The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1841-08-13
TWENTY.SEVENTH CONGRESS.
.---Extrn acssion.----

the leading measures of the majority in
congress. They were read, and Mr.. A.
moved the printing, but Mr.. Clay prcsum-
ed the senate, having heard them read,
would not wish to see them again-so the
printing was not ordered.
The senate resumed the consideration
Of the bill to charter a National Bank.
Mr.. Allen proposed an amendment ma
king the stockholders liable for the issues
Of the bank. Lost, ayes 2l, noes -.
MIR. Allen proposed to strike out cor
porations from among those authorized to
take stock. He said it was but the other
day the amendment prevailed excluding
foreigners from taking shares IN the bank,
but the authority to corporations to be-
come stockholders would enable foreign
ers to monopolizc the stock through the
local institutions. Besides, the admission
of corporations was the exclusion of citi-
zens, and giving privilege on privilege.
There was another great political reason
The admission of corporations would pro-
ducc confederation of banks in politics,
and open the way to the combination of
the whole moneyed privileged classed UNI
der a great and commanding head associ-
ated with the government, against the I'M
privileged portion of the country. Lost,
ayes 2l, noes rs.
Mr.. Walker proposed that no loan
should be made to any corporation. He
said he had conyersed with respectable
merchants who considered the loans to
corporations the principle cause of the ru-
in Of the late bank. Lost, 81 to 2G.
Mr.. Calhoun proposed that the surplus
profits should be put in the treasury after
paying the seven per cent to the stock
holders, as provided by the charIer-and
not be withheld until it makes . millions
by accumulation. Mr.. {. showed that
this would be adding two millions to the
four millions reserved fund. This rcscrv-
ed fund, which belongs to the u. s., is to
be left to the disposition of men, who,
with full power to squander it for political
purposes, have no responsibility or inte-
rest IN 1t to restrain them in this applica-
ton. Lost, 81 TO 26.
Mr., Buchanan proposed to amend so
that the amounto tclrcuIatlon and depoSiteS
should not exceed by three times the am
cunt Of specie on hand. This restriction
OF three TO one, he said, was the touch
stone IN England, where 1t prevailed, and
1t was found not only practicable, but in
diSpcnsable i'll regard TO the bank of Eng
land. Lost, 90 TO 26.
Mr.. Clay (Ala.) proposed to apportion
the capital in the banks branches accord
ing to the exports of the respective states.
He showed thattwcnty millions more was
extracted from the west and the south by
the late bank, than was taken there. Lost,
81 to 27.
Several verbal amendments were made
at the suggestion of Mr., Williams.
Mr.. Benton moved to strike out the pro-
vision authorizing the bank to deal in coin.
He showed the abuses by the former bank
in collecting specie in this country and
shipping it to Europe. Lost.
Mr.. Berricn moved to amend the bill by
authorizing the bank to proceed with its
organization and other preliminary mea-
sures when ten dollars are subscribed and
paid in on each share of its stock. This,
Mr.. Wright said, was equivalent to IL
ccnse to commence loaning upon the first
lnstalment, and will enable the bank to
provide its subscribers with the means of
paying up their subsequent instruments.
The effect would he to make il manor
bank. Adopted, 81 to %.
The bill was then reported to the Sc
nate, and, on motion of Mr.. Clay, laid on
the table and ordered to be printed
HOuSe-Thc morning hour was spent