On the whole, the President considers it as conclusively settled that
the charter of the Bank of the United States will not be renewed, and
he has no reasonable ground to believe that any substitute will be
established. Being bound to regulate his course by the laws as they
exist, and not to anticipate the interference of the legislative power
for the purpose of framing new systems, it is proper for him seasonably
to consider the means by which the services rendered by the Bank of the
United States are to be performed after its charter shall expire.

The existing laws declare that--

The deposits of the money of the United States 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, in which case the Secretary of the
Treasury shall immediately lay before Congress, if in session, and, if
not, immediately after the commencement of the next session, the reasons
of such order or direction.

The power of the Secretary of the Treasury over the deposits is
_unqualified_. The provision that he shall report his reasons to
Congress is no limitation. Had it not been inserted he would have been
responsible to Congress had he made a removal for any other than good
reasons, and his responsibility now ceases upon the rendition of
sufficient ones to Congress. The only object of the provision is to make
his reasons accessible to Congress and enable that body the more readily
to judge of their soundness and purity, and thereupon to make such
further provision by law as the legislative power may think proper in
relation to the deposit of the public money. Those reasons may be very
diversified. It was asserted by the Secretary of the Treasury, without