Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-25

many who admit The benefits of Bank OF The U. O.
Four times and under the sway Of all the po'ca' par
ties, have Congress deliberately affirmed It's eAs.ence
Every Department Of the Government has again aho
again asserted it. Forty years oy the poo
ME: uniformity every where in the value OF the curren
cy facility and economy in domestic exchange ana uh
examped prosperity in the general business OF Inc couh
try with Bank Of the U. ) and without IL, WHO ois
order in the currency. runous lrregnaTy IN ooes.I
EXCHANGE and general prosraon in The commerce anu
business of the nation would 10 put the question al
rest if it is not 10 be perpeiuay agated he power
has been sustained by Washington, the Father Of bis
Country; by Madison. the Father OF the CONSTITUTIONS
and by Marshall the Father Of The Judiciary If Prcce'
dents are not TO be blndy folnwed neither ought they
to be wunlonly despised. They are The evidence OF
truth; and the force Of the evidence is IN proportion 10
the integrity WISDOM and patriotism OF those who es
tnbisb Them think that occasion could there
he an array of greater or higher authority. For one,
hope 10 be pardoned for yielding TO IT. IN preference 10
submitting my judgment to The opninn OF those VINO
now DENY the power, however respectable they may be-
hut MIR President, strong os my convictions arc, ]
have no intention of formally presenting any PROPOSE
ton 10 establish Bank Of the w. s. Composed AZ Con-
crsss and the Executive now are, 1t would be an unne
cessary waste of time offer such proposal should
regret bank established, unless u were clearly
called for BY public opinion. believe it is now desired
by a majority of the people of the U. S. But OF that
there does not exist perhaps any conclusive
Let us wait until demonstrations Of their will shall be
clearly given and let us all submit, and for one, /
shall cheerfuly 10 their decision, whatever It may
be- Mr. c. moved that the petition he laid on the table.
debate followed to be given hereafter, in which Mr.
Allen, Mr. buchanan, and Mr.. Clay Of Ky pnr,ci-
pated
The petition was then laid on the table
Mr. Wright, from the Committee on Finance, report.
ed the bill referred them making appropriations for
The naval service for 1893, and gave notice That he
should call it up morrow morning, At an early hour
BANKS liz TIE DISTRICT OF COLUMBIA.
The Senate resumed the consideration OF The Dill 10
he
District Of Columbia for twenty years.
The question being on Mr.. Niles amendment, max.
ing the president aud directors of the respective hanks
personally responsible for all losses 10 the community on
the winding up Of the banks the question was put, and
the amendment lost without debate und Without d.
vision. , go, , .
Mr. Benton moved, as substitute for the bill, that
The respecre charters should be extended TIL july le4u
as they now are provided that the banks each Tor seli
should comply with the following condiiions
l. That they should cease receiving and paying out
of al, MINER for currency of less denomination than Ave
dollars. on or before the PRONUNCIATION OF this act
9 That they should cease paying out the notes oil
other banks from and after the 1st of October next
s. That they should redeem in specie all their notes OF
five dollars and under from and after the lst OF August
next. "
4 That they should redeem all their notes in full in
specie from and after the list Of January, 1857.
Mr. Wright opposed this amendment, especially the
6rsl clause of the provso, on The ground that il acly
sanctioned practice which was already unlawful.
Mr. Roane also opposed it, and gave succincI rxPla'
nation and history of the original bl expressing the
hope that it would be deinitively acted on TO day.
The amendment was further opposed by Mr.. DAVIS
and advocated by Mr.. Benton.
Mr. linton spoke earnestly in favor Of placing the
peope of the District above the embarrassing uncertain
tv with which they had heretofore been aga;ed IN re.
alion to their banks He desired the Senate TO decide
PROMPTLY whether they would do so or not; and, with
this view he should vote against all amendments 10 this
bill.
MIR. Clay Of Alabama, spoke in favor of the amend
ment and opposition recharter for twenty years.
thai Congress might revse the present SYSTEM or make
a better
Mr. Norvell offered as a proviso 10 the amendment
that the respective banks should redeem all their notes
in gold and silver from and after the day when this act
shonld take ctfrct-Qron The 4h of July ne1t)
This amendment was opposed by Mr.. King and Mr.
Buchanan, and then Withdrawn.
Mr. Hubbard moved 10 strike out the four clauses in
the provso Of Mr. Benton's amendment, and insert
provision that the present charters should be extended
during the pleasure Of Congress- being in the time
subiec, to any notifications Congress might think pro-
per to make and also 10 repeal al the discretion
Of Congress.
MIR. Buchanan and Mr. King opposed this amendment
as amounting in effect to perpetual charter. MIR. h
also earnestly vndica;ed the banks from the charge OF
having acted in violation of law, consideration that
tbev had stopped specie payments in common with all
the banks Of the country, and had done all in their pow
er to avoid it.
The amendment was farther opposed by Mr.. Bayard,
and advocated by Mr.. Hubbard.
Mr. Strange and Mr.. Benton opposed the amendment
as one Of the most cCIuPing measures that had ever
been adopted, inasmuch as 1t would directly expose
members Of Congress, and even the President Of the
United States, bribery by the banks oil the Dlstfct
After few more remarks from MIR. Bayard
MIR Hubbard withdrew his amendment
The question now recurring on MIR. Benton's amend.
mcnt,
Mr. buchanan moved TO modify il by requiring that
the District banks should sooner than The LIST Of
January 1882 if the principal banks at Baltimore and
Richmond should sooner resume. Mr. Benton accepted
This modification.
On motion of Mr.. Buchanan, the second clause of
Mr. Ben,ons provso, relating 10 the notes OF Other
banks, was stricken out. .
The question was then put on Mr.. Benton spbsll
tute for the bill, which substitute was now IN precise
words follows:
Be it enacted, &c, That the charters Of the Union
Bank and Of the Farmers and Mechanics BANK OF
GEORGETOWN the Bank Of the Metropolis Patriotic Bank
of Wpshington and Bank Of Washington, in the City
of Washington, and The Farmers Bank OF Alexandra,
and Bank Of Potomac, in the town OF Alexandra, De,
and the same hereby extended 10 the tourth DAY OF
July in the year eighteen hundred and forty: Proodt
The said banks each Tor llse, Shall CONFORM 70 Tue io
lowing conditions:
Ist TO cease receiving or paying ou all paper cur
rencv of less denomination than five dollars, on or De-
fore the day of the PRONUNCIATION OF this act
3D. To redeem all their notes of the denomination Of
five dollars in gold silver from and alter The hESt Gay
Of August in the present year.
Sd To resume specie payments in full, on or before
the first of January, in the year one thousand eSht nun
bred and thirty nine or sooner It the pncpai BANKS OF
Baltimore and Richmond should sooner resume specie
payments in full. cu
This substitute for the bill was adopted by the follow
ing vote: .r,,,u
of Ala, Fulton, Grundy, Hubbard King, Knight, Linn,
Lumpkin, Mexican, Morris, Mou,on, Niles, Pierce, ko'
binson, Smith of Conn, Strange, Ttot,er, Williams
Wright, Young-24.
Naus-Messrs. Bayard, Clay of Kentucky, Clayton,
Cri,tenden, Davis, Merrck, Nicholas, Noryell, Koane'
Robbins, Rugges, Sewer Spence, TaIlmudge, Upton,
Websler-lG.
The bll in this FORM ordered TO be engrossed Tor
third reading Ayes 81 noes Nessrs Norvell and Tip
ton. .
The bill to extend the charter Of the Union Bank OF
Georgetown in the District of Columbia and the bill