The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-31

Fl Mr.. HUNTINGTON allowed that this was tn
effect of the issue of small notes. and held that Mr.
Bidde and other writers in speaking of small notes
referred to less amount than five dollars p s..I.
Il VI Mr.. BAYARD offered modification ofthe amend
ment by adding proyiso, that Congress may here
after, If il shall think t restrain the least denomina
ton of notes 10 ten dollars" which modification Mr.
HUNTINGToN accepted. H.. r5... ..,. ..-..a
Mr.. TAPPAN opposed the amendment ,.
i Mr. BUCHANAN said, if there 10 be five
dollar circulation in the country this Bank ought not
to participate in IT, but it ought to be left 10 the mi
nor banks. I'd. r..a. ........ 81. ... . ....r
1 Again, they could never have sound currency
while the Banks allowed to issue notes of one
dollar, five dollars; since specie basis was neces-
sary. If they allowed the Bank of the U. States to
issue notes of so small denomination as one, two,
three dollars they would transfer this right in
alienaby to the corporation, and if found in
furious to the interests of the country they could
never retract it. So .'a.a "a
i After further discussion by Messrs. HUNTING
/ TON, SEWER, and HENDERSON, the amendment
i was lost by an equal vote, as follows: .|44.7
YEAS-Messrs. Archer, Barrow, Bates, Bayard,
Beiren, Clay of Kentucky, Clayton, Dixon, Evans,
Graham, Henderson, Huntington, Kerr Mangum,
Mefrick, Miller, Morehead, Phelps, Porter Prentiss,
Smith, Of Indiana, Southland, Tallmadge, White,
| Woodbridge-25. ,.,. - .o. ..a. ...... i,..'
NAYS-Messrs. Allen, Benton, Buchanan, Cal
houn, Choate, Clay, of Ala, Cuthbert, Fulton, King
Linn, McRoberts, Mouton, Nicholson, Pierce Rives
Sewer, Simmons, Smith, OF Con- Sturgeon, Tappan
Walker, Williams, Woodbury., Wright, Young-25.
Mr.. WALKER offered his amendment which was
ordered to be printed some days SINCE to strike out
at page H. from line 10th to 20th the provision that
three directors shall be appointed by the President
and insert a provso, that during the next session of
Congress four directors shall be appointed by Con-
gress-two by the House of Representatives, to be
chosen at the same ballot each member being permit
ted to vote for director only and the two persons
having the highest number Of votes to be declared
elected; and two directors to be chosen in like
by the Senate and the four directors to be appointed
in the same manner, on the first Monday of January
of every year, during the existence of said corpo-
ration ...
This being advocated by Mr.. WALKER and op-
posed by Mr.. CLAY, was rejected as follows
YEAS-Messrs. Linn, McRoberts, Pierce, stur-
geon, Walker, Williams, Wright.
Fl NAYS-Messrs. Archer Barrow, Bates, Bayald
Benton, Berrien, Calhoun Choate, Clay, of Alabama,
Clay, of Kentucky, Clayton, Dixon, Evans, Fulton,
Graham, Henderson, Huntington, Kerr, King Man
gum, Merrick, Miller, Morehead, Phelps, Porter,
Prentiss, Rives, SEWER Simmons, Smith, of Con-,
Smith, of Indiana, Tallmadge, Tappan, White,
Woodbridge-35
Mr.. BAYARD moved to amend the amendment,
by striking the words " debts due and becoming
due, 10 said Bank" and insert the words "the dis
counts loans and other investments bearing interest
of said Bank" (Which should never at any time
coed the amount of capital stock paid in, and seventy
HVe per cent advance tnereOn.)
After some conversation by Messrs. BAYARD,
SIMMONS, and BUCHANAN, the amendment
| was rejected, without division.
| Mr.. LINN moved to insert, at page IA, line 81,
the following: " and person who was president or
director Of the old Bank of the United States during
the time that the Government directors were excluded
from knowledge participation in the affairs of the
said Bank and shall have concurred in said exclusion
in the measures ofthe Bank producing curtaimsnt,
panic, or PRESSURE in 1888 and 1884 shall ever be
If PonE of r.
This was supported by Mr.. LINN, and opposed by
Mr.. CLAY. TWAS then rejected, ~ follows.
! YEAS-Messrs Allen, Benton Buchanan, Clay,
of Ala, Fulton, Linn, McRobert, Mouton, Nicflo-
SOD, Pierce SEWER Smith, Of Connecticut, Tappan,
Woodbury., Wright--l5. > ~.
Berrien, Choate, Clay, of Ky, Clayton, Dixon,
Evans, Graham, Henderson, Huntington, Kerr,
Mangum, Merrlck, Miller, Morehead Porter, Prem
tss, Preston Rivss, Simmons, Smith of Ia, Southland
TalImadge White Woodbndge-2s.
MI. McROBERTS moved to insert, at page 18th,
line 3d. "and no person who was director Of the old
Bank of the United States, director at the time
the Committee Of the House of Representatives
refused leave TO examine said Bank, shall be eli
gibe to the place of director president, officer of
this Bank any of its branches; shall any
person be re-eligibe who shall have voted for any
wfu invasion of the provisions of this act, during
previous service therein and every person appointed
director of this Bank or any Of its branches, shall
take and subscribe oath, in duplicate, declaring
that he has not wilfuly concurred in any violation of
this act and all false swearing therein shall be held
and deemed wul and corrupt perjury, and be punish
able therefor"
Mr.. CLAY hoped this bill of attander would meet
the fate of its predecessor. He would soon vote
fol it on principle to vote to take these men up
and try and hang them without judge or jury.
Mr.. McROBERTS said the amendment did not
60 far to hang them, but dsapprobation to some
degree ought to be expressed against them.
The amendment was lost, as follows:
YEAS-Messrs. Allen, Benton, Clay of Alabama,
Fulton, Linn, McRoberts Nicholson, Pierce, ver,
Smith, of Con-, Tappan, Woodbury., Wrght-l3.
| NAYs.-Messrs. Archer, Barrow, Bates, Bayard,
Berren, Choate, Clay, of Kentucky, Clayton, Dixon,
| Evans, Graham, Henderson, Huntington, Kerr, Man
gum, Merrick, Miller, Morehead, Phelps, Porter,
Prentiss, Preston, Simmons Smith, of Ia, Southland,
Talmadge, White, Woodbridge-2S.
Mr.. BENTON moved to insert at the 34,h page,
9th line, after the word Bank, and much Of the
Constitution ofthe U. S., and much Of the laws of
the 81 and much Of every Treasury regulation as
applicable to the public moneys in the Treasury of
the q. s., shall be held and taken TO apply to said
moneys when deposited placed IN said Bank or
Mr.. CLAY said previous section of the bill pro-
vided that money de- posted in this Bank shall be
taken to be in the Treasury, liable to be taken out
only by check.
The amendment was rejected as follows:
YEAS-Messrs. Allen, Benton, Buchanan, Cal
houn, Clay, of Alabama, Cuthbe1 Fulton, King,
Linn, Mclsobers, Mouton, Nicholson, Pierce, Sewer,
Smith, of Connecticut, Sturgeon, Tappan, Walker,
Williams, Woodbury., WIght-2l.
NAYS.--Messrs. Archer Barrow, Bates, Bayard,
Berren, Choate, Clay, of Kentucky, Clayton, Dixon,
Evans, Graham, Henderson, Huntington, Kerr, Man
gum, Merrick, Miller, Morehead, Phelps, Porter,
Prentiss, Preston, Simmons Smith Of Ia Tallmadge,
White, Woodbridge-27.
Mr.. SMITH, of Conn, moved to insert al page
81, line 124, provision that no loan should be made
by said Bank any ofits branches, to any indvidu-
all company, corporation, State of larger amount
than ten thousand dollars long any applications
are pending or rejected of less amount, on good
notes. or bills of exchange which are sufficiently Sc
| cured.
This was rejected, by the following vote;
| YEAS-Messrs. Allen, Benton Buchanan, Cal
houn, Clay, Of Ala, Cuthbert, Fulton, King, Linn,
Nc Roheais MauIan Nichulsan Pinrcn Seuier