Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-10-06

this moment filing splendid foreign miss
ion. He left the world to Judge OF the mo-
tivcs which Influenced such a course OF ac-
ton. He expressed himself as willing TO
embrace every Senator as n brother who
could point out mode Of escaping from the
gloom around us.
He then proceeded 10 examine in detail
the various measures brought forward and
proposed to be submitted. The Banking
law as recommended by the President, he
was totally against, as unconstitutional IN re-
ference to the States. But in particular he
denounced the Bill relative TO the Banks oil
the District of Columbia, which made it an
ndiciabe offence for any individual to take
the only currency he could get. lie took a
view ofthe effect OF the Bill TO postpone the
transfer ofihe 9TH instalmeni Of the surplus
revenue. Suit was to be commenced against
Banks which did not meet the demands OF
the Treasury; and thus the Banks in the
South and West, and he knew il 10 be so in
Kentucky. would be subjected TO an interest
Of IL to lS per cent. on the amount Of their
debts from the time OF the demand. In re-
gard to the establishment of a currency Of
the precious metals, he asked in the FIRST
place lift was desirable. He laid It down
that there is not sufficient amount of specie
in the world to carry on all the commercial
business of the world; nor in this country
was there sufficient for all the commercial
business of the country.
The sum required for the city of New
York alone, would be two millions day
Ii would therefore tend only TO cripple and
embarrassthe Banks, inducing them TO en-
large when they have most specie, and cur
tail when they have the least. He express
ed his establishment that a distinguished
Senator should have declared himself favor
able TO any issue ofpaper which was unre-
small potion Of unredeemable paper would
be beneficial, but there was great danger 20
be apprehended if the Government shall set
an example OF this character. He adverted
10 the unredeemable issues Of the Common
wealth Of Kentucky Bank; that paper depre
ciated rapidly, the depreciation being in pro-
portion to its amount; but as the issues be-
came diminished. the depreciation also be-
came diminished, and has now almost got
up to par.
But il desirable 10 establish hard mon
money currency i, is impracticable. There
was no power in the general Government to
What then does it become us to do2 Does
not wisdom point out that we shall modu-
late our legislation so as to conform to
state ofihings which it is not in our power
to charge.
The question being on MrKiug's motion to
postpone the bill until December next, il
was taken, without further debate, and deci-
ded in the negative, as follows: Yeas 10.
Nays 81.
In the House. Mr. Cambreleng, from the
Committee on Ways and Means, reported
The following resolution Resolved, that i,
lie did not offer this for discussion, but
for decision. The unanimity Of the report
showed, he said, that a dark cloud hung o.
yer the prospect Of the friends of a national
bank. He wanted the yeas and nays upon
il.
Mr. Everett said no opponent Of the adj
minls,ra,ton, and no friend TO a National
Bank, and no one who sincerely wished to
relieve the country from its distresses and
misrule, would think j, expedient 10 pro-
pose a National Bank, until we should
have Congress two thirds of which should
be in favor Of National Bank.
Mr. Mercer moved TO lay the resolution
on the table, yeas 80, nays 1872
On motion of Mr. Cambreleng, the House
took up the orders of,he day.
Senate. Tuesday, Sept 90. The Senate
adopted the resolution to close the present
session on Monday, the 9th of October
Memorials were presented by Mr.. Allen,
from Ohio, demonstrating against the annex
alton OF Texas TO the union, which were laid
on the table
NATIONAL BANK.
The resolution reported by the committee
OF finance, declaring il inexpedient 10 estab.
llsha national bank. Mr. Clay objected TO
The negative character of this proposjtion.
and moved to amend by inserting provis.
ION. that whenever il is shown a clear ma.
!ority of the people of the United States are
in favor of a Bank of the United States il
ought TO be established.
Mr Webster moved to postpone the whole
subject till Monday next
Mr. Preston said he should prefer that the
resolution should be postponed for period
much longer He thought this PROPOSE
ION TO cut of one of the remedies proposed
md proposed from a very distinguished
quarter in the Senate [Mr Clay.
He moved 10 postpone the whole subject
or ten days. The motion was lost, ayes Is
loes 80.
Mr. Talmadge moved to amend Mr. Claws
esoiuiion by striking out the whole, and in
er'ing resolution declaring lhatn the o.
union oil the Senate, majority of the peo.
lie q q IL Il