Life of James Buchanan, Fifteenth President of the United States. v. 1 (of 2)Curtis, George Ticknor
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Life of James Buchanan, Fifteenth President of the United States. v. 1 (of 2)
Curtis, George Ticknor
Buchanan, James, 1791-1868
Although the resolution condemning the President is vague and general in
its terms, yet we all know that it was founded upon his removal of the
public deposits from the Bank of the United States. The Senator from
Kentucky has contended that this act was a violation of law. And why?
Because, says he, it is well known that the public money was secure in
that institution; and by its charter the public deposits could not be
removed from it, unless under a just apprehension that they were in
danger. Now, sir, I admit that if the President had no right to remove
these deposits, except for the sole reason that their safety was in
danger, the Senator has established his position. But what is the fact?
Was the Government thus restricted by the terms of the bank charter? I
answer, no. Such a limitation is nowhere to be found in it. Let me read
the sixteenth section, which is the only one relating to the subject. It
enacts, “that the deposits of the money of the United States, in places
in which the said bank and branches thereof may be established, shall be
made in said bank or branches thereof, _unless the Secretary of the
Treasury shall at any other time otherwise order and direct_; in which
case the Secretary of the Treasury shall immediately lay before
Congress, if in session, and, if not, immediately after the commencement
of the next session, the reasons of such order or direction.”
Is not the authority thus conferred upon the Secretary of the Treasury
as broad and as ample as the English language will admit? Where is the
limitation, where the restriction? One might have supposed from the
argument of the Senator from Kentucky, that the charter restricted the
Secretary of the Treasury from removing the deposits, unless he believed
them to be insecure in the Bank of the United States; but the language
of the law itself completely refutes his argument. They were to remain
in the Bank of the United States, “_unless the Secretary of the Treasury
shall at any time otherwise order and direct_.”
The sole limitation upon the discretion of that officer was his
immediate and direct responsibility to Congress. To us he was bound to
render his reasons for removing the deposits. We, and we alone, are
constituted the judges as to the sufficiency of these reasons.
It would be an easy task to prove that the authors of the bank charter
acted wisely in not limiting the discretion of the Secretary of the
Treasury over the deposits to the single case of their apprehended
insecurity. We may imagine many other reasons which would have rendered
their removal both wise and expedient. But I forbear; especially as the
case now before the Senate presents as striking an illustration of this
proposition as I could possibly imagine. Upon what principle, then, do I
justify the removal of the deposits?
Public-domain text, read in full here on John Shaqi.
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