The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-17


merchants and all classes of society," all from these
promises He referred TO the circular OF tne presen.
Secretary of State by direction OF the President reia
tive TO the interference OF ohcers WIN .ne ~
the rights of officers and crticisng II at some length
He concluded his remarks and the resolution was laid
over.
Mr.. CLAY, of Kentucky, presented a petition Of
great number of citizens Of New York, In favor of
a Bankrupt law Which was laid on the table.
The following bills received from the House, were
twice read and Teferred-as follows:
An act making further provision for the Pauper lu-
natics of the District of Columbia-to the Committee
on the District of Columbia.
An act to provide for the payment of Navy pen
sions.
An act making appropriations for the purchase of
naval ordnance ordnance stores and other purposes
Which latter referred to the Committee on Naval
Affairs.
The order Of the day. the bill to incorporate the sub
scrbers Of the Fiscal Bank of the United States was
Mr.. TAPPAN offered the following amendment
to be added to the last section Of the bill:
And be further enacted, That nothing in this act
shall be considered admission that Congress have
not the power TO alter modify, or repeal the same.
Mr.. TAPPAN supported the motion in constitu-
MI. BUCHANAN suggested the propriety Of
Withdrawing this very important amendment for the
purpose of going on with those which would occupy
less time. He concurred fully with the gentleman
that this being delegation TO corporation Of of
the important powers of Government its charter would
not be irrepealabe.
Mr.. TAPPAN withdrew the amendment for the
present. md 4raa r.ra aa r.
Mr. CLAY, Of Alabama, offered the following
amendment to the 18th section: u ID
Propided, however, That if the said Bank or any
of its branches shall at any time suspend specie pay
ments, and neglect or refuse to discharge on demand
any of its liabilities in specie then its bills shall be
no wed N paym of debt mr. mr.
of the United States. 1##
He said if the paper of the Bank was less than par
they would have to Congress for the purpose
of preventing further deposit in the Bank continue
till its meeting, nine months perhaps depositing in
Bank which did not pay specie. II was thus ques-
ton of the most vital Importance. .ss
Mr.. CLAY, of Kentucky, said the Senator'S OBJ
Ject perhaps sufficiently accomplished in other
parts of the bill He had, however, no objection at
all TO it, if the Senator would modify it as to limit
the nonrecepon Of the notes to the time of the sus-
pension Of the Bank He would move that amend
ment if the Senator did not modify it inIhs manner
Mr.. CLAY, of Alabama, hoped the Senator would
withdraw his amendment. a..ts.
| Mr.. CLAY, Of KY, must then press his amend
ment, and hoped it would be adopted. He moved to
strike out the words "no longer" and insert not
during the same suspension. He hoped the Bank
| would never suspend, and he assured the Senator
from Alabama that their purpose was to guard against
the possibility of its suspension. Hence they had
4
ton, limitation, and penalty, likely to effect that
object. But he could not tell what would hap
i pen in time Of war; he doubted the possible
lily of any bank continuing specie payment Il
they made the provision he had stated they held out
motive, and strong and powerful one, to the Bank,
to resume, because the moment it resumes its paper
will become again receivable in the discharge of Go
vernment dues. If the resumption took place after
suspension, why should they deny the people the pri-
vege of paving their debts at the Bank He was
4 rspd he hesita If he
sired limitation of the non-reception, to the extent
of the cause producing it-that was the suspension
Mr.. CLAY, of Ala, said the proposition Of the
Senator was at war with the very object he had in
view his object was to induce the Bank to continue
the payment of specie permanently, and ne (Mr.
Clay, of Ala.) commended that this was best accom-
| plished by the original amendment. s..a -.
Mr.. CALHOUN hoped the amendment would not
were no longer made in State bank, when it had
suspended specie payment; and for this odious dis
tinction he could see no reason. . nj 4saL
| Mr. ALLEN said the principle of the amendment
cognsed in the body Of the charter, that the Bank
| might suspend, and still go on. w .->
| The amendment to the amendment was then adopt
| ed by the following vote ...a. III "a. n.
YEAs-Messrs. Barrow, Bates, Bayard, Berrien,
Choate, Clay, Of Ky, Clayton, Dixon, Evans, Hen
derson, Huntington, Kerr, Mangum, Miller, Morehead,
Porter Prentiss, Preston, Simmons, Smith of Ia,
Southland, Tallmadge White, Woodbridge.-25:
4 NAYS-Messrs. Allen, Benton, Buchanan, Cal
houn, Clay Of Ala, Cuthbert, Fulton, King, Linn,
Of CT. Sturgeon, Tappan, Walker, Williams, Wood
bury, Wright Young.-22. 8 a......
j Mr. CLAY, of Ala, asked if it was proper then to
withdraw his original amendment; and asked the gen.
eral consent for this purpose. &n g..
i Mr.. CLAY, of KY, objected to it, and said the
amendment, was very good. fa ~ .s.
i Mr. BENTON was against the whole amendment,
and said by it we were to have not only exclusive
paper currency, but broken Bank.
Mr. CALHOUN said this was the most ominous
/ vote that had been given. 4. Eaa aa.
1 MECLAY, of KY, said every thing was "omnous, I"
or crisis, partie uarly with some gentlemen. But
he thought this was the most unreasonable Che would
not say ominous) opposition he ever knew. What
suspension, the Government would not receive the
notes Of the Bank-and that was ominous," and
making it paper institution" and this was re-
cognon of the right to suspend In the very next
clause the bill went on to say that if the bank did sus-
pend such and such shall be the consequences
Was that recognition of the right to suspend2 Could
| the denunciation of penalty against suspension,
which all deprecated, be regarded as license to sus-
pend2 .
or in crisis when the Senator from Kentucky is the
4 actor. told him, in 1887, that he would ride down
the Bank, as he had the American SYSTEM and every
other hobby he ever mounted. .,
| Mr.. CLAY. Well, sir, we will have good ride
| Of il. II 10 pleasant horse. So. '.
1 Mr.. NICHOLSON said there was something
| gained by the amendment. He did not regard the
/ expression, during its suspension" in this amend
ment, as recognising the right to suspend. When
they made provision not to receive its notes. in
Of suspension, the right suspend not recognised
Mr.. ALLEN could not have supposed that any
| bill would have been introduced here which would
have recognised the right of this Government to
ceve suspended paper. He opposed the amendment.
Mr. w ALKER could not vote against the amend
ment. If he did, he determined the people should
ceva the notes of this Bank, during the whole period
of its charter if rredeemabe all the tme unless
the Houses Of Congress should pass law, sign
ed by the President, to refuse the deposting in the
Bank. If they did not provide for contingency Of
this kind in the Constitution, but left it to the two
Houses Of Congress provide for it by law that law
| would never be passed They gained something by