The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-17
VOL. IV......No. 2s.l

that the power should not be given, under any cir
cumstances, to take away the public treasure
Mr. BENTON said that the bank was the Treasu-
ry of the Government and, besides the ten millions
which the Government to borrow to put into It,
there the also. The public money should
be separated from the private. The public funds
should not be considered the private property OF
the directors or stockholders and under their dnec-
ton. @"| ."t@ G
Mr.. WOODBURY. said the prohibition to officers
of the bank would not reach the evil The late bank
had made donations to hose companies. to internal i'm
provements and TO police officers Now, these were
objects for which Congress could not appropriate the
public money, and yet the stockholders here would
have the right to do it. Besides, if the views of the
Senator from Mississippi did not prevail the money of
the public might be liable to be voted away BY foreign
stockholders.
MrCLAY could not suppose that the Senator from
New Hampshire had any deliberate purpose to mlsre-
present when he intimated that foreign stockholders
would exercise any influence over the funds of the
institution lie put il to the candor of the Senator to
say whether it fair argue possible contingent
cies? Did he not know that, by solemn vote of the
Senate Foreigners not only prohibited from vo-
ting, but owning any stock 1t time to argue in
that way when the decision was reversed
Mr. ALLEN argued that in no case should any do
nation be taken from charged to the stock deposited
or other funds belonging to the Government, in the
bank or any Of its branches, and he said he should
offer an amendment to that effect at the proper time
Mr. HENDERSON could not see how sheer act
of donation could be made; and argued at length
against it .."
Mr.. WOODBURY. said the Senator from Kentuc-
ky had put it his candor to say whether it was fair
to argue on possible contingencies. He Mr.. W.
would put it to the candor Of the Senator to if
he did Intend to the decision of the Senate
if he could. He had argued from facts as they might
exist. Here Mr.. w. opened his drawer and took a
slip containing an extract of Mr. Clay's speech of
1911 from which he read to show that Mr.. G. enter
tanned the same views, as expressed in his speech Of
that date.
Mr. CLAY thought the Senator seemed to entertain
peculiar prediction for the speech Of 1911 He
wished the Senator had much respect for another
speech of his delivered in 1916. With respect to the
speech delivered in 1871 he would say, once for ALL
for his friends for his party and postery that he had
voted against Bank at that time on honest conylc-
lions. But what was the difference between 1911
and 1867 At the latter period came the war debt
with ruined Treasury that war could not be car
ried on without the aid of Banks; he had changed
his opinion in favor of Bank, and there stood record
ed all his for doing and he was willing to
the charter came up in the other House. he was in
position where he need not have disclosed his opinions
and if he had been cunning, he would not say dis
Greet he might have concealed his opinions as others
had DONE but he preferred open his BOSOM lay bare
his heart and give to his country and to his consttu-
ents his for the change his mind had under
gone-a change which had been in common with Ma
dison with Governors Barbour and Peasants of Vir
ginia and all the illustrous compatrots with whom
had been his good fortune act. Does the Senator
understand it now4 (sad Mr.. g. Can he appreci-
ate i'll Can he reach that standard to be able to ad
nit that change made in common with all the patri
OTIS Of age could take place without any sinister
tve7 Letthe Senator from New Hampshire read the
speech of 1916 and it if he can, if he dare
Mr. c. went on to explain at length the reasons which
Mr. WOODBURY. said il required ne eloquence
to let the world know that the Senator had changed
~. I.,th a ha tad
to say that he had read both speeches of the Senator
and gave a decided preference to that of 1911.
After some further remarks from Messrs CAL
HOUN, CLAY, of Alabama, and others, the question
was taken striking out and decided in the affirma-
tive, as follows:
YEAS -Messrs. Archer Barrow, Bates, Bayard
Berrien, Choate, Clay, of Ky, Clayton, Dixon,
Evans, Henderson, Huntington, Kerr, Mangum, Mer-
r,ck Miller, Morehead Phelps, Porter, Prentiss,
Preston, Rives, Simmons, Smith, of Ia, Southland,
Talmadge, White, Woodbridge-2S.
NAYS-Messrs Allen, Benton, Calhoun, Clay, Of
Ala, Cu,hbert, Fulton, King, Linn McRober,s,
Mouton, Nicholson Pierce, Sewer, Smith, Of Conn,
Sturgeon, Tappan Walker, Williams, Woodbury.,
Wright, Young-2l
Mr.. ALLEN then moved to amend the amendment
to the effect that donation made by the bank or its
branches should be charged 10 the funds of the Gov
eminent.
On this motion short debate ensued, and on the
question being taken, the vote stood as follows:
YEAS-Messrs Allen, Benton, Calhoun, Clay, of
Alabama, Cuthbert, Fulton, King Linn, McRoberts,
Mouton, Nicholson, Pierce, Sewer, Smith of Conn,
Sturgeon, Tappan, Walker, Williams, Woodbury.,
Wright, Young-2l.
NAYS-Messrs, Archer, Barrow, Bates, Bayard,
Belrien, Choae, Clay, Of Kentucky, Clayton. Dixon,
Evans Henderson, Huntington, Kerr, Mangum,
Merrick Miller, Morehead, Phelps, Porter Prentiss,
Rives, Simmons, Smith, of Indiana, Southland, Tall
madge, White, Woodbrdge-T.
The question was then taken on the amendment of
Mr. WOODBURY., as amended, and it was adopted.
1t provides substantially, that no donations shall
be made to the officers of the bank by the directors
Mr.. WOODBURY. then moved to strike out from
the 4th line in the BILL in the LIST section, the words
thirty millions" On this motion, Mr.. w. address
ed the Senate at very considerable length
M; CLAY rejoined. He had always been led TO
believe that the Senator from New Hampshire
q mater-of-fact man but now it appeared he had
some parts in him, for he was for creating bank
without any capital at all.
Mr.. WOODBURY. replied that the Sub-treasury
had no capital and yet the Senator from Kentucky
had always maintained that the Sub treasury
Government bank.
Mr. ARCHER would give his vote against the
amendment, by which he did not mean to be under
stood as excluding him from voting for any other
change Of amount at another time
The question was taken on the motion and decided
in the negative
MI. WRIGHT then moved to strike out that part
of the bill which admits Of the addition Of 20 millions
Of capital.
Mr.. w. sustained his motion chiefly on the ground
that the capital ought to be staid and fixed; that if
the stock or 10 per cent above PAL lush
would be made to increase the capital while, on the
other hand if stock fell the managers of the bank
would be anxious to increase the capital by new
alliance.
Mr. CLAY replied at some length, insisting that if
the stock rose would be evidence of the prosperity
of the establishment and the expediency of increasing
the capital
The question was then taken on the adoption of
this amendment and decided in the negative
YEAS-Messrs Allen, Archer, Benton, Bucha-
nan, Calhoun Clay of Alabama, Cuthbert, Fulton,
King, Linn Mouon, Nicholson, Pierce, Rivcs, Sc
yier, Smith, of Come 'icu' Sturgeon Walker Will
liams, Woodbury., Wight, Young-22.
NAYS-Messrs. Barrow, Bates Bayard, Berrien,
Choate, Clay, Of Kentucky, Clayton, Dixon, Evans,
Henderson, Huntington, Kerr, Mangum, Miller,
Morehead, Phelps Porter Prentiss, Preston, Sim
mons, Smith of Indiana, Southland, Tolmadge, White,
Woodbrdge-26.