Western Sun & General Advertiser, Volume 24, Number 37, Vincennes, Knox County, 12 October 1833 — Page 1

EJLZHU STOUT.J yiBJCEBTiXrES, (&.) S&.TUELDA.'tf, OCTOBSR IZ, E833. VOL. 2EW. BIO 37

Ol'C 2?C.0tCCU StUl i

,. . . . lb published at Si 0 con , tor ; - numbers; winch muy, be discharged bv the payment of at the time olsubscn-ioiu

bin Par ment in advance bein-j the mutual j interest of both parties, that mode 'u soli cited. A failure to notify a wish to discontin . , . i . : :. ..r.i..-.: ...i.. ai uiu v.ipiiaiKJuui uiMUMiuM.nuvu, for will be considered a new engagement; and no subscriber at liberty to disconliuUf-, until all arrearages are ptuJ. senbers must pay the postage on i ueir p:i ; ncrs when sent bv mail. Letters bv mad to the liditor on business must be paid, or they w ill not be attend? ! to. Pkoduci: will be received at the cash market price, for subscriptions, if delivered within the year. AnvKifnsL?iENT!- not excceJing one square, will be inserted three times fr one dollar, and twenty five cents, for each j unci iiiaui nun uii-i onus in wiv; emu. proportion. (j-Persons sending advertisements, must specify the number of limes they wish thorn inserted, or they will be continued until ordered out, and mut be paid for accordingly. LIST OF ACHATS. John .Murphy, Washington, Intl. John Vantrecs, do do. John Arbuthnot, Princeton, Ind. John I.. Neely, do Thomas Cissell, Mount Peasant, Ind. j Post-Master, Owl Prairie, Ind. Post-Master, Bloomtield, Ind. Post-Master, Sandersville. Ind. Post-Master, Owensville, Ind. Post-Master, Stinkard's Mills, In J. Jesse Y. Wilborn, Mount Vernon, Ind. Levi Price, Evansville, Ind. John Y. Davis, Carlisle, Ind. Isaac Onu, Merom, Ind. Post-Master, Tarmaifs Creek, Ind. John C. lteiley, Lawrence vi He, 111. Post-Master, Palestine, 111. Post-Master, 13 JonviUe, Ind. Post-Master, Uockport, Ind. Head to the Cabinet en the 18 o September , 1333. Having carefully and anxiously consid cred all lhe facts and argumentst which have been submitted to him, relative to a removal of the public deposites from the Hank of lhe United States, the Prcs ident deems it his duty, to communicate in this manner to his Cabinet the final conclusions of his own mind, and the reasons on which they arc founded, in order to put them in durublc form, and to prevent misconceptions. The President's convictions of the dangerous tendencies, of the Bank of the United States, since signally illustrated by its own acts, were so overpowering when he entered upon the duties of Chief Magistrate, that he felt it his duty, notwithstandin the objections of the friends by whom he was surrounded, to j avail himself of the first occasion, to call thr ntrrntinn nf ('nncrpi!? and thn noo...w - . . - w. . - - - pie, to the question of its rc-chartcr ; The opinions expressed in his annual message of December, 1829, were teiteratcd in those of Iccember, 1330. and

1831, and in that of 1330, he threw out i currency and the power over individuals for consideration, some suggestions injnmv possessed by the Bank of the Unirelation to a substitute. At the session! cd States, even with the material difler of 1831-2, an act was passed by a ma- ence that he is responsible to the people, jority of bo'h houses of Congress rc- ouid be as objectionable and as dangerchartering the present bank, upon which j ous as to leave it as it is Neither the the President felt it his duty to put his ! one nor the other is necessary, and ihere-

constitutional veto. In his messarre rc-; turning that act, he repeated and enlarged upon the principles and views briefly asserted in his annual messages, declaring the bank to be, in his opinion, both inexpedient and unconstitutional, and announcing to his countrymen, very j unequivocally, his firm determination never to sanction, by his -approval, the continuance of lhat institution or the cstablishmcnt of any other upon similar principles. at '1 here arc strong reasons for believing

that the motive of the bank in asking for! cd by the Bank of the United States are are charter at that session of Congress,, to be perforucd after its charter shall was to make it a leading question in lhe, expire olectionol a President of lhe U. States? The existing laws declare that "the dcthc ensuing Nov., and all steps deemed , poshes of the money of the United necessary, were taken to procure from! States, in places in which the said bank the people, a reversal of the President's ! and branches thereof may be established, decision. j shall be made in said bank or branches Although the charter was approaching ; thereof, unless the Secretary of the its termination, and the bank ,vas aware j Treasury shall at anytime otherwise orthat it was the intention of Government 1 der and direct, in which case the Sccre to use the public deposites as fast as itj tary of the Treasury shall immediately accrued, in the payment of the public j lay before Congress, if in session, and if

debt, yet did it extend its loans lrom;not, immediately alter the commence

January 1831, to May 183?, from giS,. -402,30 1 24 to g70,42S.070 72, being an increase of 223,025,766 -13, in sixteen months. It is confidently believed, that the leading object of this immense ex

tension of its loans, was to bring as large j his reasons to Congress, is no limitaa portion of the people as possible under j tion. Had it not been inserted, he its power and influence; audit has been ! would have been responsible to Condisclosed, lhat some of the largest sumsjgress, had he made a removal for any were granted on very unusual terms to j other than good reasons, ar.tl his rcsponconductors of the public presa. In some j sibilily now ceases, upon the rendition of of these cases, the motive was made I sufficient ones to Congress. The only manifest by the nominal or insufficient j object of the provision, is to make his security taken lor the loans, by the large j reasons accessible to Congress, and cnaamounts discounted, by the exlraordina- j blc lhat body lhe more readily to judge iy lime allowed for payment, and especi-jof their soundness and purity, and there-

ally bv the subsequent conduct ol those xeceWing the accommodations. Hawnr taken these preliminary steps;

to obtain control over public opinion, the

oaim came imo congress and asReci a !ncw charlcr. Xhc bjecl Cf, b - many of the advocates ol the bank, was the presidcnt t0 the geag lhal the country might know his final deter initiation relative to the bank prior to the ensuing election. Many document and articles were printed and circulated at the exnerwe of the bnlt. m hrinn. the . r ' " people to a favorable decision upon its pretensions. Those wfiom the bank ap. pears to have m.i(je it3 dcblors for lhe special occasion, were warnedof lhe ruin lvh-c, awailej thcm) shouu lne Pres. ident be sustained, and attempts were made to alarm the whole people by painting the depression in lhe price of property and produce, and the general loss, inconvenience, and distress, which it was represented would immediately follow the re-election of the President in opposition to the bank. Can it now be said that the question of a re charter of the bank was not decided i at the election which ensued? Had the I eo been equivocal, or had it not cover cd the whole ground it it had merely taken exceptions to the details of the bin, or to the time of its passage if it j had not met the whole ground of consti tuttonaiity and expediency, then there might have been some plausibility for the allegation that the question was not decided by the people. It was to compel the resident to take his stand that :bc question was brought forward at that particular lime He met the challenge, willingly took the position into which his ! adversaries sought to force him, and j frankly declared his unalterable opposij tion to the bank as being both uncansti- ; tutional and inexpedient. On lhat j ground the case was arguetl to the peo- ( pie, and now that the people have sustainecj the President, not withstanding the I array of iufluenoe aad power which was brought to bear upon him, it is too late, he confidently thinks, to say that the ques'icm has not been decided. What eer maybe the opinions of others, the President considers his re election as a decision of the people against the bank In the concluding paragraph of his Veto Message he said: l4I have now done my duty to my coun try II sustained by my fellow citizens, I shad be grateful and happy; if not, 1 shall find in the motives which impel me, ample grounds for contentment and peace." He was sustained by a just people, and he desires to evince his gratitude by carrying into effect their decision, so far as it depends upon him. Of all the substitutes for the present bank which have been suggested, none seems to have united any considerable portion cf the public in its favor. Most of them are liable to the same constitu tional objections for which the present bank has been condemned, and perhaps to all there are strong objections on the score of expediency. In ridding the conatrv of an irresnonsihlc nower which J I I has attempted to control the government, cue must be taken not to unite the same power with the Executive branch. To give a President the conttol over the ore ought not to be resorted to On the tfhole, the President considers it as conclusively settled that the charter of the lUok of the United States will not be renewed, and he has no rea sonable ground to be'ieve that any sub stitutc will be establihcd. Being bound to regulate his course bv the laws as Ihcy exist, and not to anticipate lhe in tcrfercncc of the legislati -e power, for the purpose ol framing new systens it is proper for him seasonably to consider the means bv which the services render ment of the next session, the reason of such order or direction." The power of the Secretary of the Treasury over the deposites, is UK.jualitied. The provision that he shall report .upon to mane sucn lurmer provision uy law as the legislative power may ihink proper in relation tq the denosite of the;

public money. These reasons may be!

very diversified. It was asserted by the Secretary of the Treasury without contradiction, as eaiiy as 1817, that he had power "to control lhe proceedings of the Bank of the United Slates at any moment, "by changing the deposites to the State banks," should it pursue an illiberal course towards those institutions; that "lhe Secretary of the Treasuiy will always be disposed to support the credit of the State banks, and will invaiably dilect transfers from i he deposites o! the public money in aid of their legitimate exertions to maintain their credit;" and he asserted a righuto employ the State banks when the Bank of the United States should refuse to receive on deposite the notes of such State banks as the public interest required, should be re ceived in payment of the public dues. In several instances he did transfer the public deposites to State bajiks, in the immediate vicinity of brancOs. for reasons connected only with the safety of those banks, the public convenience and the interests of lhe Treasury. If it was lawful for Mr. Crawford, the Secretary of the Treasury, at that time, to act on these principles, it will be difli cult to discover any sound reason against the application of similar principles in still stronger cases. And it is a matter of surprise that a power which, in the in lancy of the bank, was treely asserted as one of the ordinary and familiar duties of the Secretary of the Treasury, should now be gravely questioned, and attempts made to excite and alarm the public mind as if some new and unheard of power was about to be usurped by the Executive branch of the government. It is but little more than two and ahall years to the termination of the charter of the present bank. It is considered as the decision of this country lhat it shall then cease to exist, and no man, the President believes, has reasonable gtound for expectation that any other Bank of the United States will be created by Congress. To the Treasury Department is entrusted the safe keeping and faithful application of public moneys. A plan of collection different from tlie present, must therefore be introduced and put in complete operation before the dissolution of the present bank. When shall it be commenced? Shall no step be taken in this essential concern until the charter expires, and theTtcas. ury finds itself without an agent, its ac counts in confusion, with no depositary for its funds, and the whole business of the government deranged? or shall it be delayed until six months, or a year, or two years before the expiration of the chartet? It is obvious that any new system which may be substituted in the place of the Bank of the United States, could not be carried suddenly into cficct on the termination of its existence with out serious inconvenience to the government and lhe people. Its vast amount of notes are then to be redeemed and wi'.hdtawn from circulation, and its im mense debt collected. These operations must be gradual, otherwise much suffer ing and distress will be brought upon the community. It ought to be not a work of months only, but of years, and the President thinks it cannot, with due attention to the interests of the people, be longer postponed. It is safer to begin it too soon than to delay it too long. It is for the Wisdom of Congress to decide upon the best substitute to be adopted in the place of the Bank of the United States; and the President would have felt himself relieved from a heavy and painful responsibility if in the char tcr to the bank, Congress had reserved to itself the power of directing, at its pleasure, the public money to be elsewhere deposited, and had not devolved lhat power exclusively on one of t4ie Executive Departments. It is useless now to inquire why this high and important power was surrendered by those who arc peculiarly and appropriately the guardians of the public money. Per haps it was an oversight. But as the President presumes that the charter to the bank is to be considered as a contract on the part of the government, ii is not now in the power of Congress to disregard its stipulations; and by the terms of that contract the public money is to be deposited in the bank, during the continuance of its charter, unless the Secretary of the Treasury shall otherwise direct. Unless, therefore, the Secretary of the Treasury first acts, Congress have no power over the subject, for they cannot add anew claus; to the charter or strike one out of it without the consent of the bank; and consequently the I public money must remain in that insli tution to the last hour of its existence, anless the Secretary cf the Treasury shall remove it at an earlier day. The responsibility is thus thrown upon the Executive branch of lhe government, of deciding how long before lhe expiration of the charter, the public interest will require the deposites to be placed else where. And although, according to the frame and principle of our government, this decision would seem more properly lo belong to the legislative power, yet as the law has imposed it upon the Execu tive Department, the duty ought to be faithfully and firmly met. and the decia-

lonmadcand executed upen the best ; certificates of a portion of these stocks lights that can be obtained, and the best j have not been paid and the bank retains judgment that can be formed. It would ; the use of the money, ill become the executive branch of the I This effort to thwart the government government to shrii.k from any duty : in the payment cf the public debt, that which the law imposes cn it, to fix upon, it might retain the public money to be others the responsibility which justly be-. used fcr their private interests, palliated longs to itself. And while the Presi i by pretences notoriously unfounded end dent anxiously wishes to abstain from ; insincere, wcu'd have justified the inthe exercise of doubtful powers, and to ! slant withdrawal of the public depesites. avoid all interference with the rights ardj The negotiation itself rendered doubt duties of others, he must yet, w iih un-! ful the ability of the bank to meet tho shaken constancy, discharge his own ob- j demands of the Treasury, asd the n isiigalions: and cannot allow himself to representations by whicli it was attemptturn aside, in order to avoid any rcspon : cd to be justified proved that no feasibility which the high trust with which ance could be placed upep i'.s aHegshe has been honored requires him to en- j tiens counter; and ii being the duty or one of' If the question of a removal of the dcthe executive departments to decide in poshes presented itself to the executive the first instance, subject to the future ' in the same attitude that it appeared beaction of the legislative power, whether j fore the House of Representatives at lhe public deposites shall remain in the j their last session, their resolution in reBank of the United States uitil the end j lation to the safety of lhe deposites would of its existence, or be withdrawn some: be entitled to more weight although the time before, the President bas felt him-j decision of the question of removal has self bound to examine lhe question catc-'becn confided by law to another departfully and deliberately in otder to make meat of the government. l3utthequesup his judgment on the subject: and in lion now occurs, attended by other cirhis opinirn the near approach cf the i cumstances and new disclosures of tho termination of ihc charter, and lhe pub most serious import. It is true that in lie considerations heretofore mentioned, the message of the President, which are of themselves amply sufficient to produced this inquiry and resolution on justify tho removal cf the deposites j the part of the House of Representa-

without reference to the conduct of the bank, or their safety in its keeping. But in the conduct of the bank may be found other reasons very imperative j

in their character, and which require j to enable the executive depanmct to dcptompt action. Developments have j cidc whether the public mcney was longbeen made, from time to time, of its er safe in its hands The limited powfaithlessness as a pubiic agent, its misap ; er ot the Secretary of the Treasury over nlicatiou of public funds, its interference the subject, disable d him fom making; in elections, its efiorts,by the machine-j the investigation as futiy aod satisfactory of committees, to deprive the govern j rily as it could be done by a committee ment directors of a full knowledge of its jot the House of Representatives, and concerns, and above all, its flagrant mis-1 hence the President desired the assisconduct as recently unexpectedly disclo j tance ol Congress to obtain for the Treated in placing all the funds of the bank, suty department a full knowledge of all including the money of the government,; the facts which were nccessaiy to guido at the disposition of the President of the1 his judgment But it was not his purbank, as means of operating upon pub-! pose, as the language of his n C3;-ago lie opinion and procuring a new charier,' will show, to ask the represcntalivt s of without requiring him to render a vouch- the people to assume a responsibility er for their disbursement. A brief rc-' which did not belong to them, and recapitulation of the facts which justify . lieve lhe cxecutit fc branch nl the govthese charges, and which have come j ernment from the duty which the law to the knowledge of the public and lhe : had imposed upr-n it. It is due to the President, will, he thinks, remove every President lhat his object in that proceedreasonable doubt as lo the course which j ing should be distincily m dtrs-ood, and it is no;v the duty cf the lresidcnt tojthat he should acquit himself o! all sus-pursue-j picion of sec king to escape fiom the perVe have seen that, hi sixteen months, j formancc of his own duties, or of descending in May, 1832, the bank had ex-: ing to interpose another body betr ccn tended its loans more than 28,000,000, ! himself and the people in order to avoid

a'-though it knew the government inten ded to appropriate most of its large de posite duting lhat year in payment of the public debt. It was in May, 1C32, that its loans arrived at the maximum, and in the preceding Mat ch, so sensible was the bank that it would not be able to nay over the public deposite when it would

be required by the government, that it j listen to the suggestions of the Rfprecomniceced a secret negotiation, without I sentatives of the people, whether given the approbation or knowledge of the j voluntarily or upon solicitation, and to government, with the agents, for about j consider them with the profound respect g2,700:OOOof the three per cent stocks j to which all will admit that they ate justheld in Holland, with a view of inducing; Iy entitled. Whatever may be the conthem not to come forward for pay ment ! sequences, however, lo himself he must for one or more years after notice should finally form his own judgment "where bd given by the Treasury department.! the constitution and the law makes it his This arrangement would have enabled duty to decide, and must act accordingly; the bank to keep and use during that and he is bound to suppose that such a time the public money set apart for the' course on his part will never be regardpayment of these stocks. j ed by that elevated hi dy as a mark of After this negotiation had commen j disrespect to itself: but that they will, oa ced, the Secretary ol the Treasury in-! the contrary, esteem it the strongest ciformed the bank, tUal it was his intent. or. dence he can give of his fixed resolution to pay off one half of the three pei c uts conscientiously to discharge bis duty to on the first of the succeedirg July, them and his country which amounted to about g6, 500,000 i A new state of things has however, aThe President of the bmU, although the risen since the close of the last session committee cf investigation was then of Cong ess, and evidence has since been looking into its alTairs at Philadelphia, laid before the President, which he is came immediately lo Washington, and! persuaded would have led lhe House of upon representing that the bank was de ! Representatives lo a difle'ent conclusirous of accommodating the importing! sion, if it had come to their knowledge, merchants at New York, (which it failed 1 The fact that the bank controls, and in to do,) and undertaking to pay the inter ; some cases, substantially otvng and by its tcrcst itself, procured the consent of the ' money sufiiortg, some ol the leading' Secretary, after consultation with the 'presses of the country, is now more President, to postpone the payment until clearly established. Editors to whom it the succeeding first of October. j loaned extravagant sums in 1831 tud Conscious that at the end of that quar 1 832, on unusual time and nominal sreuter the bank would not be able to pay o- ritythavc since turned out to be insolver the deposites and that further indul-! vent; and to others, apparently in no bctgencc was not to be expected of the ter condition, accommodations still more government, an agent was dispatched to extravagant, on terms more unusual, England secretly to ncgociate with the and sometimes without any security, holders of the public debt in Europe, and have also been heedlessly granted, induce them by the cfTcr cf an equal or j The allegation which has so often cifhigher interest than that paid by the j culated through these channels, lhat tho government to hold back their claims for j Treasury was bankrupt and the Bank one year, during which the ban'.; expected was sustaining it, when, for many years thus to retain the use of S5,000,000, of there has not been less, on sn average', public money which the government ' than six millions of public money in lhat should set apart for the payment of that j institution, might be passed over as a debt. The agent made an arrangement; harmless misrepresentation; but wbeni: on terms, in part, which were in direct .; is attempted, by substantial acts, to imviolation of the charter of the bank, and pair the credit of the government and when some incidents connected with this; tarnish the honor of the country. &uc!i

secret negotiation accidentally came to charges require more scricus aitentiou. the knowledge of the public and the go With six millions of public money in its vcrnment, then and not before so much' vaults; after having had the use of from of it as was palpably in violation of thcfie to twelve 'millions for nine years, charter was disavowcdl A modification1 without interest, it became the puichaof the rest was attempted with the view scr of a bill drawn by our government of getting the certificates without pay j on that of Prance for about nine hurdrtd ment of the money, and ihus absolving i thousand dollar, being the first intalthe government from its liability to the j ment of the Fiench indemnity. The holders. In this scheme the bank wa! purchase money was left io the use of

! partially successful, but to this day the,

lives, it was his object to obtain tf.e aid of that body in making a thorough examination into the conduct and ctr.di

tion of the bank and its branches in order ia measure which he is called upon to meet. But although, as an act of justice to himself, he disclaims any design of soliciting the opinion of the House cf Representatives in relation to his cwn duties, in order to shelter himself from responsibility under the sanction ol their i counsel, yet he is at all times ready to the back, being simply adtied to the Trc?;