The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-10

Tho Senate adjourned.
HOUSE OF REPRESENTATIVES
THURSDAY, February g.
Reports from committees called for
REVOLUTIONARY PENSIONS.
/ Mr. WHlTTLESEY Of Connecticut reported the
| following:
Bill for the relief Of Eleanor Clark
Bill for the relief OF Marcy Richards.
Bill for the relief Of Francis Chandler.
/ JUDICIARY.
Mr. ROBERTSON reported, with an amendment
Senate bill entitled prevent the abatement Of
suits aud actions pending, which tho late Bank
Of the United States may be party"
The amendment IN the following words :" or
which may be pending the 4h day Of March next"
Mr. r. moved the third reading Of the bill.
i Mr. ADAMS inquired If the attention Of the commit
tee had been drawn to the fact, how far II was compe
tent to commence suits after the 4h Of March next.
| Mr. ROBERTSON replied that the question had
been presented TO, and discussed in the committee, but
they had refused TO amend it further for fear Of jeopa
dsing the speedy passage the bill in the Senate.
j Mr. ADAMS expressed a wish that an additional sec
tion to that effect be engaited the BILL for Stood
led TO the impression that all suits commenced against
the Bank Of the United States and terminated
the Sd OF March next, would be, ipso tacfo, ahated
and the bank thereby relieved from all responsibility Of
redeeming the REISSUE Of the old bills after the two
years allowed to wind up its affairs from the expiration
| of the charter.
1 MIR ROBERTSON said it was not understood by
! the committee TO be the intention effect Of this bill
10 decide that suits pending the 4h Of March, by, or
against the bank, would would not abate. The bill
had been prepared in the abundance OF caution and
was considered matter OF such Importance to
qure It's immediate passage by the House, leaving the
question OF insttuing suits against the bank after the
4th OF March, to he submitted another time. He
would suggest to The gentleman from Massachusetts TO
suffer tins bill TO pass, and TO introduce resolution
/ curing the Committee the Judiciary to take into
consideration the subject Of extending the time.
i Mr.. ADAMS explained his motive 10 be to secure
the creditors of the bank, which, by implication, least
appeared TO be lost sight of by this bill He desired
act oil Congress putting the power Of the
creditors Of the bank TO the cains against it,
and he thought it better TO recommit the bill
Mr.. ClLLEY stated that he had not had opportu-
nifty of giving this bill that full examination its impor-
lance required, for the committee had been suddenly
called together on day different from their ordinary
days Of meeting and had come very hasty deter
mlnation. Mr. 4. addressed the House at some length
and concluded by expressing his accordance with he
suggestion of Mr.. ADAMS, 10 recommit the bill.
j Mr.. LOOMS stated that he most heartily concur
i red with the Gentleman from Massachusetts, (Mr
ADAMS in The object sought TO be obtained by him
the security Of the holders Of the bills of the late
Bank of the United States, issued by the present
i bank; but he doubted whether the object could b.
attained, as suggested by that gentleman by an act
authorizing suits at law 10 be commenced against
/ the bank after the final expiration of the time to
which its corporate existence had been limited to
enable it to close its affairs, and which would take
/ place on the 4th of March next. No suit could be
| instituted against corporation after il had expired.
/ II had mere legal existence, and by the expiration
OF its charter, became defunct-lhcre was no longer
any thing TO or b. eued but surely some remedy
must b, adopted to secure the holders of bills issued
Che thought the circumstances would Justify the ex-
preston trauducniy issued by the present bank of
the United States, and which it was not liable to pay.
Well might the bill holders ask who is liable to pay
these bills He had, within a few days past, re-
| ceived letter from of his constuents-a high
W respectable citiZen--Stang that there had been
recently paid out in that vicinity $4,000 Of the bills
of the old Bank of the United States for the produce
of the country, and stating that the people were get
ting alarmed in respect to them, and were anxious TO
know TO whom they were to look TO redeem them, and
| asking his opinion and advice as to whom the peo-
| pie were 10 look for their redemption What an
swer could be made to such an inquiry The only
/ remedy he could conceive, was for some person or
corporation who had, by purchase or otherwise, ac
quired a sufficient amount to warrant the expense TO
| institute proceedings in chancery in the United
States courts, TO have receiver appointed 10 reduce
the assets of the old bank into money and paw off its
liabilities. He was certainly not disposed TO con-
nue the existence of the charter OF that bank which
he had shown would be necessary in order TO make il
subject to actions al law. As he understood the mat
ter the funds and property Of the old bank were
| in possession of the bank its officers in the
character OF trustees, 10 close up its concerns and
collect its funds and paw off its liabilities Instead
OF faithfully diScharging this trust and getting in its
circulation they had been engaged in extending it
instead of paying off its notes for which purpose they
took the funds, they were issuing old notes. They
/ had done 50 to the amount of several Millions
Surely this state of things ought not TO be suffered.
| This Government has created the corporation, and
given it all its power; and II seemed TO him it was
bound TO take all necessary to prevent the
abuse of this power, and TO protect their citizens
| from frauds and losses
lie had thought Introducing resolution either d.
recting, IN the first instance, directing inquiry into
the cSpedlency OF passing law, requiring the Attorney
General of the United States institute proceedings
for the appointment of receiver Of the funds and pro
pcrty Of the late bank, and paying off It's liabilities, and
closing the copcern. The present trustees had not
proved faithful to their trust, and ought be removed
In short time the funds and property OF the late bank
would be changed. that they could not DO identified
As yet it probable that sufficient amount to pay
off its liabilities might be traced and idontfcd but If
the present trustees continued they would soon
be amagamaed with the funds Of the present bank
as not to be distinguished II there was any thing in
the charter TO prevent the application Of this be-
fore the 4h Of March, law might be made prospective,
to take effect at that time He preferred that this
whole subject should come up together it all
nected and immediate action on this part Of it seemed
to him very important, He was, therefore, in favor Of
recommitting the report to the Committee the Ju.
dicIary