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

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II thee hanks were % Be allowed % circuIaie Ioes
q non-spscie paying banks. they would never i.,ue
ou,, and therefore the idea Of paying specie Wa
mere nuliiy; and II they were allowed 70 dea in
notes OF sp<cie paying hanks, they would be
agents Coz putting In ciTcuIaion notes which they
were nos bound 70 redeem we: mot the evil Of an
were allowed pus such notes IN circulation ssk
that Senator In az eandor and Kindness IL Il will MT
be 20. ash him In bshalf Of the suffering people II
this District (sbcut which he has told Ne 90 much)
the eject wii not he the introduction of an irredeema
bIe paper 20 the exclusion OF al sound and healthy
currency u Il will not, ask him 10 show me how
OF why Il will not
Mr.. hiERRIcK replied Al considerable length, and
was followed By MIR. ALLEN
: Mr., SMITH Of Ia. said the question was one Of
bank OF bank. action or no action. What was the
amendmenti u NOT only required the hank 10 pay s
notes with specie but prohibted Il from receiv-
ing or paying out the notes Of banks
He had never 10 b. life voted Coz bank charter Coz
the mere benefit ofthe officers and Stockholders Of the
institution, NOR would he ever give such vote.
(Mr BUCHANAN. you voted Cor the charter Of
the Fiscal Bank yesierday.l
Certainly, said Mr. g. voted cheerulIy Coz that char
ter bu, IN that vote he could not have feeling Cor
either the officers private stockholders, who were
unknown 10 him. he supported that bin because he
believed 4 would operate measure Of permanent
Ieliefto depressed and suffering People because He
believed i would furnish sound and uniiorm currency
and regulate and chespen the exchanges and, an
word, give healthy action 10 the industry and enter
prise Of the People. He could assure the Senate that
he would be tile last man in the nation that would
vote for any bank charter unless he heeyed that the
best interests Of the People required the institution.
Il was upon ,ha. principle he had given his former
vote against this amendment.
This bill proposed, not TO incorporate new banks,
but TO revive and continue for term banks that have
been for series doing business These hanks
had large amount q debts due . them, which had
been created by the discount Of notes which les
valuable than silver IT. then, they prohibited them
from receiving the currency ofthe country in payment
for their dues their debtors would be compelled 10 pay
their debts in specie To chatter the banks, then,
compelling them TO pay specie on their own notes,
would deter them from receiving any thing but specie
and consequently would operate against the people
who their creditors. But IL no such debtors en-.
sed and they were TO 60 into operation dc moro what
would be the consequence Could they do business
surrounded by the circulation of non-spccie-
banks Would not every note fall back on them the
moment they were issued, and specie be demanded
This be the case. II was therefore, evident that
the banks could do useful business with such re-
strictons Mr. 8. was willing 10 prohibit them from
receiving the notes Of nonspece-payng banks after
the banks in Maryland and Virginia shall have re-
sumed. But why require more Of the banks or citi.
zensof this DISTINGUISHED District than would be re-
quircd Of them had they remained attached TO their
respective States7 For one, he could not. He had
for the amendment If he supposed it would produce
sumption the part Of the State banks beyond this
District; but such result anticipated by any
one he could not require impossbties OF these banks;
nor would he consent that they should be compelled
to Cypress the people in the medium in which they
were authorized to receive their debts
Mr. LINN gave bis views at some length He
thought from the tranquility of the Senator from Ma
ryland that all must have been arranged in caucus
and the passage Of the bill looked certain He
regarded the proposition to remedy the evils Of this
District by adding banks to be great piece Of
huhibug as that Of the Senator from Kentucky with
his regulator ofthe currency.
He considered it the most unfortunate thing in the
world for this District that the people had not respect
cd the law of Congress- that law would have secured
to them sound currency, had they been governed by
its provisions.
Mr. BERRIEN rose to make suggestion, which
he hoped would be adopted. He could not allow him
self to vote for charter which admitted of the banks
issuing irredeemable paper. He would not consent
to strike out the feature which the Senator from Mis-
souri, had introduced prior OCCASION but he would
move to modify it so as to read shall moi, after the
4h Of March merit" &C. BY that time, the monetary
condition of the country he had doubt would stand
on different and better basis, the Bank Of the U.
States would then be in operation. He believed the
modification he proposed would have tendency to re-
lieve the people, while it would violate the princ
pies he had laid down for his own government.
Mr.. MERRICK said he accepted the modification
with pleasure
Mr.. BENTON would ask the Senator from Geor-
gia to put bis amendment somewhere else, for Gods
sake and not introduce it alongside Of any thing of
his. He said there was not week or day but kegs
Of gold and silver were shipped of TO the North
While Congress asking to charter banks to issue
port from the District Hespoke for some time against
the whole bill.
The further consideration Of the bill was postponed
to 60 into Executive session. and after time spent
therein,
The Senate adjourned. .5.