Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-08-10
% .-atrr. Gas. From the Globe.
u.gg.,,-e. July26 1871.
CONGRESSIONAL ANALYSIS.
From the Glohn-
"a SENATE.

"s'' s-'a SENATE. a re,a.
The National Bank bill was taken ur
as the special order. aa r.
Mr. Clay Of Kentucky opposed the
amendment adopted in Committee oflhe
Whole, prohibiting loans 10 directors
Messrs. Walker, Clay of Alabama, and
Lima sustained the amendment adopted
in committee. Mr.. Huntington urged
the rejection of the amendment. Amend
ment rejected-ayss %, noes 25.
Mr.. Clay of Kentucky opposed the a.
mendment prohibiting loans to members
ofCongress. Messrs, Walker, Buchanan
King, CuhbeIt, Linn, and Pierce, sus.
tanned it.
The effort made by Mr.. Clay to re-.
verse Ihe decision of the Senate on these
two most important amendments, propos-
ed the Democratic members, and car
ried, on their urgent appe ais, by two or
three votes drawn to their support from
the other side ofthe chamber, produced
a very animated debate. Ii was shown
that the ruin OF the late Bank of the Un.
tied States was brought about by the ve-
ry abuses which it was the object of these
restrictions to remedy; that loans to di-
rectors and theirsatilites had to a great
extent swallowed up the capital OF the
late Bank, and deprived the commercial
community of the aid which formed one
of the pretexts for such an institution-
Mr.. Benton read a passage from Mr.
Clayton's report in 1892, from which it
appeared, @that Philadelphia. ninety
nine persons we're found 10 have appro-
priated five millions of the Banks capt.
al, one-scvehth Of the whole, to them.
selves. Mr.. Pierce read from MIR. 'Ty-
ler's report the loans to members of Con-
qress, showing that during the struggle
for the charter, ,One million AZ d a kGLfhaye
BEEN distributed emong body of1mem.
befs, sufIiciento turn the scale Of parties
OH any vote concerning the Bank; and It
did turn the scale, and hence the vote
which alone saved the country from hav-
ing that Infamous Bank and its infamous
managers the arbiter of its Treasury and
political destiny. Mr.. Walker showed
that single member Of Congress had en-.
crossed one hundred thousand dollars Of
this money; and She iead Mr.. Clay's
speech of 1916, fwhsnlsupporting the
charter of the late Bank, charging IFS pred
ecessor, the Bank of 1891, with being a
party institution, aBased to political. cor
ruptiDn, from which he proposedto to guard
the last one, WHICH has shown itself,
ia despite of all his fostering care, ten
times more profligaieAhan that which he
accused, by sway Of contrast with that
which he then PROPOSED ~ earefully to
guard. 3 4 g@5 Is .oa. \
Mr.. Buchanan looked upou;the dispo-
sition now svinced to sweep out the few
salutary checks and guards effected in
committee by the democratic side Of the
chamber, as matter of fearful omen He
held up tOtiew the monstrouS specta.
Gle of Legslature--on whom the scru-
tiny Of the Bank abuses depended, and TO
which the, community must look for re-
dress Of wrongs perpetrated by the lnsttu-
ton itself in the power OF the bank TO CON
sequence ofa great portion of the mem.
,bers holding money at its will, which they
might be unable TO pay-the spec
tacie Of people contending with an in
stitution whose policy would be to op-
press them, relying on Representatives
secretly in the pay Of the Bank. This
would reduce to mockery all pretence Of
responsibility in the moneyed power,
which would hold the prices of property
the coutrol Of the currency and com,
merce Of the country in its hand-and
with these powers, that Of Legislation
would be associdted because the power
to make the members of Congress rich
or poor, at pleasure, will be sufficient at
all times 10 give the casting vote on any
question Of Importance in Congress.--
The sketch OF the debate which finely
illustrated this subject to-day, will be
given hereafter.
NJ All. Clay proposed an amendment au-
tbofizing payment Of subscriptions tothe
Bank 10 be made ia certificates of stock
ofths Twelve miltien loan lately provided
for (the Bank)by an act Of Congress.