The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-24

to be done-in times of prosperity to prepare to meet
days of adversely. An objection had been made by
prudent men, that the provision was not sufficient
These two millions became productive capital, and the
increase was thrown into the general profit thus tend
ing much to increase the surplus above seven per
cent for the Government.
Mr. CALHOUN said, If these two millions were
necessary to meet contingencies in the Treasury they
would be applicable 10 this purpose and the only
question was who should have the use Of the money
Il was true if was not all wanted in the Bank, but
was used banking capital the Government got one
third and the stockholders twothirds Of our own mo-
ney Ii was the property of the United States, and
ought to be put in their possession In the Bank, 1t
was the great corruptng fund by which elections were
to be influenced Il was the nest-egg of corruption,
and was adverse to all principles of responsibility
The more he saw of the Bank, he saw that it was
mere paper engine got up to sustain the borrowing in
teIest.
YEAS-Messrs. Allen, Benton, Buchanan, Cal
houn, Clay, Of Ala, Cuthbert, Fulton, King, Linn,
Smith, Of Conn, Sturgeon, Tsppan Walker, Will
liams, Woodbury., Wright, Young-22. ..
NAYS-Messrs. Archer Barrow, Bates, Bayard,
Berrien, Clay, Of KY, Clayton, Dixon, Evans, Ora
ham, Henderson, Huntington Kerr, Mangum, Mer'
Simmons, Smith, Of La, Southland, TalImadge White
Woodbridge-26. so'
Mr.. BUCHANAN offered an amendment TO the
18th fundamental rule providing that the Bank
should not discount &C. when the notes in circulation
and the pirate deposits, exceeded three times the
amount of specie in its vaults.
As he was anxious TO have the bill taken out of CON-
mttee this evening, he should be very brief There
was not one efficient restriction in this BILL such as
banking experience would have dictated. The CAPT.
tai should be to three Of the circulation not only
but also of the deposits-which in this Bank would be
much greater than the circulation.
Mr.. CLAY, of KY, said he was surprised that the
Senator had said the Bank was without restriction
The number OF restrictions in the bill the Senator had
conceived Of There were more restrictions in this
bill than in any existing bank he knew Of With regard
to the amendment its creditor and debtor circulation
were already restricted. How could they regulate the
circulation by this daily and hourly fuctuaton Of de-
poss2 How could il be known when note was to
be issued how much deposits were in the branches
tie hoped the amendment would not be adopted, and
that Senators would cease shingling the bill with
amendments @., Is. ...' Ak. r.@ .a
Mr.. BUCHANAN wonld not vote for uny Bonk
charter In his own State whose capital not to be
in proportion to its circulation and deposits. This
was the touch-stone of banking, and without which
specie payments could not be continued He declared
again that there was efficient restriction in this
bill. H.. ... a.. .s .N AH
The amendment was rejected, as follows: /
YEAS-Messrs Allen, Benton, Buchanan, Cal
houn, Clay, of Ala, Cuthbert, Fulton, King, Linn,
Smith, Of Conn, Sturgeon, Tappan, Walker Will
liams, Woodbury., Wright, Young-22
NAYS-Messrs Archer, Barrow, Bates, Bayard,
Berren, Clay, of Ky. Clayton, Dixon, Evans, Ora
rick, Miller, Morehead, Porter, Prentiss, Preston
Rives, Simmons, Smith, of Ia, Tallmadge White
Woodbridge-26.
Mr.. BUCHANAN then would move to make the
proportion of one to four. sa.4
Mr. BENTON appealed to him not to undertake
any further the restriction. In England one-third
was the least proportion estimated safe, and he
hia fho al oh bu L. L
would throw the responsibility the friends Of the
bill, and he knew the proposition if made would be
lost he did not wish their votes recorded agreeing
to any less restrictions. .lA ~. NJ ,#
Mr.. BUCHANAN said proportion of one to four
or five was better than none but as his friend differed
with him. ne would not press it, he wanted to keep
their little band united. ...ssJaf .,.. +. @. s.'s
Mr.. CLAY, of Alabama, offered an amendment
providing that the capital Of said Bank shall be dis
tributed among the branches in proportion to the do
nestle exports ofthe States in which they are situated
and that this proportion be adjusted every five years
He advocated 1t briefly, contending that it re-
quired by the fluctuations of trade.
Mr.. CLAY, Of KY, said the proposition was, that
the deposits should not be distributed according to the
capital subscribed nor according the locality of bu
siness. Why did they take a single element of bust
ness, rather than some other branch2 1t was wrong
IN principle and utterly impracticabe, and he hoped
would not be adopted. ,4a, ',..s a.. .',i l.e.. y
It was advocated by Messrs. CLAY, of Ala,
WALKER and BENTON; and after which reject
ed, as follows .5 ,s,
YEAS-Messrs. Buchanan, Calhoun, Clay, of Ala.
Linn, McRoberts Mouton, Pierce, Sewer, Stur
geon, Tappan, Walker, Williams, Woodbury., Wright
Ia " aa]l@ 7s f,& :5h = ". f@., : Fl
NAYS Messrs Archer, Barrow, Bates Bayard,
Berrien, Clay, Of KY Clayton, Dixon, Evans, Ora
ham, Henderson, Huntington, Kerr, Mangum, Mer-
ricks, Miller, Morehead, Porter Prentss, Preston,
Rves, Simmons Smith, Of Indiana, Southland, Tall
madge, White, Woo bridge-27.
Mr.. NICHOLSON offered an amendment provid-
ing that if any board of directors of any of the offices
Of discount and deposit convert to their in any
way whatever, loan with or without interest any
portion Of the public money deposited therein foi safe
keeping every such act shall be adudged violation
ofthe charter. b aan ..a.''".~ -. ~.
Il was rejected, as follows: a..- " t,t,. .
YEAS-Messrs. Allen, Benton, Buchanan, Cal
houn, Clay, Of Ala Fulton, King, Linn, McRoberts,
Mouton, Nicholson, Pierce, Sewer, Smith, Of Conn,
NAYS.-Messrs. Archer, Barrow, Bates, Bayard,
Berren, Clay of Ky, Clayton Dixon, Evans, Graham,
Henderson, Huntington, Kerr Mangum, Merrck,
Miller, Morehead Porter, Prentiss, Rives, Simmons,
Smith, Of Ia, Southland, Tallmadge, White, Wood
bridge-26. aa so'. n'.''
Mr.. WILLIAMS offered several slight verbal
amendments, which were agreed to- t ..u. 49,. .
Also, amendment to the 22d fundamental arti.
Gle, providing that the notes of the Bank shall be re-
deemable at the branches where paid out. a,a ...
This being briefly advocated by Mr. WILLIAMS,
and opposed by Mr.. CLAY of KY, was rejected
without division. | = ,.asu
Mr.. BENTON offered amendment striking out
the clause fixing the value of gold coins to be received
by the Bank. s...... - ..c aB..Is lt
He objected to fixing the prices of coins in Bank
bill at all " Lii ,.,-.e4 .,.. ..ae.aa' yaas (. ..it
Mr.. CLAY briefly opposed it. The amendment
was then rejected-yeas %, nays 25.. t8ga Isl I'd
\ Mr.. BENTON offered an amendment striking out
the clause authorizing the dealing in coin This be-
ing discussed by Messrs. BENTON and HUNT
lNGTON, was rejected, by the same vote as that on
the amendment of Mr.. Buchanan, above. 4, g.H $
Mr.. BERRIEN offered the following amendment:
18th page, 9th sec I'd line, strike out the words "six
millions five hundred thousand dollars and insert the
words, "ten dollars on each share. :" .s.4 4s
18th page, 9Th sec, 18th line, strike out from the
word "and inclusive to the end Of the section, and
insert the words Provided that it shall and may be
lawfnl for the President of the Intel States a sonn