The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-27

s'1Ai ~ ni7'"n"'ou TOT any member oil ELMER
House of Congress-.
Mr.. BUCHANAN said no member Of Congress
ought TO be borrower at this Bank and he was will
ing TO interdct them in this manner which was but
small injury to them, there many other banks
al which they might borrow II this power was
given the directors would assist each other in max
ing loans.
MIR. CLAY said the directors Of the Bank were not
to have any loans and therefore they would have no
sympathy with the directors OF the branches.
Mr.. BUCHANAN advocated the amendment at
some length
Mr.. KING believed il would be Of avail for
himself friends TO suggest farther restrictions
all the amendments 10 be stricken out As a
member of Congress he should be unwilling TO be La
BILE TO the imputaton of voting for a Bank at which
ne was 10 be accommodated.
He offered modification TO the amendment, ex-
GLIDING loans or discounts TO the President Of the
United States, the Vice President TO the heads Of
any Of the Executive Departments, the Postmaster
General and Attorney General Of the United States
included or TO any Judge of the Supreme Court.
Mr. WALKER appealed to his lend not to offer
this as an amendment, since might defeat both Let
the question be taken on his amendment first, and
then he would vote for the amendment of his friend
Mr. KING accordingly withdrew the amendmest
Mr. CUTHBERT dwet the proprlety Of the
majority adopting the amendments, of Just nature
offered by the opposition In order avoid all idea OF
the Bank being political institution,
by general con emit the amendment of the Com
amendment proposed by MIR Walker who then, at
some length, advocated the amendment as modified
Mr. BENTON read from the report Of the inves,.
CATION OF the proceedings Of the late Bank statement
showing the amount of its loans to members Of Con
gress, editors of newspapers &c
Mr.. CLAY further opposed the amendment What
was the principle contained in il 1t that mem
bers Of Congress should not share in the benefits of
an Institution 10 be created by their votes On the
same principle, it might be supposed that they voted
tn FaIn th.. al.
clothing cheaper.
Messrs. CUTHBERT and LINN advocated the
amendment.
Mr.. PIERCE saidthe only hope to this country was
IN repeal The amendments were to be voted down.
lie referred TO loans of two hundred thousand dollars
in one year and three hundred thousand in another,
by the old Bank to members Of Congress.
Mr. CLAY SAID that the greater part Of the loans
were made by those opposed 10 the Bank
Mr.. BUCHANAN had no doubt Of that.
The question was then taken and the amendment
as modified concurred in, follows
YEAS -Messrs. Allen, Archer, Benton Buchan-
an, Calhoun, Clay, Of Ala, Cuthbert Fulton King,
Linn, McRoberts Mouon, Nicholson, Pierce, Pres
ton Rivcs, Sewer, Smith, Of Con- Sturgeon Tap
pan, Walker, Williams, Woodbury., Wright, Young
-25
NAYS Messrs. Barrow, Bates, Belrien, Choate,
Clay, of KY, Clayton, Dixon, Evans, Graham, Hen
derson, Huntington, Kerr, Mangum, Merrick Mil
ler Morehead, Phelps, Porter, Simmons, Smith, OF
Ind, Southland, Talnladle, White, Woodbrldge-A,
The question then being on the amendment of the
COMMITTEE, providing that the entire liabilities of
any one director of any of said offices to said corpora
tion may exist TO an amount not exceeding Ten thou
sand dollars, after few remarks IN its support by
Messrs. BENTON and CUTHBERT, it was adopt
ed, by the following vote:
YEAS-Messrs. Allen, Archer, Baysrd, Benton,
Buchanan, Calhoun, Clay, of Ala, Cuthbert Fulton,
Henderson, King Linn, McRoberts, Meuton Nj
cholson Pierce, Preston Rives Sewer, Smith, of
Con, Sturgeon, Tappan, Walker, Williams, w ood-
bury, Wright, Younger.
YEAS-Messrs. Barrow, Bates, Berren, Choate,
Clay, of Kentucky, Clayton, Dixon Evans Graham,
Huntington, Kerr, Mangum, Merlck, Miller, More.
head Phelps Porter Prentlss Simmons Smith OF
Ind, Southland, Tamadge White, Woodbiidge-24.
After a concurrence in various others the amend
ments of the Committee gone through.
MIR. CLAY, of Kentucky offered an amendment,
the object of which TO allow payment Of sub
scIiptions of stock in the Bank to be made in certf-
Gates of stock issued under the act entitled an act
authorizing loan not exceeding twelve millions
dollars" This amendment adopted without a
DIVISION.
Mr. CLAY offered several verbal amendments con-
seguen,ia on this, which were adopted.
Mr. HUNTINGTON renewed his motion for
anne ndment made in committee providing that no notes
of less denomination than fire nstead of ten) dollars
shall be issued He advocated this at some length
Mr.. WOODBURY. opposed it, and contended that
the issue of small notes, went to drive specie out
of circulation. In support of this, he referred to the
expressed opinions of Mr.. Biddle
Mr.. HUNTINGTON allowed that this was the
effect of the issue of small notes and held that Mr.
Bidde and other writers in speaking of small notes
referred to less amount than five dollars.
Mr. BAYARD offered modification of the amend
ment by adding proviso, "tha Congress may here
after, if it shall think f restrain the least denomina
ton of notes 10 ten dollars !" which modification Mr.
HUNTINGTON accepted
Mr.. TAPPAN opposed the amendment.
Mr.. BUCHANAN said if there to be five
dollar circulation in the country this Bank ought not
to participate in it, but ought to be left 10 the mi
nor banks.
Again they could never have sound currency
while the Banks were allowed to issue notes of one
dollar, five dollars since specie basis was neces-
sary If they allowed the Bank of the u. States to
issue notes of so small denomination one, two,
or three dollars, they would transfer this right IN
alienaby to the corporation and if II were found in
furious to the interests of the country, they could
never retract il.
After further discussion by Messrs. HUNTING
TON, SEWER, and HENDERSON, the amendment
was lost by an equal vote as follows
YEAS-Messrs Archer, Barrow, Bates Bayard,
BeInen, Clay, of Kentucky, Clayton, Dixon, Evans,
Graham Henderson, Huntington Kerr, Mangum,
Merrick Miller Morehead, Phelps Porter Prentss,
Smith, of Indiana, Southland, Tallmadge, While,
Woodbridge %.
NAYS Messrs Allen, Benton, Buchanan Cal
houn, Choate Clay, of Ala, Cuthbert Fulton King,
Linn, McRoberis, Mouton, Nicholson, Pierce, Rves,
Sewer, Summons, Smith, OF Con- Sturgeon, Tnppan,
Walker, Williams, Woodbury., Wright foung-25
Mr.. WALKER offered his amendment which was
ordered to be printed days since to strike out,
at page H. from line 10th to 20h the provision that
three directors shall be appointed by the President
and insert provso that during the next session of
Congress four directors shall be appointed BY Con
gress-two by the House Of Representatives, to he
chosen the ballot, each member being permit
having the highest number IF votes to be declared
elected and directors TO be chosen in like manner
by the Senate and the four directors to be appointed
in the same manner on the first Monday Of January
of every year, during the existence of said corpo-