power to move forward with accelerated pace, if
it be allowed to take the first step. The Bank of the United States, in
addition to the services rendered to the treasury, gave for its charter,
and for the use of the public deposits, a _bonus_ or outright sum of one
million and a half of dollars. This sum was paid by the bank into the
treasury soon after the commencement of its charter. In the act which
passed both houses for renewing the charter, in 1832, it was provided
that the bank, for the same consideration, should pay two hundred
thousand dollars a year during the period for which it was proposed to
renew it. A similar provision is in the bill which I asked leave to
introduce some weeks ago. Now, Sir, this shows that the custody of the
deposits is a benefit for which a bank may well afford to pay a large
annual sum. The banks which now hold the deposits pay nothing to the
public; they give no _bonus_, they pay no annuity. But this loss of so
much money is not the worst part of the case, nor that which ought most
to alarm us. Although they pay nothing to the public, they do pay,
nevertheless, such sums, and for such uses, as may be agreed upon
between themselves and the executive government. We are officially
informed that an officer is appointed by the Secretary of the Treasury
to inspect or superintend these selected banks; and this officer is
compensated by a salary fixed by the executive, agreed to by the banks,
and paid by them. I ask, Sir, if there can be a more irregular or a more
illegal transaction than this? Whose money is it out of which this
salary is paid? Is it not money justly due to the United States, and
paid, because it is so due, for the advantage of holding the deposits?
If a dollar is received on that account, is not its only true
destination into the general treasury of the government? And who has
authority, without law, to create an office, to fix a salary, and to pay
that salary out of this money? Here is an inspector or supervisor of the
deposit banks. But what law has provided for such an officer? What
commission has he received? Who concurred in his appointment? What oath
does he take? How is he to be punished or impeached if he colludes with
any of these banks to embezzle the public money or defraud the
government? The value of the use of this public money to the deposit
banks is probably two hundred thousand dollars a year; or, if less than
that, it is yet, certainly, a very great sum. Ma