present action is deemed premature, and the powers conferred upon its agent, not only unnecessary, but dangerous to the Government and country."

By the Constitution, the President has the power to recommend to the consideration of Congress such measures as he may deem necessary or expedient, and may veto the bills which Congress may pass. But whence does he derive the right to initiate legislative measures? This is, indeed, to assume all legislative power; to concentrate it, in its commencement and termination; and, if permitted, would render useless the election and annual sessions of Congress. This initiation of the laws is a relic of monarchical power, which absolute princes most reluctantly surrendered. Without the right to initiate laws, it is obviously impossible for the people to attain the great end of government, the establishment of their happiness. Every enjoyment flowing from legislation, must be the grant of executive favor. But to make consultation with the Executive, a pre-requisite to the non user of the veto power, is to take from Congress the effectual right to begin any legislative measure.

399. But there is another very extraordinary feature in the extract we have last made from the veto on the Bank bill. The advisers of the President, have made him assert, that, neither the wishes nor necessities of the Executive Department required the continuance of the Bank. Now the Treasury Department is claimed by the President as an executive department; and the proper organ of that department, the Secretary of the Treasury, at the commencement of this very session of Congress, urged upon the Legislature, not only the necessity of a Bank, but the renewal of the charter of the existing Bank. Never did any administration, in any country, display, greater inconsistency, than exists between the annual report of the Secretary of the Treasury and the veto message.

The President denies the constitutionality of the existing charter, and assumes the right, though the Supreme Court and Congress have passed upon that question, to support the Constitution only as he understands it, and not as has been settled, by all the constituted authorities of the land. Mr. McLane replies, iu the very teeth of this unwarrantable assumption, "It (the Bank) has, moreover, the sanction of the Executive, Legislative and Judicial authorities, and of a majority of the people of the United States, from the organization to the present time." "And it is be

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lieved, that in free and enlightened States, the harmony, not less than the welfare of the community is best promoted by receiving as settled, those great questions of public policy in which the constituted authorities have long concurred."

The President denies the expediency of the Bank; the Secretary says, "The indispensable necessity of such an institution, for the fiscal operations of the Government, in all its departments, for the regulation and preservation of a sound currency, for the aid of commercial transactions, generally, and even for the safety and utility of the local Banks, is not doubted, and, as is believed, has been shown, in the past experience of the Government, and in the general accommodation and operations of the present Bank." Again: “It must be admitted, that the good management of the present Bank, the accommodation it has given the Government, and the practical profits it has rendered to the community, and the advantages of its present condition, are circumstances in its favour, entitled to great weight, and give strong claims upon the consideration of Congress, on any future legislation upon the subject." And again: "To these may be added the knowledge the present Bank has acquired of the business and wants of the various portions of this extensive country; which being the result of time and experience, is an advantage it must, neccessarily, possess over any new institution."

The President says, the time allowed to the present Bank for closing its concerns, is ample, and if it has been well managed, its pressure will be light. The Secretary responds: "The facilities of capital actually afforded by the present institution to the agricultural, commercial and manufacturing industry of all parts of the Union, could not be withdrawn. even by transferring them to another institution, without a severe shock to each of those interests, and to the relations of society, generally.

400. But, yet, another feature, which, in arrogance, has never been surpassed. By what right dares the Executive to impugn the motives of the Legislature, to insinuate that the representatives of the people are influenced by private motives, in the performance of their public duties? The intimation, that the members of Congress were influenced by private motives in the passage of the act, flowed, doubtless, from the same wanton spirit of arrogance, which, subsequent1y, induced him to declare, that a majority of Congress had

been purchased by the Bank. Had not every sense of national dignity been merged in the interests of party, means would have been found by the Legislature to have made the Executive repent of this daring and unparalleled insult.

401. Although the flood-gates of party violence had been opened upon the Bank, in its corporate capacity and upon its officers, individually, and its acts had been grossly misrepresented by the members of the party, in Congress, by its hundred presses and by its orators in the primary meetings of the people, the administration had not yet ventured to make any definite charge of misconduct against the institution. But the voice of the nation, so far as it could be, legitimately, known, was favourable to the Bank. Vague charges of mismanagement had not rendered the people adverse to the institution; measures of more direct nature were deemed necessary, and the desperate and damnable charge of insolvency was preferred against it, by the President of the United States, and Mr. McLane, Secretary of the Treasury, in December, 1832.

Never did party resort to a more false and more reckless denunciation. Had there been any ground to doubt, the solvency of the Bank, ordinary and honest regard for the rights and reputation of others would have restrained their publication until actual inquiry had confirmed them. Had a responsible individual, in private life, thus attacked the commercial credit of an established house, the merchants upon 'Change would have withered the calumiator with their abiding scorn, and the courts of justice would have branded him as a slanderer, and have taught him discretion, at the cost of half his substance. Surely, the laws of morality are not less obligatory upon the first functionaries of the nation.

At the very moment these official slanders were written, an agent, delegated by the Treasury, was investigating the actual condition of the Bank; and, a few hours after the slanders were promulgated, reported, in the most unqualified terms, upon its solvency, showing that "the liabilities of the Bank amounted to $37,296,950 20, and the fund to meet them to $79,593,870 97: making an excess of $42,296,920 77.”!!! What other Bank could have withstood such an assault? If, in England or France, such a blow had been stricken by the Government, against the national Bank, it must have been ruined. But Congress, upon this, as upon previous occasions, did justice to the Bank; reproving the calumny against it, by a vote of the House, 109 to 46, declaring "that the govern

ment deposits may, in the opinion of the House, be safely continued in the Bank of the United States."

Subsequent events have demonstrated, that, the purpose of the administration, in making this groundless and unprincipled charge, was to obtain unrestrained power over the treasures of the nation, by the intervention of Congress. Had not a presidential election been pending, it is probable, that, this intervention would not have been sought, but that, the bold measure, subsequently pursued, would have, then, been resorted to. When the re-election, of President Jackson, was ensured, the sense of the nation, so lately, and so unanimously expressed, upon the solvency and,efficiency of the Bank, was openly contemned and derided, and the representatives of the people denounced, by the President, as corrupted by the institution. Let us suppose for a single instant, that, the constitutional King of England or France, should thus insult the representatives of the nation. Does any doubt, who is familiar with the regenerated spirit of these countries, that measures would be taken to compel more respect and consideration for the people? Yet our Congress, swayed by a party devoted to the Executive, has pocketed the reproach, has fawned upon the foot that spurned it. With the conviction thus felt and expressed, that on this subject the opinion of Congress was, and would be, against him, the President resolved upon a coup d'etat, a bold violation of law, by which the public treasure should be taken from the legal depositary and put, absolutely, at his discretion. A measure, that would have been productive of insurrection in any other free country on earth, but which has been borne by the American people, in the confidence that the salutary power of the elective franchise would furnish redress.

CHAPTER XVII.

WAR ON THE BANK CONTINUED-SEIZURE OF THE PUBLIC TREASURE BY THE EXECUTIVE.

402. Among the prominent objects to be attained by a Bank of the United States-was a safe and convenient depositary for the public funds. The first Bank, incorporated 25th of February, 1791, furnished a safe place of deposite almost as soon as the Government had a dollar to guard; and, though not required by law, it became and continued, the depositary, with inconsiderable exceptions, until its extinction, in 1811. Upon that event, the public funds were deposited, wherever, the Secretary of the Treasury deemed most convenient. The right so to do, is derived, by implication, from the acts of 1789 and 1792, authorizing the Secretary to superintend the collection of the revenue, and to direct the superintendence of the collection of the duties on imports and tonnage, as he shall judge best. A wider power, obtained from construction, is not to be found under our Government; nor, as events have shown, is there any susceptible of greater abuse. The single-mindedness of Mr. Madison, which admitted no idea of personal or party interest to mingle with his patriotism-the integrity and intelligence of Messrs. Gallatin, Dallas and Crawford, which left no doubt of the purpose, for which they used their powers-the war of 1812, which, gave superabundant employment, to all departments of the Government, prevented inquiry into the legality of power, which, if, unwarrantably, assumed, had not been abused. When that war, so disastrous to the finances of the country, imposing upon it the pecuniary burdens which have just been removed, in consequence of the want of a national Bank, was terminated, a proper and safe depositary was provided by law for the public funds in the present Bank, in nine-tenths of the places where they are accumulated. For their disposition, in the remaining tenth, there seems to have been little regard; and they may have been supposed, in the custody of the proper officer, the Treasurer.

403. The act incorporating the Bank of the U. States, section 15, provides, that, during the continuance of the act, and