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

and respectfully asking the recharer Of the Banks o.
the District for limited time. He presented this pc
tition with much satisfaction being personally &C,
quainted with many of the petitioners and ne asked
consideration Of their request. On ms motion,
the petition was laid on the table, and ordered 70 DC
The BANK BILL was then taken up, the question
being on the further concurrence with the amend
ments Of the committee. ~ So. 81 VIZ.
The amendment providing that the Bank shall not
increase the of debts due 70 It when the notes
exceed three times the amount of specie in its vaults,
was, on motion of Mr.. CLAY, of KY, modified so as
to provide that the Bank shall not kHowing increase
the amount Of debts due TO it. when the notes in CIR
culaon exceed three times the amount specie IN It's
vaults and whenever such excess takes place, shall
be The duty Of said corporation to return to this pro-
portion, io as little delay as ioiH be safe Practi-
cable. X.
Mr.. CLAY opposed the amendment prohibiting
the directors Of any Office of discount and deposit
from receiving loans from the Bank. He held that
this provision would deter many practical business
from becoming directors of the branches as the
directors received salary, and by this amendment it
was proposed TO cut of all loans to them. he con-
tended that the entire prohibition Of loans to the
saared directors of the Bank sufficient restric-
ton. Yg. ...,.u.aE .,.,a.......
The amendment was further opposed by Mr. HUN
TINGTON, and advocated by Messrs. WALKER,
CLAY, of Ala and LINN. .r,'.... ........... .,
The question was then taken, and the amendment
ofthe committee rejected, as follows: IN. vs.. ~.
YEAS--Messrs Allen, Benton, Buchanan, Cal
houn, Clay, of Ala, Cuthbert, Fulton, King, Linn,
McRoberts, Mouton, Nicholson, Pierce, Riyes, Sc
yier, Smith, of Conn, Sturgeon, Tappan, Walker,
Williams, Woodbury., Wright Young--23. N. e.,
NAYS Messrs. Barrow, Bates, Berrien, Choate,
Clay, of KY, Clayton, Dixon, Evans, Graham, Hun
tington, Kerr, Mangum, MerIick, Miller, Morehead,
Phelps, Porter, Prentiss, Preston Simmons, Smith,
of Ind, Southland, Tallmadge, White, Woodbridge
-25. $4,000, :,
Mr.. CLAY opposed the amendment in the same
fundamental rule, providing that note or bill OF
which any member of either House of Congress of the
United States is maker, drawer, endorser acceptor
or otherwise party, shall be discounted. u" q
He thought it was restriction injurious not only
to members Of Congress- but to those who had the
names of members their paper. He took a great
distinction between looseness of exposure and the
moral power of examination of the Utmost OF
the Bank in which fact of power lay the great restrc-
ton. h. l-r.haas Ea.s.. - .t......I..
Mr. WALKER said to remove the Senator'S Oh.
Jections, he would propose modification, to provide
that no note should be discounted by member OF
Congress. Would the Senator compromise He
had before compromised and this ground they might
now meet. NJ. n .a.s u.tr ~. -t..1.- 49, 49,. :.
Mr.. CLAY said it would be great improvement,
but the amendment would still be open to objection,
as an unreasonable introduction TO members Of Con-
gress. He would vote for the amendment if the Sem
ator would offer it, though he should be afterwards
obliged to vote against the whole amendment.
Mr. WALKER then moved to strike out the
amendment and insert, the proviso, that no note
bill shall be discounted for any member of either
House of Congress. ...t' .. ...
MIR. BUCHANAN said no member of Congress
ought to be borrower at this Bank, and he will
ing to interdct them in this manner which was but
small injury to them there were many other banks
at which they might borrow. If this power was
given, the directors would assist each other in maxi
ing loans. tsp ztga s@4t4l 4 &E. 81
MIR. CLAY said the directors of the Bank were not
to have any loans and therefore they would have
sympathy with the directors Of the branches:
Mr. BUCHANAN advocated the amendment at
some length. at@s63 13iG
Mr. KING believed il would be of no avail for
himself friends to suggest farther restrictions,
all the amendments were to be stricken out. As a
member of Congress he should be unwilling be liza
BILE to the imputation of voting for Bank at which
he was to be accommodated. ~ '' ".'"'
He offered modification to the amendment, ex-
GLIDING loans or discounts to the President of the
United States, the Vice President to the heads of
any of the Executive Departments the Postmaster
General and Attorney General of the United States
included, or to any Judge of the Supreme Court.
Mr. WALKER appealed to his lend not to offer
this as amendment, since il might defeat both. Let
the question be taken on his amendment first, and
then he would vote for the amendment of his friend.
Mr. KING accordingly withdrew the amendment.
majority adopting the amendments, of just nature
offered by the opposition in order to avoid all idea Of
the Bank being political institution.
By general on>ent, the amendment of the Com
mittee was modified by adopting unanimously, the
amendment proposed by MIR. Walker who then at
some length, advocated the amendment as modified.
Mr. BENTON read from the report of the nvesti-
cation of the proceedings of the late Bank statement
showing the amount of its loans to members of Con
gress, editors of newspapers, &c.
M f,~t horo, alsha
was the principle contained in it 1t was that men,
bers of Congress should not share in the benefits Of
an institution to be created by their votes. On the
principle, it might be supposed that they voted
to reduce the tariff, for the purpose of getting their
clothing cheaper. ,..E' $751;
Mess2s. CUrHBERT anda LINN advocated the
amendment.
Mr.. PIERCE said the only hope to this country was
in repeal The amendments were to be voted down.
He referred to loans of two hundred thousand dollars
in one year, and three hundred thousand in another,
by the old Bank to members of Congress.
Mr. CLAY said that the greater part of the loans
were made by those opposed TO the Bank
Mr. BUCHANAN had no doubt of that.
The question was then taken; and the amendment
as modified concurred in, as follows:
YEAS -Messrs Allen, Archer, Benton, Buchan-
an, Calhoun, Clay, of Ala, Cuthbert Fulton King,
Linn, McRoberts, Mouton, Nicholson, Pierce, Pres
ton, Rvcs, Sewer, Smith, of Con-, Sturgeon, Tap
pan, Walker, Williams, Woodbury., Wright, Young
-25. ...'. H
NAYS-Messrs. Barrow, Bates, Berrien, Choate,
Clay, of KY, Clayton, Dixon, Evans, Graham, Hen
derson, Huntington, Kerr, Mangum, Merrick, Mil
Ter, Morehead, Phelps, Porter, Simmons, Smith, of
Ind Southland, Tallmadse, White, Woodbridge-A.
The question then being on the amendment of the
Committee, providing that the entire liabilities of
any one director of any of said offices said corpora
ton may exist to an amount not exceeding ten thou
sand dollars" after few remarks in its support by
~ MA ut ~ m ~ r rTI
ed, by the following vote:
YEAS-Messrs Allen, Archer Bayard Benton,
Buchanan, Calhoun, Clay of Ala, Cuthbert, Fulton,
Henderson, King, Linn, McRoberts, Meulon, Nj
cholson, Pierce Preston, Rves, Sewer Smith, of
Con-, Sturgeon, Tappan, Walker, Williams, Wood
bury, Wright, Young-27.
YEAS-Messrs. Barrow, Bates, Berrien, Choate,
Clay, of Kentucky, Clayton, Dixon, Evans, Graham,
Huntington, Kerr, Mangum, Merrick, Miller, More
head, Phelps, Porter, Prentlss, Simmons, Smith, of
Ind, Southland, Tallmadge, White, Woodbiidge-24
After concurrence in various others, the amend
e ~ ,ttaot ara nah