Louisville, in 1819, were made
with the approbation of the President and by his authority. They show
that upon all important questions appertaining to his Department,
whether they related to the public deposits or other matters, it was
the constant practice of the Secretary of the Treasury to obtain for
his acts the approval and sanction of the President. These acts and the
principles on which they were founded were known to all the departments
of the Government, to Congress and the country, and until very recently
appear never to have been called in question.

Thus was it settled by the Constitution, the laws, and the whole
practice of the Government that the entire executive power is vested
in the President of the United States; that as incident to that power
the right of appointing and removing those officers who are to aid
him in the execution of the laws, with such restrictions only as the
Constitution prescribes, is vested in the President; that the Secretary
of the Treasury is one of those officers; that the custody of the public
property and money is an Executive function which, in relation to the
money, has always been exercised through the Secretary of the Treasury
and his subordinates; that in the performance of these duties he is
subject to the supervision and control of the President, and in all
important measures having relation to them consults the Chief Magistrate
and obtains his approval and sanction; that the law establishing the
bank did not, as it could not, change the relation between the President
and the Secretary--did not release the former from his obligation to
see the law faithfully executed nor the latter from the President's
supervision and control; that afterwards and before the Secretary did
in fact consult and obtain the sanction of the President to transfers
and removals of the public deposits, and that all departments of the
Government, and the nation itself, approved or acquiesced in these acts
and principles as in strict conformity with our Constitution and laws.

During the last year the approaching termination, according to the
provisions of its charter and the solemn decision of the American
people, of the Bank of the United States made it expedient, and its
exposed abuses and corruptions made it, in my opinion, the duty of the
Secretary of the Treasury, to place the moneys of the United States in
other depositories. The Secretary did not concur in that opinion, and
declined givin