Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-08-05

llbority given to the Secretary oi the l rcaS-
ury to sell the stock of the ten million loan
,uIhorizcd bv The bill. THIS was Il drPar-
,urc. and he considered an iaiudicious one
from the bill of 1916. lie considered That
,hi. stock ought TO be retained as long as
posSihlc, in the possession ni the bank, ns II
wonld furnish Il resource in times oi rcvui-
sion and pressure. aud add TO the security
Of The norc holder; the proper depository
OF The discretion of di>pn-Ine OF 1t was Tue
I Board nf Director, Of tho Bank.
Mr. Clay. Of kentucky. opposed 'h's
principally on the ground of lis taking the
power Of dispo>ing from the government
and comforting ii on The bank.
Mr.. Calhoun modified the proposition so
as TO obyiatc this objection, making Inc
previous assent of Congress 10 the sa.a o'
The stock necessary. lie went into an cH-
/ position of the propricty ol ahonlin1 'n.'
amendment. and attributed much nI llic '''',
liculy Of the lac Bunk in ISIS, ioi'' an"
lS2O. TO the dispo>ius OF the Government
securities in lis possession.
Mr.. Clay still opposed ii, and 1t was
| losl-
Mr.. Calhoun then proposed that the sur
plus profits after Dividing per cent per
anuu,u. should be- AT once paid INTO 'hc
| Treasury Instead of remaining IN the Bank
un,il they amounted To two millions .! dot
! lars. Mr.. G.. said. rs this surplus was
public money. The proper place Tor II was
the public Treasury, aud aS he supposed II
wouiI mn, Lc directed To-. lie would not de-
tain The Senate hy Arguments III lis lavor'
Mr. Clay. however, strongly opposed H.
and Mr.. Calhoun gave strong reasons III
favor of lis adoption. This surplus WAS
public money. aud ~ the present pro'l-
>inus of, the bill. is To hc left 10 The di>p"s'-
ton of men. who with fall pn vcr'o sInah-
der it Tor political purposes. have no rcsp"n'
s!hiiy or interest IN II to restrain 'hcih ~
tins application. ii was IN fact Two mi
lions of Government money lodged WIFE
them, and under circumstances which cna-
blcd them Ia apply il without accoun'ahI'l,
! ". !, would he the sccrcct service luna
the corruption fund, employed on Con
crcss-,hc donation land. winch the pow
or is reserved in the charter 10 The oirec-
Tors. To use nj will. 1t would bc brought To
bear on elections, aud the people wo"i"
,hus be conquered by their own money
The amendment VA, neSal!Scd-Aycs -
/ Noes -.
Mr.. CLAW. Of Alabama. mnvci'o amend
hy dircc,m. that the appnrl'onmrni oi The
capital anon. the branches should he III
proportion TO the domestic exports Cl The
respective States. Mr.. Clay, Of :A!abama,
AID M. Walker. advocated the amcnd-
mcnt.
Mr.. Benton considered this institution Il
vast plundcrim. machine. which lad been
in operation in the North ior lo:iy years.
draining the SouiI, and West o! their re-
sources. This provlsion, Il adopted, would
To some extent ncu,ralizc the mischief
II the machine WAS Ia bc IN operation Tor
another twenty years. /: WAS but lar that
the South and West should nave chance
M working il rhcm,clvc>. The amend
mcnt was ncgatlycd. Amendments were
proposed 10 RESTRAIN the circulation aud de-
posts To inrcc liiuc- Inc amount al specie
on hand; To the branches 10 compel them 10
pay out nulc- rcIccw,njic At their rcSn""
tive cQuureG,,IoI lofcI:m CONS: Ia 'F"'
hibir ,I,,. bank from dealing IN com l "r'1
wrrr all yo,rG ,!owu ty party vote IN
arn..u.s ,f"u' U.s. ,hrn r'uUn>'h 10y HF'
ln.t. autaDrl:'> The
,... a.au. warn 'hr i'r'i
;,.,., ..,......, each >aafc oi
,iu,g. ,, ,..p,cr,, an. Pald IN. ms "nS a.,
adap,cd-lyr, -. Noes -. h!N WIN
.....,,, y-nIi.ihu for The