lrJpsgM I revill over 'ths tXtif
"and manifest intention , of the act.
They muit regard the poSver of the"
Secretary, not a a trust power, limited
by the subject and the object of the
trust, but a a chartered right to be
used according to bit discretion and
pleasure.' There is a radicat defect In
oar mode of construing political now
' " eri": of -which thir uimt;oer
instances afford atiking examples bat,
1 will give the Secretary, hii choice,
' either t!e intention or the letter must
' revaiULemreIeLeit.herxbulean:
not be permitted to take one or the
other, as miiy.foU.liitt(ie.;fJie
"choose the former, he nlas'TrantcelSd-
.. ed bit powers, as I hare clearly de
, " monstrated. It be select the Utter,
he is equally condemned, as he ban
- i . . ? . -
Clean J xercieu power nut comprc
btnr1,l in the letter ol his autnorUVt
lie na not conrmeMMiwiBjii,
.ir i
to withholding the public moneys from
the Bank of the U. States, but he has
onlered them to deposited in other
Banks, though-there U not a word in
" the section to justify it.--1 do not in
' tend to argue the question, whether
1 he ha I a right to order' the funds,
. withheld from the United States Bank,
to be jbced in the State Banks which
' he has selected but I ask, how has he
acquired that right? ; It , rests wholly
on construction on the supposed m
.tentiunuf the legislature, which, when
it rives a power, , intends to give
,the mean necessary forender it rji
TaiU3:e. jJut,as ctear" pnn
ciple of construction is, it is nut mure
-clear-lhaa-Uhai-hichwonlu
Ih&J-U the
qoesti'm of die mMAjVMUVjr
ing 'of the rpbWeTundsf aioTIcanoot
admit abai4be,.
raited to resort to the letter or to con
etru c tip. n,, as in a j Jbemt JjcakuUted tji
enlarge his power, when the right of
. construction I denied to those who
-would limit ita power by the clear and
obvious tntenfon ol uougress. . ..
- I 'sn'rtt hero, said Mr. Calhoun, rest the
th depositee, without adding another word
---1 bar placed it on g rounde from which ns
inreautv, howevr treat, or euV'leiy, t.ow
frevefpnoed, rnw 4 it hut such i the
twr m'od of the ai, ed u my desire lo
five rb reason of the Secretary thefallest
eooiidorerttiont that . I siialt roliow bim
r , througb tne reiMraderof ;his reasonsrj";
That the Secretary was conacioua that the
...... fax p-niritO'whtch lie 'assumed, and wfcieb 4
. '. Iiave considered, was untenable, we have
- ample proof m the preetpiuncib with which
- he retreated from it. He had acarcely laid it
" -tB-wv- without illgitroiorarfwwwt,
i be passed with rapid traneitioo. and I must
. say a transition aa obscure as rapid, to anolh.
er position wholly-Inconaiatent with th
&r'. and m aswiming which Ms espreaily re
J-puil ales tUsWea tlut aha ffl lfiilirul
kaeninr of the nuMic funda hat! anv neceiu
' . .. ry emnesiun with hia removal of the depo
aesi h s power to flo which be pUces on the
. broad anj oniimited ground, that he had a
right to make such disposition ofthein aa th
; puliiio Iniareat, or the convenience or the
- people might require,- I have said thatths
'' trsnsitiuii of th Secretary was as obacoreas
it was rsuidi but obscure as it ia he has said
enough to enable us to perceive the process
by which h has reached so eitrt ordinary
' position, and we may safely affirm that hia
rgumtinta are not teas eatrsoniinsry than the
- eoncliHion at which no arrtres. His Brat
, propotition, which howeverlhe has notVen
tured to Uy down esprcsaly, is that Conrrew
J- ' baa aa uolimitsd control over the dVpotitea.
.' and that it ttiay diapoa of them in-whatever
manner it may pleaae, in order to promote
v the general welfare and convenience of the
- people. He nest aeeerts that Congreaa bas
. , parted with this power, tinder the siateemb
.. section, which directs the deposites to be
" made in the Bank of the United SUtea, end
then conciuuea wuh smrmmr that it has in
f vested ths Scereury of the Trcaaury with it,
, ' for reason which us proiesaes to be unable
leunuertisncJ. V " .
' It csnno'.bti necesaary, before so snliirhten
ed a body, that I should undertake to refute
- r an srgurtK;ro utterly untrue in premises
- and cwic'uiUmto show (hat Congress never
; poteeased the power wbicn in secretary
- - chum fur k that it is a poworv from its very
wnure, in 'apable of audi enUnrement, being
iimuvu wuisif o mo c srciiig- m ine pua
"liefund thai dlt esiated. it woutd be so
- ecptibls of the moat dangerous abuaea tht
. . Congress might make th- wikleat and most
. dangerou sasooiation' the depoaitory of the
pubUfaiiiamifht n1M thftniinihe'bsnas
of the fUaiicS and tb rodme of lbs North,
whoar waging war against the domeatic-ia
'. etitutionstti' the South, under the pies of pro
"l mntiiig tbe gsnsrsl wetfr; But tdmilting
i ' that Conrris poaaesaed the power which th
I " secretary a'iributes to it, by what process of
... rcaaomnj can bsahow that it baa parted wi'h
this unlimited power, simply by directing the
public ir.on?ys te be deposited la the Bank
4 ' - of the United States? or, if it baa parted with
. . tba powers what. ettronlinaryproees
- , tiu ii beetviranaierreu to tne secretary of the
Tresaury, by thoae few and simple worda,
"u iteat he !iall ouierwiae crdcrr la aup
ort of this enraordinary argument, the se
' - cretary has otTered not a single illustration.
nor a single remark bearing the temblaocs of
reaaoit, but one, wlucu I shall now proceed to
, nonce. . -" - ' - ;
11 lis saaerts, and ssaerta truly, that the bank
" charter U a contract between the Goveta
. . ment, or rather the people of the United
States and the bank, and then assuvea that it
conatitutea him a common ajrent or truete. to
' -superiotep4 thceserution of the stipulations
. eautsiAed tu tb portion ot the contract com
prehended in the siiteenth section. Let us
now, ukMr these asaumptions . iob true,
, aacertan what thoae stioulations are. lha an.
Iierintf a loee of the eserution of which, aa
i afttrmi, are jointly confided by the parties
10 me ee .rciarj. i uureromeiH aupuisl
- d en ita part, that the public money ahoulj be
stepovitei in :h Bank of the United State
a great and valuable privilege, n which the
- ' s jct.ful operationa of the institution main
Iy tiepemte. 1 he nana, on its part, etipulat
v - rd that th fund aliouM be safely kep-
that toe dutiee impoaea in relation to tbem
huuU be faithfully discharged, snd that for
' th;a,i U other privileges.it would pay to the
Guvr'nm jut the aum of one million five bun
, tho-jsahd dollars. - Tbeas are the stipev
latioua, tbe esecution of which,' according to
the ec'eu"y'e aasumptioa, he baa been ap
pjinted. aa joint agent or trustee, to super
" ' Intend, and from hich he would asni.nelbe
traori ry power which be claims over
the t!e; dits to dipose of them . in' sucb
manne r as he may Ihiak the public interest or
C conreuience of tbt people ny require, I
v Is it not oUU.es, that the whol ex
tent of power conferred upoo him, ad
mitting bis assamptioo to be true, is to
withhold . the deposites, in case that
the bank should violate its stipulations
in relation to them' on one side; and on
the other td ere vent the Government
from withholding the deposites. so long
as the bank faithfully performed its
part or" iheteact.
estent of bis power. According to bis
own showing, not a psiticle more can be
added. But there is another aapect
ITn which, the position in JwhibLth
Secreury has placed himself may be
viewed. It offer for consideration not
power, but a question as to the nature
and extent of duty which has been impos
ed upon him. If the position be such a
be has dracribed, there hss been con
fided to him trust of the most tiered
character, aernmpsnied by duties of the
post suieinn oungarnnt. iicmnur uj
the mutual confidence of the parties,
vested with the high judicial power to
eteemine on the infraction or ebaer
vance of a contract m which govern
ment, and a large and respectable por
tion of the citizenr aire deeply Inter
ested; and. in the eiecution of this high
power he Is bound by honor and coo
science, sol atM to protect esch of
Ihe parties in the full enjoyment of their
rrp-cive portion of benefit in the
contract, so long as they faithfully ob
serve it? How has the Secretary per
formed thee solemn duties, which ac
COf dinif to hU repreMnistion have been
imposed upon himf 1 1 as he protected
aggression of the
governmehrror"Itie7i:6?re
the unJaiinlul rnnnuct or the nana in
reiitloiT to (hedermaitear Or has he;
forgetting hi ascred obligstions, dis
VctacJrotbf'&te irei, and oh the other, defeating the
government In the intended security of
the public funds, by .seizing on them i as
the property of the Executive, te be
disposed, at pleasure, to favorite and
partizrn .JaJtsI.;,, ..;,.
nut isnairTetteveneiwiretaryr
from this awkward and disreputable
'(anion in wnicn nia own arguments
iXI?.ibl.rn.-He is not the mutual
government and- the bank) bot simply
the agentTpfztbf formeri"pfedrunder
the contract, With power to witlihold
the o"opos'iteft- with a vie w, aa has- beea
stated, to their additional security to
their safe-keeping; and if he had but
.ioiUjntntip.iji
that he was directed to report his rea
sons to Congress only, and not also to
the bank, for withholding the deposites,
he could scarcely have , failed to
peWeTvTthat hfwarSimpljr"the"lgeTit
of one of the parties, and not, as he
supposes, s joint agent of both,
v, i'ba Secretary having established,
as he supposes, hia right to dispose of
the deposites, as in hit opinion the
general interest and convenience of
the people might require, proceeds to
ciaim ana exercise power witn a ooia-
ness commensurate with the extrava
gance of the right which he has as
timed. He commences with a claim
to determine in his official character,
i a .s vi a m -a s w a .
mat tne uanx oi tne united states it
unconstitutional -a monopoly-baneful
to the welfare of the community.
Having determined this point, he comes
to the conclusion that the charter of
tbe bank ought not te be renewed, and
then assumes that it will not be renew
ed. , Having reached this point he
then determines that it is his duty to
-1 t .T - - -
remove , me irpostr.es. no one can
object, that Mr. Taney, a a citizen,
a his individual character, should-
ientertaitr an -ptntdw "t"Tothe titi
constitutionality of the bank t but that
ne, acting in his oinciat character,
and performinif of5cial:acta tinder the
charter of the bank, should undertake
to determine tliat the institution was
nconstitotional, and that those who
r-an ted the charter and bestowed u phn
himbis power to act- under it, had
.0UtaihTcVrisTiruTT6n7a
sumption of power of a nature which
wtu not ondertake to characterize,
as I wish hot torbe personaTT "
But he is not content with the pow
er simply to determine on the uncon
atitutiunatity of the bank. He goes far
beyond he claims t be the organ of
tVe voice of the people. ! In this high
chaTactprliewounceathaHhrTi'ireaH
tioa ol the renewal ol the bank charter
was put in issue at the last Presidea
tiul election, and that the people had
determined that it should not be re
newed. -1 do not, said Mr. Calhoun,
intend to-enter , into the argument
wnetoer, in point of fact, the renewal
of the charter wa put at issue at the
last election. That pciot was ably
ana iuuy aiscussed by the honorable
Senators from.-. Kentucky, (Mr Clay)
and New Jersey, (Mr. Southard) who
conclusively proved that no such ques
tion was involved in the issuet and if
ii were, in issue comprehended so
many others that it was impossible tb
conjecture on wim n the election torn
ed. I, look to. higher objection.
would enquire by what authority the
Secretary of .the Treasurv constitutes
il: -i , - .. .
ininscu me organ or the people of the
United States. He bas . the reputa
tion of being an able lawver. and
can he be ignorant that" Solon" as
the Constitution of the United States
exists, the only orgus of the people of
these States, as far at the action of
the General Government is concerned.
are the several departments,)egislative,
executiveand judicial; which, acting
wtthiu the respective limits sasio-ned
by the Constitution, have a, rieht to
pronomict. Mthoritively, tht ypt of,
the rteopte. A . latm oa thd '' pari o
the Executive to interpret, aa the Sec
retary has done, the voice of he peo
ple, through - any other channel, is to
shike-the foundation of oar ystem.
Has the Sec'tary forgotten that the last
I ster to absolute Dower, is this very
I assumption which he has claimed for
that deoartmentf lam thua: brought.
ordinary manifesto read by the Presi
dent to the Cabinet, and which is so
intimately connected with the point
immediately under consideration.-
That document, tnougn apparently au
dressed to the Cabinet, was clearly and man
ifestly intenudr"ai 4 appeal w xibTpeop1e
of the United SUtea, and openaanew and
direct organ of communication between tbe
President- and them unknown to the Con -stitotion,
and the lawa. There are but two
channela known to either, through which ths
Preaident can communicate with the people
by mevaagea to tbe two Houses of Congreaa,
as,reajnro
lion, or by proclamation, setting forth the
interpretations which he placea upon a law,
it haa become hia official duty to execute.
Going 'beyond, te one amonget the alarming
signa of the times which portend the over
throw of the Constitution sndJthe apf oacb of
deapotic power.
' The Secretary, having determined that
the Bank waa unconatituiionah and that the
people had pronounced againat the rechar
ter, enncludea that Congreaa had aothing to
do with the aubject. With a provident fore
eight, he perceives that difficulty and emnar
raexipeut into which the currency of the cqun
try would be thrown on the termination of
the Bank charteri to prevent which, he pro
ceeda deliberately, with a parental care, to
eupptv, sn-ew currency,:!' equal toyo better
lhan that which Congreaa had aupplied.
With thia view, he determinee on immediate
removal of the depneitea; he puta them in cer
them after the faahion of the empire atate.
rhiw ir grearW
unfortunately, undoubtedly for the proje
tor, if not for the country, the limited pow
erof the Stat Banka did not permit tiim to
elfect-But w atrbvtHute war found by atOcia'"i
ting them in certain articles ot agreement,
and appointing an inapector general of all thia
league of banka! and all tbia without law or
sppropriaTioii!- I- it not amaiin j, , that it
never occurred to tho - Secretary, that the
euhject of currency belonged exclusively to
Conf reaa. and that to mumo lo rerulate it.
ws rriaifrttvurpaifew of 4he power f He
department of the government?
Having thua aseumed the power, oflSeiatlv
to deter.-nine on the constitutionality of the
Bank hs ring rcrecied; himslfiiito so j
Se(.
tied the question of the regulation of
the currency, be next proceeds to as
sume the judicial powers over the Bank.
Tie declares that the"Tfanlt Thai "trads'
cended its powers, and had therefore
forfeited its charter, for which he in
fltdawth tstatioi!baewe-Jflt
exemplary punishment of withholding
the deposites; and all this in the face
of an express provision, investig the
cm rLwjth power touching the infrac
tion of ihe charter; directing in what
manner the trial should be commenced
snd conducted, aod securing expressly
to the bank the Sacred right of trial by
juryA in finding; the facts. All this
passed lor nothing in the eyes of the
Secretary, who was too deeply engros
sed in providing for the common wel
fare, to regard either Congress, the
Court, or the Constitution.
The Secretary next proceeds to lu-
Eervlae the general operations of the
ank,. pronouncing with authority,
that, at one time it has discounted too
Pfreely, aud aaoothertoo- sparingly,
wiinuui reuecungmai an me control
which the guvernment can rightfully
exercise over the operations of the in
stitution, is through the five directors
who represent the Government in this
respect. Directors! Mr. Calhoum
exclaimed, did I say, (alluding to the
present,) No, spies is their proper de
signation. i cannot aaid Mr. C proceed with
the remarks which I intended, on the
remainder of the Secretary'! reasons;
I have not. patience to dwell . on as
sumptions of power, so bold, so law
less, and so unconstitutional; they de
serve not the name of argument, and I
cannot waste time in treating them as
such. ' There are, however, two- which
are more extraordinary, or audacious
lhan the others, but for another quality
which lchnniejiottodesigr,ate,:i::::
The Secretary alleges that tht bank
has interfered with the politics of the
reuniry. u tms oe true, it certa n v
Lis a most heinous offence. The' bank
is a great public trust, possetsinar. for
lhepurpoe 9f. dijcharjjigJlhjcIxnsU
great power and mlluence, which it
could not pervert from Ihe object in
tended to that of influencing the poli
tics of the couotry, without being guil
ty of a great political crime. In ma
king these remarks; I dmot intend to
give any countenance to the truth of the
charge alleged by the Secretary, nor to
deny to the officers of the bank the
right which belongs to them in com
mon: with every citizMl. freely to form
political principles, sod act On them in
their private capacity, without permit'
ting thetn to influence theirofficial
conduct. But it is strange, itid not
occur .ta me Secretary, while he was
accusing sod punishing the bank on
thecharge of interfering in the Dolitica
of the country, that the Government
alao was a great trust, vested with pow
ers stULraore extensive, and Infloente
immeasurably greater than that of (the
Bank, gtvea to enable .it to discharge
lib object for whieh JUwas created;
and that tt has no mora right to per
vert its power and influence into the
means of controlling the politics of the
couotry, than the Bank itself. Can it
be nokaowa to him that the Fourth
Auditor-bf i the Treasury fan officer
in his own department.) the man who
has made to prominent a figure in this
transaction, was daily and hourly med
dling i4 politics, and that to is cue of
nnliMrai miriCer of thai
Adniinistrationf Can be be ignorant
that the whole powers of, the Govern,
ment bsi been perverted jnta s great
political machine, with a view of cof-
vnntinv and rnnfrnMinC the COUntrTf
Can he be ignorant that the avowed I aod
open policy t the -Uovernmeniia
reward Rolitlcal , friends, and punish
politicaV enemiesr-ao4 that, actmgLon
thisnhdpre-;1l has drtven-from aice
hundreds of honest and competent of
ficerr for opinion's sske-ooly end fill
ed their places with devoted partizsns?
Can he be ignorant that the real of
fence of the Bank, is not that it hat
,ntiMnnt intermeddle on the side of
pnwer? There is nothing more dignifi
.A than renronf from the lipl of inno
cence, or punishment from the hsnds of
iuttices bat change the picture-rlet.
the guilty reprove, & the criminal pun--htn-aasi-sjasMetiw
ful.caobe presented to the luisgina
tion?
The Secretary next tell us, io the
same spirit, tint the bank- had been
wasteful of the public funds. Tnt it
hat spent some thirty, forty, or fifty
thousand dollars, I do not remember
the eisct amount (trifles hsve no
weight in the determination ofco great
a question) in circulating esssys and
speeches in defence of the institution,
of which sum one fifth part some
seven thousand dollars belonged to
lhe....Govern.menLAVeU
bank Wtftl&TfWiSMi 'This " a as Tun tof
the public money, it i a grave chirge.
It has not a right to waste a. single
cent, but I must say r-indcfen.ce.pXl))e
MokijtMailel
Kxecutive, it would have ben unfaith
ful to its trust, both to the stockholders
and to'the public, haldit nofresorled to
eveiyprorjeVmTMtwts -power tde-J
fend its conduct, anil amung otners,
the free clrculstion of able and judi
cious publications, v
But. admit that the bank has been
guilty of wasting the public funda, to the
full extent charged oy me secretary, i
f wntf tif STsitr if lir, fa itI the frtt tn-
cial department of the Uoverninent, is
not under as high and solemn obligation
to tske xare of the'monied interest of
the public is th battkatffc. -
aak hnn to answer rae a lew simple
Suestions: How has he performed this
uty in relation to the interest wrich
the. public hald.t in, the .haakLJlas be
been less wasteful than he ha cnarged
the bank to have been? lias he nut
wasted thouaoU where the bank, even
according to his own statement, lias
hundreds? lis he .-not, by withdraw
ing the depoaits and placing them in the
State Banks, where the public receives
noL s.cent of intere', greatly affected
the dividends of the Bank of the United
Ststes, in which the Government, as a
stockholder, is the laser to the amount
of one-fifth of the diminution? a sum
which I will venture to predict -will
msny fold exceed the entire wmonnt
which the bank h impended in its de
fence. But this is a small, a very small
proportion of the public loss, in conse
quence of the course which the Execu
tive haa pursued in relation to the bank,
and which has reduced the value of the
shares, from ISO to 108 (a Sfnator
near me says much more. It may be,
raitTnot jiarticutsf in sochthing?,)
and on which the public sustains a cor
responding loss on its share of the
stork, amounting to seven millions ol
dollars a sum more than two hundred
fold greater than the waste which he haa
charged upon the bank. O'her a lmin
istratinns may eteeed thia in talents,'
patriotism, and honesty, but certainly
in audacity, in effrontery, it stands
without a parallel! " "
The Secretary ha brought forward
many and grievous charges against the
bank .1 will, not condescend ,4 najice
them; it is th condoct-of theSecreta
ry, and not that of the bank, which is
immediately under examination, and
ha has no right to drag-the conduct of
the bank into the issue, beyeodlta'bper'.
aHorrsin-rgar-ter "tlieerr4sv-Tt
that extent I am prepared lo examine
his allegations agiinst i'l but beyond
that he in no tight noy not -she least
tpj arraign the conduct of the bank; and
I, for one, will not, by noticing such
charges, beyond that point, sanctum bis
authority to call tis. conduct in ques
tion. But let the point in issue be de-
tfrmineJnil JrAfr.aa uiy oii!aftljiprgaaL prQviifina of Ih rnnifin jon. j
tends, will give to those who desire it,
the means of the freest and most unlim
ited enquiry into Its conduct. I ain
no partizan of the batik; I am connected
with it in no wsy.by monied or politicial
ties.-1 might say, with truth, that the
bank owe as much to roe as lo any other
individual in the country; and I might
even add, that, had it not been for my
efforts, it would not have been Charter
ed. Standing in this relation to tbe in
stitotion, a high sense of delicacy a
regard te Independence and character,
has restrained me from any connexion
itkJlheintiljiiionwhateverexcpt
some trifling accommodations, in the
way of ordinary business, which were
not of the slightest importance cither to
the bank or myself.
Hut white 1 ahall not condesend to
notice-the charges of the' Secretary a-'
gainst Ihe bank, beyund the extent
which I have stated, a tense of duty to
the institution, and regard to the part
which I took io its creation, compels me
lo notice two allegations sgainaf.it
which have fallen from another quar
ter. It is aaid that the bank bad no
agency, cr at least efficient agency in
the restoration, of specie payment in
1817, and that it bad failed to furnish
the country with a ooiform and sound
currency as had been promised at its
creatiqa, JJoth. of . these ills gationi I
pronodoce to La withoBt Jt foanJai
lion. To enter into a minute examina
tion of them, would carry irie tan far
from the aubject, and I matt content
myself with saying, tht liavingbeeo on
the political atage without interruption,
from that day to this having been an
attentive : observer of : the question of
the currency throughout the wnoie pe
riod -that the bsnk has beeo SO io dis
pensable agent in tbe . restoration oJ
anecie navments: thst without it, the
restoration eould cot have been effect
edshort of the utter prostration of all
the monied institutions of the country,
and an entire depreciation of bank pa
peFrandnhat it has not only restorerj
specie payment, but has given a curren
cy far more uniiorm, oetween tne ex
tremes of the country, than was antici
pated-orueven dreamed of at the time of
. . . . t -ii r. .ir .i....
its creanioot i win j ir iu;kh,
I did not believe at that time, that -tbe
exchange between, the Atlantic and the
VI est WOUIU ue uruugiu iuwci man iiu
and a half per cent., the estimated ex
pense then, including iniurance and loss
of time, of transporting sp:cie between
the two points. Haw much ft was be
low the anticipated point, 1 need not
state; the whole commercial wsrld
knows thst it was not a fourth part at
the time of the removal of (he deposits.
But to rctuchjrom this digression.
Though I will not notice the chirges
of the Secretary for the reasons already
dated; I will take the liberty of pro
.piittttdtB&tf thTs""fioor7a 'Um plain questions. If
there be in banking institutions an in
herent tendency so strong to abuse and
coxrtiplifiitas JMl"iend ,n con
leauence. .sLUili l.ndeiicy,JFi.fiinloT
the Uoi ted S tates be guilty of the enor
mous, charges and corruptions alleged,
nptwitnstaniritig its - responsibility to
thefjovernrntnt' an-tltwar control ooer U,
what is to.be expected from irresponsi
ble league banks, as called by the Sen
ator from Kentucky, (Mr. Clay,) over
which we can have uo legal control?
If our power of renewing the charter
of the Bank of the United States if
oar righ t to-ae t- the-hr4-by -
fucias, in case ot misconduct if the
influence wnrcn " tne xppoiOTmrnr"Tt
five GoveriPBt-JiirectorELvcata
of appointing committees to examine
into its condition, are not suCcieot to
hold - the instiiutton in- check; if ta
spitf t'L S'l these, iyi6s,lrora the in
nate corruption vi such inatitutions,
been guilty of the enormous abuse and
crime charged against it what may
banks, the favorites of the Treasury,
over the renewal ol vhois cr.rrter
the government has no power; against
which it can . issue no scire faciasi in
whose direction it baa not a single in
dividual, and into whose conduct Con
grass ran appoint no comtr.iUec to look?
With these checks all withdrawn, what
would be the condition of the public
funda?
ll, said Mr. Calhoun, stated in tne
outset of my remarks, that as broad as
was the power which the Secretary .had
assumed in relation to the depoaires,
that there was a portion of the trans
action of a highly important character,
to which he has Lot alluded, and in re
lation to which l;e has not even at
tempted ajsratifkattomi wtil'tM pro4Pper agent, fur ihe.nse oObose peraom ir
reed to make Sod thisasaertion to Ihe
letter.
There is a material diUVrcnce be
tween withholding money Txom going
into the bank, and withdrawing it. after
it has been placed there The former
is authorised the manner in which t
have atated, under the sixteenth section,
whichdirec.l,ls ha been..fcfquenlly
itited, that did public money shall be
deposited ia the bank, unlets otherwise
ordered by the Secretary of the Trees
ory.i But oekher that sect ioo norany
parlioo of the act incorporating the
bank, nor, in truth, any other act, gives
the Secretary any authority, of himself
to riiMifra nubHc money deposited
in the bank. There is, I repeat, a ma
lemt-difRrence-iwie'iiHtliiol2mg
public money from deposite and with
4mwins'U . When paid into ihe place
designated by law a the depoa'ite of the
public money, it passes to tne creuic ci
the Treasurer, and then is in the Trea
ury of the United States, where it is
placed under the protection of the con
atilution itself, and from which, by an
it can only be withdrawn by an appro
priation made by law. So careful wert
the frimeri of the let of 18l6,id leave
nothing to implication, that- express
authotity is given to the Secretary of
Ihe Treasury, in the fifteenth section,
to transfer the deposites from one piece
to another, for the convenience of dis
bursements; but which, by a strange
perversion, is now attempted to be so
construed as to confer on the Secre
tsry the power to withdraw the money
from the deposite, and to loin it to fa.
vorit State banks. I express myself
tee favorably I should say give they
pay no interest) , with a view to sustain
their credits, or enlarge (heir profits
a power, not only far beyond the Secre
tary, but which Congress itself could
not exercise without a flagrant breach
bfthe constitution. But, it is said, in an
swer te these views, that money paid in
deposite into the bank, as directed by
law, is noiin the Treasury. 1 will
not stop, said Mr .C, to reply to such
an objection. If it be not in the treas
ury, where is tbe Treasury? If h
be not money in the Treasury," where
is me money annually reported lobe
in the Treasury? .Where the eight or
pine millions which, by Ihe annual re
port of the Secretary, u said to be now
in the Treasury? Are we to under
stand that Bone MhU mohey-iviD
in? about af larira. auhi - w. , .
ed of-to be given aw.y, t tha wi,;;
the Executive, to favoritea and b,
tana? So it would seem; for jt tt
bjf a correspondence between the TriJ
surer and tb Cashier of the bant
derived through the bant, (The Seer,
tary not deeming ft worth while u
iOkeeIightesr Jnformatioacf
rjfuaayiiuii, ll . a) inaiUT Ot COUrt, I
that he bat drawn out two millions ani
a quarter ol the publicHBoney, without j
anoroDrutioni -and distrihut.J i.
pleasure among hit favoritesS
(To be concluded in our next.)
OONGUHSS.
SENATE. . ,
' ' lulaifireii!
Mr, Po'n.lexter called ap his res,
ntipoi, giving inatrsctiont to ther
mittee on Finance, ia regard to tbtww
-wiowasW;TWihiii
the wtnt of lime required for the dit
cussipn of certain points of ruV
they were again laid on the table. . '
Mr. Webster gsve notice thut whea
the Senator from Pennsylvania, eipet.
ing io follow the Seuator from New
Jersey now on the floor,, 'should h
li n'uhed hi remarks on the subject, at
Mr. Webter, would theo move loreTf
lent, togeuier witti. the report of tha
occrctarjr ui me areaaury, iq ine an
mittee of Finance. ,
Mr Frelinghuysea s addrese4 Jh
senate, on Mr. Clara resolutions U
regard to the removal of the' de posi in,
and before he had concluded the Seoitt
adjoucoed
The roTIewidg inesta" wli netvt
irom the- f resident ot the Uuile,
States
I uerni-ii mj amy in communicate to Uoa.
greii the recent eonduet of the Bank of tb Ut
led Slatet, in refuaing to deliver the beolia, p,
pert, imI funda, i m, peaaeaahm, relating totha
eaeeutioa of the set of Congrea of June7U,
132, entitled, an act annplementarv to lai
Act tor the relief ol certain eurviving olSmi
anu aniuera oi ine iievoiuuoa.r-. ihe toeim.
nhilmce reported kv the Secretary of War. ui
ucicwiin irauanuiicu, wur anew me groundlM.
umed br Ike Hank lo juitilv ite refuaal ta mt
he trawifer uiictu-u by tho WarDvpartawnt-
lt doaa not prnlctoclaim th pridicge of ita
aeenermy a Tiair-weured trit br contract, u
l)mej$t;sxmni.i
a uurtnen from whi(Ji it i willing to be relwi
It plaee ita refuaiX upon the extraordlwrf
ground that the eorpo.yion baa to right ait a
furtjrmewt 5 unci iherjfality of tie meuu( tk
eonaiumro auriontiea, in a jnattcr Inwhicat
SfofkbnWer afreadmhtt wtiavrwr-totar,
and it iinpedea and d icatav tar as k p.
will permit, the eiecution of a - eaeaaura of tW
Administration; beeaaas Uie opinion of the
Vroavaapaoaaoaam
Congrcia. dilt.-ra from that ol tb proper 0
eera of the United State. t v ' -i
Tbe claim of thia Corporation, thoavtoemrf
the fuBdinca of the judicial . power, and ao
aeribeto Ihe Exeeative Department tha matin
hi ahith it ihatt execute the tmat confided la k
by law, ia without example in the hialory f a
country. If the at of the puhlie eervanla,vw
are reapontible to the people fur the manner
which they execute their duty, may thai b
eliecked and controlled by an iireapooeibie a
ney c-u-ioratioo, then, indeed, the whole fraat
Of our Government ia chanced, and w lii
ei:aUlihtMl a por, in the ttaok-ef , the t-
t.iud Sutea, abate wbalwa derive from tbeae
It will be seen, frm (he eeompajninf etata
mcnt, marked A, that, according, to the lalea
acconnta received at the War Department, lb
Hank of Nhe United Statea, and ita U.autkti
hate in their possession near half a millioa 4
rite public ro-HicT rweeireil by theni onder lk
awoi ikjj, wiiwtixiiry have nol yet araoanw
tor, and whiehtliey refuse to pay over to IK
tleUr.
the part ol the IJank to guide and direct the El
ective upon the construction anil execution
an act of Congress should have been put forwsnlli
insisted an sst a ease where Hie immediate
lerers from their eomliiet will be the aurviviar
tei-aiis of the Uevolulionasr war: fur thia evil lilt
exclusively Upon the j illant defendera of tUr
eonntrv.aad delays aad embar rases the paymnl
of the debt which the rratkodeof tha nation t
awarded to there, anj.wichi.ktoanT -inatsastV
is necessary for their aubiislenee, and eoml'ortis
their dcelmiai; year. , h :,iu!, - i
The character of Ihe claim set op by Ua
Hank, and the intereal otlke oartiea to be immv
diatefy elected bv it, make it my duty ti
tail Die Whale-. soiet t ona!dralia
Congreaa: and I leave It to their wiadom te
dnpt auch meaauves a tb boanr of the Go,er
ment and tie just' aliims ot the indiWduall is
J"'1 yt1 ) deemva
flavinjr. called for, the opiiworkA.ttnrT
fleneral urxm his Mniitm.- vtth 4r n trj
tbortlngh-iuvetitrhi bfthe' qtiestloii'whifk
KcH -imcmmi ivr lay -wunaHwrativn. ,
enclose copy ol the report of that- olheer, aw
dd my entire eoacurrenee hi tha view lie b
i ANDREW JACKSON.
;. Fubraary.4, 1834. f,::,,stf
After some remarks bv - Mein.
Clay Grundy and Wri2hC-4he erf
sage was referred lo the committee !
luftiittlJuii
ground assumed by the Uaiik Jar ren
ting to comply withjhe : order? to' tl
liver the books. &c. is that tb MtWi
was confided to that institution by ,
and that the Executive Department bt.
ttiereiore, no right to t upenede Jl IB t
execution of itt dutiei.) .- (
f Mr, Wright presented the memnr'ul
of a large number of ' merchants tn
other citi.ens ol the city of New Vd,
on theubject of the condition, of 1
financial operations of the counliy,
expressive of their opinions of the ne
cessity of a National bank; which "1;
read and reerred to the committas4
Fitance.
- i
Mr. FrrHro-hiivapn vpanmeit andcS1
eluded hit remarks on the subject
the removal of the Deposites. .
.; . , : . -. Jf'ednesduy, Tth. f
Mr, Webstef, from the Comrtiitteef
JFinanee. to which were rerVrred tftt
Report of the Secretary cf the Trea
rv on Ihe removal of the depositei.
the second of the resnlotiont offered t'.
the Senator from Kentucky,' wt"')
report, the read ing of which "being c8 ')
led for, ;M. Webster read the "rf H
which occopied about sn hour t"' j
rjuarter, and concluded with reeomm-
ing the adoption of the second rfjtt'j
tioa introduced by Mr. Clay. f
Webster moved that the report of ,Mt
Committee ribted," and iht ,