The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-12

(said Mr. IA consider tie conduct OF mat pahk any
more meritorious than the others. What would have
BEEN the condition of citizens Of this District had the
other banks called in their bills and issued none Why,
sir many OF the citizens would have been bankrupt
they would not have had circulating medium for the
irsnsactng OF their business, and oil course could not
pay the demands against them. As 10 the banks being
abe redeem all their bills in circulation, there can be
no doubt Of that fact Let the people pay small part
OF what they the banks and the banks will lie able
redeem all their bills. 1.-THE debtors will pay ten per
OF what they 10 the banks IN gold aud silver,
the banks will pay all their paper ~ circulation with
out the least delay but until this is DONE II Is better
TO let them 60 on as they now do the public wlll be
safe the banks will sustain the business OF the commit
nifty aud 10 loss wall accrue TO any body But to break
them up and compel them close their business, would
only nure the and business Of The District and do
no good to others Therefore, it seems TO me the bet
ter woud be TO continue their present charters
for limited time, which may be done by striking out
all the amendment OF the Senator from Missouri ex-
cept the FIRST clause, and alter its date TO the time
that shall be agreed on, and this oil that may be
necessary at this time. The banks may then 60 on,
and they will resume specie payments as soon as the
people are 10 pay them Twill not make the motion TO
amend the amendment bnt will only suggest il for the
consideration OF the Senate.
Mr. BENTON uttered a strong and earnest con-
demnation Of those banks which had resumed specie
payments. They had notes out Of their own, and
we're helping circulate the Of other and non
specie paying banks He considered them the worst
and most cUpable Of them ALL and Mr. IT, was not 10
be bamboozed 10y any such pre,ence Of resumng spe-
Gle payments.
Mr. Upton again spoke earnestly in favor Of giving
these banks fair opportunity to resume with the other
banks OF the country without destroying themselves and
distressing the community He entreated the Senate
not TO give this bill the goby, but 10 act upon prompt
ly and definitely. lie expressed some surprise at Mr..
u 5 condemnation OF specie paying banks.
MIR BENTON reiterated that condemnation in strong
and unqualified terms
Mr. GRUMPY commended the Bank Of Washing
ton far as. il redeemed its paper when il
presented. Ia doing this il only fulfilled its engage
mept and II was uncertain whether 1t was to be con-
demncd for aiding circulating the bills Of other banks
lf did it in the of It's useful and necessary bust
ness, 1t was still in the way of its duty but il it did it
under engagement TO benefit other banks by clrcl
laton Of their notes, it highly censurabe Mr. q,
spoke also IN favor OF delaying action on this subject till
Congress could see whether these banks would actually
resume specie payments, He wholly opposed to
acting at all al thls,time on the subject.
Mr. HUBBARD spoke IN vindcaion Of specie paying
banks, in reply 10 Mr. Benton. He opposed also, the
continuance of the banks for twenty years proposed
by the h and advocated their continuance for shorter
period, TIL Congress should have time TO consider and
determine what ought TO be done,
Mr. NILES spoke earnestly against the bill, sane
toning the violation Of law and enllsng Congress
under the banner Of nonresumpton, which he described
as already triumphant the laws and the country.
Mr.. DAVIS spoke ia opposition 10 all measures OF
delay or pospone,nent on this subject The commit
tees OF this House and the other had examined tho
dton OF these banks, and the whole, had become
tirey satisfied that they right. II Congress
not prepared to act, Mr. ID. regretted it. for they
ought TO be prepared. A kind Of rod in pickle had for
some time been held over these banks and it had ope-
rated to produce very great injury to the banks them
selves, and through them to the community Restrc-
tive and mcnacing propositions had been made in Con-
gress from time to time, and determination had been
expressed to carry them into effect. This, OF ITSELF had
imposed restraint upon the operations OF the banks
to prevent their ahordng the necessary facilities for
business, and had thus distressed and embarrassed the
community, and in some cases. bad produced bankrupt
cy, Mr. ID. also, in reply TO Mr.. Benton, vndicatcd
those banks which, like those in his own State, were
now endeavoring TO resume specie payments
Mr., BENTON explained that be meant his remarks
toapply only to those banks that pretended pay spc
Gle, when they had notes in circulation. Such, he
said, was the with the Bank Of Washington its
specie paying was humbug
Mr.. DAVIS could not deny that it so he had
no, the notes of the Bank OF Washington in crcu-
aton but he insisted that from the very OF the
case, their notes could circulate. They would be
immediately returned upon them for specie. till spe-
cie should be at par with paper by general resump
ton.
After few further remarks from Mr. NILES, in
favor OF acting high legislative principles without
regard to temporary Inconvenience, and from Mr. DA-
Wis, in reply,
The amendments substitutes Of Messrs. Benton
and Hubbard ordered be printed and the action
on the bill was informally suspended, at the request of
Mr. BUCHANAN, who wished TO examine further
the original bill
The Senate adjourned, after an executive session.