Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-23

sas snoseube's TO the F.sc Il Bank OF the Uaic
Mr. SMITH OF Conn. made Some re,n,,ksin con
Pue'ee OF the resolutions adopted by the Le,isla
'u'o OF Connecticut in favor OF Bank for the pur
l"s' ul explaining the reasons which would prc
vent hun tom rendering, obedience To- The call oftb
Legislature. He then proeceJod with I, co.s,;,n
U"ha' argument for the purpose OF shelving III,
SSO"k'ess had not the power To- create n Nationa
nehk; and with that argument he coupled a his:or,
OF the legislation which hal taken nj ace m r,lrtcpr
10 banks, ard Of the suspensions and o,b,r oncr,
UoHs OF those institutions from time To time
A''er touching on all these points, Mr. s. poin,e,
ou' what appeared 10 him 20 &c the defects cf III
general system, and particularly TO the bI nov
under consideration. The oEly corrective WING,
could &c etccutlly applied to the abuses which h,,
srept into the banking system was publicity nm,
mlS corrective WAS not included IN the present bill
lie regarded those who shed for veil over tb,i,
! course-who objected to let their proceedings he
carried on before the public eve, rs unworthy TO be
trusted Tue secrecy under which the Transactions
OF the Back were carried on the cause Of great
! injury TO the publ
MIR Smth said he did not believe that the in,erposi
non OF bank was necessary to regulate the cur
teney OF equa.ise the exchanges. The exchanges
can only oe eqUaiSed by the course Of trade, and
nooanA can produce that slt 10y an yicion distinct
from that regulator. II was very clear accordn- 10
The view which he took ct the bank now proposed,
Ihat ltcoud not render any 'c-vIce in the way of
equaizing the exchanges. In fact, he seemed
10 look upon the bull deiec i've in those orts
which are OF the greltes importance, and as incap,
bic ofworking ont even the results Of a different;
KIND which ITS friends contemplated. The power
OF creating Il is usurpa,On of Congress which has
grown up with TINT body.
Mr.. NICHOLSON read an amendment by inser.
ting provision that this Oill di not prevent any
State from exercising its power OF taxing the stock
and property OF the branch within its limits IN the
same proportion IN which II may tax the institution,
OF the State. He asked for the ayes and nays which
were ordered.
MIR CLAY said the effect would he to place the
/ bank at the mercy OF the twenty SIX States. II
was said that the security again.t oppression was
thatthe States could not tax beyond the proportion
IN which the State Banks were taxed. Suppose the
States desired to destroy their banks was this to
share the same tatel He hoped the power would
Mr. BENTON referred to the debate of 1889.
when this question brought forward and he re-.
cited a portion Of the argument then used in
IIvor Of th's right OF the States to impose taxes.
lie referred 10 an opinion Of the Supreme Cour,
concerning which he SAID that COutt had made \
mistake IN a point of fact.
MIR HUNTINGTON though, that there was no
necessity for the amendment for il the Senator
from Missouri was right IN his view, il conferred no
power VIII ch was not IN the POSSESSION Of CONGRESS
lie hoped the Senate would not accede to the
amendment.
ME BENTON said few words to explain and
enforce MS previous argument, and TO SHOW th.t
the charter gwen by this bill went no further thln
inc old Charter IN its privileges: and tie State had
~ ht to tax any corporations within its limits
Mr. CLAY OF Alabama, sad this amendment
merely asserted the sovereign power of the S,,.ss
10 tax property within their limits The amend
mcnt exercised a restraining power, in case any
STATE should think It propcr to tx the branches
ol The Bank Without such provision the States
would be left Nj liberty to i'm pose any tax they
pleased. NY
Mr. SEWER hoped the Senators on the other
SIDE would assent TO this amendment Public
Lands are not taxed because there is on express
provision IN the compact which prevents IT, Tie
States tax the hawktrs, boi,mcn, importers. and
why not therefore the branches OF the Bank ri
you may tax the merchant who brings his so,Ss
from IuIladep hIn, or the broker, why no. also the
Bank! The night Of the Sale 20 tax the public
lands had been yielded for a consideration given by
the L. ). He saw no good ground on which this /
proportion could be opposed.
Mr. NICHOLSON SAID he hoped gentlemen on /
The other side would no: regard his amend men: /
with on eye OF suspicion. He assured GENTLE
men that ne had offered !; without consultation /
with any one, and that he would not have thought |
I necessary but for the decision of the Suprem, /
Court. In some States there existed tx on the /
State Banks which yielded considerable revenue |
As the branches would take the PAGES Of these |
Banks, and 10 that extent would IuJue tie revenue
OF the State, II his wish that the branch Banks
might make up the deficiency caused 10y their de
StrUctIon. lie saw no sutfclcn, reason for voting
against the amendment.
MIR BENTON said few words.
MIR ! OJ Nc replied briefly to Il remark made |
10y the Senator from Connecticut (Mr Huntington |
sni sustained the argument 10 the right Of the /
states TO impose tax on the branches.
The question was then taken on the motion 10
amend, and decided IN tie negalve-Ayes 81,
moss %.
Ms WALKER submitted an amendment prohi.
biting any loan discount, and restricting the Ju.
siness OF the Bank TO the buying Of bills of ex
change. lie made few remarks 10 show that this
would be much more profitable business than the
dscoJnilng OF notes. He referred TO the report of
the committee OF the Senate in 1884, Of which the
present Executive was chairman, for the purpose of
biting the proofs OF the increased value which
| this dealing IN tOregn exchange impaired to the
operations of these Institutions
lie referred 70 the same report 10 shew that the
losses on bills OF exchange were not he one.terh in
amount compared with those on ordinary notes such
as pTomssory notes. lie believed we were TO have
bank. There was majority in both houses in
favor ofone. There was majority OF FIVE in the
Senate.
Mr. CLAY Of Ala. moved an adjournment, which
was nega'ivld.
Mr. CLAY Of Ky. expressed his satisfaction on
hearing here was majority oil five IN the Senate
IN i'yor OF the Bank. lie had not calculated or So
.aTge Il majority, and he hoped some GENT. cucn of
the other side intended to vote for the bank He
then stated IN few words his objections 10 the
amendment, which he regarded as an experiment
The real ob-c, OF the gentleman who offered the
amendment would be Cvlded, while great mischief
wO..4 be cAtal.ed on the commercial community.
Mr. WALKER SAID that Of the % whig votes
but one htd iOrJurne 20 express himself IN favor OF
a bank. THIS would give % votes, ard as there ore
but % on the oher side, tie majority would Ue five
Mr. CLAY am very glad to hear IT, Bull
fear the gsuteman's arithmetic is not correct,
MIR WALKER ssd few words on the subject Of
his motion, and called lor the ayes and noes which
were ordered.
The question was then taken on the amendment.
and decided 10 the negative, ayes ., noes 3s.
The Senate then adjourned.
REMARKS or MIR. PROFFIT.
ON THE NAVY mr.