The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-25
In SENATE.
"WEDNESDAY. Feb. "a. 1871.

IN SENATE
WEDNESDAY Feb "a, 1871.
The Senate was occupied during the principal part
Of the morning with the private bills the calendar
Several bills heretofore noticed as having been or
deied to be engrossed, were severally read third
time and passed.
BANKS OF THE DISTRICT OF COLUMBIA.
The Senate resumed the consideration of the bill
10 revive and continue the corporate existence OF the
Banks OF the District of Columbia, which amended
ID follows:
A BILL TO revive and continue the corporate exist
ence Of the banks in the District Of Columbia.
Be il enacted by The Senate and House Of Repre-
sentatipes Of he United STATES Of America in Con-
gress assembled, That the charters Of the Farmers
and Mechanics Bank Of Georgetown the Bank Of
Metropolis Patriotic Bank OF w ashington, and Bank
OF Washington, in the city of Washington, and the
Farmers Bank of ALEXANDRIA, and Bank Of Potomac
in the town Of Alexandra, be- and the same are
hereby revived they existed the third day Of July
last and extended To The fourth day OF March, egh-
teen hundred and forty three.
Proridcd, That the said banks shall each for itself
redeem all its notes and specie liabilities in specie when
demanded from and after the passage OF this act and
throughout the whole period for which the said
raj charters hereby extended. And in the event
that any one or more OF said banks shall decline 10
meet It's liabilities in specie aforesaid, having
commenced TO pay specie, shall, hereafter during the
declining, ceasing, failing to pay in specie shall
ipso acio forfeit It's charter and shalt proceed TO wind
up its under the provisions of the law passed
the Sd of july lS40 entitled An act TO continue
the corporate existence Of certain banks in the District
OF Columbia for certain purposes which said ACT is
hereby made applicable IN all It's provisions TO every Of
said hanks failing aforesaid tor the period OF two
years from the date Of any such failure neglect to
pay in specie And any attempt by the officers of
any of said banks above said forfetinr its char
q a. Drt Py prcisp N % q
banking privileges conferred 10y this act shall sub
ject such officers 10 all The penalties OF illegal bank
ing
SEC, 9. Andbe it further enacted, That neither of
the said banks shall by virtue OF any thing in this act
contained, be authorized TO pay out any note,
bill check, draft of any bank company, ncorpora-
tion ocation, individual, which said note bill,
check, or draft shall not be payable and paid de-
mand in sp Gle at the place where it is made payable
and any VIC alton Of this restriction shall be- pso fac
TO- forfeiture of ALL rights powers and privileges
conferred by this act IN the manner specified IN the
first section thereof 10 failure OF specie payments
Prorided, That nothing contained in this section
shall prohibit either OF said banks from receiving the
paper Of any specie paying bank special dcpo-
site, and returning the same 10 the deposltor.
The question pending the motion Of Mr..
TAPPAN TO strike Out all after the enactng clause,
and insert bill based the principles ported above
Mr. TAPPAN concluded his harranpue in sup
port of his motion in the Of which he assaIled
very sehemently banking institutions, and those con-
nected with them.
He also gave expression to some insnuations in
deed they did not amount to direct imputatons-on
the purity and integrity Of those members of Congress
who favored the Banks ofihe District, He enlarged
the that The borrower is in the power Of the
lender; and hoped that Senator who was indebted
to these institutions would vote on the bill
Having thought proper to attribute 10 the Legsla-
tnre of Alabama suhsurvency to Banking Institu-
tons
Mr.. CLAY Of Alabama, rose and repealed this at
tack declaring that he would not have replied word
/, The speech from the Senator from Ohio hut for this
gratuitous and wanton assault his constituents
Hesad that the members of tho General Assembly Of
a. would compare adsan'ageouSy win thai
Senator in purity of character; and he pronounced
the charge of subsurvency altogether unjust and
founded.
Mr. KING of Alabama, made few remarks of a
similar tenor
Mr.. SMITH, Conn said he could not vote for any
proposition that did include the principle of free
banking
The question was then taken and the motion of
Mr. Tappan was rejected Yeas 2, nays 33-as fol-
lows
YEAS-Messrs Tappan, and Wright-2.
NAYS-Messrs. Bayard Buchanan, Clay, of Ala.
Clay OF Ky, Clayton Fulton, Graham, Hubbard
King, Knight, Linn, Lumpkin, Mangum Merrick,
Nicholson, Phelps, Pierce, Porter, Prentss, Preston,
Rives, Roane Robinson, Ruggles, Sewer, Smith Of
Conn Smith, Of Ind, Sturgeon, Tallma,hge, White,
Williams, and Young-33
Mr.. CLAY, Of Ala, moved TO amend the bill by
adding proviso allowing the banks TO pay out to de-
pusitors the money deposited in the same kind of
ney in which it was received
This was strenuously opposed by Mr. Wright and
advocated by Mcssrs. Mcrrick and Clay; and
adopted as follows;
YEAS-Messrs Bayard, Buchanan, Clay, of Ala.
Clay OF Ky, Clayton Dixon Fulton, Graham Hen
derson, Huntington King, Knight, Mangum, Mer-
rick, Phelps Porter, Prcntiss, Preston, Rves, Rug
giles, Sewer, Smith, Of lnda Tallmadge, White,
Young--25.
NAYS-Mcssrs. Benton Calhoun, Hubbard Linn,
Lumpkin, Nicholson, Norvel, Pierce, Robinson,
Smith, of Conn, Sturgeon, Tappan, Walker, Will
iams, Wright--l6
Mr.. ALLEN moved TO amend the bill by adding
precision making the stockholders severay and indi-
vidually liable for all the debts and obligations Of the
banks
This was rejected ayes ls, nays 49,
The bill was then reported from the Committee of
the Whole
MIR ALLEN instantly moved his amendment again
The bill was then ordered to be engrossed and read
third time. Ayes Is, noes l3,a follows
YEAS essrs. Bavard, Buchanan, Clay, of Ala.
Clay, of Ky, Clayton, Culhbert, Dixon, Fulton,
Graham Henderson, Huntington King, knight,
Mangum, Merrick, Porter, Preniiss, Preston, Rives,
Roane, Ruggles Sewer, Sturgeon, Tamadge White
Williams, and Young--27.
NAYS-Messrs Allen, Benton, Calhoun, Hub
bard, Linn Lumpkin, Nicholson, Pierce, Robinson,
Smith of Conn, Tappan, Walker, and Wright-l3.
The Senate then went into the consideration Of
Executive business.
uoIrSE or, pEppCSENrA TIyCc