The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-31


it was on thisvery provision Could 1t he possible that
after all the abuses which experience had shown to
have sprung from the want of such feature in char
ter, il could now be voted DOWN. Unless gentlemen
intended that all the proceedings Of the Bank should
be yelled in secrecy and mystery they would not in
terfere with that proposition 4AhA = eata
Mr.. CLAY said the evils which gentlemen seemed
to fancy could not If there was any bank bill
which came within hundred miles of the present in
point OF guards and restrictions he should like to see
II. What did the prior clause in the section say Had
not the head OF the Treasury the right to inspect
books, papers, and even accounts of individuals 7
Was not the condition of the Iank to be published
monthly And were not thu bank and its branches
open OF all times TO the free and unrestricted inspec-
ton Of committee of either House Of Congress,
committee Of the stockholders and to each and all of
the directors Of the banka And yet Senators talk of
shrouding in secrecy yelling in mystery" when
the present charter had outstpped all that had
preceded IT. IN the care taken to prevent every abuse
BY the amendment as it stood any number of stock
holders not less than ten, and owning only single
share of stock, which might have been obtained only
the day before have the right 60 into examina-
non OF all the private dealings of the Bank Such
clause would place the institution completely at the
disposal of its enemies Persons, from within, caprice,
or malice, could derange interrupt its functions
He would therefore 10 modify the amendment SO
as to insert after the word ten ioO shall hold in their
opn right fire hundred shares Of said Bank and shall
hare held The same three months prior thereto"
Mr.. WALKER said that the amendment had been
placed where il stood after solemn argument in the
committee Now, the proposition was to open the ex-
animation to the rich and wealthy stockholder but not
to the poor Before an examination can be made the
stakeholder must own 5000 worth Of stock, while
ten individuals with one or more shares only could
not have that privilege. Why make the rich stock
holder more powerful than he was Why make so
odous Discrimination and one SO directly at war
with the genius and spirit of our institutions Why
not leave it open to ALL He should demand the yeas
and nays am Wa .t.5r ..5<g. gss .@Elgna ~
Mr. CLAY. The poor the poor were to be
abridged Of their rights! How 500 Was it to be
supposed that any ten stockholders who get hold
of single share for the purpose of pryng into private
accounts of individuals, Of destroying the nstita
ton, would be permitted to do so? What merchant,
what business man, would keep his accounts make
his deposits in such institution under such crcum-
stances 2 The object was not, as the Senator had
supposed, to prevent examinations but he did not de-
sire to the amount small that any Spectator
his agent should have the power to examine into the
concerns Of the bank for sinister purposes The Sc
nator from Mississippi mistaken in supposing that
each of these stockholders should hold five hun
dred Shares; il was that amount in their aggregate
capacity il was necessary that amount should be
presented before such examination was made; and
any stockholders having for fear could at any
time associate with one, if they pleased to
cure the object. The principle Of his amendment
came from he other House-the popular the demo-
cratic branch. ' .@~
Mr.. WALKER was not aware that the other
branch had adopted the feature. , ... 49,. ... @.
Mr.. CLAY said it was in the bill before that body.
The question on the amendment being taken, the
vote stood as follows: .. ##.t.
YEAS--Messrs. Archer, Bates, Bayard, Berrien
Choa,e, Clay, of Kentucky, Clayton, Dixon, Evans
Graham, Huntington, Kerr, Merrck, Miller More
head, Phelps. Prentiss, Preston, Rives, Simmons
Smith, Of Indiana, Southland, Tallmadge, White,
Woodbridge-25. y q ..f
NAySs Mas.rs AI,o, p..u,r p.,.on p,,,h.,
an, Calhoun, Clay of Alabama, Cuthbert, Fulton
Henderson, King, Linn, McRoberts Mouton, Mich
olson Pierre, Porter, Sewer, Smith, Of Conn, Stur-
gson, TaPPan, Walker, Wiiiams, Woodbury., Wright
So the motion was lost g<& Gill;
Mr.. CLAY now expressed the hope that the entire
amendment would be rejected. ~ @.a
Mr. PORTER had voted for the amendment. He
had some experience in relation to the banking princ
pie, and he thought the principle of publicity very
salutary one but he not at the time of the
abuse TO whichit might be subjected. He would move
to modify the amendment insert after the word
ten, leach of whom shall hold not less than five
shares."] +'f@.tt 'f "".." ..
Mr.. WALKER professed himself satisfied with the
modification, and it was adopted. ID 1870
Thequestion was then taken on concurring in the
amendment as amended, and decided in the negative,
as follows
YEAS-Messrs. Allen, Benton, Buchanan, Cal
noun, Clay, OF Ala, Cuthbert, Fulton, Henderson,
King, Linn, McRobers, Mouton, Nicholson, Pierce
Porter, Sewer, Smith, of Connecticut, Sturgeon,
TaPpan, Walker, Williams, Woodbury., Wright,
Young-24
NAYS-Messrs. Archer, Barrow, Bates, Bayard
Berrien,, Choate, Clay, of KY, Clayton, Dixon,
Morehead Phelps, Prentiss, Preston, Rves, Simmons,
Smith, of Indiana, Southland, Tallmadge, White,
Woodbridge-26.
So the amendment was lost
On motion Of Mr.. WRIGHT,
The Senate then adjourned.