Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-17
Correspondence efht Baltimore .fmsriean.
WAmrsGroS, July IA, lsil,
UNITED STATES SENATE.

u
ported the ball from the House to authorize loan
of twelve millions.
REMOVALS FROM OFFICE.
Me- LINN again resumed his remarks on this
subject, and when he had concluded,
Mr CLAY presented petton from New York
on the subject Of General Bankrupt Law.
Tho act making further provision for the MAIN
ten'neo OF pauPer LunNtics IN the District OF Co.
lumbil, and the TO provide for the payment OF
Nvy Pensioners, were read frs; and second time
and referees.
UNITED STATES BANK.
The Senate resumed the consideration of the bill
TO Incorporate the subscribers TO the Fiscal Bank Of
the u. States.
Mr TAPPAN moved to amend the last section
by Introducing a provision that nothing contained
in the should b; constructed into denial of the
power OF Congress to alter or repeal the charter OF
the Bank.
MIR BUCHANAN suggested to his friend TO
withdraw his very important amendment Tor the
present, until some other amendments were Offered
which would take but little time to act on.
Mc TAPPAN withdrew his motion for the pre-.
sent
Mr. CLAY Of Ala. moved TO amend the l4Ih
section by inserting provision that in case there
should be a suspons on OF specie payments the notes
OF the Bank should no longer be receivable IN pay
ment OF the public revenue. Mr. g. explained his
object, which TO allow immediate action in such
contingency without II becoming necessary TO con-
vene Congress.
MIR CLAY of Ky. would no, object il the amend.
ment we're modified SO as 20 limit the prohibition TO
tue duration OF the suspension.
Mr. CLAY OF Alabama refusing TO accept the
suggestion,
Mr. CLAY of Kentucky said he must persi,t in
pressing IL. He put the case of n suspension be-
Inc caused by war, then the modification would OPP
crate as an nducement to resume as soon as pos.
sible. He was surprised at the opposition to his
modification.
The question was then taken on the amendment
of Mr. Clay to the amendment OF Mr. Clay of Ala
blmo, and decided IN the atirmatye-ayes 25, noes
%.
Mr. CLAY of Alabama, wished to withdraw
his amendment, and asked the consent OF the Sen
Mr. CLAY of Kentucky hoped the Senate
would adopt IT. It was now made very good
nendment.
Mr. BEN TON said he was now against the whole
amendment, which admitted the principle of 4 sus-
pension, and Tor a boundiess duration OF time.
Mr. CLAY thought this most unreasonable
opposition The government makes its depostes
in this Bink. HeCe Is provision that IN case OF
suspension, the notes OF the Bank will not be re.
ceved public dues The next section provides
penalties in case Of a suspension. And yet the in
sert on of this provision is called omnous and
crisis.
MIR ALLEN could not recognise the right OF Con.
gross to make irredeemable paper received at the
Treasury, because the Constitution ures that the
taxes shall be Uniform the spirit Of which provision
would bc violated by the reception OF rredeemabe
paper. lie hHe ose regarded the amendment as
useless.
MIR CLAY of ALBANIA. said If you adop, this
nmendmen, you tie the Bank that it may suspend
for s. TO- any number OF years and that the
will continue TO be receivable a. the Treasury. He
moved to amend the amendment providing that ev-
cry suspension shall b. considered ipsO JaciO for
ieIlure OF charter.
Mr. CLAY OF Kentucky said that violation Of
any OF the conditions placed The Bank in position
10 have its charter annuIed, in the regular order
by Judicial manner 10y Scirs tdctGS. lie agreed that
suspension should be, no; a forfeiture, because
that Is subject for adud cation, but violation OF
the charter. lie moved an amendment 10 ike out
the words which related to forfeiture psO Gaei0 and
insert ling II his suggestion.
Mr. CLAY Of Al adhered to his own proposition
and contendsd that the amendment to the amend
mont destSoyel his object.
The CHAIR declared the amendment to the
amendment out Of order.
The question was then about 10 be taken on the
amendment, when
MIR WALKER asked if it was intended TO make
this forfeiture by adjudication or by the mere fact
Of suspension.
MrCLAY Of Alabama said he would modify the
proposition make Il after al publication.
The yeasany nays having been called the amend
ment could rot be received without unanimous con-
sent.
Mr. CLAY ofKy. objected.
MIR BUCHANAN hen expressed hope tina, Mr.
Clay OF Ala. would accept a modification such
make it cause Of forfeiture to be adjudged by the
Circuit Court, &c.
This being the amendment oiMr CLAY, ofKen-
lucky 1t was agreed to in this form, ayes as nays
none.
The question was then taken on the amendment,
rs amended, which was agreed 10, ayes IL, noes
none.
MIR CLAY Of Ala. moved to amend the 10Th Sec
ton introducing clause making II the duty Of the
Secretary Of the Treasury TO discontinue in case OF
suspension tie deposies OF the public money in the
Bank. and u report the cause TO Congr, SIS.
Mr. CLAY Of Ky. hoped the amendment would
he adopted He hoped there would no longer
be admitted that power eXisel in any Secretary
10 remove the public dcposcs after the meldncho y
effects which had been produced by the removal II
the Depos:es by General Jackson, which he regard.
cd the parent Of all the evils which had followed.
MIR CLAY Of Ala. explained his object as being
to introduce clause lom the Opposite Act, and sus
gcs;ed tina, was required for the public security.
Mr. SEWER asked where the funds we're to be
placed IN the event OF a suspension7
Mr. c. Of Ky. said as VIC were depostors, we must
share the fate Of other depositOrs. The time Le
tween the suspension and the action Of Congress
could he long, and # II took place in the cess,
the Secretary mus. take the responsibility Of with
holding further depOsiles in Of suspension, un.
less the Bank agreed to take the Governmsn. funds
is specla depOsitGs.
Nr SEWER thought it was an omission, and
might lead TO serious consequences II a suspension
should take place during the summer months when
Congress IS not IN Session, and the revenue is the
p oIucvc.
Mr. CLAY Of Ky. then moved TO amend by in.
sorung provision that in case OF SUSPENSION tue
S.crctry shgu at once report TO Congress-
Mr. CLAY Of Ala. accepted the notification, and
the amendment as amended was agreed 81.
Me- CLAY Of Alabama, moved to amend the
l7Jh section by striking out the penalty Of Twelve
AID inserting twenty hve per cent in case Of sgs-
y nsIOn.
Mr. SEWER hoped tho amendment would be
adopted as twelve per cent no interest.
Mr. SIMMONS said Capitalists IN the North
could not get six pee cent.
The question was then taken on the Amendment
ans decided m the negatvC-ayes ~, noes 25.
Mr. BENTON moved % amend the 2l.t section
by striking out portion 81 ths section, the object
OF which was TO give exclusive privileges of bank
ing and also the provision HAT Congrsss may ex-
tend the charter.
The question thea taken end decided in IN,
negative.
Mr. BENTON moved 10 amend the 23I section
50 us 10 provide that 100 the COMMITTEE Of Con
Prc.s shall. report violation Of the charter by re-
iuslng 70 exhibit the books, the President may or
der sert f1eias.
The question being taken, Il WAS decided i'm o..
negative. ayes 20, noes &C.
INTENTION moved to amend the charter q
ms to reduce the rate Of interest on loans or d..
counts from SIX TO five per cent Borrowing a, IS
uer cent he thought we ought 10 lend at tie sam
Tto.
Mr. HUNTINGTON made brief repfv
slew That the motion was unreasonable, bscaul
the Bank had fiscal duties 70 perform f5r which
received no recJmpensr, and tho Senator n.
grounded his motion on tho presumption that d
Bank was 10 enjoy exclusive privileges
Mr. MANGUM said he was formerly in favor
reduction oithe rate Of interest. The Bank On
WIS 20 pay n bonus. lie could not c0rsstcr,