The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-10

| modify the amendment that the publicity should be
made TO appear week or once month al least
once year was check. II such feature had been
grated On the late bank bill did any one suppose that
| James Watson Webb Or Mordecai M Noah would
have got discounts To the amount OF S5OOCO. You'd
the directors have dared 10 make such discount !
Would they have loaned money to bankers OF brokers,
the very last class that ought 10 be aided by banks
4 No would the exhibits made IN of the Safes
Of three or four Millions divided among sixteen
or seventeen individuals have appeared. The Sena-
from Kentucky referred 10 The clause already IN the
bill all that essential when IL seemed 10 him but
mere dow nrig ht mockery
i MIR CALHOUN contended for the largest posi-
BILE publiciy-the proceedings should be open as
those of Congress
M ALLEN spoke for some time in favor of giving
the fullest publicity 70 all the proceedings The courts
Of justice obliged to SIT with open doors and il
was the fact OF the public manner in which just
was administered that made the People stand by the
law and the officers but suppose The courts should be
cleared and Judgment rendered in secret, il to
be supposed that such verdict would be tolerated by
the People lie thought the other side ought 70 vote
\ for The amendment; for (,ad MIR. when We come
/ TO the repeal shall shall make the earth
quake under you when we expose this attempt al Sc
crecy. You may do SO il you please will not say II
! YOU dare, or you dare do what you will but you
must meet the consequences
/ Mr.. BENTON read from that report long ll.t of
various discounts made TO different individuals Of the
! bank
! Mr.. CUTHBERT spoke with much animation
against all conceament; and said the directors of the
Bank should like the bees be their work thro
glass case, where all could look and admire If q
Bank to be established, let il be such
would discount money, but not what was made money
/ by comparison.
/ Mr.. WOODBURY. said an amendment had been
offered TO allow stockholders to+exatnine
the books OF the bank, but had been voted down. 1t
took away the right which every partner in joint
stock company had TO examine INTO his interests
The system of the old star chamber ought to lie ex-
I ploded
The question was then taken on Mr.. Walkers
amendment, and decided as follows;
I 1EAS-Messrs. Allen, Benton, Buchanan, Cal
4 houn, Clay, Of Ala, Cu,hberl, Fulton, Henderson,
King, Linn, McRrberts, Mouon, Nicholson, Pierce,
Sewer, Smith, OF Conn, Sturgeon, Tappan, Walker,
Williams. Woodbury., Wright Young-23
| NAlS-Messrs. Archer, Barrow, Bates, Bayard,
Berrlen, Choae, Clay of KY, Clayton, Dixon Evans,
Graham, Huntington, Mangum, Miller, Morehead,
Phelps, Porter, Prentiss Preston Simmons Smith, of
! Indiana Southland, Tallmadge White Woodbridge
! Mr. WALKER then offered an amendment, TO the
effect that any ten stockholders should have
the right to examine into the accounts of the bank at
any time
Mr.. BUCHANAN expressed the hope that this
amendment, at least, would be assented to.
/ The question then taken and decided in the
affirmative, follows
houn Clay of Ala, Cu,hbert Fulton, King, Linn,
McRoberts, Mouton, Nicholson Pierce Porter Prem
/ tss, Sewer, Smith, of Conn. Sturgeon, Tappan,
Walker Williams, Woodbury., Wright Young
NAYS-Messrs Archer, Barrow, Bates, Bayard
/ Berrien, Choae, Clay, of Ky, Clayton Dixon, Ev-
ans, Graham Huntington, Mangum, Miller, More
head, Phelps Preston, Smith, of Indiana Southland
| Tallmatge, White, w oodbrdge-23.
! Mr. BENTON then moved an amendment, TO the
following effect, TO in the end of the
teenih fundamental rule
/ " That the Board of Directors and Exchange Com
mlttees shall keep suitable hooks in which are TO be
entered all notes and bills offered 10 be discounted
geher with the bills of exchange offered to be sold or
purchased the names Of drawers and endorsers, the
amount of time to run, and whether the dis
counted purchased or refused-he same to be open
daily during hours OF business and subject to the in
spection of the public"
/ And on this amendment Mr.. B. demanded the yeas
/ and nays, which were 5 follows
/ lEAS.-Messrs. Allen, Benton, Buchanan, Cal
! houn, Clay, of Ala, Cu,hbert, Fulton, King Linn,
! McRoberts, Mouton, Nicholson Pierce, Sewer
smith smith of Connecticut; Sturgeon, Tappan, Walker,
! Williams, Woodbury., Wright Young-22
NAYS.-Messrs Archer, Barrow, Bates, Bayard
Berrien, Choate, Clay, ofKenrucky, Clayton, Dixon
4 Evans, Graham Huntington Manrum Miller More
head, Phelps Porter, Prentss, Preston, Simmons
Smith, Of Indiana, Southland, Tallmadge, White
/ W oodbrdge-25.
IN a, the Close of the seventeenth fundamental rule
the yeas and nays 10 be taken the discounts al the
Bank, and to be entered upon the books subject to
the inspection.
4 Mr. CLAY thought it wholly unnecessary The
books were OPEN and tins amendment, would only
have the effect to enbarrass In city like New York
where there might be 400 or 500 notes of day what
cLonce would there for such operation
On this amendment debate ensued in which
Messrs SIMMONS, BAlARD, WALKER, BER-
RlEN WOODBURY., and others, participated and
it was finally modified, the suggestion of Mr.
BAfARD, as to admit ofthe yeas ana nays being Ia
ken, where any member of the Board dissented and
in that shape adopted.
n Mr. BENTON alluded to the shameful outrage
which he sand had been erpetrated by the other bank
IN excluding the Government directors No, only had
that been known, but the party sustaining the bank
had sustained II afterwards with full knowledge of
all the facts He uld therefore move TO amend
/ the bill by inserting;
-" That no part OF the proceedings of the bank nor
any loans, discounts, pay made by nor any
order gwen shall be made or kept firm the Co
vernment directors, nor shall said directors he ,xcu-
dcd from the free and full participation in all the trans
actions and business of tue institution
Mr.. BERRlEN would only observe that that was
pro- ded Tor 10 the bill in the most full and ample
manner
/ Mr. BENTON referred to the experience of the
past TO show that infamous outrage had been ler,
pctracd 10y the other bank, and instanced the case
OF the directors known to have been nsolently *
cluded
Y MIR BAYARD. Suppose Government directors
ulu ho atehu were they 10 De lnir1ed OF all the pro-
1 coeJngs by note or otherwI>cl Confidence was TO
be placed somewhere and after all the guards thrown
around thus bill he did not think any thing was TO be
appiehended.
Mr.. BENTON insisted that it was done in the case
\ of the old bank
i MIR. BAfARD Then all | have to saw is tina,
i was gross abuse and violation of the spirit OF
4 the charter
4 Mr.. SEWER was clear for making every violation
of the charter felony, they would make the embez.
element OF the funds felony