The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-24
IN SENATE.
WEDNESDAY. July 81. 1871.

.,.. asef, "WEDNESDAY, July 81, lS4l.
Mr.. MOREhEAD presented petition of a very
large and respectable number of citizens Of Louisville
Ky, for a Bankrupt law.
Mr.. ALLEN presenteda Iemonstrance of citizens
Of Belmont county, Ohio. against United States
Bank Protective Tariff, the Distribution of the pro-
ceeds of public lands, and against all manner OF
fscaltes. Also the proceedings of meeting of citi-
zens of the same county, and the subject all
which were laid on the table, and the proceedings Of
the meeting ordered to be printed .G T %#t@'#'
There appearing no business before the Senate for
the morning hour, .,.. il, ..;...
Mr.. BERRIEN moved that the bill from the Com
mittee the Judiciary extend the time for compile
ting the 9th census of parish in louisiana and one
in Kentucky TO lst January, 1912, be taken up. The
motion was carried the bill was read, engrossed 10
thild reading, and passed. " 1a.I
On motion of Mr.. BERRIEN, the bill for chang
ing the place of trial of General Gratiot from the
State of Missouri to the District Of Columbia, was
taken up. trtr a@. %1715.,. dill EE n.@
Mr. BERRlEN said this suit was founded on cir
cumsances that occurred while General Gratiot was
an officer of the Government. These were all on re-
cord rt the seat of Government and he had forwarded
a memorial for the change Of place. To this change,
the Government through its Attorney General had
scented. The letter from the Attorney General was
read. ,3
Mr. BUCHANAN asked if the trial had not taken
place. i. .yr snE4Ht8 2 t& ft&@ sa&r
The memorial was read in explanation 4@g.
Mr.. HENDERSON said there were one hundred
thousand bankrupts in the United States who suffered
much hardship as was represented IN this case,
who applied in masses and had not as yet found re-
lief from the Government He could see no reason
for stopping the business Of this extra session to take
this up .tl sm14 .Gr ss g&@
Mr. PRESTON regarded il as a special claim on
their attention. For the purpose of speedy justice to
the individual and perfect justice to the Government,
it was necessary that he be tried here. Ta.
Mr.. BENTON said it was merely charge of We
Mr. BERRIEN further advocated as tending to
speedy justice both to the Government and the ind
vidual. ..a -s&#aA ..a-s # @Ee~ 7A As.s
After further conversation by Messrs. McROB-
ERTS, BERRIEN CLAY, of Alabama, WALK
Err, and WOODBURY., the morning hour having
EXPIRED the bill was laid over 5t fas
Mr.. MERRlCk, from the Committee on the Dis
trict of Columbia, reported bill from the House,
making further provisions for tho pauper lunatics of
the District Of Columbia. Also the bill to revive and
continue in force for ten years the Mechanics Relief
Society of Alexandria Nr+aa s3 H. 'sa1 a@a5
Notice was given Of several resolutions. saE.r .34
The Fiscal BANK BILL was then taken mp.
Mr.. ALLEN offered amendment, making the
stockholders liable for the obligations of the institu-
ton. .e.. .,s. ia ,.1 , sss rrga ..ss a. 45s. \
He said the object Of It was perfectly obvious to all
and he would detan the Senate no longer than to ask
the yeas and nays a5
After a few remarks from Mr. BENTON, the
amendment was rejected, by the following vote /, rG
YEAS-Messrs. Allen, Benton, Buchanan, Cal
houn, Clay, of Ala, Cuthbert, Fulton, King, Linn,
McRoberts, Mouton, Nicholson, Pierce, Smith, Of
Connecticut, Sturgeon, Tappln, Walker Williams,
Woodbury., Wright, Young-2l. s@
NAYS-Messrs. Archer, Barrew, Bates, Bayard,
Henderson, Huntington, Kerr, Merrick, Miller,
Morehead, Prentiss, Preston Rives, Simmons, Smith,
of Indiana, Southland, TaIlmadge, White, Wood
bridge rs. ., 4..ly.a.. ,.-aG q. .g.a III VA .
Mr.. ALLEN offered an amendment striking out
the provision permitting corporations to become stock
holders in the Bank .
He said, by an amendment that had been adopted,
they had excluded foreigners from subscribing to this
stock, but the property of many corporations was in
part,and in some the whole owned by foreignersthus
It gave them an opportunity to invest their stock
which was obviated by the amendment
He also opposed banks being allowed to take stock,
as by hs the interests of this and State banks would
be united and destroy tho professed benefits to be de-
rived from il, by the regulation ofthe currency.
| Mr.. CLAY said the reason that had been urged
against the Bank was, that no capitalist would invest
his stock in worthless institution; but it was
now proposed to cut off corporations so as to give in
divduals an opPortun in subscribing for this worth
less stock. Corporations, not as the gentlemen on
the other side seemed to think of various natures
There were corporations for the education of youth
il might be very profitable invest their funds at sew
en- per cent, in this Bank. But by the amendment
this advantage would be cut off. There was also
some mertorous banks, as the Savings Banks for the
benefit of the industrious and aborng portion of the
community, and investment here was profitable for
them. .aiy1E ~ ' 'w7 b." ,s" IA
| Mr.. BUCHANAN would vote for the amendment
He would not hold inducements to corporations to
purchase stock that would desert them in the hour Of
danger. For this cause he would not only exclude
Banks but savings banks, and corporations for the
education of youth. ~ ia se. Isl urs ~ .st,s G.f
Mr.. CLAY said the Senator was DESTROYS for the
interests Of corporations why would he not let then
take care of themselves and decide according to the
own interest whether they would invest their capita
in this Bank He believed the Bank would not only
divide per cent, but after it in operation, muct
more But if States did not desire their corporation
to invest in this, they could prohibit them by thei
laws as they We're in the Senator's State. In an,
point of view he was opposed to the amendment.
Mr.. ALLEN briefly replied, and further advocated
the amendment Z
Mr.. BUCHANAN said by the BILL the Bank wa
prohibited from investing in State institutions, Will
State Banks were allowed to hold capital in this
Here was an Inconsistency The subscription o
stock in this Bank, by State corporations, dis
abled them to the amount subscribed from ex
ercisng their full powers. Ought they then to ho'
out full Inducements 70 all Banks OF the unitet
He had voted for no amendment Of this charter tha
he did not believe would be essentially beneficial 10 II
and on that ground, he should give his vote for this.
The amendment was then rejected, by the follow
ing VOTE 49,,
YEAS Messrs Allen, Benton, Buchanan, Ca
houn, Clay, of Ala, Cuthbcrt, Fulton, King, Linn
McRoberts, Mouton, Nicholson, Pierce, Sewer
Smith, of Connecticut Sturgeon, Tappan, Walker
Woodbury., Wright, Young--2l /.
NAYS Messrs. Archer, Barrow, Bates, Bayard
Berrien, Clay, of Kentucky, Clayton, Evans Graham
Henderson, Huntington, Kerr Merrick, Miller
Morehead Porter, Prentiss Preston Rives, Simmons
Smith, Of la Southland, Tallmadge, White, Wood
bridge-25
1 Mr.. WALKER offered an amendment providing
that no loan should be made by said Bank or any
Office Of discount and deposit to any corporation.
He said that Of the principal causes of loss e
the old Bank was from corporations !, They had lost
to the amount Of millions by loans to Insurance
| Companies, Banks &c. Was il not safe and prope
by the lights Of experience to preyenqthese osses7