Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-08-03

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Tn, proro.,,ion which hs. sometimes been made TO
include incorporated banks IN bsnkrup' bill process
evidently on the notion Of the necessity OF restraining
them IN the exercise Of their power or creating co'en
r., III. a question OF currency and II the power OF
,rte,,ng State banks in their business ot creaune
OF upon their abuse OF that business belongs
10 this Government at ALL II IL believed that q u Is ho
appropriately derived from the clause IN the 'onsu
ton concerning bankruptcies, but IRON some au'ho'i'
which II possesses over the subject OF currency
The committee have no, deemed II their duty TO 20
into inquiry concerning the constitutional power on
TO legsaie over State banks 10 the mode ana
with the view proposed which is understood to be tha'
Of arresiing their proceedings by the legal in'erPos
ton OF this Government, whenever they shall suspend
payments in specie. Whether such power exists
md n IL doe. exists whether " Is expedient TO eaer
else H. seems TO have no immediate connexion with the
subject now under consideration. We are clearly oil
opinion that such enactment could not Ind proper
Il IL could a constitutional place IN bankrupt Ia"
framed on the principles and with the oojec's o ''S
bill.
Saturday, July -.
In the Senate the Bankrupt Bill read a third
time and the question being on lis passage Mr iali
madee spoke at great length, in support oil the DILL
maintaining that IL loudly called for by the present
condition OF the country. 1t was estimated, II was
said that there were FIVE bundled thousand hope
essy insolvent persons in the country; and, II only
three persons Dependant, each Of hese,it would
make two millions OF people, which were awaiting re-
their present situation they deprived OF all oppor
tunity be useful TO their families, their country and
themselves, and would be driven of to that young re-
public Texas, where their energies would be reward
ed with independence. lly delaying action on this
BILL the country deprvug itself Of some OF lis best
citizens.
DPMr Buchanan took ground agsins, the bill, and
insisted that the number of persons asking feei from
this bill greatly exaggerated. The nation needed
rein not a spur. This law to wipe of old debts,
and encourage persons to contract new debts; and to
run another fex,avaga nce, speculation debt,
and bankruptcy. IN
Mr. Walker defended the bill with much zeal.
The bill was then pds,ed-yeas 26, nays %.
Fiscal Bank.
Mr. Clay called up the Bank Bill
The mendments were read over, and most OF them
were concurred in.
Mr. Clay moved to strike out the amendment prohib
ting the assignment, and transfer Of stock to others
than citizens Of the United States.
Mr. Walker opposed il, but the motion to strike out
agreed 10, &c to ~.
Mr. Clayton moved to strike out the amendment
which gives power to any number Of stockholders not
less than ten, to examine into the private individual
accounts with the bank After some debate. the mo-
ton strike lost by a ,ie-25 to 25. This
clause then modified to require that these
ten should hold not less than five shares each.
The Senate then adjourned.
Several amendments are yet to be acted on, but the
probability that the bill will receive the final action
Of the Senate on Monday.
In the House, the Resolution to collect information
the operation Of the Tariff Laws was, after short
debate laid on the table, by majority Of four.
1t was apprehended by some of the friends of the
Resolution, that its passage would endanger the pas
sage Of the Revenue Bill.
Mr. Kings resolution to direct the Secretary Of the
Treasury to enquire and report to the expedency OF
employing armed steamers ply between the different
ports of the United States, &C. was discussed but not
decided
Repenue Bill.
The House went into Committee on the bill relative
to Duties and Drawbacks, and Mr. Fillmore made his
expose Of the condition of the Treasury, ard contend
ed for the necessity of raising increased revenue in
this manner, forthwith
He proposes that this bill shall go into full opera
ton in twenty days from its passage the LIST day OF
September next.
The House adjourned at an early hour, without TAX
ing any question on the subject
Tuesday, July 81.
Bank Question Coupromi,ed-Bank Bill passed 10 4
Thtrd Reading.
In the Senate, to-day, after the presentation oil Pet
TONS Mr. Benton laid on the table proposition, winch
he said, he intended TO offer as an amendment 10 Inc
first Bill that came up-ior Iaring Bdnk notes
In these days, when were casting about for sub
jec,s tor taxation, and taxing every thing except poi
son. physc, and gewgaws, he would propose bant
note tax.
Fiscal Bank.
The Senate renewed the consideration of the Fisca
Bank Bill, tile question being on ofuetin8 ~ W NC Gil
! crossed for a third reading.
! Mr. Morehead, of Kentucky, rose and spoke abou
two hours in support of the bill, combining himsel
chiefly to the constitutional question lie gave ver
thorough and interesting history Of the Bank question
from the foun1aton of the Government TO the presen
time shew ing that by all the fathers Of the Constitu
,on and by nearly all the chiefs Of the Republican
party National Bank had been considered as Constl
iuora and eIpedien,. He did not consider Mr.. JET
ferson as an exception, for he approved the bill ex
tending branch Of the old bank TO New Orleans, AM
the bill puni ,hng counerfeters of its paper and sui
fcred his Secretary of the Treasury, (Mr Gallatn)
recommend a renewal ofihe charter. He quoted large
" too from the speeches in favor of the Bank OF 1916
by Mr.. Calhoun The people, he insisted, had neve
| condemned a bank. IL was crushed by the power q
party in 1911. 1t was grevous mistake OF the Tepub
lican party and grievousy they had answered for i
They were now compelled by sad experience to rees
tabsh bank Again in 1882, the bank fell under tn
power Of the Veto but the people had risen up in II
favor and demanded its establishment. He consic
erred the subject of the mensced repeal and answeIe
the Arguments urged in support of the power OF repeal
shelving that the present Chief Justice and the presen
Supreme Court were soemny committed 10 the SUP
port Of contracts authorized by Law Of Congress. H.
he did believe that any one would insult the Ame
lean people by proposing breach of public faith. HO
many considerations were wrapped up IN that expre
son-pu5le faith The interest and the honor OF e.
,.,s in and 4 would ever