Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-22
or THE UNITED STATES,
IN SENATE,
Niosn,r. JnlY 10. ISL


metous citizens Of New York Tor National
Bank.
Also, Of citizen, Of the city and county OF Schen-
ac,ady, foe National Bank
Also, 90 citizens OF New York city, and OF citi-
zens of Bergen county, Pennsy for Bank
rupj Law.
Also, the proceeding. Of public meeting Of eiti-
zens OF Syracuse, \ Y, for a Blnkrupt Law.
On his motion, the proceedings Of the meeting a;
Syracus' were ordered TO be printed.
Mr. WRIGHT presented memorial OF citizens
Of n. " fos Bankrupt Law.
Also, the proceedings OF numerous meeting Of
citizens OF n. u. the Is instant, with reference
to proceedings of Congress adverse 10 a National
Bank, and denying the constitutional right oi Con-
gross 10 Establish Bank. At his request the pre-
nmole and resolutions we'c read, and ordered to lie
printed.
Mr. DIXON presented n memorial of citizens OF
n. Y, for Bankrupt Law.
MrCLAT presented a memorial signed by a
great number Of citizens OF Pitlsburgh, expressive
Of ,her srong desire for the establishment oil Ma
uIna Bank.
Al.o, ye,i,ion of ia citizens of New York,
prayng foe the passage OF General Bankrupt
Law.
MIR WOODBRIDGE presented a memorial of
citizens OF Miles, Michigan for the passage OF Bank
rupi Law al tins extra session
An which memorials were laid on the table.
MIR BUCHANAN wished TO know where his
r. ou.inn relative TO removals from Office was. he
had not heard OF IL Tor some days.
Mr. BEN TON, who was entitled to the floor on
this wished il laid over till Tomorrow morning.
Mr. BUCHANAN would consent to this but
hoped II would then be disposed OF. Il was, &c.
The Loln Bill was then taken up, the question
being It's passage.
Mr. CALHOUN rose for the purpose OF stating
his objections to the passage of the BILL but without
the expectation oil changing single vote. he be-
lioved that when deficit existed IN the Treasury,
they bound to grant supplies. This was
fundamental principle not only IN monarches, but
a.. Ia. l..H.a 81 E.-Ea =
should b. fist understood Had they had full infOr.
mat on on a points with regard to the drfcR They
hal tle fact ST trd-but had they been told that dis
bursomsns lad been limited, and that all possible
economy hal 5sen exercised Notst ALL He he ID that
II the same spin, of economy actuated the present
Seer 'ary Of the Treasury, did the former, there
won no, have been deficit OF a single cent. Unul
the Secretary had made out his case at dehcI he
would not grant i. In time Of war, they were not
TO Withhold supplies TO ombarrass the country This
was not oi,y mDrsl treason, hut very near actual
tr a.o1 There was enough IN the bill itself to au-
thor &c ther withho ding their votes. I; asked an
a5sou'c loan OF Twelve millions Of dollars, and with !
the power Il issue Treasury notes, made virtual
iy loan OF eighteen millions OF dollars. According
10 Il Secrearys own showing, the deficit on not
nm unt more than five millions OF dollars. Was il /
right TO DO this NJ this extra session; when but mil
Ions you'd lie The deficit up TO the lst of March
next when regular session InteTvencdl TINS was /
sU.HcIgu; reason for their not voting for the bill. A.
gam, by voting i1r the bill, they would produce |
su'f.ls IN the treasury WAlch would lead TO C0- ]
travasanC AID on the tary II was their true poll
cY 70 leave the Ire Embarrassed, and IN lose 4
con iIon. Nothing nut the want OF means, as a. .
rEonE mdvirus 5, 80 IN Government would lead TO /.
economy. This Eai been his idea since S29. Much |
had been dom tor this purpose, the last Two years.
b. tie late Secretary OF the Treasury.
lie objected 20 the bIi. for another reason. This |
bill proposed 10 create SIX per cent stock not re-
deema1Ic for three years, and the time of re- |
Gempuon indefinite. lta.so proposed TO take Trea- |
81,
drew out two per cent interest, while the Inlcres: Of
the iOan was SIX per cent. Thus they made loss
TO the Government OF four per cent, and exchanged
stock lhS; could run but year, for a loan OF three
years ~ least. II, was now proposed 10 the
other House, they raised the duties to lwenly per
cent, the duties would amount 10 twenty five mil.
lions VI dollars. Dad they intend 10 false a surplus
TO thus amount 10 deposit N tue Bank OF the United
States, and also 10 distribute the proceeds Of the
public lands 10 tie amount Of three millions dollars
per year,
lie objected to the mode of this bill. II was not
10 be redeemed ~ three years at least wlAou, the
Secretary made provision for this which was not
t'~S-"'s - r--'--rS fu' eisAI years The IGIe Of
interest was to be xix per cent. IL could be raised
by Treasury NOES at three per cent. Another pre-
ference for the Treasury notes was that they never
pad lnieEes. on them until they were used, whereas
with loans, they borrowed them in masses, the in
m date use Of which was not al required and
thus drew interest without benefit. These h5d all
been pointed GU, and yet gentlemen had voted down
%
done! Way was TINS amount to DC given away
he would say plainly, why vas 1t 10 be given 10
Wall street. which was al the head Of the moneycd
INTEREST," Treasury notes were opposed by the
banking interest, because Il mpedcd the circulation
of their paper.
Another and powerful reason against pcrma-
nent loan. You give bond paying six per cent
and take the paper OF Banks paying NJ interest
at all.
II was his oJie-t to pu; himre right on this sub
he lyg hat c ibid
this bill as the entering wCdg' TO plunge and re-
plunge into q national debt They saw this IN ev-
cry measure that had ucen proposed q, this * RI
session. There Was not a measure proposed thl.
would not be, ii This Senate, instead OF beng repre-
sen,atiyG5 Of twCnty-sK sovereign States were but
a delegation from Wal street. There was n cencr. |
alrJolcrng among tie Boxers oil Wall street when |
this bill passed the House, and well might Wal |
stree. shout al its pasSage.-When he looked IL all |
these measures, could he, or could any man doubt /
but the in.eres', al the head a which was Wal |
street, prCtomnlted, unfortunately lor the interests
Of the county, ~ Ihc proceedings OF Congress. The |
two interests thdt Of Office seekers, which they n
tended 10 ~ secret session. and this moneyed inter-
est IN open session. were the great measures Of this
session; and the people were not looked to- who !
we've crying for relief How had they fu f cd their |
promises ngl!n', prOscuPiion2 These had all been /
nee ecCd Another interest that existed IN the sre
c.aciOn--lhe States rights party-who voted for !
Genera. H1TTIsOn against MIR Van Burcn-wbO
preferred that To voting for Harrison aIone-theso, |
also, were 70 be pImsd off disappointed.
Mr.. NICHOLSON would assign very briefly |
the reasons Why he should vote against tn blu. IL
was remarkable ia@', during all the discussions in
this and the O.her House, that no two agreed as
to the present condition OF the Treasury. lie con
tended that they should limit their supplies % the
present year; but u was urged, on the other side
that they should look 70 next yelr lie would giant
ample supplies for this year. SIX millions w5s suf.
hcIcn for ibis purpose, according the calculation
o gentlemen Of tie opposite side. Nine mi. lions
was tie highest estimate that had been mode by The
other side, and that they had proposed, bu; II was
rejected. lie had confidence N the Executive
geJter than some who would vote for tins bill
Eco" bic rsrsnrnl rhar-o'os ho would be willing 60
cn'rus' him with fhr dlsrfC ION OF the bill But
this power granted in she 1.I, 10 used in ,yfoDs
manner, might be productive of great injury 10 the
Interests Of this country; end that bare possibility
vas sufficient TO induce bis VOC against this BILL
Again, indirectly by ibis proposition they autu,rz
81 the Executive Of iuis country 10 impose a tax
oi twelve, and possibly eighteen, mil ions on tGs
people. lie would cueeriulIy grant an amount Of
az millions, which was necessary, and further pro.
vision could be made by Congress lt the next sgs-
tlDn. Concentrate al the powers Of the Federal
Government DO one department. and this Govern.
tncnt WIS reduced 10 dgspOusm. This hH vas "a
sep towards that, by ycstug the power Of taxation
in The President II was, In his judgment, not dc.
signed % supply the immediate wants Of Govern.
ino0i, but one Of system Of measures 10 be aI1rteI
Nv ,lC present Administration, and was necessary,
Uy creating surplus, 20 the passage Of "a D.stri1u
ton ul.I. II proposed debt Of twelve millions
The Back bill contained provision for "a perna.
ntni .oan OF one million dollars. IL made provision
Tor uu investment Of ten millions dollars, and ID