Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-07

leave 10 present petition from citizens of Erie PENN
sylvaniu in behafof the establishment of U ) Banh
He said it was right that the voice OF The petitioners
should be heard. He would merely ask The pet'l'on 10
be laid on the table.
Mr. RIVES rnse and stated that the chairman OF the
Select Committee, (lr BerrenD in his expose o! The
present ball. had referred 10 the amendment to the Tor
ner bill, which he Mr.. RIyesj had proposed, win
view of showing that this bill CONFIRMED 10 that propo
s;tion This was great mistake. The essential point
in his proposition was evnded in the provision relied
upon by the chairman OF the committee. H,s (Alr
Rves proposition precise and definite I" the e3
cluson of discounts in every shape aud form whereas
this bill authorizes in effect, the dlsc"untlng 10 any
extent of bills of exchange; for there essentially no
difference between dscouutng pronissory note, not
due for given time, and advancing money on hill
drawn by one person on another, and not payable III
distant day. deductlng the interest on the money al
vanced for the time the bill has To run to maturity his
in substance dscountng just as much as the opera
| lion promssory notes. The meaning oil ms
proposition aud he felt nced that no other meaning
could be given TO the expressions in the President
veto message, was, to limit the Bank 10 "oeal'n9 ~
exchanges that is, purchasing or selling cash dfais
payable on demand and drawn in one place, but pay
able in another thus facilitating and eqnazlng as near
" as possible the exchanges of the country This was
the understanding in all foreign countries OF the Term
"dealing in exchanges" and did not include dealing IN
his IF e1caangs payabic al distant day Another es'
scntial difference between his (Mf. hlves y PROPOSE
lion and the principle of this bill was, that this bill as
sumes right of establishing agencies IN the several
States, provided they limit their banking operations 70
dealing in foreign bills Of exchange, OF biis OF eA-
change drawn in State or Territory and payable ~
another whereas his proposition required the assent OF
b States N the es,aLlis hment of agencies within their
borders Unless these features OF the present bill
were changed and made to CONFORM 10 MS proposition,
lie could no. vote Tor IT, ~
/ Mr. BERRIEN denied that there was any difference
in principle between the provisions oil this o, ana inc
proposit,on of the Senator from Virginia, MIR. R:ves,
off. red as an amendment 10 the late Bank bill; and
maintained that the present bill was strictly IN conior-
nifty with the requirements OF The Presidents message
Tie made various quotations IN support OF these asser-
tons
/ Mr. RIVES replied, pointing out the precise differ
ence between the principle involved in both his pro-
position and the bill under consideration. In sup
port of this exposition, he referred TO hs speeches on
the late Bank b and those on the veto message. His
opinions being thus on record he would leave them
| 10 speak for themselves.
! Mr. BENTON fully concurred with the Senator from
Virginia. (Mr Rves) that cashing bills of exchange
was Just much discounting operation as discount
ing promissory notes; it was, IN fact INFINITELY worse
II was the greatest absurdy the world, To suppose
that The iinsy humbug Of calling the discountng OF
bills exchange gamblers kites, and racehose bills
of eychange-a "dealpg in exchanges within the
meaning the terms used in the Presdents veto mes
sage As it the President could be bamboozied by
such shallow huinUug. only look dl operation
under this bill a needy adventurer goes TO one of
these agencies and offers his promlssory note with Sc
curities the old fashioned way but Is told IT cannot
be discountedihe law is against It, The law, howe
yer, may be eyaded if he put his note INTO another
shane max ing one OF his suretics the drawer and max
mo the other who lives be ond the State line, his
Grawee in favor Of himself, cndorser and IN that
shape the kite will be caShed deductng the interest and
a per centage besides the shape of exchange. Here
is discount added TO usury; and IS not that worse than
tt,cl.
a man need but take ski and cross the river to OBJ
tain an accepor Of another State for his kite, and then
return and get IT discounted under the preence OF sell
ing tins bank agency 'bIll OF exchange
Mr. Benton here went into heightened historical de
tails OF foreign exchanges, and showed that III all parts
of the world both bills notes for the payment ot
money future day, when cashed before maturity,
were called discounts.
Having shown all this he (Mr. Benton) said he would
now 70 with his amendments. Attr the word "cor
poratons in the ninth line OF the first section, he would
move to insert the words: "The corporators in said cor
poralion being citizens the u. S. lie had no notion
Of putting the Treasury of the IT, 5. into the hands Of
foreigners; let those who had, show their hands; ne
would require the yeas and nays
l MIR. BERRlEN considered the amendment unneces-
sary. There already provision that none but CT
,izens Of the u. S. should take the original stock
The only effect of the amendment would be to lessen
the value Of the stock.
Mr. BENTON replied, showing the faliacy of the
security on which The Senator from Georgia relied.
The question was then taken on the amendment
which decided in the negative, as follows:
Tas-Messis Allen, Tencn, Bnclianan Clay Of Alabama
cuihr Fulton, King, Linn, No:"hsrtS M""n N'Gio,"n
Pierce, Sewer, Sturgeon lappan Walker, Woodbury., "t.l
yau-Nle.-rs Archer BARROW, Bates Been, Clay Of Ken
mrhy Clayton nsun Evans tranam Henderson, Huntington
ke Mangnm M-trick, Miller Morelead, Phelps Porter Fen
lbs, Pc-im Rvcs, simmons, smith ut INDIANA ia'"a'ee
White aud Woodmidcr-2G.
Mr. BENTON had another amendment 10 offer i
in the eleventh fundamental rule OF the eleventh
section ofths Fscalty charter wherein liberty ~ gwen
10 transfer stock. That rule
c stock said sba! he assignable ana trans
far according 10 such rules a shall BE- Instituted IN mat he
halt by tie e laws aud ordinances of the same"
lie (Mr. Benlon) not Tor leaving IT IN Inc power
Of these corporaors, by the laws TO authorize the
transfer Of this stock to foreigners and thereby giving
them the control Of the Treasury Of this Union. Tie
moved to insert after the word ranserabe, the words
'sto citizens of the u. S and none others.
Mr.. BERR!EN hoped the amendment would moi
pre- vail The original subscribers would lie citizens O.
the l. S. To Gt bar them from transferring their stock
would be TO lessen the value Of the stock, which they
rendered valuable by becoming the purchasers OF II.
Mr.. BENTON observed that it was strange argu
that the pary difference Of value in the private
shares Of this Corporation should outweigh the danger
Of con!dng the IT, States Treasury to the HANDS OF TO-
rctgmers
The question was then taken on the amendment, and
| decided IN the negative-ypas 20, nays q.
Mr.. WALKER moved an amendment, requiring tha
the bills IN which The Bank should deal should be drawn
NJ snort cafes, ana on goods already actaiy shPPu
II was negatived by yeas and nays, as follows:
1'asMc,s1 Alien, Benton buchanan, Calhoun, Clay e. Ala
hama Fulton. KIM. Linn, McRo-rt, Mnnnn Nlc"l-"n rrrr
Rivc- Sewer smith q Connecticut, Stureeon Iappan' Walker
Woodbury., Wright aud Io,ng-2i
NnsMrsr>. Archer Barrow, Bates Eerrien cl'oaie Clay
Kentucky Clayton, Dixon Evans, Graham, Henderson, Hunting
lcn her, Mansu, Merrich Miller, Moreead, Phelps farf
Prrn- Preston, Simmons Of Indiana, S"uiard Tall
mai.e, White. and Woodtridsc-27.
Mr.. ALLEN moved an amendment 10 make Tie d.
rectors in OF suspension, personally liable Tor the
debts OF the Bank.
This was neTatived as follows:
JasMcssrs. Allen, Benton, buchanan Clay of Ala cuibeI'
Fulton, King, Linn McR"bcrt Muuton Ncosnn, Pierce =
vir Smi n Connecticut Sturgeon, Tarran, Walker oodbi
~, Wright, and Youn--2n
l.SMrsss Archer. Barrow Rates. Bcrrcn, Choate Cial
Ky, CLAYTON. Dixon, Evans, Graham, Henderson, HUNTINGTON
her, Aangnm, hck, Miller, Morchea, Phelps Prtcr pIrn
tss Preston, Riye Simmons, Of Indiana Sonil'ard Tall
madgc White, and " oodlrdsc-2s
Mr.. PRESTON Ut now being about ; 'clock) moved
TO adjourn.
Mr.. SEWER demanded The yeas and nays, and the
motion negatvcd-yeas lG, nays 81.
Dir. BENTON offered another amendment to strike
ont 10 and insert 30 per cent the proportion oil The
stock to be paid down by other subscribers than tht
/ (,ovprnnipti