The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-27
IN SENATE.
MONDAY, July &c, 1871.

hoNDAfi Iuiy 80 1911.
Mr. SEWER presented letter from the Secretary of
War in relation TO the claim of Chociaw Indian
now In this city, praying for the confirmation OF GER
tain land titles to that tribe.
/ Mr.. CLAY, of KY, presented petition signed by
many respectable inhabitants of the city of ashng.
ton, who were men of business calling the attention
Of Congress to the business condition of the District
OF Columbia, owing To the state in which the Banks
of the District left by the late Administration,
and respectfully asking the recharter of the Banks OF
the District for limited time. He presented this Pc
tition with much satisfaction being personally ac-
quainied with many Of the petitioners and he asked
a consideration of their request. On his motion,
the petition was laid the table, and ordered to be
printed
The BANK BILL was then taken up, the question
being on the further concurrence with the amend
ments Of the committee.
The amendment providing that the Bank shall not
increase the amount OF debts due to it when the
exceed three times the amount of specie in its vaults
was on motion OF Mr.. CLAY, of KY, modified so as
to provide that the Bank shall not Knowingly
the amour, OF debts due it, when the notes in CIR
cuation exceed three times the of specie
vaults and whenever such excess takes place IL shah
be the duty Of said corporation 10 return to this pro-
portion, ruth as hide delay piH be safe and pracfi
cable.
Mr.. CLAY opposed the amendment prohibiting
the directors of any Office of discount and deposit
from receiving loans from the Bank. He held that
this provision would deter many practical business
men from becoming directors of the bianches as the
directors received no salary and by this amendment il
proposed TO cut off all loans to them. He con-
tended that the entire prohibition of loans TO the
saaried directors of the Bank sufficient restric
ton.
The amendment WIS further opposed by Mr. HUN.
TlNGTON, and advocated by Messrs. WALKER
CLAY, of Ala, and LINN
The question was then taken, and the amendment
of the committee rejected, as follows
YEAS-Messrs. Allen Benton, Buchanan, Cal
houn, Clay, of Ala, Cuthbert Fulton, King, Linn
McRoherts, Mouton, Nicholson Pierce, Rives Sc
yir Smith, Of Conn, Sturgeon, Tappan, Walker
Williams, Woodbury. Wright, Young-23
NAYS-M essrs. Barrow, Bates, Brrrien, Choote
Clay, of Ky, Clayton, Dixon, Evans Graham, Hun
tngion, Kerr, Mangum, Meuick, Miller Morehead,
Phelps, Porter, Prentiss, Preston, Simmons Smith,
of Ind, Southland, Tamadge, White Woodbridge
-25.
Mr. CLAY opposed the amendment in the same
fundamental rule, providing that note or bill of
which any member of either House of Congress the
United States, is maker, drawer, endorser accepor
or otherwise party, shall he discounted,
lie thought II was restriction, injurious not only
to members Of Congress, but to those who had the
names OF members on their paper lie took great
distinction between looseness of exposure and the
moral power OF examination of the inmost of
the Bank in which fact of power lay the great resrc
ton.
Mr. WALKER said, to remove the Senator's OBJ
Jections, he would propose modification, to provide
that no note should be discounted by member Of
Congress Would the Senator compromise He
had before compromised and this ground they might
meet.
Mr.. CLAY said il would be a great improvement,
but the amendment would still be open to objection
as an unreasonable introduction to members Of Con
grcss. He would for the amendment, lfthe Sen
ator would offer 1t, though he should he Afterwards
Obliged 10 ,oc against the whole amendment
Mr.. WALkER then moved 10 strike out the
amendment aud insert, the proyiso, that note or