In his annual message, at the opening of the session, Jackson announced to Congress that the Secretary of the Treasury had, by his orders, removed the public moneys from the Bank of the United States, and deposited them in certain state banks.
The spirit of Mr. Adams kindled at this usurpation, and he gave eloquent utterance to his indignation. Among the remonstrances to Congress against this act of President Jackson, one from the Legislature of Massachusetts was sent to him for presentation. In his attempt to fulfil this duty he was defeated three several times by the address of the Speaker of the House, and finally deprived of the opportunity by the previous question. He immediately published the speech he had intended to deliver, minutely scrutinizing the President's usurpation of power. The removal of the deposits, and the contract with the state banks to receive those deposits, he asserts were both unlawful; and the measure itself neither lawful nor just—an arbitrary act, without law and against law. He then proceeds to analyze the whole series of documents adduced by the Secretary of the Treasury, and by the Committee of Ways and Means in his aid, as precedents to justify the removal of the deposits, and concludes a lucid and laborious argument with, "I have thus proved, to the very rigor of mathematical demonstration, that the Committee of Ways and Means, to bolster up the lawless act of the Secretary of the Treasury, in transferring public moneys from their lawful places of deposit to others, in one of which, at least, the Secretary had an interest of private profit to himself, have ransacked all the records of the Treasury, from its first institution in July, 1775, to this day, in vain. From the whole mass of vouchers, to authenticate the lawful disposal of the public moneys, which that department can furnish, the committee have gathered fifty pages of documents, which they would pass off as precedents for this flagrant violation of the laws, and not one of them will answer their purpose. One of them alone bears a partial resemblance to the act of the present secretary; and that one the very document adduced by the committee themselves pronounces and proves to be unlawful."
After some remarks upon the office of Secretary of the Treasury, and the legal restraints upon it, he proceeds: "I believe both the spirit and the letter of this law to have been violated by the present Secretary of the Treasury when he transferred the public funds from the Bank of the United States to the Union Bank of Baltimore, he himself being a stockholder therein. And so thorough is my conviction of this principle, and so corrupting and pernicious do I deem the example which he has thereby set to future Committees of Ways and Means, to cite as precedents for yet ranker rottenness, that, if there were a prospect of his remaining in office longer than till the close of the present session of the Senate, I should deem it an indispensable, albeit a painful, duty of my station, to take the sense of this house on the question. And, sir, if, after this explicit declaration by me, the chairman of the Committee of Ways and Means has not yet slaked his thirst for precedents, he may gratify it by offering a fifth resolution, in addition to the four reported by the committee, as thus: Resolved, that the thanks of this house be given to Roger B. Taney, Secretary of the Treasury, for his pure and disinterested patriotism in transferring the use of the public funds from the Bank of the United States, where they were profitable to the people, to the Union Bank of Baltimore, where they were profitable to himself."
He then proceeds to show, in a severe and searching examination of the proceedings of this secretary, that the transfers were utterly unwarrantable; that he tampered with the public moneys to sustain the staggering credit of selected depositaries, and "scatter it abroad among swarms of rapacious political partisans." After stating and answering all the charges brought by the Secretary of the Treasury against the Bank of the United States, and showing their falsehood or futility, he declares all the proceedings of the directors of the bank to have been within the pale of action warranted by the laws of the land; and, so long as they do this, "a charge of dishonesty or corruption against them, uttered by the President of the United States, or by the Secretary of the Treasury, is neither more nor less than slander, emitted under the protection of official station, against private citizens. This is both ungenerous and unjust. It is the abuse of the shelter of official station to circulate calumny with impunity."
Mr. Adams next examines and severely reprobates the declaration of the President of the United States, that, "if the last Congress had continued in session one week longer, the bank would, by corrupt means, have procured a re-charter by majorities of two thirds in both houses of Congress;" and declares the imputation as unjust as it was dishonorable to all the parties implicated in it. He did not believe there was one member in the last Congress, who voted against re-chartering of the bank, who could have been induced to change his vote by corrupt means, had the president and directors of the bank been base enough to attempt the use of them. "That the imputation is cruelly ungenerous towards the friends of the administration in this house, is," said Mr. Adams, "my deliberate opinion; and now, when we reflect that this defamatory and disgraceful suspicion, harbored or professed against his own friends, supporters, and adherents, was the real and efficient cause (to call it reason would be to shame the term), that it was the real motive for the removal of the deposits during the recess of Congress, and only two months before its meeting, what can we do but hide our heads with shame? Sir, one of the duties of the President of the United States—a duty as sacred as that to which he is bound by his official oath—is that of maintaining unsullied the honor of his country. But how could the President of the United States assert, in the presence of any foreigner, a claim to honorable principle or moral virtue, as attributes belonging to his countrymen, when he is the first to cast the indelible stigma upon them? 'Vale, venalis civitas, mox peritura, si emptorem invenias,' was the prophetic curse of Jugurtha upon Rome, in the days of her deep corruption. If the imputations of the President of the United States upon his own partisans and supporters were true, our country would already have found a purchaser."
"That this was the true and efficient cause," Mr. Adams proceeds, "of that removal, is evident, not only by the positive testimony of Mr. Duane, but from the utter futility of the reasons assigned by Mr. Taney. Mr. Duane states that, on the second day after he entered upon his duties as Secretary of the Treasury, the President himself declared to him his determination to cause the public deposits to be removed before the meeting of Congress. He said that the matter under consideration was of vast consequence to the country; that, unless the bank was broken down, it would break us down; that, if the last Congress had remained a week longer in session, two thirds would have been secured for the bank by corrupt means; and that the like result might be apprehended the next Congress; that such a state bank agency must be put in operation, before the meeting of Congress, as would show that the United States Bank was not necessary, and thus some members would have no excuse for voting for it. 'My suggestions,' added Mr. Duane, 'as to an inquiry by Congress, as in 1832, or a recourse to the judiciary, the President repelled, saying that it would be idle to depend upon either; referring, as to the judiciary, to the decisions already made as indications of what would be the effect of an appeal to them in future.'
"These, then," continued Mr. Adams, "were the effective reasons of the President for requiring the removal of the deposits before the meeting of Congress. The corruptibility of Congress itself, and the foregone decisions of the Supreme Court of the United States, were alike despised and degraded. The executive will was substituted in the place of both. These reasons had been urged, without success, on one Secretary of the Treasury, Louis McLane. He had been promoted out of office, and they were now pressed upon the judgment and pliability of another. He, too, was found refractory, and displaced. A third, more accommodating, was found in the person of Mr. Taney. To him the reasons of the President were all-sufficient, and he adopted them without reserve. They were all summed up in one,—'Sic volo, sic jubeo, stet pro ratione voluntas.'
"It is to be regretted that the Secretary of the Treasury did not feel himself at liberty to assign this reason. In my humble opinion it ought to have stood in front of all the rest. There is an air of conscious shamefacedness in the suppression of that which was so glaringly notorious; and something of an appearance of trifling, if not of mockery, in presenting a long array of reasons, omitting that which lies at the foundation of them all.
"The will of the President of the United States was the reason paramount to all others for the removal, by the Secretary of the Treasury, of the deposits from the Bank of the United States. It was part of his system of simplifying the machine of government, to which it was admirably adapted. It placed the whole revenue of the Union at any time at his disposal, for any purpose to which he might see fit to apply it. In vain had the laws cautiously stationed the Register, the Comptroller, the Treasurer, as checks upon the Secretary of the Treasury, so that the most trifling sum in the treasury should never be accessible to any one or any two men. With a removal of the deposits and a transfer draft, millions on millions may be transferred, by the stroke of the pen of a supple and submissive Secretary of the Treasury, from place to place, at home and abroad, wherever any purpose, personal or political, may thereby be promoted.
"To this final object of simplifying the machine two other maxims have been proclaimed as auxiliary fundamental principles of this administration. First, that the contest for place and power, in this country, is a state of war, and all the emoluments of office are the spoils of victory. The other, that it is the invariable rule of the President to reward his friends and punish his enemies."