The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-20
IN SENATE,
MONDAY, July 70. 1871

Guy OF INeW Tor q National Bank.
Also, of citizens Of the city and county Of Science
tady, for National Bank @
Also, Of citizens of New York city, and Of citizens
| Of Bergen county, Pennsylvania, for Bankrupt
1 Law. a1sfFa
Also, the proceedings of public Of citizens
OF Syracuse, N. " for Bankrupt Law.
On br motion, the proceedings of the meeting at
| Syracuse was ordered TO be printed.
Mr.. WRIGHT presented memorial of citizens Of
| N, r., for Bankrupt Law.
Also, the proceedings of numerous meeting of cii-
zens Of N. " on the 18th instant, with reference 10
proceedings of Congress adverse TO a National Bank,
and denying the constitutional right Of Congress To
establish a Bank. Al his request the preamble and
resolutions were read, and ordered to be printed.
| Mr. DIXON presented a memorial Of citizens OF
| New York for a Bankrupt Law.
| Mr.. CLAY presented a memorial signed by great
number of citizens Of Pittsburgh expressive of their
strong desire for the establishment of National
| Bank
Also petition of Ia citizens Of New York, pray
! ing for the passage Of General Bankrupt Law
! Mr. WOODBRIDGE presented memorial OF cili-
zens Of Niles Michigan for the passage ola Bankrupt
Law at this extra session.
All which memorials were laid on the table
/ Mr.. BUCHANAN wished 10 know where his re-
solution relative 10 removals from office He had
| not head of il for some days
Mr. BENTON who was entitled to the floor
| this, wished it laid ill To morrow morning
/ Mr. BUCHANAN would consent To this, but hoped
twoud then be disposed Of 1t was, accordingly, laid
| over,
The LOAN Bill was then taken up the question
| being on lis passage.
j Mr.. CALHOUN rose for the purpose Of stating
his objections 10 the passage of the bill but without
| the expectation of changing single vote. He be-
lieved that when deficit existed in the Treasury
they We're bound TO grant supplies. This was fun
uamenthl principle not only in monarchics but In re-
publics. But he believed the facts of the should
first be understood. Had they had full information
on all points with regard To the deficit They had
the fact siae,-but had they been told that dsburse
man haI hoe and ALI
had been exercised Not ut all He held that If
the same spirit Of economy actuated the present Sc
crctary of the Treasury, did the former there would
| not have been deficit of single cent. Until the
Secretary had made out his of deficit he would
not grant il. In time Of war; they were not TO with
hold supplies, to embarrass the country. This was
not only moral treason, but very actual treason
There was enough in the bill Itself TO authorize their
Withholding theii votes, II asked absolute loan Of
twelve millions ot dollars, and with the power to
sue Treasury notes, made virtually loan Of eighteen
millions of dollars According to The Secretary
own showing, the deficit would not amount 10 more
than five millions OF dollars Was il right to do this
at this extra session, when but five millions would be
the deficit up 10 The LIST of March next when regu
lar session interviewed This was sufficient reason
for their not voting for the bill. Again, by voting
for the bill they would produce surplus IN the Trea
sury which would lead 10 extravaganza and the
contrary, was then true policy to leave the Treasu
ry embarrassed and in cuse condition Nothing
hut the want of means as among individuals, SO IN
been his idea since 1929 Much had been done for
this purpose The last two years by the late Secretary
of The Treasury.
lie objected to the bill for another reason This
bill proposed TO create six per cent stock not redcem-
able for three years and the time of its redeml ton in
definite 1t also proposed take Treasury notes for
4 this loan, which notes many of them drew but two
per cent interest while the interest of the loan was
| six per cent Thus they made loss to the Govern
mcnt of four per cent, and exchanged stock that
could run but year. for loan of three years at least
IT, as was now proposed in the other House, they
raised the duties to twenty per cent the duties would
amount TO twenty five millions dollars. Did they in
tend to raise surplus to this amount to deposit IN the
Bank of the United States, and also to distribute the
proceeds Of the public lands to the amount Of three
millions dollars per year
| He objected To the mode of this bill II was not to
be redeemed in three years least without the Secre-
tary made provision for this which NOT probable
perhaps for eight years The rate ofncrest vast
be six per Ii could be raised by Treasury notes,
three per cent Another preference for the Tea
sury notes was that they paid interest on them
until they used, whereas with loans they Dor
| row ed them in masses, the inimediae use OF which
not at once required, and thus drew interest with
out benefit These had all been pointed out and yet
| gentlemen had voted down all these proposed amend
ments. Why this TO be done 4 Why this
| amount 10 be given away-he would say plainly, why
was il to be gwen to Wall street which was at the
/ head of the moncycd interest Treasury notes were
opposed by ohe banking interest, because it mpeded
the circulation Of their paper
Another and powerful reason against a permanent
loan. You give bond paying six per cent. and take
| the paper Of bankspaying no interest at all.
II his object To put himself right this subject,
and he would conclude by saying that he held this
bill the entering wedge to plunge and repunge into
a national debt They this in every
that had been proposed at this extra session. There
not measure proposed that would not be, If this
Senate, instead of being representatives of twenty
six sovereign States, but delegation from Wall
! street There was a general rejoicing among the
4 snfN all W non 1Dass
and well might Wall street shout at its passage
i When he looked at all these measures could he or
could any man doubt but The interest the head of
which Wall street, predominated, unfortunately
for the interests OF the country in the proceedings Of
Congress. The intcrcs g that Of Office seekers,
which they attended to session. and this
ncy ed interest in open session, Were the great
Of this session and the people were not looked
TO- who crying for relief How had they fulfilled
Eileir promises against prescription These had all
been neglected Another interest that existed in the
late eleclion-the States rights partywho voted for
General Harrison against Mr.. Van Ruren-who pre-
fened that to voting for Harrison aone-these, also,
were TO be palmcd OF disappointed.
Mr.. NICHOLSON would assign very briefly the
reasons why he should vote against this bill IL
a remarkable fact during all the discussions in this
and the other House that two agreed the pre-
sent condition Of the Treasury He con,ended that
they should limit their supplies To the present year but
il urged, the other side that they should look
10 next yeai. lie would grant ample supplies for this
year. Six millions sufficient tor this purpose
cordng To the calculation al gentlemen OF the opposite
side. Nine millions the highest estimate that had
been made Ivy the other sds and that they had pro-
posed, but II was rejected lie had confidence the
| Executive greater than no would vote for this
bill. From his personal character, he would be will
ling TO enrust him with all the discretion of the bill
But this power granted in the bill if used in wrong
manner, might be productive OF great injury 10 the in
tcrests OF this country; and that bare possibility was
sut In hIs hls Ami