Abridgment of the Debates of Congress, from 1789 to 1856.

DEBATES OF CONGRESS. 503 JUNE, 1834.] Local Bank Deposit Regulation Bill. [H. OF R. But, although Mr. F. was opposed to the tion of his account upon their books. And the power proposed to be yielded by the bill be- Secretary of the Treasury shall have a right, by himfore the House, he desired to have it amended, self, or an agent appointed for that purpose, to inso that, if it passed, there should be nothing spect such general accounts in the books of the bank left to misconstruction. The bill proposes (as as shall relate to the said statements: Provided already remarked) to authorize the Secretary That this shall not be construed to imply a right of of the Tremasury to select and employ the banks inspecting the account of any private individual or individuals with the bank. of deposit. Now, as we were forewarned that the President will claim and exercise what- It would be remarked, Mr. F. said, that these ever power is conferred on the Secretary, Mr. were not among the conditions which the SecF. should move, at a proper time, to amend retary was required to make with the banks; the bill by striking out the words " the Secre- but positive requisitions, proposed to be made tary of the Treasury," in the first line of the a law of this Government, on the banks which first section of the bill, and inserting, in lieu should be employed. The bank selected " shall thereof, " the President of the United States;" furnish to the Secretary of the Treasury stateso that the authority intended to be conferred ments setting forth its condition and business," should at once be conferred on the functionary &c. Here is nothing like an agreement; it is by whom it is claimed, and under whose imperative. It is the language of command. direction and control, even if the bill passed in It is the language of law. True, there was no its present shape, it would be exercised. Mr. penalty attached to a failure or refusal to comF. had nothing to conceal; he had always ply with such requisition; but, once admit the found a straight-forward course the safest, and right of Congress to make the requisition, and certainly the most honorable. He wished to the right to prescribe a punishment for the see if Congress was disposed to yield to the violation follows as a necessary consequence. Executive the power it had claimed; and, if And where, demanded M r. F., did Congress so disposed, he hoped it would be expressed. derive the right to make these requisitions of in plain, intelligible language; he wanted corporate bodies, existing under the authority nothing uncertain, nothing equivocal. Let of the States? He denied that any such right not gentlemen seek to obtain, by indirection, existed; and it was the imperious and especial that which they will not openly advocate. If duty of those who were for preserving and prothey intend to yield this power to the Presi- tecting the rights of the States to resist, at the dent, as they certainly will by the passage of threshold, such assumption of power. this bill, let them say so, that the people may There were some other provisions of this bill understand it; though against such a concession which Mr. F. could not pass over without at of power, as well as against the claim set up least a slight notice. By the ninth section it to it, Mr. F. took occasion, before this House was provided, among other things, that, in the and this country, in language now consecrated recess of Congress, the Secretary of the Treasby authority, to enter his "solemn protest." ury may, under certain circumstances, withdraw Mr. F. had objections to some other of the the public money from the banks in which it details of this bill. During the discussion of this shall be deposited; in which event it shall be great subject, the public deposits, he had heard his duty to " report to Congress, at the comsome very powerful appeals made to the friends mencement of its next session, the facts and of State rights. He said he was not only sus- reasons which have induced such discontinupected of belonging to that class, but he was ance. This power of withdrawal was, under proud to avow it; and whenever he heard a the new theory, to be exercised entirely under call made upon the State-rights men, that call executive discretion and direction; and Mr. F. would meet a prompt response. It was under hoped that the same amendment which he had the principles which he had learned in the suggested to a previous part of the bill, that of State-rights school that he felt himself called on inserting the President instead of the Secretary to oppose the fourth section of the bill. He of the Treasury, would also be made here. begged the attention of the House to the pow- For, if the bill should pass in its present shape, ers proposed to be conferred by that section and the President should order a withdrawal on the Secretary of the Treasury. The section of the deposits from any of the banks, for reais in these words: sons which he might not feel willing to have "That any bank selected and employed under the too closely examined, and should, therefore, forbid the Secretary of the Treasury from comprovisions of this act, as a place of deposit of the public money, shall furnish to the Secretary of the municating the reasons to Congress, how could Treasury, from time to time, as often as he may re- this requisition be enforced? The Secretary, quire, not exceeding once a week, statements setting although willing to comply with the law, would forth its condition and business, as prescribed in the know that his disobedience of the President's foregoing section of this act, except that such state- order might subject him to the removing-the ments need not, unless requested by said Secretary, " reforming " process-and we shall not always contain a list of the stockholders, nor thenumber of find officers who will perform their duty and shares held by each, nor a copy of the charter. incur the penalty. Mr. F., therefore, submitted And the said banks shall furnish to the Treasurer of to gentlemen the utter uselessness of making the United States a weekly statement of the condi- requirements which the very passage of the bill

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Title: Abridgment of the Debates of Congress, from 1789 to 1856.
Author: United States. Congress.
Canvas: Page 503
Publication: New York, [etc.]: D. Appleton and company [etc.]; 1857-61.
Subject terms: United States -- Politics and government

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Abridgment of the Debates of Congress, from 1789 to 1856.

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