The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-16


when spoke Of the hostility Of the Van Buren,
party 70 banks, did not expect to have so soon,
cord evidence in the House OF to sub
stantae my opinions. Speedily after the Sub Trea-
sury nh mad passed and before Il had been signed by
tne rresldenthe retaining II till the 4th Of July for
ms approval upon the popular idea perhaps that 'the
pe.ier tue day the better the deedthe Senate bill
extending the charters Of the six banks in the Dis
me- o. Columbia, for two years, was called up for
acton IN the House. These banks were all supposed
70 nc IN good condition. and objection made 10
them on any particular account other than that they
were banks BY the exhibits appeared that the cir
cuiation was $3.50 OO0-the specie 800 600 and that
me debts due the banks by the people of the three
ces OF The District and the adjacent counties Of Ma
ryland and Virginia amounted 10 two and half mil
Mons When the banks in the neghboring States
suspended last fall, five Of the six District banks did
the same as otherwise their coin would have been
~. nom them at once and not for the benefit Of
the people, but Of spectators
Inc administration party determined TO sacrifice
these banks both specie paying and non specie pay
ing as an example, they declared in debate for the
o'ale Legislatures and to this end offered amend
hehts 10 the Senate BILL some Of them avowedly to
wind up the banks and others of such character ms
would necessarily result in their destruction, either
because they would be unable prosecute business at
all, or because il would be Improbable. One amend
mcnt prohibited the issue Of bills under ten dollars
and was carried sc ayes, all " b., rs nays, all w
Another as to frenfy dollars was lost SO ayes
all b., LOG nays, 90 W., 10 ". b.
Then as 70 ffty dollars; lost 60 ayes, all Van
LOG nays, 80 W., 26V
Another amendment rendered the president and di-
recors severaly liable for all the debts that might be
owing by the banks and for which suit could be brought
at once against them and without having first ex-
hansted the hank effects-and il was carried
% ayes, all v B.-90 nays, 10 w. l2VB
The bill, as il came from the Senate, provided that
the banks should resume specie payments
the banks in Virginia and Maryland but in the
House amendment offered and carried requir-
ing an immediate resumption.
81 ayes, all v. B-7i nays, &c w. 5VB
measure in itself absractedly right and with which
the banks could comply, but only by refusing
loans and compelling their debtors pay thus pun
ishing the people rather than the banks.
The bill had by this time got into such shape that
many of its friends refused to vote for it, and it
lost Ayes 60, nays 80.
Subsequently on the Sd July the charters expiring
with that day. in order 10 prevent the loss Of the
porate character and thereby the debts due the banks
and to preserve the liability of the banks to their Gre
ditors, bill was passed continuing the corporations
two years, for the mere purpose Of collecting the
twenty five hundred thousand dollars due them by the
people, and that the people might collect the outstand
Ing notes of the hanks,
Here, then in this District where Congress has ex
elusive jurisdiction the party goes against all banks
whatever and for hard money currency. They
were willing TO sacrifice every debtor to the office
holders and Shylocks in and about the Capital The
banks must begin and pursue coercive measures to
compel the payment of every debt due them within
two years. and men with money will be enabled TO
buy much property they like at their prices.
And what better process could be thought than this
to make rich men richer, and poor poorer Z"
Congress has done for this devoted District what
State Legislature has done or would dare to do and
what members of Congress would not dare to do if
the people to be affected were their constituents
COST OF TRANSPORTING SPECIE.
By document No of the present session sent