Newspapers / Newbern Sentinel (New Bern, … / Feb. 21, 1834, edition 1 / Page 1
Part of Newbern Sentinel (New Bern, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
v . x ' y-, mr-r- : m ': -: - xmmx-W:x-- ipx---x:rxx-xx - :- - ,. :.-.,': 5 , i. r . : i; ..- -.-.j. J- . -.:! - ' .. . i'-- - i ' ! -' f . . - ! H jv, .. - r -Nr v - - A - -?-r"l.tT -----r- l:Tr 1- 1 -.-r-, r-.rU.--. . ' i-'-- f - ' ' V ) -. LI BERT Y....T HE' poksTITUT10N...UNI0N. 4 i , ; U X -. . :- : "-. i; ' :X r - : X-:::-A i ::,:::: h--j;.. , :-:qf' ILJII.,ISHGI) BY THOMAS JIVATSON. TERMS, J ?T : :. : : : Threerdollars per annum, payable in advance Mm TH Tin soecial Order'hbw came up eingjon! Mr, Clay's Resolutions in re V A II O F T HE DEPOSITES j ji V' yj "V 7Mi:v t UNITED STATES SENATE, MONDAY, JANUARY 13- ... : , '.. j , j . . ' ... . . . : ;. ; ; si-e t'c conclusive proof, from the vote of thnt W.r iL, fi, ijuu.m. juuus ill ine Dank were sale, which - was un- : w.rdinir to the Secreta mcibujui diuiai nine on apsides, by friends and foes, f a uecumig me question ot the removal of the depo sites. . !..'..... U;'"lf- 1 , 7 The extent of the power intended to be conferred beinw established, the question now arises, has the Secretary transcended their-limits? It can ftcarcelv -c uri.try lo .urffPints point. It1 is not evn pre- II I .1 - 1 ! .111... ions, the execution of which ac-1 limited power of the State Banks did not nermit him I to ry'ai assumption, he has" been to effect.. But a substitute was found bv associating f 111 - : , 9 - IS I iffent of trustee, to euDerintend.Mhem m certain articles of agreement, and-annointinc? I Rti'pulat appointed.' as joint j anl irorn which he would as3U me the extraordinary power which he claims elver the debosites. to dispose . . . . . of them in such, manner interest jor quire. Is it not obvious the convenience, of the) people may re that as he may think the public die whole rrif i ne question ffard to tiie Re- xnoval oflthe Public Depositee Mr (jalhoun tnen vpe. ana said, mat- tne state nient of this case might he iven in aVery few word?. The 15lh section of the act incorporating th Bank nrovides that w here v er there is a bank or branch of the United States liank, the public monies should he deposited therein, tmlMs otherwise dedered by the ici..i.-JrJ!,T kt' to 'frfiwiiirv iiMIld tft;it in 'that jcj k. ;and itnotj at the coriuiierirenient of the next session t-The Se(trt;ry, acting I under the (provision, of this acction, ha3 ordered the depoites to be withheld from, i. . .-.1 i r I lijia rpnnrltvl hi-j rc-ianila in cnnlnnmli.i to1 the provisions of the section. The Senate, js now called rUpon, to considerjh is reasons, n order to deter mine vvhjether th- Secretary fs justified or not. I liave examined them with care and deliberation, with- OUt JJie SUiJIllKSL uius, a mi as I illll fOllS(,.10US, DeM -sMial pr 'political. I have but a slight acquaintance With the; Secretary, and that little is not unfavorable to hit". 1 1 stand wholly disconnerfed with the two preit jpartie now contending for jarendaiicy. My pt)litie:U: connections are with that small and J de nounced party which has voluntarily: wholly retired from the1 party strifes of the day, with a vieV of sa vin, if possible, the liberty and the constitution of tjie cqijntry, in this great crisis of our iflairs,'? Having maturely . consMered " witf itliese impar tiuiT.eluigs, the reasons of the Secretary, I am con .trained to say, that he has entirely failed to make ot uiiistifieation. ; t the very commencement he h;is.plac;ed-hjs right to remove the deriositesofii an as- 8u; ji)rtoh.resting on a misconseption of the case. In the 'progrjessof his argument he has entirely abin- (loiirdl the first, and assumed a new arid v greatlv- en iargrd ground, utterly jineonsistent with the first and f cqu-wjuntenahie j ant yet, as nroao as his assump- tiond are, there is4an important part ot the transac tion wrueli he does not attempt to ym licate, ,and- to wljiup he has not event alltjdeiC ; I shall, .said Mr' Uainoun, now proceeti; wnaoui iurtner remark, to make gbod these assertions. . j The Secretary, at the cornmencemc nt of his argn rnent, assumes the position that in the absence -of, a! leil provisions, he, as iie head of the financial die pyjtme.nthad the right, in virtue of his office, to ide- signate the agent and place, for the safe keepi tig nft lie puDiiCiteposues. .rteiueu.conienustnattne lot n section Joes' riot restrict his fimver, which 4tan d, he says! on the 4. ne ground that it did before the" passing o the act Uicorporatinff . the bank., It is unnecessary to iatminejuto the correctness of the positimi assumed by the Secretary but if it were, would not be difiicult to show.' that 'when an agent with general powers, as sumes, In the execution ut h!Srigency, a power net. del eg itedj the assuniptiod rests -"'on the necessity of tht "case mum mat no power, in -ucn, case, can ne lawiuii f lv Texeiicised, winch was not necessary to effect tlu ; DO i'l li tllLCll'-iril. muuui ; ll- lie tMUII Ull IU tallUVV f tMl'tfc tV iri AfFW rerf Pn him, adniifting his gumption be u.c .mun ,,mi uui ittiuuuuy periormeu aiimeaa- irue,is 10 witnhold the deposiles in case that the bank ties imposed, on it in relation to them : nor that the should violate its simulations in relation m ihpm Secretary had placed the money in a safe or in one side, and on the other ko prevent the Government more faithful hands. So far otherwise, there not a from withdrawing the dposites, so long as the bank man who hears me, who will not admit that the pub- faithfullv Wrfnrm i lie moaevs are HOW less Ka e thnn. fhev vvr in Ihp thA ii pvtonf nri,:n 1 . :J. j . .. w. ... , r. . - ui ui urn ijutviri ; : nvxiuiuiiiji an inspector general of all this league of Banks, a rid all uns wiinuui iaw. or appropriation i is 11 not amazinr. that it never occurred to the Secretary, that the sub- jtripi currency oeiongea exclusively v congress, grid that to assume to regulate it; was a plain, usurpation oi tne povyer 01 that department ot the government ? ri C9 tf Hio Atirn Uank of the United States. And I will, venture to showincr. not a nnrtirlp. mnre run Ka rlri i Rnt assert that not a capitalist can be found who would there is another aspect in Which thenosition in which not : MSlf a (VtllQKIAP'inf tr hirrhoi" nor Aanttirau tn in.'iipfl I tha U l .1 ii; t ii- ! i 1 ' them in lesiffnat fold them to be unquestionable, the question is dec t f r m i ' r ' i i- ! . . - .. ..1... l ne toecretarv has no riffht to withol l the de d by the Secreta '-n- i,i i u x rea surer um inn n capita nsi can oe lounci wno woui'i mere is anpther aspect in which the1 position in which a considerably higher per centage to inside the Secretary has placed himself toay be Viewed i their present, than in the place ! of deposite It offers Tor consideration ijlot oply cFjuest'ioh of tht ited by law. If these views are correct,' and I extent of his power, but k n nest inn n tn the ntnn led. MjfMtes trom the Bank. There has b en, I1 1 can be, butone aruutnent advanced im favor of his r'urht : which has evtn the! appearance of beine tenable ; that the power to withoid is given in. general terms, and without qualification, "unless the ! Secretary other- wiae airect.r j 1 nise who resort; to this argument must assume the position, that the letter ought to pre vail oyer the clear oiid manifest intention ol the act. .rid They must regard the power of the Secretarv. not as a trust power, limited by the subject and object of trust, but as a chartered right, to be used according benefit in the contract, so long asihfey! faithfully oh to his discretion arid pleasure. There is a radical! serve it. iHnw haa thU lsto- nX-m,.,! .h the power, but a Question as to the nature extent of duty which has been I imnosed I unon him. If the 'position be such as jhe has described, there has been confided to him a trust of the most sa cred character, accompanied by duties of solemn obligation. He stands hyf the mutual confidence of the parties, vested with the high judicial power to le termine on the in faction! or .observance of a contract in which Upvernment arid , a larre and respectable portion of citizens are deeply interested: and in the execution of this his poweif he is bound by honor and uuusi.jeuce, so to act as to protect each ot the parties iu me iuu enjoyment ot their resnectrve portion of ob- these select m our mo le ot construing political powers ot solemn duties! which faccof dine to his representation which this-arid many other instances afford btriking have been imposed upon him." Has he protected the examples: but, I will give the Secretary his choic. ei- bank acrainst the aWrre.BK;nn ofth. Mmnt lAr fb uier uie nneiiuoii or tne letter must prevail; he may se- government asramst the iunfaithful conduct of the lect either, but cannot be permitted to take one or bank in relation to the demotes? Oihaahe. fbWet- the other as may suit his purpose. ' If he chooses the tinr his sacred ohlifraHohsl. HiRrecrarHell th' JniereRtR former, he has ..transcended i'his nowersi as 1 1 have I of both on nrie eLip'-HWeiin'. . klnb.:Art.A L-ia . - , . i. ! . f ulivj ut I lll UCIUB UI bill clearly demonstrated- If lie selects the latteit, he is sites, and on the other defeating the government in equally condemned, as he lias clearly- exercised now- the intended security of ih public funds, by seizin" um mem as ine propeny oi line executive, to De diposed, ai pleasure, to tavorite and partizan banks. But.i shail relieve the iSecretary from hii er not comprehended in the letter of his authority He has not confined himself simnlv to witholdhiff th' public moneys from the Bank of the U. States, but he Insordere i them to he depaited in other Banks, thoucrh .i . ... . . . . . mere is not a wor'm the section to lustily it. I do not intend to argueSthe question, whether Jie had sa right to order the funds, withheld from ; the United atates Bank to he placed in State Banks which he has selected; hut I ask, ho v hjt3 he acquired thb right? I t rests w holly on construction on the supposed in tention of the legislature, which, when it -trive; a pow er, iiiieuos io give an tne means necessary to ren ier it available. But, as clear as this principle bt.edu si ruction is, it is not more clear than that which would Kin'it the right of the Secretary to the question of the faithful keeping of the public funds; and I cannot, admit that the Secretary shall be .; permitted to resort to the letter or to construction, as may best be calculated to enlarge his power, when thf right construction is denied to those who 1 would hrnit its power by the clear and obvious mtenlion of Congress I might here said Mr. Culhoun, rest the question ot tne iwvver oi the Secretary over the deposites without adding anot her word; I . have placed j the Bank ofthe U. "States retary from his awkward i . ... i.i. i ip an, oisreputapie position in which his own arguments have placed him.1 He isnbt the muiual trustee, as he nas represented, ot the gbernment nd the bank, but simply the agent ofthe former, vested under the con tract, with' power to withhold the Idenosites' with a view, as has been stated, to their additional security to their safe keenme ; anid if he had but for a mo ment reflected on the fact, that he wad directed to re port his reasons to Congress only, and not also tb the bank, fqr withhofding the jlepqsites, he could scarcely hKve failed to nerceive that he was simnlv the a writ of one or the parties, and not, as he sLrpposes, ai joint ageni oi rjotn. ! . i il i i - The Secretarv having established, as he sunDoses ins r gin iq aispose oi tne qeposites, as in his opinion the general interest and convenience of the people migru require, proceeds to claim and exercise power with a boldness commensurate with the" extravagance of the right which he has assumed. He commences with a claim to determine in his official character, that Is unconstitutional a mon- arraiirn the conduct ofthe Bank: and .1 for cue. will not,by noficing his charges beyond that point, , sanction his authority td call its conduct in question. But let the point in issue be"detertninedJand ;I, Bs far j as my voice extends, will give to those who desire it, the means of. the freest and most unlimited inquiry into its conduct. I am no partizan of the Bank-rl ; am connected with it in no, way, by monied or politr- j cai ues. i mignt say, witn iruin, ui ahuc uou v..-- , t in the court- j Having thus assumed the power ofiiciallvto.deter- 'as much to me as to any other individual in the coun mine on the constitutionality, of the Bank; havinif erected himself into an organ of jthe people's voice, and settled the question ot the regolation -or. the currency, ne next proceeds to assume the judicial power over the bank. He decla res that the hank has t mnscended ItS DOWersJ and therf!ir frirfoWo Jto oK trtor fnr which he inflicts on the institution thp nnvprtt and ex emplary punishment of withholding the deposites, and all this in the face oft an exriress nrovisimi: in vesting Alie COUrt With nower tnnrhini f ho indrtlnn nPtha , i t iiiitu.iiwii v:iv charter, directing in what rriariner the trial should be commenced and conducted.1 and securing exnresslv to the bank the sjicred rkrHt of trial bv inrv. in find ing the facts. AH this passed for nothing in the eyes of the Secretary, who was too deeply engrossed in providing; ior tne common welfare, to regard either Congress, the, Court, or the Constitution. 1 he Secretary next Proceeds to snriervisfi the Vren- eral ont-rations of the bank, pronouncing with autho rity, that at one time j it has discounted jtoo freely, and at another too snarinorl that all the control which the government can nirht- fully exercise over the operations of the institution, is iue nye uirectors who represent the government ip this respect Directors! Mr. Calhoun exclaimed, did I say,; (alluding to the present.) No, spies is their proper designation. i ' I cannot, said Mr. C. proceed with the remarks which 1 intended, on the remainder of the Secretary's reasons: I have not patience to dwell on assumptions of power, so bold, so lawless and so unconstitutional ; tne deserve not the name of argument, and I cannot waste time mtreating them as such. There are, how ever, two which l cannot pass over, not because they are more extraordinary, or audacious than the other, uui iui iiuvici ijucuay vvnicn i cnoose not io- uesig' nate. ' ''til . '' .'.!" ',. The Secretary alleges that the Bank has interfered witn tne politics ot the country. If this be true, it certainly js'a most-heinous; offence. The bank is a great public trust, possessing for the purpose of dis charging the trust, great power and influence, which it could not pervert from the obiect intended to thatof a . i c . i . .. . limueucina me pontics oi tne country, witnout oein guilty of a great , political crime. In making these remarks, I j'o not intend to give any countenance to the truth of the charge alleged hy the Secretary, nor to deny to' tlpe officers of the .bank the right which be longs to them in common with every citizen, freely to form political principles, and act on them in their private capacity, without permitting them, to influence their otfieia conduct. j rj ' - ! But it is strange it did not occur to the Secretary, while he wiis accusing and punishing the bank on the charge of interfering in the politics of the country, that the Government also was a great trust, vested with powers still more extensive, and influeuce im measurably greater than that ot the bank, given to en it on grounds!! from. which no ingenuity, however I opoly baneful to the welfare of the community.-- I able it to discharge the object for which it wascrea- 4 that, in this case, the .power assumes ry vvuilcl belong, not to him, but to I who u:der the act organizing the Treasury !'.Depart-i I meat, is e'xnresslv chai md with the safe keeiincr rl 1 die iuolie funds, for which he is respon?ihIe under ;i -Don. i,. in heavy penalties, tint, as strongly anu u- n t recilV as these consiuerations bear on the question of i tne povyer oi tne oereiary, i p not tninK it necessa ; sary to pursue them, for the pdaiti reason that the Sec- retary , nas. entirely mistaken the case, it is not a Ciwe, as he supposes, where there is lip legal . provi of the publ ic ','sions tin relation to the 1 safe keeping I J ;U... 1" 12 1 -L i il . l I . juaus, uuL uae ui' precisely; me opposite cn,aracier. The j6tK section expressly provides that the depo- : sites fiail i;be made in the' bank and iMbrancljes, and ofcouijse it is perfectly clear, that tall jpovversS. which thf secretary has derived Ironi the general and tn he rent' powers of his offide'. m tlie absence of such oro- f H ... L-ll .I .1 IV : i . it - 1 ... m,r T iru wunay map pucaoie to inis case, uor vision is 'it less! (clear, that if the section had termnatecf with the over am otn -bank, l he Secretary would have had no more control the subjeeuthan myself or any other Senator, iii follows of course that he niUst derive his power i any general reason connected with the na- tarj; oj' his office, but froni some express-provision con tained in the section, or some other nart of .the - act. . c . - ' i j n rvis-uot been attempted to be shown, that there is any great, or sublet y, however, rehned, can remove it nut sucn is tpe magnitude oiitne case,, and such my desire; to give the reasons of the Secretary the fullest consiueration, that I snail loiww him throuffn tne re- L " : ri.'t Li - :I ' . ;i i- . aiaiiKier oi ins reasons. - i That the Secretary was cJonscious that the first po sition Which he assumed, and which I have consider e.l, was untenable, we, have, ample proof in the pre cipitancy with which he retreated from it. He had scarcely layed it down, when, without illustration' or argument, he passed with a rapid transition, and I ' ' i. . . ... i . j must say a transition as obscure as rapid, to an other position wholly inconsistent with the first, and in assuming Which.he repudiates the idea that the safe and laitniui Keeping oi the pupitf lunns nan any ne cessary connexion With his removal ofthe deposites: nis power to ao wnicn ne places on tne Di oaa ana un limited ground, thai he had a right to make such disr position ot them. as the public interest, or the conve- nience ofthe people might require. I havesaid4hat the transition ot the Secretary was as obscure as it was rapid ; but obscure as it is, he has said enough to enable uso perceive the process bv which- he has No man can pb- in his iridiviilual prjisibn direcCingihedepositcis tobe made in the .re'ached: -'sb xtraodi'iiary. a position, arid we may safely affirm that his arguments are not less extraor l- VI .! ' 1 1 . 1. 1 L T T : uinarv man ine conclusion at wnicn ne arrives. ni nrst proposition, vvnicn, nowever,ne nas not veniureo to lay uown expressly, is, tnat congress nas nn un limited control over the deposites, and i that it may dispose ofthjem in vvhat mariner it may pleaseL in or der to promote the general welfare and convenience Having determined this point, he comes to the conclu sion that the charter of th bank ought riot to Jie re- ueweu, anu men assume&xnat it win not he renewed. Having reached this point he then determines that it is his duty to remove the deposites. ject, that Mr.!; laney,1 as a citizen. character, should entertain an opinion as to the Yin constitutionality of the bank: but that he 'acting in I ins umuui uiiaracier, auu jwriormingpmciai acts uiier me ciianeroi ine DanK, snouui undertake to aeterrnine that the institution was j. unconstitutional, and that those vvho j granted the cfianer and bestowed upon him pis power to act under it, had violated the consti tution, is aij assumption of power bfjajnature jvhijih I win uui uuoenaKc io cuaracienze, as l wisn not to De personal, j j " , jj; -if; ' . ' j ; But he is not content with the power simply to de- the uncopstitukionality ojf Uie bank. - He claims to be the - organ ol jthe Iri i this high character he nro nounces that the question of the renewal of the bank cfiarter wa? put in issue at the last Presiden.Ual elec- uuu, auu ma k i nc pcupic piuu uciei milieu mai utiiwuiu not be renewed. I dri ncf., said Mr. Calhoun, intend to enter into the argument whether, in point ot fact, the renewal ofthe charter was put at issue at the last election. That point was ably and fully discussed by j. i . . i .i . i i- i " termine on goes far beyondj-he voice of the people; ted ; and that it has no more right to pervert its pow er and influence into the means of controlling the pol ities of the country, than the Bank itself. Can it be unknown to him that the Fourth Auditor of the Treas ury (an officer in his own department) the man who has made sp prominent a figure in this transaction, was daily rind hourly meddling in politics, and that he is one ofthe principal political managers of the Administration ? Can he be ignorant that the whole power of Government has been perverted into a great political machine with a view of corrupting and con trolling the country? Can he be ignorant that the avowed and open policy of the Government is to re ward political friends and punish political enemies? and that,1 acting on this principle, it has driven from office hundreds of honest; and competent officers for opinion's sake only, and filled their places with devo ted partisans Can he be ignorant' that the reaJ offence of the bank, is not that it has intermeddled in politics, but because it would not intermeddle on the side of power ? There is nothing more dignified than reproof from the lips of innocence, or punishment from the hands of justice; but change the picture let the guilty reprove, and the criminal punish, and what more odious, more hateful,' can be presented, to' the imagination? V j i The Secretary hext tells us, in the same spirit, that try; and I might even add that,1 had it not been fcr my ettorts, it would not have been Chartered. . otana- ;. ing in this relation to thej institution, a high sense or delicacy a regard to independence and character, has restrained me frontany connexion! with the institution ; whatever, except some trifling accommodations, in the way ot ordinary business, which . were not ox ine slightest importance either tb the Bank or to royeelt. 7 But while I shall riot" condescend to notice the charges of the Secretary against , the Bank, beyond. the extent whici I have stated, a sense of duty tQ tne institution, and regard to the part which I Ipok in its creation, compels me to notice two allegaiions.agajnst it which have fallen from anoiher,quarter. - it is sain that the Bank had no agency, or (at least efficient: agency, in the restoration ol specie, payment in w and that it had failed to furuish the country with a. uniform arid sound currency, as had bejen promised at its creation. .Both of these allegations 1 pronounce to be without just foundation. To! enter into a minute examination of them would carry me too far Irora the subject, and I must content myself with saying, that Having ueeu on me political stage WHnouvini5rr"j tion, from that day to this having been an attentive, observer ofthe question ofthe currency t.h roughout ther whole period that the Bank has been an indispen sable agent in the restoration of specie payments; that without it, the restoration could riot have been effected, short- of the utter prostration of i the monied institutions of the country, arid an entire depreciation -of Bank paper , and that it has not only restored spe cie payments, hut has given ja curreri :y, far more uniform, between the extremes of the c :untry, than was anticipated or even dreamed of at ie time of its creation. , I will say for myself that I did not believe, at that time, that the exchange between the Atlantic and the West would be brought lower than two and: a half per cent , the estimated expense, then, incio-t ding insurance and loss of time, of transporting specie' between the two points- 'How, much it was below the anticipated point, I need not etatel (he , wholie, commercial world knows that I it J was not a fourth yjart at the ime of the'removal ofthe deposites.' v . s mj u i iu ittui il iiuui tills ui;icbsiuu. . m. iiwf not notice the charges ofthe Secretary for the reasons already stated; I wilj take the liberty of nrpKunding to tnose wno support them on mis noor a lew piaui questions. If there be in banking institutions an in herent tendency so strong to ahiuse aud corruption as they contend f if, ; in corisequence of tbjis tendency, the bank of the United States be guilty; jof.the enor mous charges and corruptions alleged, notwithstarid ing its responsibility to the Government ind our con trol over it, wh it is to be expected from; irresponsible, league banks, as called by the Senatorj from . Ken tucky. I Mr. Clav.l over which we can have ho legal J " , - IJ -i j - .7 ! control 7. If mr power of renewihg the charter o the Bank of the United States it our right to .vacate? tnecnartery scire jacias in cases oi mieconauei it the influence which the appointment ot fhye Uoyern- ment Directors gives us; and, finally, if the pc(WCP vvhich we have ol appointing committee? to. examin'a into its condition, are not sufficient to hold the institu tion in check ; if, in spite of all thesie, it has, fromj tjfle, innate corruption of tfuch institutions, been guilty. of the enormous abuses and ' crimes charged against if, what may we riot expect from the associated banks; the favorites of the Treasury, over the renewal f , whose charter the Government has no power,4 agates! which it can issue no scire facias; ih whoejqirdc tion it has" not a single individual, and into whdg conduct Congress Can ' appoint no committee to loolc9 With these checks all withdrawn, what jvvould be tie " condition of the public funds? j , I, said Mr. Caihoun, stated in the outset of my re marks, that as broad as' was the power : which, the Secretary had assumed in relation to the deposites, . that there was a portion ofthe transaction of a highly important character, to which he; has not! alluded, and in relation to which he has not even attempted a itus- . iincaiion. i win now procweu iu iuae goou mis assertion to the letter.' the hoiiorably Senators! from Kentucky, (Mr. Clay) the bank had been wasteful of the public funds. That such provision in any other sectiorVor part ot thcact. of the neonld. He next asserts i that ! Congress -r t "iv has V ll; only control, tlien,; whiclfj the secretary "can parted with this power, under the 16thsection which ri2htiilly claim over the5dejjos.ites, is contained in the directs -the depositeslo be made in the-Bank of the unueci oiaies, aim -men conciuues wiui nun. unit; I he he brd proviaiou which directs that the deposites ishall be mde in the bnik,unless, oj.herw'ise ordered by the Sccrtltary ofthe Treasury,' which brings the whole question in reference to the-deposites, to the extent ol power wnicn uongress intended to center upon Secretary, -in these few words " unless otherwise ered." ; s. . T..-.III . . .... i .i - . b iu ascertaining the intention of Congress, I lay it uuwn.aaa rule, winch 1 suppose will not be contro Xerffsf.'that all political powers under bur free iristitu- uuus are trust powers, and not rights, liberties or lm ies, belopging personally to the officer. I also down as. a rule, . not less incontrovertible that powers are necessarily limited (u'.ilessf there be express provisionfto the contrary,! tothe suhiect mucr and object of thelrdst. This brings us to the TpT" w. hat is the subject and object of the trust -S ! case. t he whole section relates to de posites to the safe arid faithful keeping ofthe PUt.hc funds: With this view theV are directed in muni lay it .trust that it has irivested the Secretarv of the . Treasury with it, for reasous which he professes to be unaote to understand.! r.;. v.' ;:j . ' ':- .'.!.':! ' It canribt be necessary, before so enlightened a body, that I should undertake to refute an argument so ut terly untrue in premises anid conclusion--to show that Congress never possessed the power which tne Secretary claims tor it that it is a tKiwer. JTom it& verv nature incapable of such enlargement! being limited solely to thejsafe keeping ofthe 1 public funds and New Jersey. (Mr. Southard) who conclusively proved that no such question was involved in the issue : and if it were, the issue comprehended so many oth ers that it was' impossible jto conjecture on' which jthe election turned. It I look td higher obicctioris: 1 would inquire by what authority the Secretary ofthe Treas ury constitutes himself the organ of the people of the United States. He hasl the reputation of being an able lawyer! arid can J he be ignorant that so long as the Constitution ot the United States exists, the only fence ofthe bank, that, assailed as it was by the Ex organs ofthe rmnnle of these States' as far as the ac- ecutive, it would have been unfaithful to its trust both tion oi ine general uovernment is concerned, are me several departments legislative, executive and judicial, wnicn, acting witnm tne respective limns assigneu Dy me oonsiitunon, nave a rignt io pronounce aumon- tatively, the voice oi the people. that if it existed.it would, be susceptihfe Of the most dangerous abuses that Congress might make the wildest and mosrdarigerous association thedepositbry ofthe public lunds might place tnera in me nanus oi the fanatics .and the mad men ot the rsortn, wno are vaorinr war against the domestic institutions of the 'South, under the nlea of promoting the generril wel- - ; J . . - , ? - m ' 1 .1 . fare.. But admitting that Congress possessed me. no,er which the Secretary attributes to it, by wnat t) De maHft in th Karib- WiK tho enmp view I nnvaM nlVooonnintr Mn llPRhnW that: it hag I Darted ; . K W rv I 1 ILll ft. LW . K-U 1 AJ ll VJftVCV? m - w -w - - . IB and I in 'order to increase the security, power was with this unlimited power 6impy by directing the ru oil me secretary to Withhold tne aeposues ; public moneys to oe aeposuea in me du.uk ui ic ur ten oiaies f-or. ii il iius uaricu ,hiiu i"- j what extraordinary process nasiit oecn transierreu iu Co: and ; with thcsfme yiew he is directed to report' his reason for the removal, .to Congress. All have one fotnmon object the security ofthe public funds.: To tins point the whole section converges. The lan guage of Congress, fairly understood, is we have se C mw toe bank bee ause we confide in il as a safe and ; H'loiul agent to keep the publicmonev ; but to pre invest the jositee, with i nintv. And lest tne oec- irUirv, on his nart ehrmll -iKiiim crt irrirtnrtnnt a trust ""a,J)d. in order still farther to increase, that security, e kiirect, in case of remdval. that he shall report his nfiUr cilbieCt. that tl. c . . Lj i . . -4"i- i"i cuieiary nas no rigni io act in reiaiiuu- qeposites but with a view to their increased secu- ' 7 r ft m. I ri - ftise ol so important a trust, we TTieifv v Wllh power td remove the dei . j- ' vwjio ineir increased set helU and from the bank so long us the funds are in; safety! the bank h niith'fnll posed f, relation to them1 : and not even then. unless deposites can be placed ih safer and more faithful Ms. That such was 'the opinion of the Executive, . 11 f he first instance, we have demonstrative proof , in yH'&Kige ofthe President to Congress at the close 01 the last session', which nlaned the subiect of the re nin v. I . ' - r. . . .tJ c ithl oeposite8exciusiveiy on tne quesuuu v aeir6afety ; and that ijuch vyasalso tlie opinion ofthe fuse of Representatives then, we have equally the Secretarv oftheTreasurvi by those few and sim ple words "unless he shall otherwise order?" In support of this extraordinary irguraent, the Secretary has offerred not a single illustration, nor a single re mark bearinorthft RPimhUnrR of reason, but Olie, which I ijhall now proceed to notice1.! - I l v 'A t . v . ' I . - I . He asserts, and asserts trulyi that the Bank cnarter is a contract between the Government, or rather the people of-the United States and the bank, and then assumes that it constituted him a common agent or trustee to superintend the execution of the' stipula lions contained in that portion' of the contract com- taking those it has spent some thirty, forty, or fifty thousand dol lars, I do riot rememberj the exact amount (trifles have no weight in the determination of so great a question) in circulating essays arid speeches in defence ofthe institution, of which sum one-fiflh part some seventhousand dollars belonged to the Government. Well, sir, if the bank has really wasted this amount of the. public money, it is a grave charge. It has not a ngnt to waste a single cent, but I must say, in de- A claim on the part of the Executive to interpret to stockholders and to the public, had it not resorted to every proper means in its power to defend its con duct, and among others the free circulation of able and judicious publications. , But, admit that thb Bank has been guilty of wasting me puuiic luiuis, io me i iuu ; exieiu cnargeu uy tne as the Secretary has done the voice !of the people, Secretary, I would ask, if he, the head of the financial prehended in 1 the lGih section. " Let us now, these assumptions to be true, ascertain what stimulations are, the superintendence of the execution oi wnicn, as ne amrms, are jointly connuea oy parties io lire owceiary.- i ne vjrovernraeui stipula ted on iu part that the public money should be depo sited m UiiSipankot tne United States a great ana Valuable privilege on which the successful operation of that institution mainly depends.- The Bank on its part stipulated that the funds should be safely kept that the duties imposed ih relation to them-i shojld be faithfully discharged, and that for this with other privileges, it would pay to the 'Government the um 1 of one million five hundred thousand dollars. Thcsa through any other channel, is to' shake the foundation ol 9ur system. Has the Secretary forgotten that the ast step to absolute- power, is thi3 very assumption which he has claimed! for that department? , I am thus brought, said Mr. Ct,- to allude to the extraordi nary manifesto read by the if resident to the Cabinet, and which is so intimately connected! with the point immediately under consideration, j 1 hat document, though apparently addressed to the Cabinet, was clearly and manifestly intended as an'appeal to the people oi me uiiueu oiaies, anu ujk:us t ncwauu direct organ of communication between the Pre sident and them unknown to the Constitution and the laws. There are but two! channels known to either, through which the President can com municate -vyith the t people by messages to the two Houses! of Congress!, as ex pressly provided for in the Constitution, or; by proclamation, setting forth the interpretations which he places upon a law it has become his official uty to execute. , Going be yond, is onelamongst the.alarrafng sigris of the times which portend the overthrow of the the approach of despotic power. -J The Secretarv. having determined was unconstitutional, and that the j people had pro nounced against the re-charter, concludes that oou gress had uothi ng to do with the subject. V ith a nmv'de.nt fJireRiwht. hel nerceives the difficulty and I - i I . . embarrassment into whicfi the currency ot the cn-m- try would he thrown on tne termination oi me isann charter j to prevent. whicn, ne proceeas ueiiDeratey, with a parental care, to supply a new currency, "equal'to or better" than that which Cougres8 had supplied. With thi3 view he determines on the im mediate removal ofthe deposites; he puts them iii cer- nake; good t .j . een withhold Constitution and thatSthe Bank department of the Government, is not under as high and solemn ofthgation.to take care ot the monied in tereste of the public as the bank itself? 1 would ask him to answer me a few simple questions: Hoa has he performed this duty in relation to the interest which the public holds Jn the 1 bank 1 Has he been less wasteful than he has charged the bank to have been ? Has he hot wasted thousands where the bank, even according to his own statement, has hundreds? Has he not by withdrawing the deposites, and placing; them iif the State Banks, where the7 toubllc receives nor a cent oi interest, greatly attected the dividends ot the iiankol the V. S. in which the Government, as a Etockholder, is a loser tothe amount of one-fifth of the diiriiiiution? a sum .which I will venture to pre dict will: many fold exceed the entire amount which the bank has expended in its defence. Qut this is a small, a very small proportion ofthe public loss, in consequence of the course which the Executive .has, pursuedp relation tothe bank, and which has redu ced the value of the shares from 130 to 103 (a Sena tor rieu :hie says much more. It may be, I am hot particular in such things.) -and on which the public sustains a corresponding ioss on jts share of the stock, amounting to seven millions of dollars a sum more than two hundred ibid greater than the waste which h has charged upon the bank. Other administra tions may exceed this in-talents, patriotism, and hon esty, but certainly in audacity, in effrontery, it stands witnout a parallel: The ! Secretarv has brought forward many and grieyous charges against the Bank. I will not con descend to notice them it is the conduct of the Sec retory, and not'that ofthe Bank, which is iinraediate Iv under examination, and he .has no rightto drag the conduct of the Bank into the issue, beyond its There is a material difference between withholding money from going into the bank, and withdrawing it after it has been placed there. ..The former js authoi ized in the manner which I have stated,' under tBfc sixteenth section, which directs, as has been frequent ly stated, that the public moneyjshall be deposited m. the bank, unless otherwise ordered by tie Secretary of th e ' Treasu ry. But' neither that sect ion ribr.ahy portion oi i ne, act incorporating mq Dayiu nor, in xrutu,. any other act, gives the; Secretary any authority, 1 ok . himself, to withdraw public: money deposited" .ah tHe bank. . There is, I repeat, a mateiial difference bc- tween Withholding public moneyCfroiir1 deposite, aritjr -L t-7.il i IITtT' 'J i 7 'Lit 7 '.t wnnarawing iu : vvnen paaainio mepiace aesigna-. ted bv law as the deoosite of the; public moneV. it as- " ' ses to the credit ofthe Treasury, and theo lain titc. I. Treasury of the l)nited States, where itk placed ua'" aer me protection oi tne constitution itseu, auu irwui l which, hy an express provision of the constitution, can only; be withdrawn by an appropriation made Iftr ' . law. bo careful were the.iramersol the act oi ion, 5 . to leave nothing to implication, that express authfirifjr is given to the Secretary of the Treasury, in the fit-t teenth'section,to transfer the deposites from one place, to another, for the convenience of disbursements ; bTto which by- a strange peryersion,! jsnowj Attempted to -be so constru( d as to confer on the Secretary the pow erto withdraw the money from the deposited andta . loan it to favorite State Banks. 1 - -4; !': ' : v I express myself too favorably I should say, give ) (they pay no interest,) with - a . view, to sustain their Credits or enlarge their profits a power,1 not only fai , beyond the Secretary, but which Congress itself could -riot exercise without a flagrant breach of die consliuf-: tion. i But, it is said, in answer to these views, that, money paid in deposite into the bank, as directed by law, is not iir the Treasury. , I will not stop, said Mr. J C' to TepiV-io sucn an oojeciionj ai 11 up noi iu vo ;ury, where is If it be not money in the Treasury. Treasury, where is the money annually reported to be i n the Treasu ry? Where the eight or nine mil lions which j by the annnal report of the Sccretaxy, is said to he now in the Treasury? Are. we to ua- dersutnd tnat none 01 tnis money is, m troth, m the Treasury,? that it is floating about at large, suhict to be disposed of to be given away, at! the wili uf the Executive, to favorites arid partisans? So It would seem : for it appears, by a corresoondenr be tween the Treasurer and the; Cashier of the hank, I derived through the bank, (the Secretary not deeming w wpmi wiiijc uj giveine sugniest information ot mo transaction, as iiva matter hfconrce Y that he has j drawn but two. millions and a Quarter of the public. uiuii, wuuuui appropnauon,; and disinnuw pleasure among his favorites f t ! V , But it is attempted to vindicate theonouct of tne Secretary on the ground of precedent. I wiJJ Jjca stop to notice whether the cases citea am '" -y tain State Institutions, intending to brganize them the conduct ot tne can k into tne issue, beyond its fnor will I avail myself of the J', after the fashion of thef empire state, into a great operations iif regard to the derites, -1 o that extent vantage that I might h?ve:ODft.w , jsalety fund system, but which urilbrtunately, un- 1 am prepared toexamine his allegations against it; Identthis case 1 Zurft and'v donbtedlv tor tne prorectonf. u not tor tne country we wvjuuuuttt, igi. iCasi .ere. jumv r"' i i r J - ; ; 1! ! j ';:
Newbern Sentinel (New Bern, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 21, 1834, edition 1
1
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75