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

ing that If the Bank fail refuse to discharge any Of
its duties, in the collection, safeeeping and dsbuse-
ment OF the public revenue, TO pay its notes in spe
Gle, then the Secretary of the Treasury shall
to deposit in the Bank, and shall report the fact inn
mediatey to Congress- if in session. and if not at the
commencement Of the next session thereafter, and II
shall be lawful for him to make the deposits in the
mean time in any State Bank, according to the pro-
visions of the Deposit Act of 1885, and in case of
refusal by the Banks to receive it, then to be kept by
the Secretary in the best Manner until other proy
sion is made.
Mi. CLAY hoped the amendment would not be
adopted. He thought Congress-, and not the Execu-
tive Department of the Government ought to have
the control Of the Treasury of the United States.
This was debated at some length by Messrs. CLAY,
of Alabama, LINN, WOODBURY., SEWER, CLAY
of Kentucky, and BUCHANAN; after which, Mr.,
CLAY, of Kentucky, offered a substitute for the
amendment Of the Senator from Alabama, which
was accepted, an amendment to the 18th section of
the BILL which declares that the public money shall
be deposited in the Bank and branches, providing
that in case the Bank shall suspend specie payments
during the recess of Congress- it shall be the duty of
the Secretary of the Treasury provide for the safe
keeping of the public money until action shall be had
thereon, and to report the same to Congress the
first day of the session thereafter
This was adopted without division.
Mr. CLAY, of Alabama, offered an amendment to
and insert "25 per cent" (being the interest to be
paid on Liabilities of the Bank during the suspension of
its specie payments, where payment has been de-
manded)
This, after brief remarks by Messrs. CLAY, of
Alabama and HUNTINGTON, was rejected, by
the following vote
YEAS.-Messrs Allen, Benton, Buchanan Cal
houn, Clay, of Ala, Fulton King, Linn, McRoberts
Mouton Nicholson, Pierce, Sewer, Sturgeon, Tap
pan, Villains, Wright, Woodbury., Young-I9.
NAYS-Messrs. Barrow Bates Bayard, Berrien,
Choate, Clay, Of Ky, Clayton, Dixon, Evans, Hen
Ma
Morehead, Phelps Porter, Prentiss, Preston, Sim
mons, Smith, Of La, Southard Tallmadge, White,
Woodbridge-25.
Mr. BENTON moved an amendment, to strike out
the first part of the 2lst section of the BILL which pro-
vides that Congress shall establish no other Bank,
during the existence of this except the Banks of the
District of Columbia and their charter to be limited
10 five millions of dollars.
Mr.. BENTON made some remarks in support Of this
amendment, and it was then rejected, as follows:
YEAS.-Messrs Allen Benton, Buchanan, Clay
Of Ala, Fulton King, Linn, McRobers, Mouton
Tappan, Walker, Williams, Wright, Woodbury.,
Young 10. a@,vs-. = ss.,.....T ) b. Hs...r
NAYS.-Messrs. Barrow, Bates, Baysrd, Berrien,
Choate, Clay, of KY, Clayton, Dixon, Evans, Hen
ler Morehead, Phelps, Porter, Prentss, Preston,
Simmons, Smith, of Ia, Tallmadge, White, Wood
bridge-25. s@' .|# 49,.
Mr.. BENTON offered an amendment to the 23d
section, providing that the refusal by the Bank to al
low the committees as specified, to examine the &C
counts ofthe Bank at any time shall be considered
cause Of forfeiture.
This was briefly advocated by Mr.. BENTON; and
opposed by Mr.. BERRIEN on the ground that il was
unnecessary refusal Of this character being contrary
to the express requirements of the Constitution, and
consequently subjecting the Bank to forfeiture of
charter. W.
This was rejected by yeas 20; nays 26.
Mr.. BENTON moved an amendment to strike out
the clause authorizing the Bank taking per cent in
terest on loans &c. and fixing the rate Of interest at
per cent. ... IL ......:a i.
This, after brief debate, was rejected by the fol-
lowing vote: r. $50. s.. ..... u.s.. >a.. 81 Eas.'
YEAS-Messrs Allen, Benton. Calhoun, Clay, of
Alabama, Fulton, Linn, McRoberts, Mouton, Mich
olson, Pierce, Sewer, Smith, OF Connecticut Tappan
Walker, Wright, Woodbury., and Young-l7.
NAYS-Messrs. Barrow, Bates, Bayard, Berrien,
Choate, Clay, Of Kentucky, Clayton, Dixon, Evans,
Henderson, Huntington, Kerr, Mangum, Merrlck,
Miller Morehead Phelps, Porter, Prentss, Preston,
Simmons, Smith, of Indiana, Southland, Tallmadge,
White, and Woodbridge-26. 4 E1.t, 4@l
An adjournment was then moved, but before the
question taken,
Mr.. CLAY, of Kentucky, said he would make
single suggestion. He did not know whether the
gentlemen had got through their amendments but if
they had, tomorrow they wished to 60 into Execu-
tive business and he would propose that the bill be
taken out of Committee of the Whole, and be print
ed with the amendments, that they might take it up
in the Senate. B. ,14sr #f..- y r# I."
Mr.. CALHOUN said they had not offered all their
amendments, but could finish them by Saturday night
The Senate then adjourned at half past three O'Clock