The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-10
HOUSE OF REPREsESTArrvEs.


And the Senate adjourned
HOUSE OF REPRESENTATIVES,.
EVENING SESSION.
FaiDAY, October6
TREASURY NOTES
The HOUSE resumed the consideration Of the bill
to authorize the issue Of Treasury notes
The question being on the following amen iment
moved on Thursday by Mr. UNpERwooD. viz.
That the Secretary Of the Treasury be authorized 10
sell and ransero the purchaser purchasers the bonds
evidences Of debt executed BY the President Direc
tors and Company OF the Bank Of tho United States Of
Pennsy vana for and consideration of the stock held
by the United States IN the late Bank OF the United
States. and to apply the money arising from such sale
and transfer in payment Of any demands upon the 1rea
sury Popidsd hoissuer, That no sale aud transfer Of
said bonds evidences of debt shall be made for less
than the nominal amount Of said bonds or evidences
Of debt, exclusive OF interest.
The debate was continued.
MIR. CAMBRELENG said that the effect Of the
amendment would be TO place the Government in the
absolute power OF the Bank Of the United States.
Mr.. HOPKINS, Of Virginia, said he could not con-
ceive how.
Mr. CAMBRELENG said that the bank, BY its agent,
would bid in these bonds there would be other bid
der, unless II wero some foreign capitalist.
Mr.. HOPKINS then addressed the House at length,
and with much animation, in favor of the amendment,
and in opposition TO the original bill, going
tabish Executive currency The fears Of the gen.
teman from New York were idle neither the bank
foreign capitalists could get these bonds till got
the gold and silver.
Mr. WISE complinented Mr. H. as genuine, indie
pendent Conservative, and quoted the recommendation
Of Gen Jackson TO sell the stock Of the Bank Of the
United States Gentlemen, however, were still for
holding on TO connection with The monster.
Mr., UNDERWOOD spoke for some time in vindca-
ton Of his course and in reply to objections
which had been thrown out against it.
Mr.. HAYNES replied to Mr.. Wise, that the sale OF
the bank stock severed all connection Of the Govern
ment with the bank partnership concerns bnt that
no reason Government ought not still to hold the
bonds Of that institution taken payment for the stock
Mr.. WISE said that these bonds mere liqui-
daon Of the account Of value Of The stock and, while
the Government held them, the connection still ccntinu-
ed has tough il held the stock
Mr., MCKAY would have no objection to the sale OF
these bonds if it could be done fairly, for their full
lue; but this would take time, and the Treasury must
have immediate relief He denied that the bill was de-
ceptive every man, reading il, must perceive it
a bill for loan what else il!
Mr.. ROBERTSON addressed the House at large, in
opposition to the hill inveghng against the policy Of
Government bank and insisting that the measure
unnecessary would be pernlcious and dangerous
MIR. LEGARE, Of South Carolina, followed in reply,
denying that these Treasury notes strictly bills Of
credit, and insisting the right Of Government issue
them evidences Of debt if for bona file federal pur
poses, but not otherwise He was in favor Of making
then without interest, and conended that, curren-
Cyl they would be better than gold and silver.
MIR. PATTON next took the floor, in reply to re-
marks which had fallen from Mr.. CAMRRELENe ques-
onng his capacity to comprehend the operation Of the
amendment, which he retorted with some warmth. and
then went into argumentatve speech in favor Of the
amendment, and against the bill.
Mr.. GUSHING, of Massachusetts, followed, in re-
ply to Mr.. LEeARE. He quoted Judges Story, Mar
SHALL and other authorities, show that Treasury
were bills OF credit
Mr.. FOSTER, Of N. Y, replied arguing that Trea-
sury notes. become bills Of credit must be issued
circulating medium. He denied that high or low
rate or interest altered the He argued length
against the amendment.
MIR MENIFEE, of Kentucky, addressed the House
at large, eloquent and earnest speech, against the
bill
THE debate able and Interestingly and the
speeches will be given at large as soon as they can be
Mr. CUSHMAN, Of N. H.. terminated the discus
sion by calling for the previous question.
The CHAIR stated that if il should prevail, the main
question would be on the House bill first reported
from the Committee of Ways and Means. GCuttng
off, OF course, Mr. CAMBRELENe's amendment, which
engraed the Senates bill the enactng clause Of the
House bill.
On the question Of sustaining the call for the previous
question there tie the ayes being 80, and the
80. The CHAIR voting in the negative twas not sus-
tanned
Mr. CAMDRELENG now pressed for action on the
BILL and referred to pledges given by gentlemen Of the
opposition that vote should be had this night.
Mr. WISE replied, admitting that he had given such
a pledge but for himself only He did not undertake
to command the House, or speak for it at his bidding
Mr.. W. COST JOHNSON obtained the floor, and
addressed the House in speech Of great animation till
late in the evening.
Mr.. PHILLIPS read to the House, from document
recently received, and not yet generally distributed, in
reply call for the correspondence Of the Treasury
Of
ceron Of Treasury notes for specie; and in which
many commercial capitalists declined altogether having
any thing to do with such transaction.
The question at length obtained on the amend
mcnt moved by Mr. UNDERwooD, and decided as fol-
lows
YEAS-Messrs. Adams, Alexander, H. Allen, John
WAllcn Aycrgg Bell Biddle, Bond, Bonlden, Briggs,
W. b Calhoun, John Calhoun, VIM, b. Campbell, J.
Campbell, VIM B. Carter, Chambers, Cheaham, Childs,
Clowney, Corwin, Ctanston Crockett Curtis, Gushing,
Darlington, Dawson, Davies, Dennis, Dunn, Elmore,
Everett, Ewing, Rch Fletcher, Fillmore, r. Garland,
Goode James Graham, VIM Graham, Graves, Gren-
nell, Griffin, Hslstead Harlan, Harper, Hastings,
Halves, Henry. Herod, Hoffman, Hopkins, r. M. T.,
Hunter, Jenfer, Henry johnson, VIM c, Johnson,
Lawler Lincoln A. w. LOOMS, Mallory Marvin, Sam
son Mason Marry Maxwell, Mckennan, Menifee,
Mercer Milligan G. Morris, Naylor Noyos Oge, Pat
terson, Peck, Phillips, Fope, Potts, Rairden, Reed,
Rencher, Ridgway Robertson, Rumsay, RUSSELL Saw
yer, A. H. Shepherd G. Shepard, Sbley, Slade, South
gate, Stanley, Stratton. laliafcrro Thompson, Filling
hast, Underwood, A. s. White, John White, Elisha
Whittlesey, Lewis Williams, Shcrrod Williams, Joseph
l.. Williams, Christopher II. Williams Wise, Yorke--
I04
NAYS--Messrs. Anderson Andrews, Athcrton
Beatty Beirne, Bicknel, Birdsa, Boom Brodhead
Bronson, Bruyn, Buchanan, Cambreleng, Timothy j.
Carter, Casey, CLANCY, Chapman, Cilley, Claiborne
Clark, Cleveland, Coles, Conner, Cfary, Cushnan
Davce, DeCiraf, Dromgoole, Duncan, Edwards, Far
rnpton. Fairfield Foster Fry, Gallup, Ghoson. Chs
cock Granand, Grant, Gray, Haley, Hammond, Har-
rson, Hawkins, Haynes Holsey, Holt, Howard, Hub
ley. Ingham, T. b. jackson, Jabez Jackson N Jones'
J. w. Jones' Kembie, Klgorc, Klingensmith, Legare