The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1841-06-25


the law in question.
MIR. Clay had no objection and modified the re
solution accordingly
Mr.. Calhoun was surprised that a resolution
like this should be offered. The Senate had yes
terday, without opposition, consented to raise
special committee of nine to express the views o
the Senate on the entire subject of the lnanc,
and the currency. After this, he thought it dut
to the people and the Senate that that commit
tee should take up this matter of the sub-1rcasu
ry as part of the general subject committed Il
them Before the Senate was asked to repeal tn,
suh-Trcasury law, let it know what was intended
as the substitute to be proposed. Repeal involve,
substitution. lie regarded it as not entirely iu
to the American people that the committee shout
report on the repeal of thissinglc isolated mcasur,
the sub-Treasury, without giving the country tC
understand what substitute was to he proposed in
It's stead. Let gentlemen come out with thcil
proJcci-a L. :. Bank, or the pet banks, or what,
ever else 1t was-so that the Senate and the coun.
try might see the whole question to be considered
Mr.. Clay could not agree with the Senator that
repeal involved substitution. SO far from this, i,
there was no substitute under heaven for the sub
Treasury, he would still repeal it, and that in de-
ference to the will of the people. But there was
no concealment, no mystery intended. Mr.. c.
would tell the Senator a, once, and with all frank
ness, what he and he believed his friend who act
ed with him, mean. to go tor-and that was L.
:. Bank. But as the architect, before he erected
building, first cleared away the rubbish which
occupied the ground on which it was to stand, so
tho friends of national bank desired first to re-
move this suh-rreasury clean out of the way.
Mr.. Calhoun said, he knew perfectly well that
the only alternative was a sub-Treasury or L. 5.
Bank; hence it was that in 1897 he had taken
grounds against the one and in favor of the other.
The Senator had observed that architects pulled
down first and built up afterwards. This was a
metaphor, but metaphors were not always sound
arguments. The position might be true in archi-
lecture, hut it was not true in legislation The
mere repeal ofthc sub-Trcasury would rcinstatc
the pet banks, and the ctcalon OF a t. :. Bank
would supcrscde the pet banks. lie could not
vote for the resolution at all, especially since the
avowal of the Senator.
Mr.. Rivcs said he should vote for the resolution.
not because, if the sub-Treasury were repealed
the only alternative must be L. :. Bank. He
thought there were many a!tcrnativcs.--Thcrc
were the State Banks, L. 5. Bank as formerly
organized, aud there was a fiscal agent, which
might be marked with a very different character.
The removal of the sub-rrcasury would at least
narrow the field of choice
Mr.. Calhoun proposed to amend by adding the
word land to propose substitute" Not agreed
to, and the resolution was adopted.
Ona motion of Mr.. Rivcs to refer so much of the
Message as relates to foreign affairs to the COM
mite on foreign affairs, Mr.. Buchanan said he
hoped the motion would be deferred for day or
two. He desired to pay particular attention to
the correspondence between the British Minister
and Mr.. Webster. His impressions were very
different at present on the law of nations from
those of the Secretary of State. Mr.. X. assented
Housc-Mr. Underwood offered a resolution
declaring that it is necessary and proper to create
a National Bank and to repeal the sub-Trcasury
law, and one to appoint committee to report a
bill carrying the resolution into effect. Mr.. Wise
opposed the resolutions, and said he wished to see
the details of the plan OF the Secretary of the
Treasury first. He said it was the duty of the
Executive Department to recommend measures to
Congress, He then raised the point whether the
resolution was in order, pending which motion
was made that the House adjourn till Monday
next at | / o'clock-agrced to.
June 4.-Senate--Mr. Clay, from the commit
&c on finance reported bill to repeal the sub
Treasury. Read and made the order for Monday
The Senate then adjourned to Monday.
MOaday, June 7-Scnate-Mr. Bayard, from
he select committee to consider and report by
what token of respect it may be proper for Con.
ress to express the deep scnsibility of the nation
D the event of the deceasc of their late President,
cportcd resolutions requiring that the chairs of the
resident of the Senate and of the Speaker of the
Iousc be shroudcd in black for the residue of the
esson that the officers and members of both |
ouscs wear Grape for thirty days; and that the
resident transmit copy of the resolutions to
FRS. Harrison.
Mr.. Clay submitted a resolution, calling upon
lie Secretary of the Treasury for plan Of such
ank to be incorporated by Congress as, in his OPT |
ion, is best adapted to the public service. OBJ
ctions being made by number of members to
lie form of the resolution, at the suggestion Of
Ir. Rivcs he changed it SO as to read "bank or
seal agent"
Mr.. Clay submitted a resolution to limit the
lsincss of the Extra Session TO the following
casurcs: |. Repeal of the Sub-Trcasury 2. In
'rporaton of a bank; 3. Raising an adequate
cvcnue by the imposition of duties aud contract
g temporary loan; A. Distribution of the pro-
'eds Of the public lands; s. Passage of the ne
'ssary Appropriation bills; G. Regulation of the
INKS in the District of Columbia. Also one to
vide the business between the two Houses so
ut both might not act on the same subject at the
me time. Ordered TO be printed