The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-15

Amer further debate BY Messrs NICHOLSON,
BENTON, CLAY, Of Alabama CLAY Of Ken
lucky, and BUCHANAN
MT. CLAY, Of Alabama, by general consent
nooihsd 'he amendment thus making the entire
amendment, follows
Provided, however that ii the said Bank or any Of
ITS branches shall at any time, suspend specie pay
meni sr neglect refuse discharge on dema nd It's
iabues IN specie, then lis bills shall not during the
same suspension be- received in payment OF any debt
or demand Of the United States and such suspension
OF specie payment shall be held and adiudged a
OF forfeiture, OF the charter hereby granted
L was then adopted by an unanimous vote.
Mr.. CLAY, of Alabama, offered an amendment to
seeuoh ION, which declares that the public money
shall be deposited in the Bank and branches proyd-
ing mat II The Bank fail refuse discharge any OF
us duties IN the collection safekeepng and dsburse-
neh o. te pubic revenue or to pay its notes in spe
Gle, the the Secretary of the Treasury shall cease
TO deposit IN the Bank, and shall report the fact inn
mediaey to Congress- If in session. and If not al the
commencement Of the next session thereafter and il
shall be lawful for him 10 make the deposits in the
mean time, IN any State Bank according TO the pro-
Visions 81 The Deposit Act of 1886 and in case of
refusal by the Banks 10 receive it, then be kept by
me secretary IN the best manner until other proy-
sion is made
MI. CLAY hoped the amendment would not be
adopted. lie thought Congress- and not the Execu-
tive Department OF the Government, ought 10 have
the control Of the Treasury OF the United States
ms was debated at some length by Messrs. CLAY,
OF Alabama, LINN, WOODBURY., SEWER, CLAY
1 OF Kentucky, and BUCHANAN after which Mr.
CLAY, oil kentucky, offered substitute for the
| amendment Of the Senator from Alabama, which
was accepted, an amendment TO the 10th section OF
the bl which declares that the public money shall
be deposited IN the Bank and branches, providing
that IN case the Bank shall suspend specie payments
during the Of Congress- shall be the duty of
the Secretary Of the Treasury provide for the safe
keeping Of the public money until action shall be had
thereon, and to report the same TO Congress the
\ llrst day Of the session thereafter
| This was adopted without division.
| MIR CLAY, of Alabama, offered an amendment to
the l7th section, l1th hne strike out ~ per cent
and insert % per cent" (being the interest TO he
paid liabilities of the Bank during the suspension of
its specie payments where payment has been de-
| manded.
This, after brief remarks by Messrs. CLAY, of
Alabama, and HUNTINGTON, was rejected, by
the following vote
YEAS.-MessIs. Allen, Benton, Buchanan, Cal
houn, Clay Of Ala, Fulton, King, Linn, McRoberts,
Mouton, Nicholson, Pierce, Sewer Sturgeon, Tap
pan, w ,lliams Wright, Woodbury., Young-l9.
NAYS.-Messrs Barrow, Bates, Bayard, Berrien
Choate, Clay, of KY, Clayton, Dixon, Evans, Hem
derson, Huntington, Mangum, Merrick Miller,
Morehead, Phelps, Porter Prentiss, Preston, Sim
mons, Smith, of la, Southland, Tallmadge, White
Woodbrdge-25.
/ Mr.. BENTON moved amendment to strike out
the first part of the 2lst section OF the bill which pro-
vdes that Congress shall establish other Bank
uufhg tle existence Oh tllsi except the banks OF the
District OF Columbia, and their charter to be limited
10 five millions of dollars
Mr. BENTON made some rema rks in support Of this
amendment, and it was then rejected, as follows;
YEAS-Messrs Allen, Benton Buchanan, Clay,
Of Ala, Fulton, King, Linn, McRobets, Mou'on,
Nicholson, Pierce, Smith, of Conn Sturgeon,
Japan, Walker, Williams, Wright Woodbury.,
Young 10
NAYS Messrs Barrow, Bates, Bayard Berren,
Choatc, Clay, of KY, Clayton, Dixon, Evans, Hen,
Y ~
ler Morehead, Phelps Porter Prenss, Preston,
Simmons, Smith, of la, Tallmadge, White, Wood
brIdge-25.
Mr. BENTON offered an amendment to the Odd
section providing that the refusal by the Bank to al
low the committees specified, to examine the ac-
counts ofthe Bank at any time, shall be considered
cause Of forfeiture.
This briefly advocated by Mr.. BENTON; and
4 opposed by Mr.. BERRlEN, on the ground that it
unnecessary refusal of this character being contrary
to the express requirements of the Constitution, and
consequently subjecting the Bank to forfeiture of
charter
This rejected by yeas 20; nays &C.
| Mr. BNTON moved an amendment, to strike out
the clause authorizing the Bank taking q per cent in
tercsi on loans &c, and fixing the rate OF interest at
3 per cent
This after brief debate, was rejected by the fol-
lowing vote:
/ YEASMcssrs Allen, Benton Calhoun, Clay OF
Alabama, Fulton, Linn, McRobers, Mouton, Mich
| L
! Walker Wright Woodbury. and Youngl7
| NAYS-Messrs. Barrow, Bates, Bayard, Berrien,
Choaie Clay, of Kentucky, Clayton, Dixon, Evans,
/ Henderson, Huntington Kerr, Mangum, Merrck,
Miller, Morehcad, Phelps, Porter Prentiss, Preston,
Simmons, Smith, of Indiana Southland, Tallmadge,
White and Woodbridge-26.
/ An adjournment then moved, but before the
question taken
Mr.. CLAY, of Kentucky said he would make
single suggestion, He did not know whether the
gentlemen had got through their amendments but if
| they had, tomorrow they wished to go into Execu-
tive business, and he would propose that the bill be
taken out Of Committee Of the Whole and be print
ed with the amendments that they might take il up
1 in the Senate
/ Mr.. CALHOUN said they had not offered all their
amer dments, but could finish them by Saturday night.
The Senate then adjourned al half past three oclok