The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-09-04

Mr. BERRIEN, as the chairman Of the committee
who reported the bill, took the floor, and spoke for
upwards Of two hours and half In support OF the bill
and setting forth the views of the committee report
Of which, want of time now prevents our giving. he
briefly described the provisions of the BILL comparing
it in its material points with the bill which had before
passed the Senate. lie first examined the constltu.
tionaty of the BILL and in his usually clear and logical
manner, maintained its existence. The three modes
in which only the revenue Of the Governments could
be collected were, first, by the employ Of salaried
agents, the Sub-treasury system; second, by the
means of State Banks, which was the Deposit sys-
TEN; and thirdly, by the employ of private corpora
ton which was such an agent as YVES contemplated
by this bill The first two had been condemned, and
the adoption Of such system only remained. He
then went into an examination Of the principles OF the
BILL particularly its limitation TO exchanges; and ex-
aiming the Presidents Message at the commence
ment OF the session, the report Of the Secretary Of
the Treasury his subsequent plan Of Bank, intend
ed to avoid constitutional difficulty, and the Presidents
Veto Message, he expressed his decided opinion
that il would receive the sanction Of the coordinate
Department the aid Of which was necessary, in order
to It's becoming law; and thus the wants Of suffer
ing Pc ople be complied with. He concluded, by ask
ing that the bill be read through in the usual manner
by sections, for the purpose of amendment, if any
should be offered. ,lata5 R3 a4a1
Mr.. KING said il was unnecessary to consume the
time in reading the bill, as il had just been read.
The reading was dispensed with, and no amend
ments being offered, the bill reported to the Sc
nate. Thequestion was about being taken on order
ing the bill to third reading, when @
Mr.. CLAY rose. He had only five words TO say.
The bill before them did not propose the establish
ofsuch Bank as he thought the interest Of the
country required the Constitution authorized and the
people expected II was short-far short of that but
nevertheless the bill proposed the establishment of
Bank which would accomplish two of the great objects,
which any Bank could effect the was the regnla-
ton Of the exchanges Of the country and the other
the supply Of currency possessing an uniform value
AZ Il -. 60 ~ Io.~x
ton, that would accomplish some good the question
presented itself tc his mind whether he should withhold
his vote from it. becasue it did all he good which
desired. On such question he went for doing as much
good as he could in the various spheres Of life in
which he might be placed. He should vote for this
BILL therefore, because, although il did not the good
which might be effected from an institution Of this
iind it did much-a great deal, si
Mr.. BENTON moved to amend the first section
Of the BILL by striking out the word States" which
was included in the list Of subscribers to the Bank
This new description Of stockholders to Bank,
and especially such Bank as this and he gave at
some length his reasons why il should not DO retained
in the bill. @.1 Efb
The amendment was rejected, by the following
vote trtett 92Ait .ss~ +f4% f@
YEAS.-Messrs. Allen, Benton, Buchanan, Clay,
of Ala, Fulton, King, Linn, McRoberts, Mouton,
Nicholson, Pierce, Sewer, Smith, of Conn, Sturgeon,
Tappan, Woodbury., Wright, Young-Is
NAYS Messrs. Archer, Barrow, Bates, Berrien,
ham, Henderson, Huntington, Kerr, Mangum Mer-
rick, Miller, Morehead Phelps Porter, Prentiss Pres
ton, Rives Simmons Smith, of Ind, Southland, Tall
madge, White, Woodbrdge-2S. ..r.4ss sa4
Mr.. BENTON moved to strike out in the same
connection the word Corporations" The motion was
Mr.. CLAY, by general consent here presented a
petition of very respectable number of citizens of
Erie Pennsylvania in behalf of the establishment of
Bank of the United States. He said it was right
their voice should be heard on the subject The petit
ton was laid on the table. 5.@f a~g. .prf D.. .
Mr.. RIVES briefly stated his reasons why he could
not vote for the bill .# IA AEl.5 Z 'rt I.,sr 81
Mr.. BENTON moved an amendment to provide
that the corporators of the corporations which per-
united become subscribers shall be citizens of the
United States. This rejected yeas 20 nays 26.
! i Mr.. BENTON moved provision that the stock Of
the corporation should be transferable only to citizens
of the United States. This was rejected yeas 20,
nays 81 rrn :. -. .-. -. ~ ,,.. -,
that all the bills should be drawn short time, and
limited to articles already shipped This was rejected
Yeas 81, nays 81 ass a5E stsis56 s.aa
Mr.. ALLEN moved to insert an additional pro,
vision that the stockholders of the Corporation should
be liable in their individual and private capacity to the
respective amounts of their stock if the Corporation
shall at any time fail to discharge its obligations in gold
and silver This WAS resGe d., Yeas it 20 nays "a
The question taken by yeas and nays the call
Of Mi. SEWER, and decided in the negative Yeas
l6, nays D. sagea NJ fh E#aa FEr t,}
Mr. BENTON moved to strike out !" ten dollars
and insert fifty dollars" (the amount payable on
each share taken by corporations at the time Of the
subscriPtion.) This was rejected, as follows: a
YEAS Messrs. Allen Benton, Buchanan, Cal
houn, Clay, of Alabama, Cuthbert, Fulton, King,
Linn, McRoberts, Mouton, Nicholson, Pierce, Sewer,
Smith, Of Connecticut, Sturgeon, Tappan, Walker
Woodbury., Wright, Young-2l. g4i y l45g-y.
NAYS-Messrs. Archer, Barrow, Bates, Berrien,
Choate, Clay, Of Kentucky, Clayton, Dixon, Evans,
Graham, Henderson, Huntington, Kerr, Mangum,
Merrck, Miller, Morehead, Phelps, Porter, Prentiss,
Rives, Simmons, Smith, Of Indiana, Southland, Tall
madge, Preston, White, Woodbridge-2S.
"Cries of third reading" were then heard.
Mr.. ARCHER expressed his desire of briefly sub
hitting the reasons for his VOTE and motion being
made to adjourn, was decided in the affirmative Yeas
Is, nays lS. 1o~
And the Senate adjourned. ''