The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-30

Mr. DAWSON then put the same inquiry TO Mr.
Duncan, of Ohio, 10 the banks Of that state
Mr. DUNCAN said, that as far as he knew (lor hs
knew nothing practically about it they were generally
solvent; the public, he believed. had confidence N
them but their paper from 10 TO IA per cent be-
10. par "a loud laughI
Mr. DAWSON put the same query to Mr.. Johnson,
Nh. JOHNSON replied, that the banks Of Louisiana
were all perfectly sound and solvent.
Mr. MARTIN gave similar reply as 10 the banks
Of Alabama.
Mr.. DAWSON said he would not nut the inquiry to
his friend from Missouri. because il might be consider
ed offensive; but IL any gentleman from that state
was disposed TO give him any information on the sub
ject he would thankfully receive il.
Mi. J, 9. CLARK, Of New York, referring to the
reply Of Mr. Cambreleng, said that that gentleman
might just well have said that all the deposite banks
OF New York were broken that one was. As to the
Dry Dock Bank, TO which he supposed the gentleman
referred,) he informed the bills Of that bank were
at per discount He did believe the govern
ment would lose dollar by that bank The banks Of
New York would compare with those Of any part Of the
Union. The people in debt to them more, by 80
millions, than the whole snm they owed
Mr.. WHlTTLESEY, Of Ohio, said that he sup
posed these queries put with view TO sustain
argument might be important that the gentleman from
Georgia should receive information in reply Mr.
WIS colleague had stated that the paper Of the deposte
banks Of Ohio at 10 to IA per cent. discount.
Mr.. DUNCAN explained that he had spoken of the
banks OF OhiO generally.
The inquiry, Mr.. WHITTLEsEY said had referred
specially to the deposite banks Now lsaid MI. W)
that the paper of the banks in Ohio is not dere-
cated, unless it may be that Of solitary bank, the
Bank of Muskingum, In the town where my colleague
(Mr. Hamer) resides There are not more solvent
banks in any part Of the United States. They are
sound at this moment they were. Let the New
York banks specie payments when they will, the
banks Of Ohio will follow suit One OF the largest
banks in the state paying specie. The bank
hasn fart aaspdt IN dn ynOr Than
few days Ohio is fully willing take her share Of the
deposites in bills of her banks and if she shall
receive more, she will give ample security that the e
postes in her banks viii be at all times forhcomn in
notes good as silver
Some further explanations were made by Messrs
DUNCAN, HAMER, and BOND. Mr. DUNCAN
still insisted that if Mr. W. wished to convert Ohio bills
into specie, he must pay discount Of 10 per cent
Mr. DAWSON then resumed, and had proceeded for
short time, when he gave way for motion 10 adjourn,
which succeeding, the House, at nearly O'clock ad-
| journed.
| THURSDAY, Sept. %.
After the presentation Of petitions and memorials,
/ Mr.. ADAMS, asked the leave Of the House to sub
nit resolution calling the Secretary Of the Treasu
y report to this House. at the commencement Of the
regular session of Congress, the number Of slaves
ported FROM and imported into, the several ports Of the
United States, by the coasting trade. for the last two
years and discriminating between the two years but
was objected to by many members
Mr.. TOLAND asked the leave Of the House to sub
| NIT the following resolution:
RESOLVED, That the Secretary of the Treasury be d.
reced communicate to this House, copies Of all cor
respondence between the Department and all individuals,
banks, or other corporations relative TO bill now be-
fore Congress authorize the President Of the United
States the issue Of Treasury notes together
with copies OF all documents papers file in the de-
partment relative thereto.
! Objection being made
Mr. TOLAND moved suspension Of the rules for
the purpose Of offering said resolution which motion
| was disagreed to.
Mr.. SNYDER submitted the following resolution,
which by the rule, lies over day
RESOLVED, That the Secretary OF the Treasury be in
structed to inform this House, what amount of specie
the Bank of the State of Missouri had in its vaults
the 9th Of July. and on the 18th Of August, 1887.
Mr.. SHERROD WILLIAMS Of Kentucky, on leave,
submitted the following resolutions, which were read,
| laid on the table, and ordered to be printed
/. Resolved, That is expedient Immediately to es
tablish Bank Of the United States for the purpose Of
afordng to the people Of the United States fixed,
uniform and certain currency that il is important and
highly expedient to have such institution as fiscal
agent for the government the collection and disburse
| ment of the revenue Of the nation.
2. RssolDed, That in the creation Of Bank of the
United States the charter should be constituted
to exclude foreigners from holding stock in the same
and to hold the stockholders responsible and liable,
Of their private and individual property according to the
amount held by each, for the redemption Of the notes
8. RESOLVED, further, in the opinion of this House,
That Bank Of the United States is the only safe,
tain and sure means, by which UNIFORM fixed and
permanent paper currency can be obtained. ..
MISSISSIPPI ELECTION
The House then proceeded to the consideration of the
business Of the morning hour being the report Of the
Committee Of Elections which accompanied by the
following resolution:
Resoipcd That Samuel J. Gholson and John F. H.
/ dnl ole I'd tba
gress, and such entitled to take their seats
The question pending the motion of Mr.. Maury
to strike out all after the word resolved and insert
that Samuel ]. Gholson and John F. H. Claiborne,
sentatyes Of the 25h Congress Of the United States
are not entitled to seats on this floor such"
Whatever evertrading there had been it had orr
ginated with the government His first objection
| to the new system was, that it an experiment.
Experiment! i'll omened word An experiment
from the hands which gave US the experiment Of
the State Banks, and predicted its success with as
much confidence they now 1t elevates itself
above the people, saying will have the first table and
the first cut and the people and their interests may
in and help themselves they The Secretary Of
the Treasury had partially acknowledged the imposs
biy Of diyorcing the banks from the government for,
even before the Treasury bill has become law,
he has issued circular to the banks, desiring know
on what terms they will take them, and place them to
his credii, to be paid in specie required Here
pretty commentary in anticipation the system.
Another objection that the scheme was calcu
lated increase the power Of the Executive. He
demned the scheme Of making inconvertble notes the
currency. He was opposed to the BILL and was willing
to abide the Judgment Of the people and the time.
Mr. HUBBARD rose in reply and in defence OF the
new system He defended the Secretary Of the Treasu
~ against the charges made insnuaed against him Of
Encouragement in carrying the various laws into effect
He could give his vote in favor Of the amendment
offered by the Senator from Virginia He did not much
like the amendment Of the Senator from South Carolina,
and he wished it had not been offered But still he
should vote for it. He would have been better content
| to let things remain they He commended that
every bill which had been proposed direct relief to
| the people, and no did not see with what Justice they