Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-07-22
gl. 8. Mgre s5.
EXT "A SESSION.

from Missouri, IN favor Of Bankrupt
law, and made speech in which ho
defended Mr.. Clny against certain re-
marks ua4c in The Globe relative To
that subject. Several other Senatois
presented n,einolids on the same sub
lect.
/ The Land Bill from the House was
then reported from the Committee with
two amendments. Tho first grants to
new states, upon their admission, FIVE
I hundred thousand acres OF Ian upon
the same terms as grants to the new
states pow IN tie conledcracy are made
I in the biIl The other is in relation to
certain lends reserved lrrm salc, under
the Dancing Rabbit Creek Treaty
pca!ibg that reservation.
The Fiscal Bank Bill was then taken
up. Mr. Wright moved TO strike out the
I COO, 600 shares TO be subscribed for by
the United States. After some remarks
from Mcssrs. Wright, Clay, Calhoun,
Linn, Walker aud others, The amend
I ment was lost, ayes 22, nays ~.
Mr.. Wright moved to strike out The
provision which allows the Bank TO 90
into operation after six millions shall
have been su6scr,bed, aEd to require
The capital 10 lie paid in. Lost, 22 10
'21. Two other amendments were offer
ed aud lost, one Of which was to strike
out tn, provision empowering the Secre-
tary Of the Treasury to take aud sell
such stock as is not taken up by the 20th
of December next.
In the HOUSE, Mr.. Adams gave
resolution directing an inquiry into the
stocks issued by ihu States. lie was laid
over, and The House went into Commit
lee of the Wholo on the Loan Bill. -
Several gentlemen, among whom were
Mr.. Jones Of Va, MIR. Davis Of Ky,
Mr.. Ather;on Of n. H., Mr.. Dawson OF
Geo, aud Mr.. Fillmore OF n. Y, spoke
upon The bill, but under resolution the
house proceeded tt two on The amend
mchls.
The most important amendment made !
10 the bill was one by Mr. Fillmore, Of
y Y, the object Of which is to enable
the present administration to pay of the
debt, during their term. The amend
ment provides lba, the loan shall bc con
lracted at SIX per cent. interest, and be
payable at six months notice, If The Sec
rctary of the Treasury should choose,
and, at all events, ut the end OF three
years. 1t passed.
The amendments from the opposition
were all rejected, and the bill was taken
out OF committee, carried through all The .
stages of lcs'sla,Ion, and finally passed
J cas- l24, nays SO.
In SENATE, Tuesday, July 10, 1871.
The Fiscal Bank bill wus again discuss
ed at length. An amendment was offer
cd hy Mr. Wright, to apply TO the fiscal
agent the same principle that apples to .
the banks Of New York, namcly--lhat
when they suspend they arc nme dlalcly .
10 be wound up. The defence Of the
bill was lcit to Mr.. Berricn; Mr.. Clay
being still too mach indisposed To battle
points with its adversn,ies
The question was argued by Ncssrs
Wright, Ben,on and Buchanan, in favor
of the am"udmcnt, and by Mr.. Bery!cn,
IN opposition. ihe amendment was re-
to %
IN the lIousE,-ihe bill to establish a
lunatic pauper institution, was taken up
and passed.
The bill making provision for the pay
ncn' Of Navy Pensioners, was taken up,
discussed, and laid aside. 1
In committee Of the whole, the bill Of |
MIR. Wise, making appropriations for the
Navy, was adopted. 1t nppropraies
5000 ,OO) for the present year.
After the committee rose, the Pension
Bill was reported to the House, and
passed.
In SENATE, Wednesday, July a.
alr. Clay, from the Committee Of FL
lance, reported the bill from the House
o nulholise a loan Of twelve millions. /
Mr.. Linn again resumed his remarks
IN this subject, aud when he had con-
:luded, I.
Mr.. Clay presented petition from
New York on the subject Of General
Bankrupt law.
The act making further provision for
hc maintenance of pau2er Lunaiics IN
he District Of Columbia and the act TO 4
provide for The payment Of Navy PEN
'ioncrs, were read first and second
ime and referred. Il
The Senate resumed the consideration
II The bill To incorporate the subscribers
o the Fiscal Eank Of the u. States.
Mr. Clay Of Alabama, moved to amend
he i:,h section by inserting provision
hat III case there should be n suspension
II specie payments the notes OF the Bank
h"ud no longer be receivable in pay
nent Of the public revenue. Mr. G.. Ill
Explained his object; which was TO allow
action in such contingency
'llhoul It becoming necessary to con.
icnc Congress. H
MI Clay OF Ky. would not object if.
he anItnGmcnt were modified SD as to
init The prohibition to the duration OF the
suspension 1
Mr.. Clay Of Ala. refusing to accep,
he suggestion. i,
Mr.. Clay Of Ky said ho must persist
n pressing il. lie put The case Of a
suspension being caused by II war, then
he modIiicaIioh would operate as an IN
'uccmpnt to resume as soon az possible.