The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-22
IN SENATE.
"WEDNESDAY, July 81, ls4I

Of Belmont county Ohio against United States
Bank, Protective Tariff the Distribution Of the pro
ceeds of the public lands, and against all Of
hscalnes Also, the proceedings OF meeting of cil-
Gems OF the same county and on he subject all
which were laid on the table, and the proceedings of
the meeting ordered to be printed.
4 here appearing no business before the Senate for
the morning hour,
Mr.. BEtRlEN moved that the bill from the Com
mitlee ON the Judiciary TO extend the time for compile
ting the 9th census Of parish in Louisiana, and one
In Kentucky, 10 LIST January, 1912 be taken up. The
motion was carried the bill read, engrossed 20
thild reading and passed
On motion OF Mr.. BERRIEN the bill for chang
ing the place OF trial of General Graliot, from the
State OF Missouri TO the District of Columbia, was
Mr.. BERRlEN said this suit was founded cir
cumstances that occurred while General Gra,lo was
an officer of the Government These were all on re-
cord ut the seat OF Government and he had forwarded
memorial for the change of place To this change,
the Government through its Attorney General had as
sened The letter from the Attorney General was
read.
Mr. BUCHANAN asked if the trial had not taken
place.
The memorial was read in explanation.
Mr.. HENDERSON said there were one hundred
thousand bankrupts in the United States who suffered
as much hardship represented in this case,
who applied in masses, and had not yet found re-
lief from the Government. He could see no reason
for stopping the business of this extra session to take
this up
Mr. PRESTON regarded il special claim
their attention For the purpose of speedy justice to
the Individual and perfect justice to the Government,
II was necessary that he be tried here
MIR BENTON said it merely charge of We
Mr. BERRlEN further advocated, as tending to
speedy justice both to the Government and the ndi
sdual.
After further conversation by Messrs. McROB-
ERrS, BERRIEN, CLAY, of Alabama WALK
Err and WOODBURY., the morning hour having
expired, the bill was laid over.
MIR. MERRlCK, from the Committee the Dis
trlct OF Columbia, reported bill from the House,
making further provisions for the pauper lunatcs of
the District OF Columbia. Also the bill TO revive and
continue in force for ten years the Mechanics Relet
Society OF Alexandria
Notice given of several resolutions.
The Fiscal BANK Bill was then taken mp
MIR. ALLEN offered amendment making the
stockholders liable for the obligations of the institu
ton.
lie said the object of it perfectly obvious to ALL
and he would detan the Senate no longer than To ask
the yeas and nays.
After few remarks from Mr.. BENTON, the
amendment was rejected, by the following vote;
YEAS Messrs. Allen, Benton, Buchanan, Cal
houn, Clay, OF Ala, Cuthber Fulton, King, Linn,
MeRuberts, Mouton, Nicholson, Pierce Smith, of
Connecticut, Sturgeon, Tappan, Walker, Williams,
Woodbury., Wright, Young-2l
NAYS-Messrs. Archer, Barrsw, Bates Bayard,
Berren, Clay, of Ky, Clayton, Evans, Graham
Henderson Huntington, Kerr, Merrick, Miller
Morehead, Prentiss, Preston Rives, Simmons Smith
of Indiana, Southland, TaIlmadge, White, Wood
bridge 25.
Mr. ALLEN offered an amendment striking out
the provision permitting corporations to become stock
holders in the Bank. &..ss
He said, by an amendment that had been adopted
they had excluded foreigners from subscribing this
stock, but the property OF many corporations was in
partand in some the whole owned by foregners-thus
II rave them an opportunity to invest their stock
which was obvatcd by the amendment.
lie also opposed banks being allowed TO take stock
by this the interests Of his and State banks would
be united and destroy thu pofesscd benefits to be de-
rived from IT, by the regulation OF the currency.
MIR. CLA SAIL the reason that had been urged
against the Bank was, that capitalist would invest
his stock in worthless institution; but it
now proposed tS cut of corporations, as to give in
dNlduis an opporuni Y in subscribing for this worth
less stock Corporations not as the gentlemen on
the other side seemed to think OF various natures
There corporations for the education OF youth ;
1t might be very profitable 10 invest their funds, at
en- per cent in this Bank. But by the amendment,
this advantage would be cut of. There was also
some meritorious banks the Savings Banks for the
Ieneft of the industrious and Iaboring portion of the
community, and investment here was profitable for
them.
Mr. BUCHANAN would vote for the amendment,
He would hold out inducements TO corporations TO
purch,sc 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.
Mr. CLAY sand the Senator was DESTROYS for the
interests of corporations why oud he not let them
take Of themselves and decide according to their
interest whether they would invest their capital
in TINS Bark. lie believed the Bank would not only
dNlde per cent but after 1t was IN operation, much
more. But II ) ates did not desire their corporations
to invest IN this they could prohibit them by their
laws as they were the Senator'S State. In any
point OF view, he was opposed to the amendment.
Mr.. ALLEN briefly replied, and further advocated
the amendment
MIR BUCHANAN said by the bill the Bank was
,,I INV. in wi hi
State Banks allowed to hold capital in this
Here inconsistency. The subscription OF
stock in tins Bank, by State corporations, DIS
ahlcd them to the amount subscribed from c1
rrcising then full powers Ought they then TO hold
out full inducements to all Banks Of the United
States TO take capital here That was the question
He had voted for no amendment Of this charter that
he did not believe would be essentially beneficial to it,
and On that ground he should give his vote for this.
The amendment was then rejected, hy the follow
ing vote
YEAS Messrs. Allen Benton Buchanan, Cal
houn, Clay, Of Ala, Cuthbcrt, Fulton, King Linn,
Mcltoberts, Mouton, Nicholson, Pierce, Sewer,
Smith oil Connecticut, Surgeon Tappan Walker,
Woodbury., Wright, Young-2l.
NAYS Messrs Archer, Barrow Bates Bayard,
Bcrflen Clay, of Kentucky, Clayton, Evans, Graham,
henderson Huntington, Kerr, Merrick, Miller;
Morchead Porter Pfcnss, Preston, Rives Simmons
Slatn, OF la, Southland, 1amadsc, White Wood
htdge-25.
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 sad that one Of the principal causes OF loss To
the I'D Bank was from corporations lhey had lost
- t4c Amount ct seven millions by loans 10 Insurance
Companies Banks, sc. Was It moi safe and proper
by the H. hts of experience to prevent these os'esi
MI CLAY, Of KY hoped the amendment would
MT bc adopted. lii were, what would be the effects
trt with regard t. the banking corporations lie
nee nd nj