Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-07-08
rwENrY-sEvENrH CONGRESS
FIRST SESSION.
SENATE.
TUESDAY,. June 90, Isl

| F",s 'cIaousirating against a bankrupt law.
rupr law
MIR Clay presented petitions from New York for
and against bankrupt law. Referred
! REMOVALS FROM OFFICE.
The resolution Introduced BY Mr. Buchanan call.
ing ior list Of oil removal. from office since the { IA
OF Marrh last. iakeuup
| The question being ON Mr. MaEcum motion TO
stoend. by adding "and oil removals from Office
made between March g. go. and March {. lsiI."
Mr. NJ Roberts resumed his remarks and continued
all tue close uf the morning hour
/ UNITED STATES BANK
| The Senate resumed the consideration Of The bu
90 incorporate tie subscribers ~ the Fiscal Rant If
| the United States
MIR Clay proposed some amendments of minor
imporinrco relating 10 the time after which TIA, can
iial OF the bank may be increased, AM the p,rrsd
Tor The payment Of the third ns;almeit Of the sub
scription
Mr. Clay further moved TO amend 10 n, 10 max.
/ the stock alenabo on payment of he scc.rd IN
,'aiineni that is, utter the payment OF IhIrlv-fye
dollars NV
Mr. Wright suggested that a practice existed Of
'ahihs STOCK by substitute. Capitalists would get
others 10 subscribe for them and to transfer il niScr
wnrls. This practice he presumed il was tho oL.
Jeci OF the clause To discontinue aud therefore h.
| oVgecsed TO striking out The original worJ.
Mr. Clay said this evil was prevented bv the sub
ssquent language IN the same SECTION
Mr. Wright said it was Of little consequence 10
| him nhat was the shape Of tho bill He .,ilI p.
'ained his original Objection.
| Dir Huntington was IN favor OF the emend,n.nt
ana regarded tho Limitation Of inJiy idual
/ IS sufficient
The amendment was about 10 Re put. when MIR
Lay asked ior the yeas and nays which were or.
| dercd Wv VI
The question wa, then decided in the affirmative,
| yeas 20, nHys2I.
] MR. Clay moved an amendment to the prpyi,o in
the bIh section, substituting December ooh for m.
words "within three months" which was ogree3 Il,
Mr. Clay moved an amendment Providing that IN
the necessary quorum OF direcIurs three OUT of
Oh .ose present shall he directors elected by the
, stockholders, which was agreed TO-
Mr. Clay moved TO amend the Sh Fundamental
article by increasing the limit imrOscd ON The d,b,.
y OF tue corporation from twenty five To thirty mil
= Mons Ia The old bank the capital was Ihiry.Rye
c millions, and the limit Of debt thirty five miou,
Nf buchanan said The old tank never issued
more Than twenty millions of notes; ycn,rullv II
could not keep ouE more than twelve millions. ToN
= u was proposed from capital Of thirty millions. "a
anthorise n circulation Of thirty mllIuns He ID
iur the yeas and nays
MI Clay would not now argue the one,Iion ,s I,
me Effective restrictions IN The bill The rcs,iccr
r. o. ihFy millions rclaed 10 Notes ~ ali he l.L,
q which 10 include ell descIiriors of dsIt o.,
obligation.
Mr. Woodbury. suggested that the amonnt ,b,,,I.
!" be liked at twenty millions raiher than Ihi,tv "a
referred 10 The circulation OF the ln.i bank vb,,
k was usually varying between twelve and .ix.ee,
millions
, Mr. Benton made some remark, ,iu,i,,, :, Tho.
tenor. 10 eorrObOras what had L,en SAID as Ia NJ,
Circulation OF tho late Bank OF the United Si,,s. ~
{ Pennsylvania.
y Aher few words from Mr. Wright. the ou..,ior
,. MAS taken On the amendment, and decided IN rbc
negative yea p, nays IS.
y MIR Gl4y q.
"a raIc 90 as 10 direct the Secretary of the Irr,,,
r to pay out VI the surplusses the def, encv IN the
dividends. instead at leaving it TO Congress,
The amendment WAS oPiosed by Mr. WoOdbur,
and MIR Calhoun
e The question WAS tbs decided in the affirm,
" tive. yea. %, nays 30
4 | Mr. Clay moved 10 strike out the r,yiric,i,p IN
The lo'h fundamental lie in ibr,. ,,,rd,-.,,
shall iie said bank discount notes or psrcba,e .,
% cnhhgs' or Otherwise extend iIs loans when IN.
notes IA circulation exceed three times The aDnouu
. ! Of specie ia It's vaults
Mr. Clay considered this an excellent rule 10 h,
adopted IN The regulation uf The admiu,.trauo, ~
banh' but regarded IL proper 10 b. e,t,b
ished as an inieIiJle ruiz lie did no, v;.,y :, =.
wise measure 10 lie up The Directors nr al lime,
50 that no disrreion should be lch IN cases Of gre,r
hucinaiion. when The condition Of things contJ ma,
remain hEed while communication could be ha1
n with The parent bank
was be.ors the Senate. the re-iricfi,us Co.,. ., A.
gradually removed and lac warned SeuJtor. ma, =,
1871 INTO lhe errors winch had been fatal 20 the Tor,
| mef bank Of The L. States The S,,Daf,r mr., r.
! iucky moved only to STRIKE out. an y,ogIj ,bn,
IeaNe y" restriction IN the BILL There Is no lan,r,
u'iy roc ion"ed on he standard value and unl,.s
nus were regarded there would be al exclusion -.
iJie the heIi Inauguration.
Mr. buchanan stated that the rule Of the RAM of
England which s regarded tirIcI is not three Gar
oEe Of circulation alone. but three Tor ui, of ci,c
IatIon nnd depos'ie. Deposiles are liabilities ns
much as notes; md IN many places the deposites
/ are frequahty made merely 10y ohecks aud mat M
notes are drawn out. lie intended 10 I,,ctt M,
/ words "and depO ties"
I Mr. BaYafd moved TO amend the clause bv NAL
ing u read "nor shall the sard bank inersy,s a..
! amount Vi It's loans or discounts when the no,s, &"
/ &c.
! Mr. Clay accepted tho modification
| Mr. Barrow considered the fate Of IN. b;II n, ia.
| depending on this amendment lie iil,is.ed that m,
5Olvency OF bank did not depend ON the isct oI
inc equalization Of the specie in rs vaults and tbc
notes lad IN circulation lie referred 10 the man
| neT 10 Hhich cotton was purchased m Louisiana,
! 10 which specie was not essential element. be.
cause checks on Northern barks were p,re scceo
4 liable 10 business men Than gold and silver n d.
/ rule were kept IN without amendment /, ,,.Lt A.
impossible FOR the bank 10 get olong wttbopt an -,
Hnclo" "i H. winch would be- 60 pnce The ,o.iif,,
Ion 10 dunger Of being deprived Of its ctnr.r
Mr. Barrow eHpaiIafcd on The necessity Of c,.I,
and commended that Il Tins clause were retained m.
/ people OF Tho valley Of tie Mississippi would re-
c6ive no benefit from the bill The s.,,rl - -
| commercial paper % the vaults wn. of NOR. Coz,
sequence to the banks Of Louisiana Than /, .,rniy
o. god aud silver Il on tins yruciplo t,i ~
Bank o. England was grounded. and am s,,,b =.
suction a, That impased by this clause would b,,.
lis'I l'a'y on that Insiitatiou. end have plurr
fA IHlliHu n ktufU Of Eraf.gr L .'
recent years Of prcssure '"s "''
Mr. woodbury. replied 10 The senator from 7 nj,
isiana with view 90 couir0veft the de-. h.. a.,
lhrDWn Oat on The suiyecI OF specie. iusl.,i,, -
u 'he senator's schemc might work r,Icr,tly III
~ VINE nc m'meni a panic approached fbe
ip,tiu..ns which disclaimed soc, ~ -. . ,'s
inevitably give way lie enlarged ON The im,.,,
lance Of ne deposits, and wished o., see so,,e IL
curry o"n round Them. Tie fJurhcd on The me-.
cfssy q guarding the dcposiiss a. well o.. Inc ~,