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

Il was true il il was not all wanted in the Bank but
was used banking capital the Government got one
third, and the stockholders iwothirds of our own mo-
ney. II was the property of the United States, and
ought to be put IN their possession In the Bank, u
was the great corrupng fund by which elections were
to be influenced II the nesi-egg Of corruption,
and was adverse TO all principles of responsibility
The more he saw Of the Bank he saw that il was
mere paper engine got up 10 sustain the borrowing IN
teIest
YEAS-Messrs. Allen, Benton, Buchanan, Cal
houn, Clay, Of Ala, Culhben, Fulton, King, Linn,
McRober', Mou'on, Nicholson R.rce, Sewer
Smith Of Conn, Sturgeon, Tsppan, Walker, Will
liams, Woodbury.. Wright, Young-22
NAYS Messrs. Archer, Barrow, Bates Bayard,
Benien, Clay, Of Ky, Clayton, Dixon, Evans, Gra-
ham, Henderson, Huntington Kerr, Mangum, Mer
rick, Miller MoIehead Porter, PreDtiss. Preston,
simmons, Smith, OF la, Southland, Tallmadge, White,
| Woodbridge-26
Mr.. BUCHANAN offered an amendment TO the
18th fundamental rule, providing that the Bank
should not discount, &c when the notes in circulation
and the pirate deposits, exceeded three times the
amount Of specie in its vaults.
As he was anxious to have the bill taken out ofcom'
mitee tins evening, he should be very brief There
was not one efficient restriction in this bill, such as
banking experience would have dictated. The capt
tai should be to three Of the circulation not only
but also OF the deposits which in this Bank would be
much greater than the circulation
i Mr.. CLAY, OF Ky said he surprised that the
Senator had SAID the Bank was without restriction
The number of restrictions in the bill the Senator had
never conceived Of There restrictions IN this
h than IN any existing bank he knew Of With regard
To the amendment, It's creditor and debtor circulation
were already restricted How could they regulate the
circulation by this daily and hourly huctuation Of de-
| postsl How could il be known when a note was to
| be issued how much deposits were in the branches
tie hoped the amendment would not be adopted, and
| that Senators would cease Smuggling the bill with
| amendments
Mr.. BUCHANAN wonld not vote for uny Bank
charter IN his own State whose capital not to be
In proportion TO It's circulation and deposits. This
| was the touch stone of banking and without which
specie payments could not be continued lie declared
again that there was elcien, restriction in this
bill
/ The amendment was rejected, as follows
fEAs-Messrs Allen, Benton Buchanan Cal
houn, Clay, of Ala, Cuhbert, Fulton, King Linn,
NcRobetts, Moulon, Nicholson, Pierce Sewer,
| Smith, Of Conn., Sturgeon, Tappan, Walker Viii
hams, Woodbury., Wright Young-22
| NAYS-Messrs Archer Barrow, Bates, Bayard,
Berren, Clay, of KY, Clayton, Dixon, Evans, Ora
ham, henderson, Huntington, Kerr, Mangum, Mer-
| mex, Miller, Morehead, Porter, Prentss, Preston,
Kses, Simmons Smith, of Ia, Talmagde White,
Woodbridge-26.
Mr., BUCHANAN then would move to make the
| proportion of one TO four
| Mr. BENTON appealed to him not to undertake
any further the restriction. In England one-third
was the least proportion estimated safe, and he
| tended this was the least that should be made He
would throw the responsibility the friends of the
bill, and as he knew the proposition, if made, would be
lost he did not wish their votes recorded as agreeing
| to any less restrictions
| Mr.. BUCHANAN said proportion of one to four
or five was better than none, but his friend differed
WITH nun, he would not press 1t, he wanted to keep
| their little hand united
| Mr. CLAY of Alabama offered an amendment
providing that the capital of said Bank shall be dis.
trihned among the branches proportion the do.
nestle exports ofthe States in which they are situated
and that this proportion be adjusted every five years
a. mi tod ~ fla, ,t,n,t ,.t,t
CURED by the fluctuations of trade.
Mr.. CLAY OF Ny, said the proposition was, that
the deposits should not be distributed according the
capital subscribed, nor according to the locality of bu
siness. Why did they take single element of bust
ness, rather than other branch? 1t was wrong
IN principle and utterly imprac,icabe, and he hoped
would not he adopted
1t advocated by Messrs CLAY, of Ala,
WALKER and BENTON and after which reject
ed, as follows
YEAS-Messrs Buchanan, Calhoun, Clay, ofAla
Linn, McRobeIts, Mouton, Pierce, Sewer, Stur-
geona, Tappan Walker Williams, Woodbury., Wright
NAYS-Messrs Archer Barrow Bates Bayard,
Berren, Clay, of Ky, Clayton, Dixon, Evans, Ora
ham, Henderson, Huntington, Kerr, Mangum, Mer.
rcks, Miller, Morehead, Porter, Prenss, Preston,
Rives, Simmons, Smith, of Indiana Southland, Tall
madge White, Woo ibudge-27.
i Mr.. NICHOLSON offered an amendment provd-
ing that if any board of directors Of any ofthe offices
of discount and deposit convert to their use in any
way whatever, or loan with without interest any
portion of the public money deposited therein fo safe
Keeping every such act shall be adjudged violation
OF the charter
II was rejected, as follows
YEAS.-Messrs. Allen, Benton, Buchanan. Cal
houn, Clay, of Ala, Fulton, King, Linn, McRoherts,
Muuton Nicholson Pierce, Sewer Smith If Conn
Sturgeon, w alker, Williams, Woodbury. Wright-I9
NAlS.-Messrs Archer Barrow Bates, BayarJ
Berrien, Clay of Ky, Clayton, Dixon Evans Graham
Henderson, Huntington, Ker, Mangum, Merrick
Miller Morehead, Porter Prentiss Rives Simmons
Smith, Of la, Southland, Tallmadge, White, Wood
bridge-26.
Mr. WILLIAMS offered several slight verbal
amendments, which We're agreed TO.
Also, an amendment to the 22d fundamental arti
Gle, providing that the of the Bank shall he
deemable at the branches where paid out.
This being briefly advocated by Mr. WILLIAMS
and opposed by Mr. CLAY, of KY, rejected
without DIVISION
Mr.. BENTON offered an amendment striking out
the clause fixing the value of gold coins 10 be received
by the Bank
He objected to fixing the prices of coins in Bank
bill Mt all
Mr.. CLAY briefly opposed it The amendment
was then II jected-yeas -, nays %
Mr. BENTON offered an amendment striking out
tn clause authorizing the dealing in coin. This he
ing discussed ny Mcssrs BENTON and HUNT
lNGTON, was rel cted, by the that on
, the amendment OF Mr.. Buchanan above
Mr. BEllRlEN offered the following amendment
l3th page, OH ID line, strike out The words six
millions five hundred thousand dollars, and insert the
words, "ten dollars on each share
l4th page 9Th sec, Goth line, strike out from the
word "and inclusive, TO the end of the section, and
insert the words Provided that it shall and NAV be
lawful for the President Of the United States,
ten dollars on each share paid in manner here
in provided to appoint three directors, who shall
until they superseded by appointments made by
the President of the United States, by and with the