The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-24

tended il made no difference. The only restriction
ought to be that you shall tax them no higher than
State banks. HH...
The yeas and nays were taken on the amendment
and decided as follows
YEAS-Messrs. Allen, Benton, Buchanan, Cal
houn, Clay, Of Alabama Fulton, King Linn NC C.
Roberts, Mouton, Nicholson, Pierce Sewer, Smith, OF
Conn, Sturgeon, Tappan, Walker, Williams "00d-
bury, Wright, Young-2l. He.
| NAYSeMessrs. Archer, Barrow, Bates, Bsyard'
Benien, Clay, of Kentucky, Clayton, Dixon, Evans
Graham. Henderson, Huntington, Kerr, Mangum,
Merrck Miller, Morehead, Phelps, Porter PrentiSs,
Preston Simmons, Smith, OLA, Southland, Iamadge'
White, Woodbridge-2
Mr. WALKER then moved an amendment to the
effect that business of the Bank should be confined 10
buying and selling bills of exchange not having moro
than $50 days 10 run n 10,
Mr.. WALKER believed that the whole caP'ai
could be used bank Of exchange, and more pro
ftably than in the discount of notes. In all It's uls
counts il received per cent. interest The quesoh
was, whether the Bank could not put out and keep
out the amount of bills authorized, and do the pusi-
ness of exchange proftaby than by dlscountlhg
notes. For the proof Of this, he called attention TO
report made by committee of 1884 These returns
demonstrated that this Bank would find that, by con-
fning itself to the business of foreign and domesuc
exchange il could have an amount equal to the whole
amount of debts due it. If it could why shouiu
not he confined to t4 If So the whole attention Oh
the board will then be exclusively directed to the great
and useful object of regulating exchanges ms was
one of its great objects Why not then, confne TO
that? The funds of the Government invested 10 tnat
Bank would be much safer and for proof he also
referred to the same report He believed they were 10
have Bank; there was fixed majority OF i've here
for Bank, and also majority in the other House.
Mr.. CLAY, of Alabama moved that the senate
adjourn.
> Mr.. CLAY, of Kentucky, hoped not, but that the
amendments would be gone on with. =
The motion to adjourn was lost-Ayes 10, noes 20
Mr.. CLAY was very glad that the Senator from
Mississippi had stated there would be majority OF
five; il rather than he Mr. had calculated
He was opposed tothe amendment ofthe Senator from
Mississippi, because it was experiment. The pc
nator proposed to cut off the Bank from some OF the
most salutary dealings connected with it. Now, II
you cut off this right either you would effect nothing,
all the loans being thrown into forms of exchange or
you would have less circulation of this sound cIrcu-
lating medium. He believed the former would take
place The loans would all assume the form OF bills
of exchange Why create Bank with half the IA
culties usually possessed2 The regulation of ex-
change was only one of its objects He did not think
that after all the time that had been spent they might
restrain their amendments have the bill printed and
take the question, which he hoped they would find
the vote, the Senator from Mississippi had pognos-
ticated, by Majority of five. "st
Mr.. WALKER said there a majority Of five
who wished Bank in some FORM As TO the offer OF
amendments he had offered fve-of which four had
been adopted. The solvency of this Bank, its ability
to afford at all times this sound currency, will be IN
creased tenfod by combining the Bank in this manner
Had we not already enough Banks of discount =
They had-and too many. Why not, then, conhne
the Bank to the regulation of exchanges, by which
its funds would be ten times secure
The question was here taken the amendment,
and decided in the negative as follows:
YEAS-Messrs. Archer, Benton, Calhoun, Cuh-
BERT Linn, Mouton, Pierce, Sturgeon, Walker-9
NAYS -Messrs. Barrow, Bates, Bayard, Berren,
Clay, of KY, Clayton, Dixon, Evans, Graham, Hen
derson, Huntington, Kerr, King, Mangum Merrck,
Miller Morehead Porter, Prentss, Preston, Simmons
Smith, of Indiana, Southland, Tallmadge, TaPpan
White, Woodbridge, Young-2S.
Mr.. BENTON said there were various amendments,
and asked if the Senate would adjourn.
Mr.. CLAY said, under the impression that all the
amendments could be offered tomorrow, and the bill
be printed and the question taken at early day.
he would move that the Senate adjourn.
Mr.. BUCHANAN expressed his sincere wish that
the amendments might be brought to a close.
Mr. BENTON said he had two but he would not |
take up more than hour.
And the Senate then adjourned. 49,