The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-06-12

sent that it should be held az conspiracy 10 defraud
the United States9 ,s. Ir
Nj. HUNTINGTON admitted that il was very
desirable to prevent such Frauds but the courts
open, and he thought would provide sufficient reme-
dy. AT all events, he could not consent to declare
fraudulent conveyance felony H Fl
The amendment was rejected.
Mr.. BENTON moved the following amendments:
And provided further, That the following sections
and parts Of said bill shall be excepted from this repeal
and shall remain and continue in force, to wit: Sec
lions ~ and 20, section III, section 49, section q and
80 much of the 18th section makes il felony in dis
bursting officers and persons connected with the Post
Office Department to use the public money for their
own or other purposes and neglect or refusal to pay
over public moneys on demand or to transfer or dis
burse them shalt be prima facie evidence of embez
Element OF the same. st4le4 III
Sec And be IL further enacted, That the Bank
Of the United States, commonly called the Pennsyl.
vana Bank Of the United States and its branches and
the local banks and aaences owned by it. shalt be
entrusted with the collection safekeeping or
fer or disbursement Of the public moneys any part
thereof F sa,f ,E
And he asked that the question be divided, and that
vote be taken on each question by yeas and nays,
and they were ordered by the Senate.
The item with regard to the Bank of the United
States at Philadelphia having been read, l.s yt
Mr.. CLAY said that he had no hesitation in declar-
ing after all the disclosures that had recently been
made, that he should deprecate much any gem
tleman could do the employment of that bank by the
Government as depository for the public funds He
had intimaed the opinion as much three years ago
that the Government cut loose from that nslitu
ton fiom the period of its charter by the State of
Pennsylvania. But still he could consent the
adoption Of such an amendment that proposed. Ii
the Senate TO declare its disapprobation of the
management of a particular bank, there were many
Others such the Owl Greek bank, &C.. which might,
with equal justice, be incu led in the denuncation.
He did nbt, however, consider it as COMFORTING with
the dignity ofhe Senate to enter upon any such course
lsL..
not prevail. ts
Mr.. BENTON admitted that other banks had be-
haved very badly, but the of this hank stock dis
tinguished from all others, because it had originally
come into existence under charter from the United
States, and the eyes of foreigners in peculiar
manner fixed upon it, Mr. B. proceeded to speak with
much warmth against the course of the bank gene
rally, and especially on its bringing upon itself the
last suspension by an undetermined and swindng en-
deavor to break the New York banks. He accused
it as having plotted the suspension in 1887, and as
being lin effect the only obstacle to a resumption of
specie payments by all the hanks of the South They
had recently made an effort 10 resume, but this bank
had instantly run upon them and forced them TO re-
turn u suspension.
The question being now taken on Mr.. CALHoUN's
amendment to the amendment of Mr.. CLAY, it was de-
cided by yeas and nays, as follows:
YEAS-Messrs. Allen Archer, Barrow, Benton
Berren, Buchanan, Calhoun, Clay, of Alabama, Full
ton, Kerr, King, McRobcrs, Merrick, Nicholson,
Pierce, Preston, Rves, Sewer, Smith, of Connecticut
Sturgeon, Tappan, Williams, Woodbury., Wright
Young-25. 8 a@fts
NAYS-Messrs Bates, Bayard, Choate Clay, Of
son, Huntington, Mangum, Miller, Morehead Phelps,
Porter, Prentiss Simmons, Smith, of Indiana, South
ard, Tallmadge, Walker, White-22. s
So the amendment to the amendment was adopted.
The question then recurring on the amendment as
thus amended, it was decided by yeas and nays, as
follows:
YEAS-Messrs. Allen, Benton Buchanan, Cal
Nicholson, Pierce, Sewer, Smith, of Connecticut,
Sturgeon, Tappan, White, Williams, Woodbury.,
NAYS Messrs. Archer, Barrow, Bates, Bayard,
Berrens Cboate Clay, Of Kentucky, Clayton, Dixon,
Evans, Graham, Henderson, Huntington, Kerr, Man
gum, Merrick, Miller, Morehead Phelps, Porter,
Prentiss Preston, Rves, Simmons, Smith, OF Indiana
Southland, Tallmadge, Walker, Woodbridge-29.
So the amendment, as amended, was rejected.
Mr. CLAY said that the effect of the last vote was
ported Ifit should in this form pass both Houses of
Congress, and become law, the State Bank system,
as regulated in 1886, would be revived and continue
in force until substitute should be adopted by Con-
gress.
Mr. c. took it for granted that substitute Of some
description would pass but if, unfortunately, Con-
gress should be unable to agree upon any substitute
whether in the form of bank or other fiscal agent,
then he presumed that Congress would set about dis
charging the duty of rendering the State bank system
as efficient and perfect possible After the gallant
pursued by the honorable Senator from Mssis-
sipp, (Mr WALKER,) Mr.. G. considered it as proper
for him, ALSO to state that he would for that sys
tenn under no OBSERVATION-DISCLOSURES whatever-none.
lie had ever been opposed to the plan, and would not
have given his vote for the law of 1886 on any other
ground than that that law contained the principle of
distribution of the surplus fund among the States.-
No, gentlemen the other side choose oputthem
selves in command of such miserable feet he did not
care under what Commodore, Mr.. G.. and his friends
were ready to meet them upon any sea- and he doubt
ed not that the encounter would result in such victo
~ as Perry had achieved of great lakes, or
The brave McDonough another.
!. Mr.. CALHOUN would say to the Senator from
4 entucky that he was fighting against an imaginary
dag It ne supposed that the gentlemen that side of
the House meant to contend for the State bank sys
lem. No They intended to go into battle under the
noble flag of the sub Treasury He glad that the
Senator had been compelled to say that if the sub
Treasury should be repealed the law of 1886 would he
enforced If that law it stood should in prac
ice be found impracticable the difficulty would fall
chiefly in the South and Southwest.
Mr.. CLAY said he had never doubted that the law |
1886 would revive; but when he had introduced his
bill to repeal the sub Treasury he had given notice
that that was the first in series, and had avowed,
openly, his preference for Bank of the United States
IL them the law of 1886 did revive in its present FORM
he hoped Il would be but for very short time. But
Il otherwise, 1t must undergo complete revision
Mr. BAYARD admitted the culpability of the
bank but opposed the amendment unnecessary, be-
cause thelaw Of 1886 expressly prohibited the Govern
nent from employing any bank which did not pay
specie. &
Mr. WOODBURY. in reply to this, explained the
OF that law by the Treasury Department
Then that Department had funds to deposiie and no
bank could be found which CONFIRMED to the provs-
ions of the law of 1885, the Department considered it.
self as thrown back the previous law and under
hat law at liberty place the deposites in non specie
paying banks. What else could it do unless it threw
The money into the streets
Mr. DIXON said he should vote against the amend
nent both because be thought it improper refer to
individual banks and especially because this bank
signed as one cause of its suspension the hard treat
nent of the United States Government.
The question being taken, the amendment was re-
ected as follows
YEAS-Messrs Allen, Archer Benton, Bucha-
nan. Calhoun, Clay, Of Ala, Fulton. King Nero