Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-08-26

an institution TO be styled, "Me Fiscal
Corporation of the United States" Ii
was brought forward by MIR, Sergeant,
us Chairman Of the Committee on the
Currency. Mr.. S. moved that the
House 60 into Committee ON the bill No.
! 4, TO incorporate The subscribers Of the
Fiscal Bank Of The u. Sand, in com
mittce, he moved to. amend the bill by
striking out all after the cnaciing clause
aud inserting The new bill. The provi-
sions of the bill viii be best seen in the
following explanation which tho chair.
man Mr.. Srrgcani) give of il.
MIR. Sergeant sad, there might be
two or three verbal errors in the bill,
which would be corrected. He perceiv-
ed that word had been left in some OF
the sections which would disturb the
nerves OF some gentlemen. A voice,
"you mean the word Bank. IA laugh.
Gentlemen would, at all events, have n
new name TO combat. How the new one
would sound in their ears, lie did not
know. The difference in the prese nt
bill aud the former one would be best
understood by comparing the two. Ii
consisted chiefly in three or four particu-
lars. Firstly, IN the name, as he had al
ready indicated. 2d-Thc capital was
made twenty-onc millions. 1t might be
asked Why this number 81 should be
taken 1T was because il was eusier Of
division into three parts than twenty -
it was proposed that The Government
should take seven millions Of the stock,
and that fourteen should be subscribed
by individuals, &c. There was also
power provided to increase the capital
to 35 millions. Sd the new bill prnyi-
ded for the establishment Of agencies or
the employment OF agents in The States.
Aiil- here were to be no Offices of Dis
count or Deposite or what are called
branches. There is a power granted,
with the assent Of the Secretary Of the
Treasury, to employ local Banks. 9Th -
The power OF local discount il taken
away, and the corporation is confined to
dealing in Exchanges. Its business is
limited to foreign Exchange and En-
change between the several States,
Unless some member Of the Commit
tee wished to add some explanation he
would move that the Committee rise and
that tho bill be printed.
Mr. Profit asked whether the new
Bill cmpo" cred the principle of assent
by the States.
Mr. Sergeant replied that il did not
The Committee then rose and the bill
was ordered to be printed.
The Mcleod resolution, which occu-
pied the morning hour, during the early
part OF the session, was again taken up,
and some little discussion followed, in
which Messrs. Morgan and Brown took
q part, when Mr.. Maxwell moved to lay
ho whole subject OH the table lost, yeas
10, nays III.
The subject lies over till TO MORROW
The Forifcation Bill, from the Sen
lte, was taken up, and the yeas and may
aiken OH The various Senate amend mcnts
in, in Committee. Some
we're rejected and others finally con
cured in.
Saturday, Aug ol-Tho SENATE to.
lay was chiefly engaged on the Land
Bill.
A very important amendment was Of
eIed by Mr.. Berrian, as follows, viz:
Provided, also, That il tho rate oil
iu'y on important articles, shall he so
egulated by law rs after the 2Olh June,
3Il, TO increase said rate Of duty be-
ond 20 per cent. ad valorem, Ia be
computed according to the provisions Of
he act OF Cd March, 1893, the distribn-
ion of the proceeds of the public lands
rovded for by this act shall cease dur
~ the existence of such rate Of duty, H
nd shall be renewed whenever such
ate of duty shall be reduced to 90 per
ent. unless prohibited by the other pro-
isions Of this act.
MIR. Huntington and others opposed
le amendment.
Mr. Rives moved To amend the amend
lent so as TO provide that the distribution
ease when the duty on amy article shall
xceed 90 per cent. Mr.. Rives' amend
,cnt was lost. The amendment of Mr..
'errien pending, the Senate, on motion
{ MIR. Moorehead, adjourned.
FScdl tUpo,WtOh. H.
In the HOUSE, Mr.. Sergeant moved
'at the debate on tho Fiscal Corpora
on Bill should ccnsc ut 4 o'clock, i.
]. this day, and that the Committee
zen proceed to vote on the amendments
ending or offered. ID
The previous question was ordered. a
Mr., Sergeant modified the resolution
as to read "Monday," instead Of this
1y. lIi
A motion to lay the resolution on the
bic was lost, yeas 81, nays 40.
MIR. Sergcanrs resolution, as modified, h
'ssed, yeas 116, nays &c. Fl
Tho House then went into committee \
} the bill. MIR. Sergeant explained and K
lyocated it, at some length. :,
MIR. Wise followed, and was very bit II
~ opposition TO Mr.. Clay, whom he ii
ok to task for his speech in the Senate, a
other day and also expressed il as o
$ own opinion that MIR. Tyler would Il
10 this new Bill Mr.. Tyler had cx- !"
essed his opposition, in the veto mes. = =
re, TO n Bank of Discount, but said o
thing IN favor Of Bank OF Exchange.
e more than once declared that MIR. I,
Ter would veto this bill Ilfs