MARCH 28, 1834.] The Public Deposites. H. OF R. ments. If it permits another to grasp but a handful of sures made to him for the first time on the 19th of August what belongs to itself; if beyond the limit of a strict and plain necessity it calls in the aid of the Executive to the discharge of its own appropriate functions, for so much it disturbs and alters the constitution. Every argument for any constitutional separation of departments at all, is an sw. following as part, and a very influencing part, of the evidence which at length compelled him to act. Holding this opinion of the real causes of the removal, I am less inclined to trouble you with an examination of the pretexts. If the act were the act of the Secretary argument for a punctilious observance of the actual sepa- alone, I say first, that the class of reasons on which he ration made by the constitution. I am not quite of the reports himself to have done it are not sufficient in point mind of those who think that this Government, against of law, if they were true in fact. I say, next, that they the people, should at all times exert all the powers which were not the real reasons which have led to the removal, majority might think granted to it. A wise discretion although they may have had influence with the indinay, here and there, as times change, permit one of them vidual Secretary. I say, lastly, that the removal was to lie for a space unexerted. But whenever this Govern- the act of the President indirectly, but really; and that, ment acts at all, it must act just as the constitution directs, unless all the executive agency which the constitution and mrough such a one, or such a union of the departments the laws can call forth must vest in him, notwithstanding the constitution directs, or it violates the fundamental the Legislature may intend to confer a part of it on others, and unless he can constitutionally exert executive agency Then, sir, I hold that it was the duty of the Legislature, for the purpose of putting down one kind of currency in framing this section, to give as little power to the Ex- and one kind of bank, and putting up another; for the tcutive as possible, to intrude upon a legislative func- purpose of preventing a bank from lending money and kon, and I shall presume the Legislature was not unob- the people from borrowing it; for the purpose of creating servant of this grave duty. If they understood the Sec- one state of public opinion towards the bank and preventretary of the Treasury to be the mere servant of the Pres- ing another; for the purpose of punishing a corporation ident, and that it was to the President they were giving for presenting a doubtful demand against Government; or the power of disposing of the public treasure, they must for too much enlarging or too much contracting its busihave meant to confer such power on such an officer very ness; unless he has all executive agency, and can exert it sparingly. A narrow construction of the power brings the for such purposes as these, his act was illegal and unconlaw nearest to the standard of the constitution, and is, stitutional, however pure and elevated the motive it sprang therefore, the true construction. The question of con- from, and ought to be reversed by this great court of the itutionality, may be sometimes one of degree. Of two last resort. In this view of the subject it were something laws on this subject, that which should give the least of mach worse than a waste of your time to pause upon the is kind of power to the Executive, best satisfies the particular pretexts assigned for an act, the whole scope, sprt of the constitution. Of two constructions, that aim, and character of which are against the constitutional which brings the law nearest to the constitution, is the law of the land. sound and most respectful construction. As between There is one charge, however, against the bank, of Government and the people, let a statute be interpreted which, according to my own view of this matter, I ought berally for the people, strictly against Government; but to take a different notice. You hear it said that the between different departments of Government, let it bank intentionally and unnecessarily creates the existing be interpreted liberally for the legislative, strictly against distress, in order to force from you a recharter and the executive department. I throw out this rule of con- a restoration of the deposites. Now, sir, I do not wonder struction to the respectful notice of all republicans who that they who sincerely believe the bank guilty of such believe that the President has in himself not only all the unprincipled and malignant selfishness as this should be powers expressly conferred on him by enumeration in the constitution, but that he has also directly, or by the aplied right of removal, all the executive power which can exist under our system in any body. indignant at it. I do not wonder at the strong language of gentlemen, although I do not adopt it, that they would rather credit, commerce, currency, and the banking institutions of the States, should perish together than submit to this tyranny of "associated wealth." I do not wonder that they would rather the country itself should suffer, through a long and bitter season, than obtain relief for it by purchasing the mercy of the bank. But before I can feel myself at liberty to indulge the I have thought it unnecessary, therefore, particularly a consider the charges of the Secretary against the bank, because he had no power under the law, or after the law, to remove the deposites for such reasons, if they were well founded in fact. But more than that, sir, I will not ex. amine them in detail, because I have an unconquerable indignation natural to such a suspicion, I know it is my espicion that they were not the real causes of the re-duty to be made sure it is well founded. Every thing Thoval. The removal would have been ordered, had no depends on this. A mistake here is full of danger and ca reasons existed or been suspected to exist. It was mischief. It is a mistake which not you, not your conreordained, as an operation in that system of extermi- stituents, not the bank only, but the whole country, must rating warfare, to which one branch of this Government expiate in the denial of the relief it asks, in the continumay seem to have bound himself as by oath at the altar. ance and increase of the sufferings which are goading it It was resolved on to insure the defeat of all atteinpts at almost to madness and convulsion. I say, sir, before I Tenewing the charter; to bring out a State bank paper can act on this suspicion I must know it to be just. I see currency, and a State bank fiscal machinery in place of the general distress. I know that the restoration of the that established by law, and thus to teach the people that deposites will relieve or mitigate it. It is my plain duty they did not need a bank established by law; to wean then to make that restoration, and give that relief, unless their attachments from it, to stir up jealousies against it, I have certain knowledge, firm assurance, on grounds procure a certain desired state of public opinion in re- which I can clearly see and comprehend, that the bank proLon to it, to punish and to crush the monster who dared duces the one in order to extort the other. If I saw the rear himself against the President. No man acts, it is proofs of such conduct, I confess I should doubt the policy d, on a single motive; that this act was done on some of rewarding it, although I thereby gave relief to my sufferr all of these, I cannot doubt. Mr. Duane's letters seem ing countrymen, and could do it in no other way. In the prove it conclusively. He almost draws into suspicion absence of such proofs there is no doubt about my duty; The good faith of the report of the Secretary. He satis- it is to give the relief. actorily shows that the removal had been determined on in Now, sir, a word only on this. It is admitted, on all May, and yet the Secretary puts forward certain disclo- sides, that the removal of the deposites, and the change H. OF R.] The Public Deposites. [MARCH 28, 1834 in the relations of Government to the bank, demanded some would agree, and every fair mind here will agree with corresponding change in the administration of the bank. them, that the removal of the deposites has severed the It compelled it to hoard its specie, withdraw its credits, connexion between Government and the bank, disencum contract its business of loans and exchanges, to some bered it of its political character and duties, transformed extent. The Secretary of the Treasury will not say, the it into a mere expiring commercial institution, and made Committee of Ways and Means will not say, that this it the first duty of the directors to take care of the effect, to some extent, was not expected and intended. stockholders. They would agree, too, that while the The only doubt is, whether the bank has not gone too far directors are bound, undoubtedly, so to perform tha in that direction in which you admit it ought to have gone duty as not unnecessarily to embarrass the community, some way. The question is this, Has the bank gone so yet that they ought to be allowed, on every principle of far beyond any opinion, which it could have honestly and agency, the most liberal and freest discretion in their reasonably entertained of the necessity of the case, as attempt to reconcile these conflicting obligations, and to convict itself before the country of palpable bad that in all cases of conflict and in all cases of doubt, they faith? Unless you show this you show nothing. You are bound to take the safe side, the side of the stock took your risk of every thing else; of the sensitiveness of holders. Yes, sir, I think they would tell this "Admiral credit, the timidity of capital, the possible mistakes, the Biddle," as he has been called in another place, that exaggerated apprehensions, the embarrassed, hesitating, instead of endangering his own safety, by sending of fluctuating purpose and action of persons, in the situation boats to the relief of the small craft or the large, who are in which you designedly placed the bank. Unless you foundering under his lee, that it was his business to take show this, every thing that has happened may literally his own ship through the gale of wind, without the los be said to flow directly and necessarily from the act of of a spar or an inch of rope, "though the strained mast the Executive. should quiver as the reed;" but then how he should d Now, I cannot speak for others, but I have never seen this; whether he should shake out a reef more or les the proofs of such bad conduct on the part of the bank, here or there; whether he should lay his ship's head as should bar the public of the relief it seeks. I have no the storm, or scud before it, or bring her up with bes practical knowledge of banking; in that particular no bower, and small bower; why, sir, these are points doubt every gentleman here has an advantage over me; but it is my decided opinion, sir, that if you could bring together one hundred bankers, the first of that profession for skill in the world, and put this great problem to them; explain to them the precise condition of the bank, all its strength and all its weakness, its resources, its debts and credits, its circulation, its amount of specie, its distribution into branches, widely scattered over a vast country, seamanship about which every master of a vessel wil hold his own opinion. I had almost forgotten that the Committee of Ways ani Means, by their fourth resolution, recommend an inquit into the conduct of the bank. Let me say, sir, that I sha go, in the first instance, against that resolution, because think it the duty of Congress now, as the case stands befor us, without such inquiry, without reference to any resul well enough posted for a peace establishment, but not reasonably to be anticipated from such inquiry to order to very well posted to receive a charge of the bayonet, its immediate restoration of the deposites to the bank. customary business, its relations to the trade, credit, and dare not refuse to give relief to the people while you capital of the country generally; and then make them committee of investigation were executing such a resol comprehend the belligerant attitude of Government tion as this. I expect no new revelations of bad condu towards it; let them see and hear the pelting of the piti- on the part of the bank. At all events, I will not co less storm that beats on it; fathom and unveil that execu-sent to postpone immediate remedial action, upon tive will; show them what a party is organized to break it suspicion of the Committee of Ways and Means, or of a down; how it is wielded, and who are its leaders, and body. If the reasons of the Secretary, as reported to what its aims; read to them the daily denunciation of a on which alone he did this thing; if the whole conduct portion of the public press; put into their hands Mr. the bank, as known then, and known now to you and Duane's letters, and the reports of the committees of all the world, do not make out a justification, shall Baltimore, New York, and Philadelphia; and then ask suffer the consequences of the act to be poured out them how they would perform this great trust; in what this unsparing storm upon the country, while we seek way, how fast, on what points they would so contract the justify him ex post facto, by hunting after matter on whi business of this bank as to carry it safely through this he never acted, which he never suspected to exist, unheard-of crisis, you would have as many different which neither he then, nor you now, nor any body a answers as there were bankers consulted; varying with where knows any thing? No, sir; if this measure, on the more or less sanguine temper, and the intellectual whole broad ground, as we see it, is indefensible, let and business habits of the men themselves. Some would make haste to replace every thing "in statu quo ante go farther than the bank; some not so far; and there lum;" restore possession to the party who held it by would be as many one side of the line as the other. The apparently good title; vindicate the law, the constitutio truth is, it is a matter of science, of skill, of professional and the supremacy of the Legislature; and then as m judgment; a matter full of intrinsic, and, in this instance, inquiries as you please, in reference to future origin of extrinsic difficulties, on which different minds would action; to forfeiture of the charter, to renewal of it, to t judge and act very differently. I feel, most sensibly, issuing of scire facias, to impeachment, or what you wi that I have no right, upon the information before me, to As to the suggestion in that resolution, that it is props denounce, as selfish and tyrannical, that policy of the to examine, by a committee of investigation and a sear bank which, for aught I can see, for aught you can see, of books and papers, into the agency of this bank in pa may be the result of the purest good faith and the sound- ducing the distress of the country, I hold that such an i est discretion, acting in circumstances of exampled em- quiry, in that mode, is wholly needless and wholly us barrassment. I know, at all events, that I have no right less. We have all the facts before us on which to judg to refuse relief to my suffering countrymen, on any such of the conduct of the bank in this respect. We kn imagination. how fast and far it has contracted its business; and w I have supposed, sir, that you should take the opinion know that now and then, and here and there, it has ocen of one hundred bankers on this point. To pursue that sionally expanded itself, and given local and tes thought a little further, I suspect that, while they might porary relief. We know perfectly the severity s differ about the details of this business, there is a general peculiarity of the crisis it is struggling through. Its ve principle or two in which they would all concur. They are before you. The intention is matter of inference, MARCH 28, 1834.] The Public Deposites. [H. or R. which a committee of investigation can throw no light. that he should act or judge, cognizable from their nature What would gentlemen have of the books of the direct- by the legislative department alone. They see him reors? To inspect the records of the votes under which fusing to submit a judicial question to the Judiciary, bethese alternate contractions and expansions of loans have cause he distrusted that department. They see him forebeen made? But to what purpose? You see the act, stalling the action of Congress, because he feared that judge of it for yourself. Does any body expect to find Congress might be corrupted by the bank. They see confessions there? You suppose the bank contracted its him asserting the right to determine the will, and to conbusiness at Pittsburg, for instance, to create a panic. Do trol the discretion of every executive agent in our whole you expect to find that purpose spread upon the record? constitutional and legal system. They see executive powI approach with reluctance the great practical difficulty er forerunning, anticipating, superseding the free, healthy, In the way of the restoration of the deposites. Their and ordinary course of legislation. They see him susremoval was an executive measure. Yes, it was the tained throughout on this floor. They see an attempt acvowed and favorite measure of the Executive, and his tually now making here to place the whole accruing treashe original and tremendous responsibility under which ure of the country, for two years to come, in the hands, was ventured upon. I know how much is compre- and under the control of the Executive, to be kept by mended in this. I know how much we ask for trade, for him, in the interval between its collection and disburseredit, and for labor, of the friends of the Executive, ment, just where he pleases, removable when and for what hen we invoke their aid on this occasion. Yet we do reason he pleases, uncontrolled by law, uncontrolled by any woke it. I wish I could add that I see the slightest thing but his own discretion, seeking to promote the public Chance of obtaining it. good according to his own view of the public good and of Sir, if I were a political adherent (as I am not) of the the best modes of effecting it. Sir, do I state this too strongChief Magistrate, I would have hastened to say for him, ly? Is it not perfectly clear, that unless we put back the Three months ago, on this floor, that the consequences of public money into the Bank of the United States under the this act have utterly surprised and disappointed him. law, we shall not, by law, place that money any where? Surely his friends will not admit that he did the act fore- We put it, at once, into the keeping of the President. seeing the consequences? They will not admit that, We shall not designate the State banks or the individuals when he ordered the removal of these deposites, he who are to hold and use this money. We do not intend Intended their entire practical annihilation to the uses of to do it. We cannot do it. How can we? Are you prebusiness? He did not intend to say, did he, sir, that the prepared to distribute it among the whole number, perpeople should no longer trade on their own funds? He haps five hundred, of State banks, with no more than your ded not intend to destroy confidence and credit, depress present knowledge of their several conditions in point of property, embarrass business, or break the heart of the solvency? Can you infer anything about their condition bunblest in the vast society he presides over? Then the from the amount of their capital paid in, some how or erent has disappointed him. That which, in the lights other, years ago, according to the suggestion of a gentleby which he did it, promised some good, turns out un- man [Mr. JONES] from Georgia? If you are not prepared mixed and tremendous evil. It is dreadful, sir, it is to distribute the public treasure among them all, in any prodreadful, that he or his friends here, should prefer, I do portions, are you prepared to select from among them all? not say an obstinate, but an inflexible, adherence to what Which are your depositories; and how, upon what eviwe all see and feel to be error; "holding fast the pride dence, upon what rule of choice, did you select them? of an ignominious consistency," to a rational adaptation of No, sir, you propose to refer this whole vast agency dipolicy to the new lights, cast by a bitter experience on rectly to the President. Every thing proves it. A genthe often difficult path of public duty. tleman from Alabama [Mr. MARDIS] some time since inLet me say, in a somewhat different tone, that they troduced a resolution which employs an hour's debate ahn, with the lights now shining around us, shall still sus- every morning. As he first presented it, it ran thus: ain this measure upon these reasons, assume, by so doing, "Resolved, That the Committee of Ways and Means be vast and indiscreet responsibility to public opinion, instructed to inquire into the expediency of designating which surely will not sleep forever. Sir, the sufferings by law the future depository of the public moneys of the hich we bring upon the community will at least have United States, and also the expediency of defining by law is ultimate salutary effect: they will arouse them to an all contracts hereafter to be made with the Secretary of zeusually severe scrutiny of the courses of public men. the Treasury in relation to the safe-keeping, management, Those now more painfully and exclusively engrossed by and disbursement of the same." This, you see, contemthe bearing of our measures upon their business and credit, plates a legislative selection of the particular banks to be wil begin to reflect with terror upon their political and employed. We were to do it all ourselves. This looked Constitutional character and tendencies. Certainly, there well and sounded well; but a night's reflection or consultawherewithal to alarm all thinking men in that reflection. tion satisfied the honorable mover that, by great bad luck, They see here, I do not say the beginning, or middle, or it was totally impracticable. He accordingly modified his end of a revolution; but they see a sharp and eventful resolution, and here it is, as you now have it under dis struggle between executive and legislative power, or cussion: aber between executive power and all other power un- "Resolved, That the Committee of Ways and Means be der the constitution. They see the President of the instructed to inquire into the expediency of reporting a Dited States asserting a right of control over a subject, bill requiring the Secretary of the Treasury to deposite the public money in the national bank, which the letter the public moneys of the United States in the State banks; and spirit of the law had committed exclusively to another and also as to the expediency of defining by law all conurctionary of the Government, the agent of the Legisla- tracts hereafter to be made under the Secretary for the ure. They see him, for the purpose of actually grasping safe-keeping, management, and disbursement of the same." nat control, exercise the odious power of removal against So the Secretary of the Treasury is to select the banks high officer, for daring to think for himself; guilty of no after all. And who is the Secretary of the Treasury in wad, or negligence, or incompetence to the general du- the creed of those who support this resolution? The serdes of his station. They see him, through the successor vant of the President-bound to execute his individual If the dismissed Secretary, of congenial opinions with will in the selection or change of a depository-rightfully imself, and raised to office because he was so, bear away removable from office if he refuse to do so. What say the public treasure from the place where the law had de- the Committee of Ways and Means in their third resoluposited it, for reasons on which the law never intended tion? "That the State banks ought to be continued as H. OF R.] so. the places of deposite." What State banks? All of them? from its doubtful lawfulness. The purchase of Louisiana No. Those actually selected? No. Such as Congress shall has been mentioned as an illustration. But here, sir, select? No. They mean to say such banks as the Execu- what do we do? We violate the constitution to oppress tive shall select. They recommend legislation, indeed; the people. We buy suffering by breach of charters! but they intend, all intend, so far as I can sce, I repeat, We bring our tradesmen to bankruptcy, and take bread to cast this whole vast trust directly upon the present from the mouth of labor; and we do so by a rare and President of the United States. happy boldness, in dishonor of the legislative department Now, sir, I do not say that this will make the President of Government, and in violation of the heretofore unstainwhat James the Second aspired to be, independent of Par-ed, never but once stained, faith of America! liament and the people. I do not say that it unites the We presume greatly, indeed we do, on the American purse and the sword in the same hands, in the proper people. We presume on the effect of party discipline, sense of that expression, if it had any very definite sense and the popularity, high and well earned, of distinguished originally. I am sure I should lose more than I should public servants. Sir, all may fail us. The deliberate gain by exaggerating any thing, if I were disposed to do judgment, the settled prevailing temper of the people of But I do say that it confers a real, great, and dan- this country, in their sober senses, are against these undue gerous power on the President. It is against the spirit of developments of executive power. They may love, and the constitution; it is against the general principles of lib- honor, and bear with a particular executive Chief Magis erty, according to our system of liberty; it is against the trate; but that is not their favorite department of Gover judgment and temper of the American people; and the ment. In a conflict of the departments, in the long run politicians who advise it act, I think, under a severe re- "their flag is here their flag is here!" This sentiment sponsibility to that people. Yes, sir, there is no doubt that of distrust of the executive, of attachment to the legisla the constitution, which authorizes the Législature alone tive preponderance in the political system, is wrought to collect and expend revenue, and regulate commerce deep into the national character. The colonists brought and currency, gives to it alone the power to determine it from the native land of representative freedom at firs who shall hold that revenue, and to what uses it shall be The whole splendid history of Enligh liberty before thes applied, after it accrues, and before it is laid out. In the came, and after they came, deepened it more and mone performance of that duty, we, the Legislature, must do It gained strength through the whole ante-revolutiona the greater part. We may call in the aid of the President period. It is recorded forever and ever in the declam ministerially, a little way here and there. But if, passing tion of independence. In the convention that framed t beyond that, we clothe him with the substance of the constitution, in all the conventions that adopted it, throug power; if we clothe him with so much of it as thereby to all the written and all the spoken discussions of the time make a real and considerable addition to his effective pa- you see breaking out in a thousand directions the jealou tronage and prerogative, we abandon our constitutional of a free people of this branch and portion of the Gover duties, and degrade ourselves from our constitutional rank. ment, restrained and guarded as it was supposed to b Now, that the manner in which we propose to confer this The sentiment was carried to a passion. The very "L. agency on him does add directly and palpably to his offi-ness of a kingly crown" terrified and roused them. cial means of strengthening his hold on the people, for was almost the foible of the popular character. Wh good or evil, is too plain to be argued in this House. Vast ever the examples of other free states, ancient or mor interests will become competitors in the Executive pres-ern; whatever the history of liberty any where; whatev ence, for the privilege of holding and trading on this the reasonings or the dreams of philosophical and repро money. Five hundred State banks, with their circles, lican statesmen taught them could be taken from t widening one without the other, of directors, stockhold- executive department without striking it, for all use ers, and customers, will become competitors in that pres- purpose, as a distinct department, out of the system, the ence for that privilege. Whole masses of people will desired to take from it and bestow on their department learn to scorn the weaker, and worship the stronger de- their more express, nearer, trusted, actual representati partment of Government. "Where the treasure is, there the Legislature. This sentiment is still the ground warit will the heart be also." The Executive will distribute the American popular character. Sir, I cannot but the the deposites as a recognised, and not unimportant part we act under a severe responsibility to it, in thus plucki of his official patronage. He may, I do not say he will, off one of our prerogatives after another, and casti but you authorize him to bestow them here to purchase, them at the feet of what I may call, without offence, and there to reward subserviency; he may give or with- personified monarchical element of the constitution. Sur hold them, to depress or favor a particular branch of in-ly this people, when they come to recollect themselve dustry or section of country; to affect a pending election; will demand the restoration of more than the deposite to bring the successor he likes best to the presidential They will demand the restoration of the rightful cons chair. Nay, sir, I see nothing to prevent him from taking tutional supremacy of their department of Governme into his head (my respected friend from Georgia [Mr. I know not how long you might sooth and hush them GILMER] would be sure to regret this) that the public prosperity, by plenty, by glory. We are doing all money ought not to be employed as the basis of loans, can to break up that illusion. We are doing all we can, a exchanges, credit, and currency; and thereupon ordering it locked up on special deposite in the vault of a State bank, changing the policy of the country of almost half a century. we can do a great deal, to bind together in their memor by an imperishable and terrible association, the ruin their private fortunes, and the breach of the great chare of their federal liberty. My friend from Connecticut [Mr. ELLSWORTH] last It would give me great pain, sir, to be thought to u evening animadverted on the boldness of the Executive. language of disrespect or intimidation to any gentlem It struck me, painfully and forcibly, as he went along, here. But I entreat the friends of the Executive, a lit that there was quite as much boldness on our part in thus for their own sakes, very much for ours; for these inte consenting, in conniving at these successive transfers of ests, among the most precious and sensitive ever instrus power from the legislative to the executive department; ed to the wisdom of human councils; for the people, sit morbidly enlarging the one, degrading and depreciating for the people, I entreat them, to give us their aid on thi the other. I remembered, indeed, that public men in this occasion. country have sometimes overleaped the letter of the con- When Mr. CHOATE had concluded, Mr. DICKERSON stitution, and the people have forgiven it. The transcen- of New Jersey, rose and said: dent utility of the act diverted the national mind, perhaps, Mr. Speaker: I have listened with much pleasure Means. [H. oF R. the remarks of the gentleman from Massachusetts [Mr. in the last resolution of the Committee of Ways and CHOATE) who last addressed the House. His views were new and interesting, and delivered in a tone and spirit becoming the representative of a free people. But, sir, I was not prepared to hear the positions taken by the honorable gentleman, nor can I yield to the correctness of his views, although so eloquently expressed. The second and third of those resolutions appear to me to depend very much upon the decision of the first; and the question involved in the first resolution, whether the Bank of the United States shall be rechartered, I consider as the real and important question now under disI had thought that the idea of restoring the deposites, as cussion before Congress and the people-no matter how means of relief from present distress, had not been this question may be connected with other consideraeriously entertained, except with a view to the recharter tions-no matter how ingenuity may strive to conceal it f the bank. It appears to me that it is the worst of all from public view-no matter how political aspirants may xpedients, and its necessary consequence must be to pro-use the occasion for their ambitious purposes. It must ong the distress which now prevails, instead of relieving result in the important inquiry, whether it be consistent 1. Nor can I perceive of what possible benefit the pos- with the great interest of this republic, that the United ession of the public deposites could be to the bank, if it States Bank shall be continued. Before I proceed to I to cease its operations in 1836. With that view, it is explain my views upon this point, permit me, sir, to disertainly now time that they should in good faith compose of some subjects which have been pressed into this berce curtailing their business. They now have on hand, discussion, as I consider improperly, and for political nd, in the process of drawing in their capital, they must effect. ecessarily have on hand at all times, surplus funds lying The question of the power and authority of the Presiseless in their vaults, and of consequence, the possession dent of the United States to remove his Secretary in the the public deposites, with their attendant duties and lalties, would be worse than useless to them. I do not propose, sir, to attempt to answer the arguets of the gentleman in detail upon this point. But I would remark, that the foundation of his whole argument Psts upon the idea, that if the deposites be restored, the manner he has done, I consider has no necessary connexion with, and ought to have no bearing upon, the decision of the question of the renewal of the charter of the Bank of the United States, nor of the present disposition of the public deposites. As I am unwilling that the real point in issue should be involved in any extraneous matter, or ank, at the termination of its present charter, will calm- obscured from view by any other subjects not necessarily cease to exist, and (as he remarked) "die something connected with it, I shall not at present remark upon that ike a Christian." If I believed this, sir, I should indeed point, except to observe that if the President has been Rank it worth while to inquire seriously into the expe- guilty of a corrupt, or arbitrary, or unconstitutional exertry of restoring the deposites. But in this respect the cise of power, in removing his Secretary, or in appointing preeman begs the question. He asks more than will be another, or in recommending the removal of the public conceded. I believe with him, that the bank will cease deposites in the manner he has done, he is responsible to epist at the termination of its present charter, but it all die hard. It will struggle, as long as it can hope to Berpetuate its existence, and I am not disposed to add to y farther power to protract its dying struggles. Iintended, sir, to give a silent vote upon the question ander discussion. But I consider it the privilege of a people to know the sentiments of their representatives all subjects involving their interests; and as I have en restricted by my constituents upon this subject, a appear to believe, that the minority should govern the ent vote might not be considered as expressive of my majority. It is true, I have no doubt, that this House sentiments, but only as a response to theirs. Under would shield him from oppression, but never from a fair se circumstances, I must ask the indulgence of the and impartial investigation. his country for his conduct. Let him be called to account, and put upon his defence. And permit me to say, that if he does not answer promptly, and defend himself triumphantly, it will be a new era in his history. But it has been said that he shields himself behind a majority in this House, and, therefore, that such an effort would be useless. The allegation proves too much for those who use it, unless they can show, as they sometimes discussion. whilst I briefly state my views of the matter now As to the claim of the bank to retain the public deposites until the termination of the charter, it appears to me By the report of the Committee of Ways and Means, to be without foundation. The right of the Secretary of flowing propositions are submitted for the consider- the Treasury to withhold those deposites from the bank of Congress: first. That the Bank of the United States should not words. The assignment of his reasons is an act neceschartered. wecand. That the deposites should not be restored. lad That the State banks should be continued as eplaces of public deposite, and that they should be ated by law; and is reserved in the charter by express and unequivocal sarily subsequent to the act of removal, and consequently presupposes the existence of the right to remove. Fourth. That a committee should be appointed to ingate the concerns of the bank, &c. place of these resolutions, the gentleman from Geor Mr. are The object of the provision contained in the sixteenth section of their charter, requiring the Secretary to assign his reasons, was to enable Congress to judge whether the Secretary had consulted the public interest in making the removal, and not to inquire how far the interest of the bank had been consulted. And if it had been the inten WILDE] has proposed an amendment, declaring tion of Congress to limit the discretion of the Secretary, the reasons assigned by the Secretary of the Treas in this respect, to the single question of the safety of the insufficient. And the present discussion turns deposites in the United States Bank, I cannot understand that proposed amendment. not intend to trespass upon the time of the House but one reason could exist, and that reason ascertained by recapitulating the many arguments and reasons which law. For these, and many other reasons which have me Leen urged upon the different topics involved in this been urged before this House, and which I do not intend c.sion, and which must be familiar to this House, but to repeat, I conclude that the claim of the bank, by their se to state briefly my conclusions drawn from those charter, to retain the public deposites, is not well founduments, and to show that the proposed amendment uld not be adopted. understand that very little difference of opinion exists to the propriety of adopting the proposition contained why they should require him to assign his reasons, when VOL. X.-207 ed, and that it was the right and duty of the Secretary of the Treasury to remove those deposites, whenever the exigencies of the country required their removal. But, sir, it has been seriously urged that the deposites |