Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-07-12


the amendments, unless the amendments were
before you, nevertheless. there were one or two
worthy Of your notice--ior INSTANCE The original
b Il gave the power to Congress to increase the cap
ilal of the Bark twenty millions. This was. so
changed as not TO take effect till after the kstof
juno, 1851, thus allowing ten years for contngen-
cies
The bill AZ. FIRST contained provso that no
debt should be ownealy the Bank over and above
those tor money deposited, beyond twenty-five
millions. ..Mr. Clay moved TO extend this TO thir-
" millions, but his friends did not sustain the
noton-there were % for it and % agninst it
Mesers. Choaie Henderson, Rives and Simmons,
voting in the negative
The next proposition OH which there was con
siderable debate, was one offered by Mr.. Clay, to
strike out the 18th section, which was in effect
that the circulation should not exceed three times
the amount in the vaults. This amendment was
sustained with great deal of ability by Mr.. Bar
rows, of La. who maintained thai it was fhInry
quite unworthy of the nge that the solvency OF
any institution depended on tive amount OF specie
on hand. He maintained that if that section wns
sustained, it would rob the Bank oil more tlian
half its usefulness.
After somewhat pl otracted discussion, the
matter was so compromised that when the circu-
latiun should go beyond three times the amount Of
the specie The debt should not be increased, bu
that orders be given TO return within such limit,
as early as was consistent with safety and pract-
cability.
WEDNESDAY, June 80
Sendle.-The bill to incorporate the subscribers
to the Fiscal Bank of the United States, was a
gain under discussion until late hour.
Mi. Henderson moved so to amend il MS that
none other than citizens OF tie United States, or
aliens resi- lent thei elm, were TO subscribe for the
stock of the institution and all companies md cor
poraons that took it 10 belong TO the sever
al States and Territories. This brought forth
very long and animated discussion, in which
Messrs Benton, Walker and Allen repeated their
thrice told tales Of the danger Of foreign nfu.
ence, and OF committing the sincwa of war-lhc
money OF the cnunuy-to foreign control Mr..
Preston, in his usual happy and eloquent manner,
secuted The idea that any merceuary Influence
could exert any control
MIR. Mnngnm then moved to exclude the resi-
dent aliens entirely, upon the ground that there
wns sufficient capital ut home seeking profitable
investment. and he was for giving American ct-
zens the benefit of that profit.
Mr. Henderson accepted the motion as modi-
fcaiion of his amendment when
. Mr. MOorehead moved to restore the resident
alien 10 the privilege Of subscribing, md asked
the yeas and nays. The question was taken, aud
il was voted down by n single vote, and the IL
nendment of Mr.. Henderson prevailed by n
large majority.
The nest amendment Of Mr.. Henderson WIirh
also prevailed, was that no assgnmeiit or transfer
of stock should at any time, be made TO other
than citizens of the United States, corporations
made, the transfer was to I've void-he stock to be
forfeited and revert to the surplus fund OF the
Bank
Mr.. Henderson then moved to give any one or
more Of the stockholders, or heir agents or ator-
neys, the privilege of examining the private &C.
counts of all persons dealing with said Bank, or
any of its effects Of discount and dcpositc This
amendment was very warmly supported ny
hlessrs. Benton, Walker, Calhoun, Allen and 9TH
1t cannot fail to strike you that such PROPOSE
ton gong to expose the private affairs of indi-
viduals, must be attended with consequences de
structive 10 the Interests of any Bunk, because il
would ALLEVIATE from it all the great commercial
and trading interests of the country. And it is
with much pleasure inform you it was lost, by u
vote of 26 TO 90.
A.. Ri~oo ~vH, comrrvucc Will Ills amendments
tomorrow. Could this bill be permitted TO pass
MS Mr. Clay originally intended it should, the
happest results might have been anticipated
HouSe-The interest in the distribution bill
seems to have subsidized in the House, and the dis
cusslon goes on heavily and languidIy. The
whole subject, in ali It's branches, has been thor
oushly exhausted half dozen times before, and
nothing new can be said upon it by any body.
Mr.. Jofnson's speech embraced every thing that
can he said in favor Of the measure, and MIR. Cliff
ford said all that was necessary against it. Both
parties seem fatigued with the question, and I'm
less the definite shall branch off into political
squabbIe, 1t is not impossible that the final vote
may be taken on Friday.
The President sent to the House of Representa-
tves to-day, memorial from nearly three thou
sand citizens of the city of New York PRAYING
Tor the enactment of n general bankrupt law
lhe memorial, directed TO "the Cnngress,ef The
United States was sent 10 rle President with
letter requesting him to present it 10 Congress, with
such message rs lie thought fit. A brief but
very explicit message accompanied the memorial
The President thinks that bankrupt law, uniform
III its oIeration and embracing all classes Of pei
sons aud so framed as to guard against frauds
would have beneficial influence upon the pros
perily and happiness of the county, Whether
is advisable 10 take up the subject OF this extra
ordinary session OF Congress, he leaves The Wis
dom OF Congress TO determine.
The course of the President will give general
satisfaction. He las done precisely what was ex-
pected from his republican principles and ascot
atoms lie recognizes the right of the people to
approach him under all circumstances, and on
every subject, and he gives II their requests the
most respectful considerations. This is in pleas
ing contrast TO the superscilions manner in which
Gen. Jackson repealed the solicitations of those To
whom he WAS responsible.
II Is hardly possible that there can be any defin.
tic action up0n the bankrupt bill at this session.
But let the message of the Executive be followed
up by favorable report from the Judiciary Com
miitee OF the House, and vote on some preliln-
mary question that shall indicate u determination
TO pass bill at the earliest practical moment, and
inc nHllous OF persons VINO are now tied hand
and ioot by liabilities which it is impossible for
them to discharge, will receive the movement as
an earnest of ultimate and certain relief and be-
gin to breathe deeper and lreer from that time
forth
In regard TO the policy Of including corpora
lions, the necessity of such provision is every
day becoming more and more obvious.
The President expresses no opinion on this
point.
=. Correspondence Of The Alias.
WASHINGTON, July l.
Mf Rives moved his amendment this morning
providing for the insertion of that part of Mr.
Ewings project, which requires the assent of the
States TO the establishment of branches, and the
assent of Congress TO their subsequent removal.
MIR. r. supported his views by a very able ard in