Can river and canals Baltimore Owego Bath Tioga Point to excite public attention towards it. But three sec- Elmira is from Philadelphia, by the From the Elmira Republican. 374 miles. 36 36 18 36 72 Ten miles of the Cayuga and Seneca canal is an independent canal, the residue a slack water navigation in the Seneca river. One half of the Oswego canal is also a slack water navigation in the Oswego river. The Oswego river is formed of the Oneida river, which is the outlet of Oneida Lake, and Seneca river. from the Chemung river through a navigable Feeder, The water to supply the Chemung canal is obtained from the Chimney Narrows in the town of Painted Post, (at which place a dam has been made in the river,) to Horse Heads, a distance of 13 miles. The facilities for enlarging the Chemung canal so as to admit steamboats, are abundant, as also those of improving the navigation of Seneca and Oswego rivers; or for making a large canal from Seneca Lake to Sodus Bay. In another column will be found an extract from the Harrisburg Telegraph upon the subject of a Steamboat Navigation of the Susquehanna, and the extension of Steamboat Navigation, by the Chemung canal to Seneca Lake, through said Lake to the Oswego (Seneca) From Washington, D. C. to Baltimore, York Haven, river, and thence, by the Oswego river, to Lake Onta- Harrisburg, Sunbury, Northumberland, Williamsport, rio. As a farther elucidation of the project, we add Elmira, and Geneva, to Sodus Bay is almost a straight some remarks from the Pennsylvania (Harrisburg) Te- line: Of this distance a rail road is made to Baltimore; legraph, of the 28th ult, in which "the Editor of the another is projected and partly finished to York Haven; Elmira Republican is also requested to give such facts thence to Williamsport there is a canal nearly or quite in relation to the subject as he may possess." complete, and from Muncy a steamboat plies to DunnsThe navigation of the Susquehanna by steamboats, to town; from Williamsport to Elmira a rail road is charTioga Point, and of the Chemung, 18 miles to this tered, the route surveyed, and the enginer's report, for place, present the greatest obstacles to the success of aught we know is gone to an eternal sleep; from Elmithis truly grand enterprise; but, with perseverance and ra to Oswego on Lake Ontario, there is now a water the resources of the nation, we should not dare say the communication. The importance of this route for a object could not be accomplished. The bosom of the national road of some kind or other is manifest, it beSusquehanna, like that of the Chemung, is broad, and ing direct from the Seat of Government and the seain dry seasons is scarcely so covered with water that it board to our northern frontier, as appears from former could not be waded for miles, excepting the eddies, surveys. The travel on such a route as this would be and is ruffled by frequent ripples, we are told, as far as immense. The merchandize, the produce, the salt, Northumberland; yet there is no doubt but, in the dry-plaster, anthracite and bituminous coal from the inexest times there is water enough, could it be confined in haustible mines of Pennsylvania, &c. which would be a channel of suitable width, to answer the purpose; and transported on this route would justify the expectations that could be done by deepening the channel, removing of the most sanguine. Yet on this whole line, there is bars, building embankments, &c, which would require now only a break of the 72 miles, from here to Wilto be so permanently done as to be secure against the liamsport. We advise, if the engineer does not soon ravages of high water, floods,&c.—all which we believe make his report, that it be surveyed over by one who could be done, though the expense might be immense. will report, so that an estimate may be formed, the From Elmira to the summit level of the Chemung books opened, and let the people have a chance to take canal, six miles, there is a rise of 47 feet; and from up the stock, which they would do very quick. thence to the inlet of Seneca Lake, the termination of the Canal, there is a fall of 441 feet. The surveyed route of the canal is 19 miles. The distance from the canal to Geneva by the Lake is 40 miles, always navi. gable. The Cayuga and Seneca canal from Geneva to Montezuma, is 20 miles and 44 chains, and the descent is 73 feet. From Montezuma to Syracuse, a distance of 35 miles, there is a rise of 4 locks and a fall of two feet, making a rise of 20 feet. Then, from Syracuse to Oswego by the Oswego canal, it is 28 miles and a descent of 123 feet; so that the Chemung river at Elmira is 394 feet higher than the Seneca Lake, and 2281 higher than Lake Ontario. The distance from Montezuma to Oswego, by the Oswego river, must be less by considerable, than by the canal, and the distance from Seneca Lake to Sodus Bay cannot be over 35 miles. Elmira is from Havanna 18 miles We have now taken a general view of the whole ground and stated such facts as occurred to us as being of importance. We have but to add our best wishes to the success of the enterprise. The importance to Philadelphia, Baltimore, and other places of Pennsylvania and Maryland, of some opening to the great northern and western trade is a sufficient warranty to their untiring and unceasing exertions to effect it. From the Harrisburg Intelligencer. Several articles have appeared in our paper in favor of applying to Congress for an appropriation to render the Susquehanna navigable for steamboats. Some persons may doubt of its practicability. A man would once have been thought a fit subject for the madhouse who should have thought of building a bridge over the Susquehanna. There is no doubt of the practicability of this project, and, as it is a national and not a state object, it should be done with national funds. A steamboat is at this moment running fort-ymile trips on the Susquehanna, more than one hundred miles above this place. This steamboat cost about $9,000, and was built by the Boston company, under the direction of an enterprising Pennsylvanian, William P. Farrand, Esq., to tow arks of bituminous coal from the mines in Lycoming county to Muncy dam. This boat draws but 13 inches of water, and passes up ripples without any difficulty. Not long since, a committee from the north branch was sent to view the operations of this boat, with a reference to establishing a company to run a similar one, from the mouth of the Lackawanna to the New York line. It is said they were perfectly satisfied of its practicability, and that application will be made to the legislature next winter for the incorporation of a company to run steamboats from the northern termination of the canal to the New York line. Whoever will take the trouble to examine the report of Charles Treziyulny, a Pole by birth; who, as engineer, was employed by the state, to survey and report on the Susquehanna navigation in 1826, will not longer doubt that the funds of the General Government could soon bring steamboats from tide to Harrisburg, and not only to Harrisburg, but through the state of Pennsylva nia. Suppose damming the rivers should be thought impracticable from Middletown to tide, a steamboat canal could be made without as much lockage as the Welland canal which cost about $2,000,000. Is it not a great and national object to open a steamboat navigation from the ocean to the lakes? What a diversion of trade that now passes through the Rideau Steamboat canal, 270 miles in length, from Lake Ontario to Montreal, would this make through the United States! What an incalculable advantage would such a channel of trade be, not only to the Atlantic, but to the western states-such a project accomplished, sloops and steamboats could load in Illinois, Michigan, and Ohio, and unlade at the wharves of the Atlantic cities. We understand that a public meeting will soon be holden in Harrisburg on the subject, and we doubt not but a lively interest will soon be awakened throughout the whole of central Pennsylvania. From the Commercial Herald. STEAMBOAT ON THE SUSQUEHANNA. We have at length succeeded in obtaining the follow. ing description of the above boat: 21 16/2 16/2 95 feet. 18 do. 15 inches. 35 horse. Length, Beam, Draft, . Power, Length of boiler and height of chimney, see diagram above. The flame from an open burning bituminous coal, after enveloping the boilers 35 feet, we are informed, is easily brought out from the top of the chimney, a distance of 56 feet. Since the introduction of coal, two tons supply the place of eight cords of pine wood. It has been for some time known to the public, that a steamboat has been navigating some of the most rapid waters of the west branch of the Susquehanna during the present season, with entire success. The result of this enterprise is justly considered of great importance to the state of Pennsylvania. It now appears that there are many hundred miles above the public improvements, which may be navigated by steamboats, calculated to draw an up river trade into the state canals. There is another circumstance connected with this business, which is highly important to Pennsylvania, and to the Atlantic frontier generally. After a full trial, it is ascertained that a very small quantity in bulk of an open burning bituminous coal, will answer every pur pose for generating steam to propel boats, locomotive, and other steam engines. All the trials of bituminous coal for the above purpose, in New York and elsewhere in the United States, have heretofore been unsuccessful, in consequence of confining the heat and flame, thereby melting the grates, and preventing the flame from reaching and acting on the surface of the boilers. The error was in selecting the materials. All these difficulties are removed by the introduction of the above species of coal, which is almost free from bituminous smell We believe we shall shortly see our locomotive engines propelled by a small quantity of this material, bringing from Columbia thousands of tons for our manufacturers. This is a new product of Pennsylvania. Let our neighbors of New York and the other states, who are now complaining of the enormous price of wood, consider for a moment from where a substitute is to come, to propel their steamboats and other machinery; they will find it in the open burning bituminous coal of Pennsyl vania. LEONITES AND RAPPITES.-Among the delusions existing in our section of country, none were more remarkable than those which existed among the members of these two societies. Indeed, it seems exceeding strange that any body of people could, in the very midst of our free and happy society, be so misled as most of these have been. But much as we wondered at the manner in which Mr. Rapp conducted his society so successfully, we were struck with amazement at the blind fanaticism, that enabled a noted imposter, called Leon, to lead off from Mr. Rapp's jurisdiction and government, a large body of the Economy Society. This count Leon we stated was an imposter from Germany, who pretended to be a messenger sent by Heaven for the especial purpose of regenerating the Germans at Economy, and establishing a Zion in the west. The means he took to inveigle the Economites were in keeping with his real character-and suffice it to say, were so ridiculous, so impious, so knavish, that no people but those he gained over, would for a moment treat them seriously. He promised to change rocks into gold; to cause rain or drought when he or his followers pleased; to dress all his believers in purple and fine linen,' and to make them fare sumptuously every day.' They be lieved him they thought, poor souls, that roasted pigeons would fy on their dinner table each day to be eaten-and that all they had to do was to eat, drink and be merry;" so they left Mr. Rapp and followed But like many other poor mor tals, they were doomed to disappointment. Roasted pi geons did not fly to them-clothes did not fall from the skies ready made for each of them, and worse than all, the rocks that were to have been changed to gold, were soon ascertained to be forty years too young. The Count found out this last fact, and with tears in his eyes informed his followers of it. By degrees things began to wear a bad appearance. Count Leon's followers, located at Philipsburgh, quarrelled with Rapp's followers, located at Economy, ten miles distant; both applied to lawyers, and lawyers, as a matter of course, fleeced both. The Philipsburger's were poorest and have broken first. The Count, with all his heavenly powers, has fled-taking with him a few particular friends. The rest of the Philipsburgh Society is dissolved, and Philipsburgh with its appur tenances is advertised for sale. Such have been the our hero Count Leon. consequences of blind fanaticism to the honest Germans THE PRESIDENT'S LETTER, CONTAINING HIS Read to the "abinet on the 18th of September, 1833. a favorable decision upon its pretensions. Those whom the Bank appears to have made its debtors for the special occasion, were warned of the ruin which awaited them, should the President be sustained, and attempts were made to alarm the whole people by painting the depression in the price of property and produce, and the general loss, inconvenience and distress, which it was represented would immediately follow the reelection of the President in opposition to the Bank. adversaries sought to force him, and frankly declared his unalterable opposition to the Bank as being both unconstitutional and inexpedient. Can it now be said that the question of a re-charter of the Bank was not decided at the election which ensued? Had the veto been equivocal, or had it not covered the whole ground-if it had merely taken exceptions to the details of the Bill, or to the time of its passage-if it had not met the whole ground of constitationality and expediency, then there might have been some plausibility for the allegation that the question was not decided by the people. It was to compel the President to take his sand that the question was brought forward at that particular time. He met the The President's convictions of the dangerous tenden-challenge, willingly took the position into which his cies of the Bank of the U. S. since signally illustrated by its own acts, were so overpowering when he enter ed upon the duties of Chief Magistrate, that he felt it his duty, notwithstanding the objections of the friends by whom he was surrounded, to avail himself of the first occasion to call the attention of Congress and the people to the question of its re-charter. The opinions expressed in his Annual Message of December, 1829, were reiterated in those of December, 1830, and 1831, and in that of 1830, he threw out for consideration, some suggestions in relation to a substitute. At the session of 1831-2, an act was passed by a majority of both houses of Congress re-chartering the present bank, upon which the President felt it his duty to put his constitutional veto. In his Message returning that act, he repeated and enlarged upon the principles and views briefly asserted in his Annual Messages, declaring the bank to be, in his opinion, both inexpedient and unconstitutional, and announcing to his countrymen, very unequivocally, his firm determination never to sanction by his approval, the continuance of that institution or the establishment of any other upon similar principles. There are strong reasons for believing that the motive of the Bank in asking for a re-charter at that session of Congress, was to make it a leading question in the election of a President of the United States the ensuing November, and all steps deemed necessary, were taken to procure from the people, a reversal of the President's decision. On that ground the case was argued to the people, and now that the people have sustained the president, notwithstanding the array of influence and power which was brought to bear upon him, it is too late, he confidently thinks, to say that the question has not been decided. Whatever may be the opinion of others, the President considers his re election as a decision of the people against the Bank. In the concluding paragraph of his Veto Message he said: "I have now done my duty to my country. If sustained by my fellow citizens, I shall be grateful and happy; if not, I shall find in the motives which impel me, ample grounds for contentment and peace." He was sustained by a just people, and he desires to evince his gratitude by carrying into effect their decision, so far as it depends upon him. even with the material difference that he is responsible to the people, would be as objectionable and as dangerous as to leave it as it is. Neither the one nor the other is necessary, and therefore ought not to be resorted to. Of all the substitutes for the present Bank, which have been suggested, none seems to have united any considerable portion of the public in its favour. Most of them are liable to the same constitutional objections for which the present bank has been condemned, and perhaps to all there are strong objections on the score of expediency. In ridding the country of an irresponsible power which has attempted to control the Government, care must be taken not to unite the same power with the Executive branch. To give the Presi dent the control over the currency and power over inAlthough the charter was approaching its termina-dividuals now possessed by the Bank of the U. States, tion, and the Bank was aware that it was the intention of the government to use the public deposite as fast as it accrued, in the payment of the public debt, yet did it extend its loans from January, 1831, to May, 1832, from $42,402,304 24, to $70,428,070 72, being an increase of $28,025,766 48 in sixteen months. It is confidently believed that the leading object of this immense extension of its loans, was to bring as large a portion of the people as possible under its power and influence; and it has been disclosed that some of the largest sums were granted on very unusual terms to conductors of the public press. In some of these cases, the motive was made manifest by the nominal or insufficient security taken for the loans, by the large amounts discounted, by the extraordinary time allowed for payment, and especially by the subsequent conduct of those receiving the accommodations. On the whole, the President considers it as conclusively settled that the charter of the Bank of the United States will not be renewed, and he has no reasonable ground to believe that any substitute will be established. Being bound to regulate his course by the laws as they exist, and not to anticipate the interference of the legislative power, for the purpose of framing new systems, it is proper for him seasonably to consider the means by which the services rendered by the Bank of the United States are to be performed after its charter shall expire. The existing laws declare, that "the deposites of Having taken those preliminary steps to obtain control the money of the United States, in places in which the over public opinion, the Bank came into Congress, and said Bank and branches thereof, may be established, asked a new charter. The object avowed by many of shall be made in said Bank, or branches thereof, unless the advocates of the Bank, was to put the President to the Secretary of the Treasury shall at any time otherthe test, that the country might know his final determi- wise order and direct, in which case the Secretary of nation relative to the Bank prior to the ensuing election. the Treasury shall immediately lay before Congress, if Many documents and articles were printed and circulat-in session, and if not immediately after the commenceed at the expense of the Bank, to bring the people to ment of the next session the reason of such order or direction." VOL. XII. 26 The power of the Secretary of the Treasury over the himself relieved from a heavy and painful responsibility deposites, is unqualified. The provision that he shall if in the charter of the Bank, Congress had reserved to report his reasons to Congress, is no limitation. Had it itself the power of directing, at its pleasure, the public not been inserted, he would have been responsible to money to be elsewhere deposited, and had not devolv Congress, had he made a removal for any other than good ed that power exclusively on one of the Executive reasons, and his responsibility now ceases, upon the Departments. It is useless now to inquire why this condition of sufficient ones to Congress. The only high and important power was surrendered by those object of the provision is to make his reasons accessible | who are peculiarly and appropriately the guardians of to Congress, and enable that body the more readily to the public money. Perhaps it was an oversight. But judge of their soundness and purity, and thereupon to as the President presumes that the charter to the Bank make such further provisions by law as the legislative is to be considered as a contract on the part of the Gopower may think proper in relation to the deposites of vernment, it is not now in the power of Congress to the public money. Those reasons may be very diversi- disregard its stipulations, and by the terms of that confied. It was asserted by the Secretary of the Treasury, tract the public money is to be deposited in the Bank, without contradiction, as early as 1817, that he had during the continuance of its charter, unless the Secre power "to control the proceedings" of the Bank of the tary of the Treasury shall otherwise direct. Unless, United States at any moment, by changing the de- therefore, the Secretary of the Treasury fisrt acts, Conposites to the State Banks;" should it pursue an illiber-gress have no power over the subject, for they cannot al course towards those institutions; that "the Secretary add a new clause to the charter, or strike out one of it of the Treasury will always be disposed to support the without the consent of the Bank; and consequently the credit of the State Banks, and will invariably direct public money must remain in that institution to the last transfers from the deposites of the public money, in aid hour of its existence, unless the Secretary of the Treaof their legitimate exertions to maintain their credit;"sury shall remove it at an earlier day. The responsbiliand he asserted a right to employ the State Banks when ty is thus thrown upon the Executive branch of the the Bank of the United States should refuse to receive Government, of deciding how long before the expira on deposite the notes of such State Banks as the public tion of the charter, the public interest will require the interest required, should be received in payment of the deposites to be placed elsewhere. And, although, acpublic dues. In several instances he did transfer the cording to the frame and principle of our government, public deposites to State Banks, in the immediate vicin- this decision would seem more properly to belong to ity of branches, for reasons connected only with the the legislative power, yet as the law has imposed it upsafety of those banks, the public convenience, and the on the Executive department, the duty ought to be interests of the Treasury. faithfully and firmly met, and the decision made and executed upon the best light that can be obtained, and the best judgment that can be formed. It would ill become the Executive branch of the Government to shrink from any duty which law imposes on it, to fix upon others the responsibility which justly belongs to itself. And while the President anxiously wishes to abstain from the exercise of doubtful powers, and to avoid all interference with the rights and duties of others, he must, yet, with unshaken constancy,discharge his own obligations: and cannot allow himself to turn aside, in order to avoid any responsibility which the high trust with which he has been honored requires him to encounter,and it being the duty of one of the Executive Departments to decide in the first instance, subject to the future action of the legislative powers, whether the public deposites shall remain in the Bank of the United States until the end of its existence, or be withdrawn some time before, the President has felt himself bound to examine the question carefully and deliberately in order to make up his judgment on the subject: and in his opinion, the near approach of the termination of the charter, and the public considerations heretofore mentioned, are of themselves amply sufficient to justify the removal of the deposites without reference to the conduct of the bank, or their safety in its keeping. If it was lawful for Mr Crawford, the Secretary of the Treasury, at that time, to act on these principles, it will be difficult to discover any sound reason against the application of similar principles in still stronger cases. And it is a matter of surprise that a power which, in the infancy of the bank, was freely asserted as one of the ordinary and familiar duties of the Secretary of the Treasury, should now be gravely questioned, and attempts made to excite and alarm the public mind, as if some new and unheard of power was about to be usurp ed by the Executive branch of the Government. It is but a little more then two and a half years to the termination of the charter of the present bank. It is considered as the decision of the country that it shall thence cease to exist, and no man, the President believes, has reasonable ground for expectation that any other Bank of the United States will be created by Congress. To the Treasury Department is entrusted the safe keeping and faithful application of the public moneys. A plan of collection different from the present, must therefore be introduced and put in complete operation before the dissolution of the present bank. When shall it be commenced? Shall no step be taken in this essential concern until the charter expires, and the Treasury finds itself without an agent, its accounts in confusion, with no depositary for its funds, and the whole business of the Government deranged? or shall it be delayed until six months, or a year, or two years, before the expiration of the charter? It is obvious that any new system which may be substituted in the place of the Bank of the United States, could not be suddenly carried into effect on the termination of its existence, without serious inconvenience to the Government and the people. Its vast amount of notes are then to be redeemed and withdrawn from circulation, and its im mense debt collected. These operations must be gradual, otherwise much suffering and distress will be brought upon the community. It ought to be not a work of months only, but of years, and the President thinks it cannot, with due attention to the interests of the people, be longer postponed. It is safer to begin it too soon, than to delay it too long. It is for the wisdom of Congress to decide upon the best substitute to be adopted in the place of the Bank of the United States; and the President would have felt But in the conduct of the Bank may be found other reasons very imperative in their character, and which require prompt action. Developments have been made from time to time of its faithlessness as a public agent, its misapplication of public funds, its interference in elections, its efforts, by the machinery of committees, to deprive the government directors of a full knowledge of its concerns, and above all, its flagrant misconduct as recently and unexpectedly disclosed in placing all the funds of the Bank, including the money of the Govern ment, at the disposition of the President of the Bank, as means of operating upon public opinion and procuring a new charter without requiring him to render a vouch er for their disbursement. A brief recapitulation of the facts will justify these charges, and which have come to the knowledge of the public and the President, will, he thinks, remove every reasonable doubt, as to the course which it is now the duty of the President to pur sue. We have seen, that in sixteen months, ending in May, 1833.] THE PRESIDENTS REASONS FOR REMOVING THE PUBLIC DEPOSITES. 1832, the Bank had extended its loans more than $28,000,000, although it knew the Government intend-in ed to appropriate most of its large deposites during that year in payment of the public debt. It was in May, 1832, that its loans arrived at the maximum-and in the preceding March, so sensible was the Bank, that it would not be able to pay over the public deposites when it would be required by the Government, that it com menced a secret negotiation without the approbation or knowledge of the Government, with the agents, for about $2,700,000 of the three per cent, stocks, held in Holland, with a view of inducing them not to come forward for payment for one or more years after notice should be given by the Treasury Department. This arrangement would have enabled the Bank to keep and use during that time the public money set apart for the payment of these stocks. 203 the conduct and condition of the Bank and its branches, order to enable the Executive Department to decide whether the public money was longer safe in its hands. The limited power of the Secretary of the Treasury over the subjects, disabled him from making the investigation as fully and satisfactorily as it could be done by a committee of the House of Representatives, and hence the President desired the assistance of Congress to obtain for the Treasury Department a full knowledge of all the facts which were necessary to guide his judg ment. But it was not his purpose, as the language of his message will show, to ask the Representatives of the people to assume a responsibility which did not belong to them, and relieve the executive branch of the Government from the duty which the law had imposed upon it. It is due to the President, that his object in that proceeding should be distinctly understood, and that he should acquit himself of all suspicion of seeking to escape from the performance of his own duties, or of desiring to interpose another body between himself and the people, in order to avoid a measure which he is called upon to meet. But although, as an act of justice to himself, he disclaims any design of soliciting the his own duties, in order to shelter himself from respon. sibility under the sanction of their counsel, yet he is at all times ready to listen to the suggestions of the representatives of the people, whether given voluntarily or upon solicitation, and to consider them with the profound respect to which all will admit that they are justly entitled. Whatever may be the consequences, how. ever, to himself, he must finally form his own judgment where the constitution and the law make it his duty to decide, and must act accordingly; and he is bound to suppose that such a course on his part will never be regarded by that elevated body as a mark of disrespect to itself; but that they will, on the contrary, esteem it the strongest evidence he can give, of his fixed resolu tion conscientiously to discharge his duty to them and the country. After this negotiation had commenced, the Secretary of the Treasury informed the Bank, that it was his intention to pay off one-half of the three per cents. on the the first of the succeeding July, which amounted to about $6,500,000. The President of the Bank, although the committee of investigation was then looking into its affairs at Philadelphia, came immediately to Washing-opinion of the House of Representatives in relation to ton, and upon representing that the Bank was desirous of accommodating the importing merchants at New York, (which it failed to do,) and undertaking to pay the interest itself, procured the consent of the Secretary, aftea consultation with the President, to postpone the payment until the succeeding first of October. Conscious that at the end of that quarter, the Bank would not be able to pay over the deposites, and that further indulgence was not to be expected of the Government, an agent was despatched to England secretly to negoti. ate with the holders of the public debt in Europe, and induce them by the offer of an equal or higher interest than that paid by the Government to hold back their claims for one year, during which the Bank expected thus to retain the use of $5,000,000 of public money, which the Government should set apart for the payment of that debt. The agent made an arrangement on A new state of things has, however, arisen since the terms, in part, which were in direct violation of the close of the last session of Congress, and evidence has charter of the Bank, and when some incidents connect- since been laid before the President, which he is pered with this secret negotiation accidentally came to the suaded would have led the House of Representatives to knowledge of the public and the government, then and a different conclusion, if it had come to their knowledge. not before, so much of it as was palpably in violation of The fact that the Bank controls, and in some cases subthe charter was disavowed. A modification of the rest stantially owns, and by its money supports some of the was attempted with the view of getting the certificates leading presses of the country, is now more clearly eswithout payment of the money, and thus absolving the tablished. Editors to whom it loaned extravagant sums Government from its liability to the holders. In this in 1831 and 1832, on usual time and nominal security, scheme the Bank was particularly successful, but to have since turned out to be insolvent, and to others ap this day the certificates of a portion of these stocksparently in no better condition, accommodations still have not been paid, and the Bank retains the use of the more extravagant, on terms more unusual, and sometimes without any security, have also been heedlessly granted. money. This effort to thwart the Government in the payment of the public debt, that it might retain the public money to be used for their private interests, palliated by pretences, notoriously unfounded and insincere, would have justified the instant withdrawal of the public deposites. The negotiation itself rendered doubtful the ability of the Bank to meet the demands of the Treasu ry, and the misrepresentations by which it was attempted to be justified, proved that no reliance could be placed upon its allegations. If the question of a removal of the deposits presented itself to the Executive in the same attitude that it appeared before the House of Representatives at their last session, their resolution in relation to the safety of the deposites would be entitled to more weight, although the decision of the question of removal has been confided by law to another department of the Government. But the question now occurs, attended by other circum. stances and new disclosures of the most serious import. It is true that in the message of the President, which produced this inquiry and resolution on the part of the House of Representatives, it was his object to obtain the aid of that body in making a thorough examination into The allegation which has so often circulated through these channels that the Treasury was bankrupt, and the Bank was sustaining it, when, for many years, there has not been less on an average, than six millions of public money in that institution, might be passed over as a harmless misrepresentation; but when it is attempted, by substantial acts, to impair the credit of the Government, and tarnish the honor of the country, such charges require more serious attention. With six millions of public money in its vaults, after having had the use of from five to twelve millions for nine years without inte. rest, it became the purchaser of a bill drawn by our Government on that of France for about nine hundred thousand dollars, being the first instalment of the French indemnity. The purchase money was left in the use of the Bank, being simply added to the Treasury deposite. The Bank sold the bill in England, and the holder sent it to France for collection, and arrangements not having been made by the French Government for its payment, it was taken up by the agents of the Bank in Paris with the funds of the Bank in their hands. Under these cir cumstances, it has, through its organs openly assailed |