The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-22

ought TO be that you shall tan them no higher Than
State banks
The yea, and nays were taken on the amendment
and decided as follows:
YEAS-Messrs Allen Benton Buchanan Cal
houn, Clay, of Alabama, Fulton King, Linn, Me.
Roberts, Mouon, Nicholson Pierce Sewer, smith, OF
Conn, Sturgeon, Tappan, Walker, Williams, w GOD
bury, Wright, Young-2l
NAYS-Messrs. Archer Barrow, Bates Bayard
Berrien Clay, Of Kentucky, Clayton, Dixon. Evans
Graham, Henderson, Huntington, Kerr, Mangum
Merrek, Miller, Morehead Phelps, Porter, Prehtlss
Preston, Simmons, Smith OLA, Souihard, laiimadge
W lte, Woodbridge-27
Mr. WALKER then moved an amendment to the
effect that business Of the Bank should be confined TO
buying and selling bills of exchange not having more
than $50 days to run.
Mr., WALKER believed that the whole capital
could be used as a bank of exchange, and more pro
hiably than in the discount of Ia all ITS DIS
counts u received per interest. The question
was. whether the Bank could not put out and keep
out the amount of bills authorized and do the bus-
Of exchange proitably than by discountlng
notes. For the proof Of this he called attention TO
report made by a committee of 1884 These returns
demonstrated that this Bank would find that, by con-
fnng itself 10 the business of foreign and domestic
exchange, IL could have amount equal TO the whole
amount of debts due il. If il could why should y
not he confined 10 il If SO, the whole attention oil
the board will then be exclusively directed TO the great
and useful object of regulating exchanges ms was
of its great objects Why not, then, contne Il TO
that The funds of the Government invested IN that
Bank would be much safer and for proof this he also
referred to the report He believed they were 10
have Bank there fixed majority OF hive mere
for Bank and also majority in the other House
Mr. CLAY, of Alabama, moved that the Senate
adjourn.
| Mr.. CLAY, of Kentucky, hoped not but that the
| amendments would be gone on with.
| The motion 10 al ourn was lost-Ayes 10, noes 70.
/ Mr. CLAY was very glad that the Senator from
/ had ala feG here he
five; it was rather than he (MrC had calculated
lie was opposed TO the amendment ofthe Senator from
Mississippi, because II was an experiment ne oe-
nator proposed TO cut OFF the Bank from some OF the
most saluary dealings connected with It, Now, II
you cut of this right, either you would effect nothing
all the loans being thrown into forms of exchange, or
you would have less circulation Of this sound ccu-
lating medium, he believed the former would take
place. The loans would all assume the form OF bills
Of exchange. Why create Bank with half the ia
cutes usually possessed The regulation OF ex-
change was only one of its objects. lie did not 'hlnk
that after all the time that had been spent they mght
restrain their amendments, have the bill printed ana
take the question, on which he hoped they would hnd
the vote the Senator from Mississippi had piognos-
ticated, by majority of FIVE
/ MIR. WALkER said there majority OF five
who wished Bank in some form As 10 the offer OF
| amendments, he had offered fve-of VIII oh four had
been adopted The solvency of this Bank us ability
To afford at all tunes this sound currency, will be NJ
creased tenfod by combining the Bank in this manner
had we not already enough Banks oil discount =
They had-and too many. Why not, then, confine
the Bank to the regulation Of exchanges, by which
its funds would be ten times - secure
The question was here taken on the amendment,
and decided in the negative, as follows;
YEAS-Messrs. Archer Benton, Calhoun, Cuth-
bert Linn, Mouton, Pierce, Sturgeon, Walker-9
i NAYS Messrs Barrow, Bates, Bayard, Berren,
Clay, of KY, Clayton Dixon, Evans, Graham, Hen
derson Huntington, Kerr, King Mangum, Mernck,
Miller, Morehead, Porter, Prentiss Preston, Simmons,
Smith, of Indiana, Southland, Tallmadge, Tappan,
White Woodbridge, Young-2S.
Mr. BENTON said there various amendments,
and asked If the Senate would adjourn.
Mr. CLAY said, under the impression that all the
amendments could be offered tomorrow, and the bill
be printed, and the question taken at some early day,
he would move that the Senate adjourn.
Mr.. BUCHANAN expressed his sincere wish that
the amendments might be brought to a close.
Mr.. BENTON said he had two, but he would not
take up more than an hour
And the Senate then adjourned.