The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-31
rN SENATE.
FalDAY, July 80, is4i.

Mr.. BUCHANAN presented the memorial of nu-
merous citizens of the city and county of Philadel-
pha, on the subject Of bankruptcy. Which was laid
ON the table, 80 ts4.fS 83,B sdi
Mr.. ALLEN offered resolution, to rescind the
rule of the Senate, which requires that the doors
be closed while in Executive session. except in
when they are engaged on treaties. The resolution
lies over one day. ,a r
DIGEST OF PATENTS.
The special order of the day was taken up, being
the joint resolution for the distribution of nine hun
dred copies of the Digest Of Patents patented by
the Commissioner of Patents, under the act Of Con-
grcss OF Sd March, l639-seyen hundred copies to be
distributed among the States and Territories and two
hundred 10 be left with the Librarian of Congress for
future distributions and providing for the payment of
s5l2 %, from the Patent Fund TO reimburse what is
sill due for publishing said digest
Afier some explanation by Mr.. TAPPAN, the re-
solution was adopted. m ~
Mr.. BARRON presented a remonstrance of in
habants OF New Orleans against the bill for the
tension Of the port Of New orleans-which was laid
on the table.
DISTRICT BANKS. m ~
The consideration Of the bill to revive and extend
the charters Of the Banks in the District Of Columbia
was resumed the question being on the amendment
OF Mr.. BERRlEN 10 the section prohibiting the pay
ment BY the Banks Of the notes Of other Banks which
are non speee-p aging Banks, SO as to have 1t take
cuect aitcf the lst March next +.
Mr.. WRIGHT said the object In resisting the
amendment was TO resist paper circulation in the
District which was palpaby irredeemable. The
Senate had passed National Bank charter, which
was TO regulate the currency and drive out Of circu
ation irredeemable paper, and yet they were called
on TO renew the charters Of six Banks, TO issue not
only irredeemable paper, but this paper avowedly
not their own. What did they propose to accom-
plish and what the state Of factsi These Dis
tric Banks had made them visit almost annually for
the purpose Of having their charters renewed, and
this had been done, number Of times. At length
the patience Of Congress had become exhausted, and
these charters had expired. When the subject first
came here they were told that all the Banks Of the
country in state of suspension, and II was USE
less 10 compel these Banks to pay specie. What
then was the point Of resumption II was said
when the Banks of New York resumed, these Banks
would resume; and, when that was effected, Phila-
delphia pointed TO; and now it was TO be defer
fed till the National Bank came into operation Now
they We're called on to revive the charters of six
more Banks In state of suspension, that the great
regulator" might Lift them up. The state of bust
ness Of the city Of Washington was good as he had
ever witnessed IT, and yet after these Banks had been
out of existence for year. and in this state business
was prosperous, they were called on to revive their
charters.
But to the argument of his friend from Indiana,
(Mr. Smith, that these Banks were to be for the
benefit of the people The first petition on this sub
ject this session was from the stockholders Of the
Banks, with professed object for the benefit of the
people--and he believed the main interest in them
was that of the stockholders. He hoped the amend
ment of the Senator from Georgia would not be
adopted, and that the provision would remain as il
stood. .gs
The question was then taken, and the amendment
adopted. Yeas 21-nays 10.
The question then required on concurring with
the Committee in striking out the section to which
this amendment had Just been made. ID sas.
MIR. ALLEN opposed the amendment, as by this
Imitation the principle was admitted of sanctoning
the issues ofrredeemable paper by the Banks hich
he would not do, for single day. Jar
Mr.. MERRICK recapituated the effect of the pro-
vision of the section He hoped 1t would remain as
it had been amended and that the proposition of the
Committee to strike it out, would not be concurred
in. ljs gys .r 5#a ttFf ~ .tt. s-s .
MIR. KING voted against the amendment that had
been adopted because he could not bring his mind to
vote for the charter of Bank that was for the short
est period to suspend the payment of specie. But he
preferred to have the section stand as was some
additional restriction. He hoped his friend from
as they were unnecessary. aft % ~
Mr.. ALLEN withdrew the call for the yeas and
nays. . .tt ..ra FIN b. s,.s
The question was then taken, and the amendment
Of the committee rejected.
Mr.. MERRICK offered an amendment, to add at
the end Of the fourth section provision that nothing
herein contained shall be construed to prohibit
said banks from issuing and paying out their own
notes. of one and two dollars during the continuance
Of the suspension OF specie payments by the banks Of
{ Mr.. WALKER would merely call the yeas and
nays. He expected that the committee would have
down to authorize the banks to issue notes of
one cent and half cent. A.. 4. ..s# 81 "..... Z
Mr.. MERRlCK briefly explained the necessity of
Mr.. WALKER said the effect of the amendment
could only be to create shinpaster system. They
were retrograding daily on the subject. First they
made war on gold; now, they begun the war on sill.
VEL by substituting small notes. and he next expected
il this administration continued in power to see
on "copper" and have notes of cent and half cents
in its place. .... I'LL. 49,. ...
Mr.. MERRICK said, the honorable Senator had
asked If there not silver enough for circuaiion2
Did he not know that the circulation here was made
up Of rredeemable one and two dollar notes2 -.
Mr.. WALKER said this was because specie was
at premium above the currency now In circulation.
Mr.. MERRfCK said in this state of things, those
who had specie sold Il at premium for irredeemable
paper, but were the notes Of banks in circulation
one would perform the double amount Of labor in 20.
ing to bank demanding Specie and then selling that
specie to broker al premium for irredeemabe paper
Mr.. WALKER said, If the notes OF the banks
were equal TO specie, they would be taken TO brokers
convenient for transportation than specie.
Mr.. ALLEN said the Banks had been re-chartered
six times; each time under the preience that little
time was necessary TO devise plan ofcurrency for
THIS Disrict 10 relleve the people. This Admnistra-
ton had come down, not only from spec.e basis,
which they at first considered necessary, but had
duced their paper TO dollar notes, and he next ex
pected they would come down with il to six and
quarter cents, and the Administration would come
down with il. He opposed the amendment
Mr.. YOUNG moved modification fixing the
time for the provisions Of the amendment 10 20 into
effect, at the LIST Of March next.
Mr.. ALLEN hoped their friends would not com
promise at all on Questions Of this sort
The amendment TO the amendment was negaiived.
Mr. TAPPAN said the remedy was in the hands
Of the people themselves. He should say 20 them,
Thou fool put thy shoulder to the wheel" lfthey
would take the power into their own hands, and not
take less than five dollar notes, this worthless small
currency could he driven out of circulation.
The amendment was then rejccted,-yeas ~
nays % 49,. r..' .... I'd, - .....
Mr. MERRICK mnved an amendment In the acc.
ton providing that loans shall be made TO any OH
Ger or director of the Bank greater amount IN the