Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-09-27

concluded 10 let the law on that subject re-
main rs it is.
YEAS-Messrs. Allen, Benton, Black,
Brown, Buchanan, Calhoun, Clay, of Alabama
Fulton, Grundy, Hubbard, King OF Alabama
King, of Georgia, Linn, Norris, Niles, Pierce
Rives, Roane, Robinson, Ruggles, Sewer
Smith Of Connecticut, Strange, Walker, Wa
Williams, Wrigh,-27.
NAYS-M ssrs. Bayard, Clayton, Critic
den, Kent Knight, Lyon, Nicholas, Norve
Preston, Robbins. Smith of Indiana, Southa
Swift, Tallmadge. Upton, Webster, Whit
Young-lS.
The Senate then, on motion of Mr.. Nchol
adjourned:
THE DEPOSITE. POSTPONEMENT
BILL.
SEPT. Is. The bill to postpone the fourth
nstalment of the deposites to the States being
read third time, and the question stated on
its passage.
Mr. Preston rose, and after explaining why
he had not made the remarks whichhe desired
to make on the bill, yesterday, when it was at
the stage at which bills are usually debated
in the senate, proceeded to state the objections
which he entertained to the passage of the
bill. He was followed by Mr.. Calhoun in ex-
planation, by Mr.. Crittenden in opposition to
the bill, by Messrs. Brown and Walker in
support of it, and by Mr.. Preston in reply.
The question was then put on the passage
of the bill, and decided as follows:
Yeas Messrr. Allen, Benton, Black, Brown,
Buchanan, Calhoun, Clay, of Alabama, Fulton
Grunday Hubbard, King, of Alabama, Knight,
Linn, Mexican, Morris, Niles, Pierce, Riyee,
Roane Robinson, Rugges, Sewer, Smith of
Connecticut, Strange, Walker, Wall Williams
Wright-2e.
Nays-Messrs. Bayard. Clay of Kentucky.
Clayton, Crittendon, Davis, Kent, Lyon, Nor
veil, Preston, Robins, Smith, of Indiana South
ard. Swift; Tallmadge, Webster, White Young
IT
So the bill was passed and sent to the House
of Representatives for concurrence.
ISSUE OF TREASURY NOTES.
The bill authorizing the issue of Treasury
notes wasnext AIKEN up lin Committee ofthe
Whole.
Mr. Wright moved to fl up the first blank
in the bill with the word "ten,' thereby making
the amount of notes to be issuedten millions oil
dollars.
Mr.. Clay of Kentucky, was very desirous Of
obtaining more full information relating to one
point, and that was, that as bill had now
passed the Senate for arrestiDg the payment
of the fourth instalment to the States, and since
the fund intended for the use ofthe States was
now to be applied to the use of Government, if
it was intended to employ the funds IN the
banks before being reduced in some way or
other to specie basis, whether Government
Intended by laws passed, or to be passed-such
for example, as bankrupt law-.o force the
conversion of the funds now in the banks into
metal, and then throw the sum thus obtained
from the banks into the Treasury, there to lie
without being used! His inquiry was not he
thought, useless, since it must be evident that
the amount the blank must depend upon the
availability of the funds in the banks.
Mr.. Wright said it had been ascertained,
and so stated in the Secretary's Report, that
all the money in the banks subject to draft on
the 2eth of August last amounted only to eight
million one hundred and sixty-six thousand
dollars Out of that sum the expenses for the
month of September were to be taken, which
would leave the sum reduced to abou. two mil
lions and half by the lst Of October. But, il,
the outstanding drafts should come in on the
Treasury, (many of them being protested in
that case the avaliablc amount would still be
diminished, and the Treasury would be in want
OF means. There were therefore no ready
means without the assistance of Congress. In
all the Atlantic coast, the money in the banks
had for the most part been withdrawn. only a
small sum subject to draft being with them, say
less than million, and creditors were not vii
ling TO receive drafts upon the Southwestern
banks, where now almost all the funds in de-
posire with banks were placed.
Such being the case, and such the amount
O III all le money,the object ofissuing Irea-
sury notes was to anticipate the funds IN de-
posite with the banks until Congress should say
how those funds were to be made available
The Committe on Finance had reported a bill
giving to those banks intervals oftwo, five, and
eight months IN which to pay the sums due,
dividing the balance in their hands into three
lnsta!ments. Again, the extension granted al
ready, and proposed still to be granted, on
bonds, would diminish the means of the Ifea.
surv from all which considerations, the issu
of these notes was rendered necessary to met
the current expenses.
MIR. CLAY, of Kentucky, professed hims IT
greatly obliged by the valuable informatlCu
Communicated by the honorable Senator OR.
WR1GHr,) but he still telt that the inqui'y
which he had wished TO make was not ycs
answered. He meant to inquire ifthe MONEY
in the banks was to be used as bank notes, or
f the banks were 10 be compelled to pay tlt m
in specie, and then if these funds were to be
left idle
Mr.. WRIGHT in reply, said they wcald
NOT he used as band notes unless the laws
should authorize then. SO to be used.
Sept. 1s. Mr.. Rives gave notice that
he should tomorrow ask leave to brin in
bill designating the funds 10 be received
by Government in payment of public dues.
The following joint resolution from thu
House of Representatives was then I, ken
up and adopted unanimously, viz.
D...1.oJ rHL.t H. e. l.. LII