The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-01

rous advocacy of the rights and interests OF alien,
made by the Senators on The other side, they nghi
permit such rlillng exception IN their asI Ito hau
gone with them that principle on the pre- emption
bill, and willingly. lie did not see why they should
be excluded from this privilege.
Mr.. BENTON replied
Mr.. CALHOUN thought that, after recent expe-
renee foreigner OF the leas, discretion would rex
his capital in Bank Of the U. ).
Mr.. PRESTON wished that the Senator would
give at length his for this amendment lie
thought II every way desirable for make use OF
foreign capital If were in condition to probt ny ~
and If foreigners willing risk their superabun-
dant capital II had always been usage 10 do 50.
The war Of the Revolution was carried on with To-
reign capital
As TO foreign influence, the lenders and not the Dor
rowers, were danger Were the States OF Illinois
and Indiana with their heavy foreign liabilities, under
the Influence of their foreign creditors Who were
the masters and who the stoves in this case VINO
were looking with anxiety to the movements OF Amer
lean Legislatures Were not those foreign lenders
wholly within the power of their American debtoiss
Mr. Preston cotlnued eloquently for half an hour
the questions both Of political influence and politl-
cal economy connected with the employ Of foreign
capital.
Mr.. BENTON replied at large, going into the
usual TOPICS Of foreign bankers influence horn
book, bamboozling," Sc, &c
Mr. PRESTON reored with great yigor and
eloquence.
Mr. BENTON replied again. He said the bill
contained section in fact repeating his gold bill
He alluded to the section fixing the value of CONS
received in payment of subscriptions.
Mr. BAYARD followed, the subject of the
section assigning the value of gold coins
Mr. HENDERSON made explanations of his
amendment, in answer to Mr.. Preston.
Mr. MANGUM spoke in favor of Mr. Hender-
sons amendment, but he wished for a slight month
cation excluding also, resident aliens from subscribing
or purchasing stock.
MIR. HENDERSON accepted the modification
A - A I.La A
pressed their appreciation ofthe modified amendment.
Mr.. CLAY, of Kentucky, regretted the change,
and hoped that the Senator from Mississippi would
reconsider it, and restore the amendment TO its org
nal shape.
Mr.. HENDERSON declined He preferred the
modified form
Mr.. WALKER supported the amendment, in a
speech Of half an hour
Mr.. SMITH, of la, gave his for opposing
the amendment He argued that foreign capital under
American direction according to the original prov-
sions Of the BILL could be used to the injury of
American national interests or liberty. As to the eff
feet OF foreign loans imposis (aluded to by the Sc
nator hom Mississippi, Mr.. Walker,) excessive i'm
portations We're to be checked by other means which
would come under consideration when the tariff should
be reviewed He wa glad to hear the i'm
poItatons OF foreign manufactures thus deprecated by
Senators on the other side
Mr. ALLEN followed with speech against for
eignes and corporations of all descriptions He con-
ment excluding all corporations
Mr.. WOODBURY. insisted upon the designs of
foreign influence. Louis Philippe, or Queen Victoria,
or her generals or bishops might be the first subscr
bers to the stock if they thought would be prota-
BILE concern.
Mr.. HUNTINGTON, in reply, showed that the
Senator from New Hampshire was making false
issue. The question was not whether foreigners
should be invited to participate, but whether they,
der American directors, could corrupt and degrade
w Oud the Senator the % his
ens and say that he believed capable Of being
huenced by foreign capital
Mr.. WOODBURY. replied the dangers of TO-
reign influence He read some extracts from speech
made the recharer of the first U S Banksin 1871
by Mr. Clay. MIR. c. remarked in underonc,
that he hoped the Senator would read the speech
throughout and profit by il
Mr.. ALLEN withdrew his amendment
Mr.. MOREHEAD expressed his regret that the
Senator from Mississippi had accepted the amendment
He moved TO amend by permitting resident aliens to
own stock
Mr.. CLAY said that he considered the exclusion
of Aliens whether resident or foreign to be mere
sacrifice to demagogsm and popular prejudice. Ne
vertheless, he would vote for the amendment exclui
ing foreign aliens not for the exclusion of residents.
Mr., BERRlEN gave his reasons for voting against
the amendment to the amendment.
The amendment then rejected.
YEAS Messrs, Archer, Bates, Bayard, Choa,e,
Clay, of Ky, Clayton, Dixon, Evans, Huntington,
Prentiss, Preston, R,es, Simmons, Smith, of Indiana
Tallmadge White, Woodbridge.-23.
NAYS-Messrs Allen, Barrow, Benton, Berrien,
Buchanan, Calhoun, Clay, of Alabama, Culhbert,
Fulton, Graham, Henderson, King, Linn, Mangum,
Nicholson Pierce SEWER Smith, of Conn, Sturgeon,
Tappan, Walker Williams, Woodbury., Wright,
Young-25
Mr.. Henderson, ms amendment was then passed,
SO To 10.
Berrien Buchanan, Calhoun, Choate Clay, of Ala
Clay, of Ky, Cuthbert, Fulton, Graham Henderso A.
King, Linn, Mangum, Morehead Mouton, Nichol.
son. Pierce, Rives, Sewer, Simmons, Smith, of Con-
T ne S s,u; W TaPs%1n Walker Walker Williams "
NAYS-Messrs. Barrow, Bates, Clayton Dixon,
Evans Huntington, Kerr Merrck, Miller, Phelps,
Porter, Pren,iss, Preston, Smith of Ind, Tamadge,
White-l6.
Mr. HENDERSON, after some verbal amendments
accepted without debate moved to amend as to give
every stakeholder right to inspect the accounts of
every individual and know all the discounts of the
Bank.
Mr.. HUNTINGTON opposed the amendment,
showing that it would furnish an opportunity TO any
person, by the purchase of single share, to crafty
idle curiosity, not only as to the discounts but the de-
posts of any individual
Mn. WALKER and Mr. CALHOUN highly APP
proved Of the amendment; but could have wished that
it had gone still farther, and required publication to
the whole world of all the transactions of the Bank
with individuals.
Mr.. CLAY opposed the amendment lie showed
how far The present bill went to publicity Of ndiv
dual accounts beyond preceding charters.
Mr.. BENTON spoke in favor of the amendment
and argued for complete publicity of all transac-
lions
Mr. MERRICK opposed the amendment.
Mr. PRESTON was decidedly in favor of the great
possible publicity to Bank transactions consistent
with the state of things in which exist He
a. 81.
be established in all such institutions But, al pre-
sent such an amendment would be in danger of
forcing the bill out of the hands of its present support
ers He was in favor of the principle but thought It's