The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-07-06

lead TO theex port anon oispeciejit was heSes =:
TO enable theCsovernmenI to remit money 10, .he u
nona,ic mr. naval service and afford facilities to
our merchants in their transactions WIN ,o'eiSn
nations that this power should be conferred ny
making embezZ clement the part OF ofhceTs OF Inc
Ih.nL n feIonious offence, and by giving 10 the
Court of this District the power 10 restrain the d.
reclors by Injunction, for transsrcsson beyond line
pro per and legal bounds appointed by the charter'
he hoped to avert, entirely those caldmites which
had fallon heavily upon the stockholders OF The
Pennsylvania Bank. The provision that the biis
| of any branch should be receivable by all or t'em
IN payment ofdues had been found so necessary
far the convenience of theSiae banks IN their deal
ings with the old banks of the United States, that
it had been inserted In The Bank of the charter
which passed Congress in 1882. 1t was necessa'
ry to save the smaller banks from the inconyenl-
ence of constantly RENTING specie in making UP
I their baances.--They could not go beyond this,
and provide that the bills of all the branches
should be redeemed at each OF them, for that would
nut il in the power OF an enemy to compel the shs-
pension of any branch by collecting great mum.
Der fthe bills Of other branches, and making run
upon il.
Before closing his remarks he would notice the
arguments urged by the Senator from New YORK
(Mr WrighD in support of his position that bank
favored the contraction of national debt. tie
would reply by referring 10 a few well known facts
When the ate bank went into operation inc pup
lie debt Amounted TO $I20 900 600. When Its
charter expired, that debt had ceased to exist; and
from the date OF the former event commenced the
accumulation Of another debt Where then wa
|
hold over the Government in tins respect and
how had that power displayed itself when the las
charter refused? 1t was made optional with
the head ofthe Treasury 10 pay for the Govern
ment shares either with the bonds at per cent re
deemable after fifteen years, with the proceeds
of those bonds. He did not doubt that the latter
would command five or six per cent advance here
or in Europe. If they should be sent TO; Europe
the result would be useful addition OF $40,
900 900 to the specie Of the country.
! lie had learned from very respectable sources
that there was vast amount OF capital now with
held from circu aton account of the difficulty
! Of obtaining safe and profitable investments This
dormant capital would speedily be put into circula
ton, and thus ;he money means of the cnuniry
would he at once considerably augmented. CAPT
talists were only waiting for institution with
good and safe charter, TO induce them 10 come for
ward at once with their subscriptions. He had
said at the outset that he would not argue the CUES
| lion OF the expedency ola Bank. That the peo
pie wanted it-demanded t-expected it at tIeil
hands, was inconlestible Not only the Wings
were anxious for it, but many Of The opponents o
the administration also The latter divided
into two classes, - those who boldly avowed heii
prediction for Bank and those who wanted it
but were restrained from declaring their sentuent
from The fear Of offending, the dislike of aban
doning their party.
4 Mr. Calhoun said he wished TO reply to the re
marks of the Senator from Kentucky, and moved
10 postpone the subject till tomorrow.
MIR Smith Of Indiana reported the distribution
bill, with MISUNDERSTANDING Tor permancn
pre-empon system in favor of actual settlers; anc
the amendments wero ordered TO be printed.
The bill for the relief Of Mrs. !larl son was TAX
en- up, and the amendment which provides for the
deduction of all sums previously drawn from Tho
treasury by the representatives of Gen. Harrison
was adopted.
Mr. Benton then mado a long speech against IN,
bill. He concluded by moving the recommt
IL 4 a
tee to report the upon which The grant wa:
founded.
This was opposed by Messrs Berrien, BayaId
Archer and Bates The latter gentleman dlstin.
guished hlmselfby making a very Iorcible and ap.
proprate argument in few words, an example
worthy The highest commentator in his vordy
generation. Air Walker, Of ISIS. also did himself
honor, by acting like AN independent, high minded
man, and not like par,izan He advocated the
bill very srennousy and ably.
The motion to recommit was ost-ayes l6 noes
30-and the bill passed to its third reading, at a
late hour.
In the House--Mr Fillmore, for the Committee
OF Ways and means, reported bill to authorize
the government to borrow $12 100000.
Mr. w. C..Jchnson, from the Committee on pub
lie Lands, again reported the Distribution Bill, in
GLIDING the pre- empton feature
And these two bills, with the Secretary's plan o
fiscal bank were referred to the Committee of tho
Whole on the State of the Union.
resolution offered by Mr. Ingersoll on Monda,
requesting the President communicate certain II
formation respecting certain prisoners in Van Die
mans Land, was then taken up, and it's originate
favored the House W it'll long speech upon thu
Mcleod affair." which he found somo means o
bringing into the discussion. Ofcourse he abus
ed MIR Webster, and said he did il all from patriot
ism, and without any mxtureof party motives.
I Mr. Cushingscommenced reply to him. and car
ried the war into Africa, by briefly sketching tn,
conduct of the late Administration since1 e29 whel
Nlr Van Buren, beg1n his system of concession Il
Great Britain
i June 25.
Z BY the joint resolution ofboth branches, tomor
row has been set apart for the exhuma ton of on
late President, and Committee has been appoint
ed to superintend that affecting and melancho
ceremony, and to escort the funeral process sion L
the limits ofthe District Of CoIambia AS Toxic