The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-10
gwentp-Seoenth Congress.
IN SENATE,
FIRST SESSION
THURSDAY, July 8, 1871


public lands accompanied by aresoluiion stating 10 ei-
feet that the lands conveyed for public
revenue but in trust for the purposes therein mention
ed and that grant OF the public lands TO the States
in which they lie would be a usupation OF power
which was never conferred on Congress. LAID ON the
table and ordered TO be printed
Also a memorial from citizens of New York ex-
pressing their opposition TO any bill establishing bank
rupt law
bankrupt law.
Mr. WRIGHT presented memorial from citizens
Of Dunkirk, New York, in favor ola bankrupt law
Mr. SMITH Of Indiana, Chairman OF the Commit
tee on the Public Lands moved 10 take up the House
bill to distribute the proceeds OF public lands, and to
grant pre empions, for the purpose OF reference.
The bill was read twice, and referred to the Com.
mltee the Public Lands.
The Senate then proceeded TO the consideration Of
the resolution submitted 10y Mr. BUCHANAN calling for
the of persons removed from office since the 1h
Of March last.
MIR. LINN rose and occupied the morning hour in
the discussion of this subject He read from
speeches of the supporters of the Wing cause which
he said had not been carried out in practice since the
party into power. lie said the Senator from
Kentucky MIR CLiY) had been the very life and soul
of the catholic Wing party, that universal Wing party
which in one respect was like the broad ocean, that
grand labor tory Ut Nature that received its
less and heaving bosom every subs ance, however
unlike that ocean, IL hau
not the power OF purification-of working up corrup
ton into interruption, and throwing the vapor the
clouds, letting II fall again, bringing To the earth fer
tility and joy, From every defeat which that party
had sustained, the Senator back TO the combat
with unlifing energy, sp never quaillng and soul
unsubdued, From this proud and lofty bearing, he
MIR. L. did expect that that Senator would have
stood up against removals but he must conie that
even in that Senator he disappointed He reco-
leeted the time a, the last sessions when that party had
come into power,) and although not very good re-
porter he thought he could give graphic description of
the very OF that Senator on the occasion He
sat that the President would be every inch Pres-
dent and that If he could find any locoloco in office
that was honest capable, and competent he would be
left a monument of Wing mercy. .
Mr. L. gave way at the close Of the hour, TO renew
his remarks to morrow.
The Senate then proceeded to the considerable of
the special order being the bill incorporate the sub
scrbers to the Fiscal Bank of the United States.
Mr. WALhER moved TO amend the bill, by add
ing 10 the end al the Eth fundamental rule of the bill
PROV the effect THAT the cashier ofeyery office of
discount derosite shall the first Monday of Janu-
airy IN each transmit TO the presiding officer OF each
House OF Congress list of all notes discounted, and
OF all bills OF exchange bought and sold by those Off
cesi together with the names OF all drawers and endor-
u said notes and of all bills OF exchange with the
drawers endosers, and acceptors."
Mi WALKER said this amendment was the same
in pIncele that submitted another occasion by
MS coleague, tnougn somewhat different IN 1urfu he
objections then made 10 the fullest publicity that
it would give opportunities persons crafty idle
malicious curiosity and would expose 10 scrutiny the
affairs OF private individuals
de thought the right TO the closest scrutiny ought
TO lie granted. In this bank the Government was
about to tiust all It's revenue which would be loaned
out And should not every opportunity be granted 10
examine into the proceedings Of the institution p
Without some such feature nothing would he safe
He considered Indispensable to the security Of note
holders stockholders, and dpositors lfthere had been
some such clause In the old bank, there would not
have been discounts made in dark corners, nor would
the heart have been sickened with the detail Of the
trlghtu and hagi,ous frauds that had been perpera
ted by the officers OF that bank. Their proceed
lngs shrouded in mystery, and they were ire
sponshle To the Public. He appealed TO Senators on
the other side to allow that feature 10 be engraited
the bill Nay, he appealed To their OF right-to
their patriotism, to do 1t. That publicity essen
tal 10 the safety of the bank admitted by large
number Of the Wing party On the amendment be
desired the yeas and nays.
Mr. KING SAID he entirely agreed with the sent
ments expressed by the Senator from Mississippi,
to the necessity OF publicity feature OF safety, but
he thought the amendment would not reach the diff
Guilty complained of. Once in each wear there would
he volulnnous document W hch would not be read
or properly examined, he would suggest therefore,
10 the Senator the proprleiy of having staemen;
made once week, and published in some paper where
the bank Is located. With regard TO exposure would
borrowed money in the prosecution of his business :
de hoped his friend would modify the amendment
as to secure the greatest publicity.
Mr. WALKER would be glad to accomplish it,
but he feared 1t would not 90 down and he expressed
wish that his friends would let 90 in the form it
was draughted il would potion of the OBJ
Ject that all had so much at heart
MI Ola said he was very sorry TO be obliged TO
object 10 the amendment of the Senator but it was
unnecessary to repeat the motion after il had been full
decided 10 S,hu tal ! ,xar
Ia have these repeated decisions when would they get
through this bill He friend to Publicity rea
sonabe publicity; and what had been their experience
IN regard to banks, on the publicity and privileges of
individuals Ii was this-that twenty years ago no
man would have thou, hit it eapedent 10 exhibt the
account OF any individual, TO the inspection Of
committees OF Congress. He had no doubt that much
more mystery was then thrown around their transac-
tons than necessary. The principle Of publicity had
been progressing but did gentlemen Perceive that
they ought no., At once, TO rush from extreme to
the other Gradual aud progressive advances were
more compatible with the feelings of individuals and
the community, than o leap at into entire publ
city of all the individuals ransactiug business with the
Bank.
Now what had been done in the bill in conformity
with this principle of publicity The Secretary 81
the Treasury was to have approach to all the accounts
without exception and committee of Congress, a
committee of stockholders, and every director of the
Bank has night TO the accounts of every indiv
dual. How, then, in four OF five important patticu-
lars had been made advance the old notions OF
Bank q Gentlemen were not sati, fed and the Scna-
tor from Mississippi made proposition that every one
of twenty officers throughout the country was to
disclose the names OF every who has discounted
note during the year-principa and surety this
would amount 10 twenty large volumes and what
printing job they were getting up here. Was that
necessary He thought not.
he rose merely to call attention to what was done
in the advancement of the principle OF publicity and
10 say that any member, when he WISHED could move
COMMITTEES and inspect the books and that was all
that was essential
Mr., BENTON spoke ofthe mystery that had shroud-
ed things in bygone days and read from the Journals
III A = ~. a.. ILL.,