The Massachusetts spy. [volume] (Worcester [Mass.]) 1821-1823, 1822-01-02
HOUSE OF REPRESENTATIVES.

THURsDAg, DEC. 90.-qhe bill for the re-
lief OF certain purchasers of Publick Lands,
Has taken up IN Committee of the whole, and
some debate eusued, when the Committee re-
ported and had leave to sit again. A bill ex-
tending the tine Ter the redemption of lands
sold under the drect tax, and a bill continu-
ing the act providing for persons disabled by
Known wounds received in the revolutionary
war, passed the third reading. A Resolution
6y Mr.. Wright. for paying the funeral charges
OF the late door-SeePcr, was rejected.
Revolutionary Pensioners
MIR. Cushman laid the following Resolution
ON the table -
Resolred, That the Committee on Revolu-
tionary Pensions be directed to inquire into
the expediency Of revising the pension law
of.March 13, 1915, or of so modifying it. that.
by lessening the quantum of bounty to indi-
viduals, its provisions may be extended to GER
tain descriptions of revolutionary soldiers, in
reduced and necessitous circumstances, and
Lot absolutely dependent on publiek or p:i,
vate charity,
United States Bank.
Mr.. Golden submitted the following Re-
Resolred, That the Committee to whom
was referred the memorial Of the Bank of the
United States, be directed to inquire and re-
port 10 this House, whether the said Bank is
not in the practice of taking more than six
per cent per annrm for OF upon its loans or
discounts.
Mr., Golden stated the object Of the Rcso-
luton to be, to inquire and ascertain wheth
the Bank of the United States had net vioIat-
cd its charter. tie had been informed
by good authority, that, from its FIRST establish
1nent to the present time, the Bank had bsen
IA the habit of requiring and receiving great
er interest than six per cent. to which it is
limited BY the charter. The manner in witch
this was done, was by miscal ation of time,
giving TO the year only 800 HG<ys, instead =
500. This might, at FIRST, appear to be an uu-
Important matter; but it would be found on
calculation, that, upon the discounts made at
that Bank, the difference in seventy wears
would amount to a sum equal to the whole
capital OF the Bank. 1t was trne, that the
CHARTER limited the duration Of the Bank to
thirty years but it was equally true, that it
looked forward to a renewal of its charter. and
would probably be able to accomplish its
object.
Mr. Little opposed the Resolution. II the
gentleman from Newly orlz had documents to
prove the fact upon the Bank, it would be most
proper to issue quo warranto, and summon
the Institution to appear and show cause why
its violated charter should not be taken from it.
MIR. Tucker, Of Virginia, rose to inquire of
the mover If he had other proof with respect
to the taking OF a greater interest than six per
cent. except such as grew out of the substitu-
tion of 300 days for 365, in their calculations
Of annual interest.
Mr.. Golden replied that he had |; for he al
so understood that they took the interest OF 81
days on loan for 60 days.
Mr.. Tucker believed there were few. if any.
banking institutions that did not violate the
literal construction of their charters. If the
Bank OF the United States, in this particular.
were usurers, 50 were the State Banks; and IL
we undertake TO unsettIe the custom, the
whole country will be put Into comrotion.-
The excess which these nice calculations Gre
ated were small in amount, and dc nsi,nnais MN
cnrat hT- The banks lend tier money at go
days. As The year consists Of 365 days, the
5 odd dngs must be Loot by the Bank or the
borrower; and il has been generally admitted
that the fraction should be calculated in favour
of the Bank. In view OF all these considera-
tions he did not think ii was expeditut Tor
Congress to interposs on the occasion.
Mr. Randolph leit under Obligation TO the
gentleman from New York, for bringing The
sur jet in question under the consideration of
Congress. 10 bis opinion ii was entitled to Sc