commencement of the session of 1832-33, a grave and sober
doubt was expressed by the Secretary of the Treasury, in his official
communication, whether the public moneys were safe in the custody of the
bank! I confess, Gentlemen, when I look back to this suggestion, thus
officially made, so serious in its import, so unjust, if not well
founded, and so greatly injurious to the credit of the bank, and
injurious, indeed, to the credit of the whole country, I cannot but
wonder that any man of intelligence and character should have been
willing to make it. I read in it, however, the first lines of another
chapter. I saw an attempt was now to be made to remove the deposits of
the public money from the bank, and such an attempt was made that very
session. But Congress was not to be prevailed upon to accomplish the end
by its own authority. It was well ascertained that neither house would
consent to it. The House of Representatives, indeed, at the heel of the
session, decided against the proposition by a very large majority.

The legislative authority having been thus invoked, and invoked in vain,
it was resolved to stretch farther the long arm of executive power, and
by that arm to reach and strike the victim. It so happened that I was in
this city in May, 1833, and here learned, from a very authentic source,
that the deposits would be removed by the President's order; and in
June, as afterwards appeared, that order was given.

Now it is obvious, Gentlemen, that thus far the changes in our financial
and fiscal system were effected, not by Congress, but by the executive;
not by law, but by the will and the power of the President. Congress
would have continued the charter of the bank; but the President
negatived the bill. Congress was of opinion that the deposits ought not
to be removed; but the President removed them. Nor was this all. The
public moneys being withdrawn from the custody which the law had
provided, by executive power alone, that same power selected the places
for their future keeping. Particular banks, existing under State
charters, were chosen. With these especial and particular arrangements
were made, and the public moneys were deposited in their vaults.
Henceforward these selected banks were to operate on the revenue and
credit of the government; and thus the original scheme, promulgated in
the annual message of December, 1829, was substantially carried into
effect. Here were banks chosen by the treasury; all