A Compilation of the Messages and Papers of the Presidents. Volume 3, part 1: Andrew Jackson (Second Term)
History
A Compilation of the Messages and Papers of the Presidents. Volume 3, part 1: Andrew Jackson (Second Term)
Jackson, Andrew, 1767-1845; Presidents -- United States; United States -- History -- Sources; United States -- Politics and government
Will it be said that the power is given to the Secretary of the
Treasury to examine himself, or by his authorized agent, into the
conduct and condition of the bank? The answer is obvious. It could not
have been expected or intended that he would make an examination unless
information was first given to him which excited his suspicions; and
if he did make such a general examination without previous information
of misconduct, it is most probable that in the complex concerns and
accounts of a bank it would result in nothing, whatever abuses might
have been practiced.
It is, indeed, the duty of every director to give information of such
misconduct on the part of the board. But the power to issue a _scire
facias_ and to remove the deposits presupposes that the directors
elected by the stockholders might abuse their power, and it can not be
presumed that Congress intended to rely on these same directors to give
information of their own misconduct. The Government is not accustomed
to rely on the offending party to disclose his offense. It was intended
that the power to issue a _scire facias_ and remove the deposits be
real and effective. The necessary means of information were therefore
provided in the charter, and five officers of the Government, appointed
in the usual manner, responsible to the public and not to the
stockholders, were placed as sentinels at the board, and are bound by
the nature and character of their office to resist, and if unsuccessful
to report to the proper authority, every infraction of the charter and
every abuse of power, in order that due measures should be taken to
punish or correct it; and in like manner it is their duty to give, when
called upon, any explanation of their own official conduct touching the
management of the institution.
It was perhaps scarcely necessary to present to the Senate these views
of the power of the Executive and of the duties of the five directors
appointed by the United States. But the bank is believed to be now
striving to obtain for itself the government of the country, and is
seeking by new and strained constructions to wrest from the hands of the
constituted authorities the salutary control reserved by the charter;
and as misrepresentation is one of its most usual weapons of attack,
I have deemed it my duty to put before the Senate in a manner not to be
misunderstood the principles on which I have acted.
Public-domain text, read in full here on John Shaqi.
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