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![handle is hein.trials/acet0001 and id is 1 raw text is: 23d CONGRESS, Doe. No. 2. ] Ho. oF REPS.
1st gession. Treas. Dept.
REMOVAL OF PUBLIC DEPOSITES.
I'TTER
F ItO 3t
THE SECRETARY OF THE TREASURY,
TRA\-NITTUNG
A Report upon the subjec of the Removal of the Ptbiic Deposites from
the, Bank of the United States.
DEcEMbBER 4, 1833.
Read, amd laid upon the table.
TREASURY DI PARTMENT,
December 3, 1833.
To the Hlon. ANDiww STEVEISON,
Speak6r of -the House of Representatives:
SIR: *In pursiance of the power reserved to the Secretary of the Trea-
spry by the act of Congress entitled An act to incoi-porate the subscrib-
ers to the Bank of the United States, I have directed that the deposites
of the money of the United States shall not be made in the said bank or
branch'es thereof, but in certain State banks which have been designated
for that purpose.; and I now )roceed lo lay before Congress the reasons.
which induced me to give this order and direction.
The sixteenth section of the law .above mentioned is in the following
words : And be it further enacted, that the deposites of the money. of the
United Statcs, in places in-which the said bank and branches thereof may
be established, shall be made in said bank or branches thereof, unless the
Secretary of the Treasury shall at any time otherwise order and direct ;.il
which case, the Secretary of the Treasum shall immediately lay before
Congress, if in- session' azId if not, immediately after the conimencemelit
of the next session, the reasons of such order or direction.
It has been settled by repeated adjudicationls, that a charter granted by a
State to a 4 orporation likq that of the Bank of the United States is a con-
tract between the sovereignty which grants it, and the stockholders. The
same principle must apply to a charter granted by the United States ; and'
consequently the act incorporating the bank is to be rega'rded as a con-
tract between the United*States of the one part, and the stockholders of
the other ; and by the plaiih terms of the co-ntract, as contained in the see-
tion above quoted, the stockholders have agreed that the power reserved
to the Secretary over the deposites shall not be restricted to any-particu-
lar conti*ngenciesxbut be absolute and unconditional, as far as their interests
are involved in the removal. The order, therefore, of. the Secretary of](ViewImageLocal?handle=hein.trials/acet0001&div=1&collection=&method=preview&ext=.png&size=3)