, 1841-07-31

the amendment Of Mr.. Clay of Kentucky.
by adding that a Suspension shall be held
and ddjudged q case Of forfeiture of the
charter" 1t passed-ayes As, noes none.
The amendment as amended as "mended.
then passed.
Mr.. Clay Of Alabama proposed an amend
ment directing the removal Of the deposits
from the Bank in case OF q violation of its
charter, and the suspension Of specie pay
ments was specially named as a cause for
the removal. This amendment Mr.. Clay Of
Alabama stated was drawn from the deposite
act Of 1926.
Mr.. Clay OF Kentucky objected on the
ground that he would not entrusts formid able
power to the Secretary ofthe Treasury which
he said was the parent Of all the late misfor-
tunes Of the country.
Mr.. Clay Of Alabama asked the Senator
from Kentucky whether he did not vote for
n similar provision in regard to the State
Banksl He said he had; but it was in conse-
quence of the distribution Of the public
money connected with that biIl-that was
his part Of the bill. Thus it appears Mr..
Clay Of Kentucky is willing TO vote the tire.
mendous unconstitutional powers which he
condemned for years, as fraught with fatal
evils 10 the country, provided there was a
distribution OF the spoils to purchase his
consent.
MIR. Linn asked whether 4 proposition was
notmade last year for the same quarter, to
repeal and withdraw all deposites from the
Sub-Treasury, and put them in possession
of the Secretary Of the Treasury. This, the
public will remember, the as proposition Of
| al, ,n,bnr ~ tho ,r.sa, ILL ,uba Ic nnyy fno
squeamish TO trust the Treasury Of the coun-
try with the custody of its own treasure,
simply because the National Bank, which is
now to be entrusted with the public money
after suspension, is his Bank.
Mr.. Woodbury. showed that the Secreta-
nv oi the Treasury was ~copelled by the char
ter to deem the Bank the Treasury, during
the suspension, and draw checks On 1t, in all
r.vincits. Ia ills casD tGr auV..roi, would
be presented OF rejecting the notes OF a
Bank, while all the good money received was
given to it. and public creditors passded by
drawing on the insolvent corporation.
Mr.. Sewer pressed the same views, and
asked the Senator from Kentucky what he
would do under such circumstances Mr..
CLAW of Ky., replied that the Secretary OF
the Treasury might make an arrangement
to put the money in special dePosite with
the Bank.
Mr.. Buchanan asked If the Secretary
ought to be bound to put the public money In
a Bank. the notes of which he was bound to
reject in payments.
5 Mr.. Clay of Kentucky horcupon consen.
; ted to a modification, giving the Executive
: discretionary power TO take care OF the pub
lie revenues during the recess Of Congress,
r and in case of the suspension Of specie
r payments. II passed without division.
Mr.. Clay Of Alabama proposed to amend
n by increasing the penalty from twelve tc
twenty-five per cent. on the failure OF TIT
f Bank to redeem its obligations in specie: los
ayes 10, noes IS.
Mr.. Benton proposed to strike out TN
d clause which excluded Congress from tn
right of establishing any other Natlona
e Bank than that now proposed, and tina
e clause which permitted Congress to max
d charters from District banks, not exceeding
:: in amount FIVE millions. Mr.. Benton rea'
n from the charter Of the Bank in Queen An
nee time, TO show that this exclusive PRIV
e lege to a bank, manning the rights oil tn
LEGISLATURE, was a high Tory measure, G
r high Tory times; and to show that 1t ha'
been rejected as the policy Of modern lIbera
n English administrations, he referred to a lei
ter Of Lord Liverpool, rspudiatlng such de
it mands on the part Of the Bank and he II
ferred to the recent charters OF the Bank,
show that the clause had been rejected iror
y the late charter. Lost ayes 10, noes 25.
is MIR. Benton proposed an amendment ms
king the refusal Of the Bank to submit to tn
ID examination of a committee Of Congress,
a forfeiture Of charter. Lost by strict part
he vote. 80.
Mr., Benton proposed to reduce the nte1
n, est allowed to the Bank from SIX to hive pc
cent.
n Of charters to National Banks, to snow IN;
this. SO far from presenting the mducemen'
r. held ont in all recent grants OF monoPolIes-
n, which. as they were found more and moi
ID dangerous TO the public, and lucrative TO co
,e norstors. came forward proposing increase
es re.,rictions on them, and greater DEMENT'S {
e, the nublic-came forward proposed ne
d, privileges to the m~onopOlistst and fewer a
at vantaess to the public: To CHECK nus 'e'
IN -. .ho rrAeenf NH WINS the ur,..-