Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-15

'uP' Jaw, ont not Toe one that did not epbtnre cor
porations. W.
MIR NOREHEAD said, that al,bo,,h a.. p.,.
OF his State had no peculiar interest i'm his ,tin,
they held 1t rs great national n,eaSu,. ,,I;.,
Nou'u exert healing Influence on the distress n
,ne country, ana as more especially "A component
PAR OF the gtea, system Of reform with which, ,h,
wing party was pledged to the Union. rLs 60
o, ms colleague (Mr Cloy,) and of hi, preJccss.,
(Mr Crittenden,) who had at las, session rcno,,s,
anI aoly defended o'll for this purpose, he renu
ne'y concuired IN, and should support hill Of ,L;
character, when brought before them. " '''
The petition was then laid ON the tnb,.. ~. IL,
peuilpns ol the same character pr,s.n,oI =,
MGssIs WHITE, LINN, PIERCE, SOUTIIARI
| and WALKER 'ihhI
MIR SMITH Of Indiana from the Cou,,;,,. .
the Public Lands, reported tho Pre.emn,on .,,'
Distribution bill, from the House with two ,n,.nI
ments; which were ordered to be printed
MR. iAfl'AN presented memorial of citizens =,
Ono, containing remembrance against The cb,r,a
OF National Bank, the Distribution Of m, r,,.I
oil the Public Lands, a Protective TariT md ~.
assumption of State debts. Which nns laid or ,h'
table, and ordered to be printed VII wv
The special order, the bill 10 neo,no..,. IL -,
scrocrs to the Fiscal Bank of the United Stot.s
was then taken IN. S'"'es
MIR WRIGHT Offered an amondmen, tn s,r;k. M,
that portion OF the bill authorizing the ,ubscr;,;,
OF one thlrd OF the stock by Government. and rc
curing 1t all To bc taken by indiyidu,Is 81 H. 10
ratlons. '' S"'Po
lie said IN the discussion, he had NOT b.,r, : -,
three reasons for mixing the Governnen, in,st.,cJ
IN the bank. The first was, that this will Inc a no
'"S,s hseaI operation Tor the Government and that
Tue Treasury will make money. While tbev L..
that the United States has no cash caoitoI ,n ;n,
would Il be wise and expedIent TO inyole In. COR,
Try IN the contract of permanent debt for ia.
OF nus speculation The operation was decidedly
bad IN an individual, and must be had in Co.
ment rs a mere financial operation
Another was, was II likely that this ,p.crI,,;
would DE reaiized! lie had not examined th,, do.
cumen', but had statement from The S.n,,o 60.
pennsylvania, (Nlr Buchanan that Nh, Oil ri, ~
Nueu h'S nhu quarter per cent, and there Voc
not near as many banks throughout the country ,nJ
"hst could they now persuade thsmse YES voI,Id n.
the per centagc' The probability was that IL xonid
oe less. was It wise aGd Ipsdient in its financial
It was indelensibc. ''''
GAnoiher ground on which this provision mich, ~,
CONSIDERED desirable TO many citizens of the con,,ry
was the presumption that an investment OF onr-ib;
we" necessary as an lnducement TO private capital
l u 10 take the balance. This he had no douI,,
was good reason 10 private Capitalist, but ~ ~
l'ducement TO the Government to create a Rank
lhere was another reason, ne .ew not that i had
oIen urged Out II was the strongest and most DOW.
CRU! with the friends Ut this bill who v,r. co,,
posed of the business trading portion of m. CO.,
munty, was TO interest, more usely with this inS,
tuition, the Government so long as tho control was
placed IN their hands. Was this ground which
Congress could urge for itself2
MI
had totally omitted the high considerations which
prompted the establishment OF ths tuition which
were 10 enable the Government discharge its ian
cal dues throughout the country, and maintain
soind and uniform currency. The Senator said tina,
under the old Bank we received five and , IN, 80
per cent. BE II so. We saved quarter n. cent
then. But this was all: on their ,los n ,y,,b
me old Bank they got sixteen per cent above par:
uey also got bonus OF one and half million dol.
lars at the commencement offs charter We wan A
q q n INT Al a, L.,
Old Bank And were there not other c,nsider,tinns1
why how much did you pay for the transportstion
oil specie iGom part OF the country To The other
uhder The operations of the Sub. Treasury imper.
iect anu limited IN extent as It was lie did not
hro" IL was n great deal, and they were exposed
10 great losses IN us transportation. Whatever thew
PAID IN this manner, they avoided by a Bank, be-
cause II was us business TO make remttances wber
ever needed. But was this al1 wasthere NOTHING
To be credited To this institution for tie secur,tv az
your funds7 What was the loss when the e,-b,,rl,
system was IN operation One million doli,r were
annually returned, from year to year. under the adj
minis'ra!on OF Crawford aRd they were stlll in tho
treasury, u the rotten dirty notes could be picked
up would The Senator rise IN the face of tho cuuns
try, and utter as the opinion which he entertained
that there was more security in the ub.Tre1.ury
under the pecudlions OF Isaac Hill John Doe and
Richard Roe, than in the hanIs Of the Bank. con-
Quoted as this was intended
MIR WRIGHT expressed that rs h.son;o,on.
Mr. CLAY hoped TO he allowed 10 expres, the
netfhbe surprise, which ho felt at this avowal. and
that II was one OF the great proofs of partv exct,
ment, with all the experience Of Swartwout Price
and other deiaulers and peculators who had run
away with the public money, that could induce TIN,
dec aratIon. And, during the existence of the bnnk
not one cent was lost; he would express his inef,
bic surprise, at the uiterance OF such a sentiment
II the bank was what its friends anticipated. they
PAID hve per cent. interest with bonds which hands
by selling abroad, would add 10 the existing spece
means IN the country, the unit of ten miilions
oil collars thus eXhilraiIng, animating, extending
and stimulating, TO proper extent, the business OF
the country you add ten mill ons instead of all
strSctlng anything from the * sting means Tn.
prohis from the late bank were two and one-tbird
per cent, badly as It was administered; and would
not the Sen tor indulge the expectation u AZ the new
bank will avoid some OF tho errors OF the old b,nk7
Would he suppose that there was no such thing az
humln proht by human eHpei ncc2 Was that
his ideal And especially with all the guards with
which they had surrounded the institution did Tho
Senator suppose that the corporation they were
about To put mo existence would acquire no a.
vantage over the old onei Suppose it di | not: un-
der the old bank they cleared two and n third mr.
made m the investment Of stock. They received
one and quarter million dollars bonus and ri tho
settlement sixteen per cent above par they avoided
all losses by pecuauon or fraud connected with
the reception and disbursement oT tn public rnopey.
aud made hundreds, and thousands. If not mi lions'
OF dollars by the uniform ty Of the medium in which
The dues to the Government were paid
lie was saying much more than he had intended
The Senator was attacking this institution in every
variety OF form, by open assault and 10y undermi-
aing-he did not say nsIdiOusy; but It seemed To
INN that rs effect was simply to proiract this dis
cussion, whilst the country was crying out, in an
agony Of distress, give US action" "give us the
measures and the relief which was expected from
this eE "a iession"
Gentlemen were at Liberty to hhy, all the RIGHTS
Which pertain TO any member OF the majority: bot
they had already been the third week engaged on
this bill and should the House If the bill ever
reached them, take up a time ~ proportion to the
relative amcunt Of their numbefs they would he
totally unable, not only 10 get away Ia the month
of July, but not I'LL late in Au:ucn
Mr. WRIGHT did not feel disposed 10 accuse
himself Of having consumed Il great deal oftho time
OF the Senate hitherto IN this bill and he did not
intend TO consume any more time than WIS n,cos-
sury, and 30 much he hoped to be permitted with
out very great dlspleasuTe from any one. lie be-
loved the sub-Treasury system Infinitely mo
ats ~ tie country than any Bank that could o
m dc. The honorable Senator had referred 10 n
SwIItwouts; they found necessary to make the
same provisions againt them, rs the Senator ard his
friends had now found nCcessoty-lu make emL,z-
zIem,nt f5onY, and punishable by law crminaIly
as fC'ony.
The bonorpble Senator asked, with his usual
force and Carneslncss, n we would not give any
thing TO experience. What had experience proved
thcm7 lie contended that there had BEEN no inn
provoment IN the wisdom, the sOundness or moral.
" Of their m tnogement
Mr. CALHOUN could not but express HE sur.
prise that lho Senator from Kentucky should have
accused them with OBTAINING this bill. The friends
Of the bill had now consumed eight days with their
amendments, while this was the fourth d1y which