Government from its liability to the holders, in this scheme the Bank was partially successful; but to this day the certificates of a portion of these stocks have not been paid and the Bank retains the use of the money. This effort to thwart the Government in the payment of the public debt, that it might retain the public money to be used for their private interests, palliated by pretences notoriously

deposites to be placed elsewhere. Andal- ." , , , " -7i j , r J bo!:ob. ow,)L ia th iWo,. ..;..;! lustifi. d the instant withdrawal of the

pie of our Govcnniicni, this decision'would j P!lic deposites. The negotiation it-

at mi nar.uer uav.

1 lit v if tii'is i.irown upe,:i

ich ot the

oh!

ovemieei

"dc-

1S3"2, on unusual time and nominal security, have since turned out to be insolvent, and to others apparently in no better condition accommodations still more extravagant, on terms more unusual, and sometimes without any security, have also been heedlessly granted. The allegation which has so often been circulated through these channels that the Treasury was bankrupt and tiie Bank was sustaining it, when, for many years there has not been Isss, on an average, than six millions of public money in that institution, might be passed over as a harmless misrepresen

tation; but when it is attempted, by sub

stantial acts, to impair the credit ot the

Government and tarnish the honor of the country, such charges require more serious attention. With six millions of public money in its vaults, after having the use of from five to twelve millions

for nine years, without interest, it became the purchaser of a bill drawn bycur government on that of France for about 600,000 dollars, being the first instalment of the Fiench idemnitv.

The purchase money was left in the

pears that foe President had not only - . ...1,

edition oi tnai arm e 10

but Jin 1 also before the rcso-

causeu a large

be issuec

lution of 00th November was adopted,

procured to be printed and widely circulated, numerous copies ol the Reports of Gen. Smith and Mr. M'Dufiie, in favor of the- Bank, and on that day he suggested the expediency of extending his power to the printing of other articles which might subserve the purposes of the institution. Whereupon the following resolution was adopted, viz:

"Rcsok

i rr

1. j i!. - T :i..i:.i .

jl luii me x resiueiii is acre-

by authorized to cause to be printed and circulated, such documents and papers a? may communicate to the people, information in regard to the nature and operations of the Bank." The expenditures purporting to have been made under auinority of these resolutions, during the years Ibol and lil3, were about 60,'dUO. For a portion of these expenditures vouchers were rendered, from which it appears that they were incurred in the purchase of some 100,000 copies of newspapers, reports and speeches, made in Congress, reviews of speeches against tiie Bank, izc. Scc. For another large portion no vouchers whatever wera rendered, but the various sums were paid 011 orders of the President of the Bank, making reference to the resolution of the lllh March, 1831.

On ascertaining these facts, and pe

use of the Bank, being simply added tojceivir.g that expenditures of a similar the Treasury deposite. The Bank I character were still continued, the Gov-

sold the bill in England, and the holder

eminent Directors a few weeks ago of-

sent it to France for collection, and ar-jfercd a resolution in the Board, calling

legis

seem morn nivvrriv to brdo'.irr fo t!r

v i.

lativc power, vet as the law lias lmnosco. u

upon the Bxecuiive Department, the duty ouht to be faithfully and firmly met, and

snail I e maoe 1

in said Bank, or branches thereof, unless !

the Secretory of the. Treasury shall nt :m

-' . '" i- i i'id;m;ent that can be tormec time otherwise order ana iiirect, in which ! J , , , c . '11 u ! become the hxecutive branch

case :.ie cccn-wi v 01 uiu iiu-jn suuu im

mediate'" lay before Congress, if in session, and if not immediately after tho commencement of the next session, the reason of such order and direction."' The p .weroftiie Secretary of the Treasury over die deposites, is unqiialif.t'd. The provision that lie shall report his reasons to Congress, is no limitation. Had it not been inserted, ho would not have been responsible to Congress, laid he made a removal for any other than gxd reasons, and his responsibility now ceases, upon the rendition oi suf-

1 oere are Siicug rca.5?r.s for believing ' hcient ones to ongress. t he only object

t!-at the motive of the Bank in asking fr a re-charter at that sessi- n of Congress, was to make it a leading question in the election of a President of tho United Slates, tho cn-

my other upon similar princi-

the decision made and executed upon the

1 1 est lights that can be obtained, and the best

that can be formed. Jt would ill

of (he Govern

ment to shrink from any doty which tho law imposes on it. to tlx upon others the rcspon-

...... .

Anu

1 ol the provisions, is to make Ins reasons r.cI c .... '1 .1...4 !.-...

ee.- sieie 10 von; rots, aiiu t iitui.o m.u uouv the more readily t iudc of their soundness

and purity, and thereupon to make such fur-

si! iiitv which justly belong.? to its

taing "November, and all steps deemed no-. tlier provision, by law. as the legislative c.Cssury . were taken to procure from the pee-1 power may think proper in relation to the

pie a rcer:u ol the 1 1 . o s. decision. Although tiie eiiarter was approaching

terminiition, and the Bank was awnrc that

ocposite ! tne p.uune money, sens n.av be very diversified.

l Pose rcalt was as

serted bv the Secretary of the Treasury,

it wa! the intention of the Government t i without c:ntradic:ion,us early as that

use tnc public deposites as fast as it accrue .1. in tho payment of the public del t, yet did it extend its kims from J.uvnrv lS'il.to M.iv.

1N-W,fr...m .Sb-2,oi--',o01 -ZA to 70, i,0i0

bemg an increase of s2s,o5.?tt 4.

i) months. It is coufi.'.ently beiievie Iculmir objection of tins immense

m sixtc cd.thit

extension ot its loans, was to bring as large a portion of the people as possible under its power nn-l influence; and it lias been dis-

hc had power "to control the proceedings"

of the Hank of the United States at any moment, "by changing the deposites to the Slate Banks," should it pursue an illiberal course towards those institutions; that '"1110 Secretary of the Treasury will always be disposed to support the credit of the State Banks, and will invariably direct transfers from the deposites of the public money in aid of their legitimate exertions to maintain

closed, that some of the largest sinus were I their credit ;" ami he asserted a right to em

ploy inc. State Lam-s when the Lank ol the United Stales should refuse to receive on deposite the. notes of such State. Banks as the public interest repaired should bo received in payment of tho public dues. In several instances he did transfer the public deposites to State Banks, in the immediate vicinity of branches, for reasons connected only with the safety of th so Banks, the publie convenience, and the interests of the

granted en very unusual term? to condue-i

tors oi 'oe pubhc press. In some ot these cases, tho motive was made manifest by the nominal or insuii'.-ient security taken for die Ier:s, by tiie largo amounts discounted, by the extraordinary time allowed f,r payment, and especially by the subsequent conduct ot those receding tne accommodations. Having tah' n the so preliminary steps to obtain eon'r-'l over public opinion, tho Bank

rair.e into lo.ng.ess ar.d asked a new bar- ireasery. ler. The ol jt ct avowed bv manv cf tho ad- If it was lawful fir Mr. Crawford, the Sec-

vocates of too. Bank, w as to jwt the J-Vr-u- rotary oi the 1 rca-ury, nt that tune, to act

j .... . ..1 ....

nt hi 10 r.if .v, mat tiie country misfit Know bis final determination relative to the Bank.

prior to the ensuing election. 1 1

men's an. 1 articles were

M:

anv clocu

cin u-

w hile the ficsidcnt anxiously w ishes to abstain from die exercise of doubtful powers, and to avoid all interference with the rights and duties of others, he must yet, with unshaken constancy, discharge his own obli

gations; and cannot allow himself to turn aside, in order to avoid any responsibility which tho high trust with which he has been honored, requires him to encounter; mid it being the duty of one of the lxoeutivc Departments to decide in the iirst instance, subject to the future action of the legislative pow er, whether the public deposites shall remain in the Bank of the United States until the end of its existence, or bo withdrawn some time belbre.tho President has felt himself bound to examine the question carefully mid deliberately, in order to make up bis judgment on the subject; and in his opinion,

the near approacli ot tnc termination 01 tiie

charier, and the puouo considerations heretofore mentioned, are of thenr.-eives amply ' sufficient to justify the removal of the deposhes without reference to tl ic conduct of the Bank, or their safety in its keeping. But in the conduct oi the Bank may be found other reasons very imperative in their character, and which require prompt action. Developments have been made from time to time of its f liihlessness as a public agent, its misapplication of public. fmid, its interference in elections, its eilbrts, bv the ma

chinery of committees, to deprive the Government Directors of a foil know ledge of its concerns, and above all, it.:, flagrant mis

conduct as recently and unexpectedly disclosed in placing all the funds of tho Bank, including the money of tho Government, at the disposition ed the President of the Bank as means v( operating upon public opinion

and procuring a new cuarter, w ('bout r

quiring him to render a voucher f r their disbursement . brief recapitulation of the facts which justify theo charge., and which

elf rendered doubtful the ability of

the Bank to meet the demands of the Treasury, and the misrepresentations by which it was attempted to be justified, proved that no reliance could be placed upon its allegations. If the question of a removal of the

depoiites presented itself to the Exec

utive in the same attitude that it 3d

peareel before the- House of Representatives at their last session, their resolution in relation to thesafetyof the deposites would be entitled to more weight although the decision of the question of

removal has been confided by law to another department of the Government. But the question now occurs, attended by other circumstances and new disclosures of the most serious import. It is true that in the message of the President, which produced this inquiry and resolution on the part of the Ifouse of Representatives, it was his object to obtain the aid of that body in making a thorough examination into the conduct and condition of the Bank and its branches, in order to enable the Executive Department to decide

whether the public money was longer safe in its hand?. Tl.c limited power of the Secretary cf the Treasury over the subject, disabled him from making the investigation as fully and satisfactorily as it could be done by a committee of the House of Representatives, and hence the. President desired the assistance of Congress to obtain for the

Treasury Department a full knowl

edge of ail the facts which' were necessary to guide his judgment. But it

was not his purpose, as the language of

his message will shew, to ask the Rep

resentatives of the people to assume a

responsibility which did not belong to them, and relieve the Executive branch of the government, from the duty which the law had imposcel upon it.

Jit is due to the- President that his,ob-

rangements not having been made by the French government for its payment, it was taken up by the agents of the Bank in Paris with the funds of the Bank in their hand. Under these circumstances it has, through its organs, openly assailed the credit of the Government; and has actually made and persists in a demand of 15 per cent. $158,84:2 77 as damages, when no damage, or none beyond seine trifling expense has in fact been sustained, and w hen the Bank had in its own possession on deposite, several millions of the public money which it was then using

lor its own proht. is a hscal agent to the Government which thus seeks to

for a specific account of these expendi

tures, shewing the objects to which they had been applied and the persons to whom the money had been paid. This reasonable proposition was voted down. They alsooifered a resolution rccinding the resolutions of November, 1S30, and March 1831. This also w as rejected. Not content with thus refusing to recall the obnoxious power, or even to require such an account of the expenditure as would show whether the money of the Bank had in fact been applied to the objects contemplated by those reso

lutions, as obnoxious as they were, the

enrich itself at the expense of the pub- Board renewed the poweralready con-

lic, worthy ol lurther trust.' ferred, and even enjoined renewed ?.tThcre are other important facts not' tention to its exercise, by adopting the in the contemplation of the House of following in lieu of the propositions subRepresentatives, or not known to the mitted to them by the Government Dimembers at llic time they voted for the rectors, viz: resolution. "Resolved, That the Board have conAlthough the charter rind the rules ! fidence in the wisdom and integrity cf of the Bank both declare that "not less j the Pre sident and in the propriety of the

than seven directors ' shall be necessa-! resolutions of 30th November, lS30,and ry to the transaction of business, yet 1 ltli March, 1831, and entertain a full the most important business, even that! conviction of the necessity of a renewed of granting discounts to any extent is attention to the object of those resolaentrusted to a committee of five mem-l tions, and that the President be authorbers who do not report to the Board, j ized and requested to continue his exerTo cut off all communication with j lions for the promotion of said chj ct.'' the government in relation to its mostj Taken in connection with tiie nature important acts, at the commencement j of the expenditures heretofore made, as of the present year, not one of the j recently disclosed, which the Board not Government Directors was placed on j only tolerate but approve, this resoluany one Committee. And although,! tion puts the funds of the Bank at lbs since by an unusual remodeling of j disposition of the President for the purthose bodies some of those directors ; pose of cmployingthe whole press ct the have been placed on some of the Com-: country in tlie service of the Bank, to miltees, they are yet entirely excluded ; hire writers and newspapers, and to pay from the Committee of Exchange, thro' j out such sums as he pleases, to what per-

wluch the greatest and most objection- j sons and for what services he pleases,

able loans have been made.

When the Government Directors

made an effort to bring hack the busi

without the responsibility of rendering

any specific account. The Bank is thus converted into a vast electioneering en-

on liiese principles, it win be Uilltcuit to discover any sound reason against the application cf similar principles in still stronger ca-es. And il is a matter f surprise that a

latcd r.t the exnenso oi ti e. Bank, to l rinr nov. e r which, ill the infancy ot" tho Bank, 1 lnirs"-

the people to a fa 01 able decision upon i;s! was 1 cly ...-sorted as one e'" the ordinary j We have seen that, in sixteen months, end -r.rctensi-.ns. Those. wl,m tl.r. 1 .:..!.- !,.-! si n;l dfiar da. tie s of .be S r,- tat v of the ! ior in May, 7'.', th Bank !.:.-! extended

1 i

every reasonable

which it is new tho dutv of the President to

pears to have made its debtor: for the special oecnsion.w ere warned of the ruin which aw aited them, should the President be sustained, and ottotnpts wore made to alarm the whole pcvjde by painting the depression in the prico ci property end produce, ami the general loss, inc(.n enie nee, and distress, which was represented would imme-

uaieiy ioiiow n.o re-election ot the. resident in opposition to the Bank. Can it now be said that the question of the rc-chartcr of the Bank wes not decided at the election which ensued? Had the Veto been equivocal, or had it not covered the. whole ground if it had merely taken exceptions to the details of the lid', or to the

1 rcasury, siioual now : e. gravely quest ton-; i-d. and attempt ? made to e xcite and alarm the public min i as if seme new and unheard of pow er was about. t' l:o usurped by the Executive branch of the. ( ioToniment. Jt is but a liiile more than two and a half years to tho term na' ion of tho charter of the present Bank. I: is considered as t'oc decision of the country that it shall then ccT.sc to cxist,and no man, the President believes, has reasonable ground for expectation that any other Batik of die United Slates w ill be created by Congress. To tho Treasury Deparpnent is entrusted the safe keeping, and faithful application of the public mies. A plan of collection different from

tnoc i f its passage if it had not met tlie j the present, must ti.crcii.re, lio jtitriHlucecl whole ground of constitutionality, and expo-! and put in complete operation before thedischor.rv. then there niiohf h:.vnl.ren ?oti. ! solution of tho i.rest lit Bank. When shall

plausibility f.r d.e allegation that the: que.?-1 it

commenced :

Shall no step be taken

tion was ii.it decided by the people, it was in this essential concern until the charter to compel the President to take bis stand that! expire?, and the Treasiuy finds itself withtho question was brought forward at that! out an a!rent, its accounts in contusion, widi

particular time. He met the challenge, w d-j no depository for its funds, and the whole lingly, tiv.k the position into which his nc!-' business of tho Government deranged? Or versaries sought to force him, and frankly j slm H it bo delayed until six months", or a declared his unalterable opposition to the! year, or two years be fore the expiration of Bank, as being both unconstitutional and in-i tha charter? It is obvious that any newsysexpedicnt. On that ground the case was tern which may bo substiluled in the place argued to lho ppople, and now that tho peo-.f the Bank of tho United States, could not pioh'.nc sustained 'he President, notwith-j to suddenly carried in'o effect on the ter-

iw loans mere than k!,(HHb U although it knew' the Government intended to appropriate most of its large deposites during that year in pa n eniof the public debt. It wns in May, ltN'-2, that its loans arrived sit the

maximum, and, m the preceding ooirch, so sensib'c was the Bank that it wi-uid not be able to pay over the public deposite w hen it would bo required by the (ioverniecpt, that

if. con:iucnc.eu a secret negotiation wiiliout (he approbation or know ledge of tho Government, with tho agent.-, for about "OOtU-OO dollars of the three per cent, stocks held in Holland, with ti view of inducing them not to come forward for pa ;ne;it for one or more vears tilier notice should be given by the Treasury Department. This arrangement would have enabled the. Bank to keep, and use during that time, the public money set apart, for lho payment of these stocks. Afior this negotiation had commenced, the Secretary of tho Treasury informed the Bank, (hat it. was his intention to pay oii'ene half of the. three per cents cm the lirst of 1 lie succeeding July, which amounted to about (i.oOOKKi dollars. The President of the

Bank, although tho. Committee of Investigation was then looking into its affairs at Philadelphia, came immediately to Washington, and upon representing that tho Bank was

jUUMloua 'i m v oiiin;'ition.- uiu importing

jeet in that proceeding should be distinctly understood, and that he should acquit himself of nil suspicion of seek-

havc come tothc knowledge ed the public j ing to escape from the performance of and tho Prssldei.;, w ill, ho thinks, remove I his own duties, or of desiring to inter-

Uouu-t as to tlie course nK nrmfhrr boilr belw een himself and

, . . - ..... j . the. people, in crder to avoid a measure which he is called upon to meet. But although, as an act of justice to himself, he disclaims nnv design of soliciting the cpin.on of the House of Representa

tives in relation to his own duties, in order to shelter himself from responsibili

ty under the sanction of their counsel

yet he is at till times ready to listen to the suggestions of the Representatives

of the people, whether given voluntarily or upon solicitation, and consider them with the profound respect to which till will admit that they are justly entitled. Whatever may be tho consequences, however, to himself, he must finally from his own judgment where the constitution and the law makes it bis duty to decide, and must act accordingly, and he is hound to suppose that such a course on his part will never he regarded by that elevated body as a mark of disrespect to il self; but that they w ill, on the contrary, esteem it the strongest e vidence he can give of his fixed resolution constantly to discharge his duty to them and the country. A new slate of things ha?, however,

arisen since the close of last session of Congress, and evidence has since been laid before the President, which he is persuaded would have led the House of

nessot tlie Jjanic to the board, in obe-j gine, with means to embroil the coundience to the charier and the existing! try ia deadly feuds, and, under cover cf regulations, the Beard net only over-! expenditures, in themselves improper, ruled their attempt, but altered the j extends its corruption through all tha rule so as to make it conform to the ; ramifications of society, practice, in direct violation of one of Some of the items for which accounts the most important provisions of the have been rendered, shew the conslruccharter which gave them existence. i tion which has been p-;,- to tho revo

lt has long been known that the , lution?, and the way in which the nowPresident of the Bank by his single j Crs it confers has been exerted. The

win, originates and exercises many ot ; money has not been expended merclv

..... . .

the most important measures connected

with the management and credit of the Bank, and that the Committee, as well as the Board of Directors, arc left in entire ignorance of many acts done, and correspondence carried on in their names and apparently under their authority. The fact has been recently disclosed, that an unlimited discretion

has been, and is now, vested in the President of tlie Bank to expend its funds in payment for preparing and cir

culating articles and purchasing pamphlets, and newspapers, calculated by their contents to operate on elections, and secure a renewal of its charter. It appears from the official report of the Public Directors, that on the 30th November, 1S30, the President submitted to the Board an article published in the American Quarterly Re

view, containing favorable notices of

the Bank, and suggested the expedien-

in the publication and distribution of speeches, reports of committees, or articles written for the purpose of shewing the constutionality or usefulness of the Bank, but publications have been prepared and extensively circulated,

I containing severe invectives against the

ofkeers of the Government; and the m ncy which belongs to the stockholders and to the public has boon freely applied in efforts to degrade, in public estimation, those who were supposed tv'' be instrumental in resisting the wishes of this grasping and dangerous institution. As the President of the Bank ha& not been required to settle his accounts, no one but himself yet knows how much more than the sum already mentioned may have been squandered, and for which a credit may hereafter be claimed in his account under these most extraordinary resolutions. With these facts be

fore us, can we be surprised at tluj tor-

cy ot giving it a wider circulation at! rent of abuse incessantly poured cut the expense of the Bank; whereupon j against all who are supposed to efvic! the Board passed the following rcsolu- h the way of the cuniditv or am'hWi'

tion, viz

"Re solved, That the President be an

ui io- utiiitt. in u. Tsiaiest tanwp

be surprised at sudden and unexpended

thorized to take such measurcsin re- changes of opinion in favor of an y istl

gard to the circulation of the contents

of the raid article, either in whole or in part, as he may deem most for the interest of the Bank."

By an entry in the minutes of the

tution w hich has millions to lavish, and

avows its determination not to spai e its means when they are necessary t ) accomplish its purposes? The rcfuss.l to

vender an account of the manne r hi

Bank, dated March llth, 1831, it ap- which part of the money exptndejl ha

IW A