The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-07-20


NJ ths power ofinereasing if necessary The capita
oi this, which would only be exercised when re
qsirsd By the wants Of The country, and in so WIS.,
= manner a. by the present Congress The amend
meat was rejected: yeas %, nays 30
1 4 motion was then made TO go into Executive
session, bat bef,fe il was put, Mr. Clay made an II
Y auiry witch he left to the courtesy Of the othe
.ias ofthe House TO answer, whether they had of
I Grted the amendments they intended, with the ex
cepiiou Of the Senator'S printed (Mr. Wright's) a
rn"ndmeuu Mr. Wright replied he intended ofle
I log some others but few however. The motion
was carried, aud the Senate went into Executive
session.
In tho Honse the morning was occupied on the
resolution relative to the Mcleod case, which was
discussed by SIR Brown of Tenn. lin continuance
from yostefday,) condemning the course of Mr.
W bstes insisting that NJ Leod was personally res
poasiblc and exhibiting those pugnacious qualities
which have So recently characterized the Locofo-
cos
Mr. Linn, ia happy manner replied, defending
he course or Mr. Webster, and exhibiting the i'm
Iroptiety of disturbing pending negotiations be.
tween the two Governments, and fores;alling pub.
he opinion by declaring tho present attitude Of
the case Tie resolution lies over.
The Loan Bl then taken up, and opposed
b., Messrs. Mckay, Hunter, Holmes, Van Buren, ,
Gil,ner aud Weller MIR Underwood made few
remarks in reply to the notification threats of
Mes-rs Pickons and Rhett, and showing them as
mrre empty sounds.
Mr. Hunter the former speaker, who has been
On al sides Of every question, out to day and
eSl bcd his colors. in opposition to the Loan Bill,
Distribution Bill, Tariff of any kind, and Ma
tiona bank Where no next will be found is a
matter ofdoubt
This has been bright day, and political vege;a
ton has been rapid and healthy. The House
hava passed The loan bill by n most triumphant ma
ortiz the vote standing 1874 to 93 1t was strictly
a party vote, though Mr. Wise and perhaps two or
three of his friends, who constitute the Opposition
party emphsucay, voted with the minority.
The bill was amended on motion of Mr. Fillmore
while ~ committee, so that il now allows the Sec
rotary To redeem the stock nj any time upon giving
six mO nihs previous notice, and requires the whole
loan tc he redeemed within three years from the
first Of January next. The amer dment also per
mits six per cent interest 10 be paid if necessary.
In the Senate, MIR Tallmadge presented peti
ton for The establishment of a uniform bankrupt
ystem, and thereupon remarked that he consider
ed that measure at least desirable as any which
could be brought before Congress at the present
session mere was no measure when In
his opinion would afford more General relief, or
which would be more ioyfully received by the
peope. lie intended 10 urge lis claims upon the
Senate rs soon ns the bill then pending should be
finally disposed Of.
Mr. Smith Of Ia, from the committee on Public
Lands, reported the distribution bill with two a
mendme ats, the first of which gives such States
as may he hereafter admitted, 500 900 acres each,
TO put them upon equal footing with the other
new States. The object "f the second is to give
the privilege Of selling the lands within the limits
Of Mississippi, three millions of acres OF which, be
ing the Choctaw cession, have hitherto been kept
out Of tho market on account of private Indian
claims upon them to the extent OF about $50 900
The bank bill was then resumed and Mr. Wright
moved 10 strike out that part Of the bill which
thoriZes tie government to be original subseri
Der, on the ground that it dangerous specnla
ton for tie government to borrow money at 5 per
cent. for the purpose Of investing 1t in bank stock
The last hank had divided but 5 l Il per cent. in
stead Off per cent which was expected from the
proposed institution.
MIR Clay said it would be profitable at even Id
and he went on 10 show that the last bank had
been TO the government extremely profitable in a
pecunary way. Besides the perfect security OF
the public moneys while its custody, the govern
ment had directly gained from the bank the bonus
Of 81 500 800 originally paid for the charter, the
6 per cent advance NJ the final settlement with
the bank OF the shares, which had been purchased
par, and The quarter OF one per cent per annum
profit tho amount Of stock owned by the nation
Mr. Clay complained of the delay caused by the pro
eosal Of so many amendments the part of ihe
minority. The amendment was rejected ayes %,
nSss %,