Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-02

nonono,ss 10 defeat the provision OF The charter de
sipncd 10 distribute the stock. Mr. Wright Q! y YORK
aud Mr. Clay Of Ala. opposed II, ana ON he yeas ahe
NAYS The proposition Of Mr Clay KY, was overruec
The whole Democratic party voting agains, II, and
j two o three OF the Frderallsts.
The next amendment was to take off the restriction
which prohibited the Bank from owing at any time more
tlan twenty-five millions, exciuaing lis dtbt Tor Hepo
SITES, The PROPOSE ION was 10 license the Bank 10 max,
debts t. the amount Of thirty millions 1hs attempt
Of ir. Clay of Kentucky 10 release his Banh from an'
her Of the restrictions winch he aud ms committee
thought saluiary resisted Oh the Democratic SIDE o.
the Senate. |, shown that the late Bank, WIN
five millions capital than the proposed new one
10 start with, did not average annually throughout It's
time more than eleven millions debt, consisting chiefly
Of lis circulation, and yet it continued to run TO rum,
by making debts TO others which could not pay, and
from others 10 IT, which they could not pay. The maxi
mum of its indebtedness at any time came within
ten millions of its whole capital, and vel the author Of
the restriction orbiddng to IN debt beyond twenty
FIVE millions, proposed 10 strike II out, and permit the
Bank 10 be under immediate liability tor every dollar OF
its capital and at the time 1t permitted 10 make
loans to the amount OF sevenlyhve per cent, beyond
lis capital. That IS, The Bank may make loans 10 the
amount Of fifty odd millions, and may thirty mil
lions, and the creditors for thirty millions, with all the
dspositors, would have 10 look Ia capital, the whole OF
{ winch, together with seSentyiiTe per cent, ADDITIONAL
might be lent out borrowers from the Bank In this
sa,e Of the case the condition OF the Bank would be
evidently worse TO maintain specie payments than Mr.
Biddes Bank; and yet the author Of The mammoth
scheme holds great encouragement contde in II
as regulator Of the currency because Of the stringent
restrictions which now surround IL, The vote on tins
amendment. stood - for against II p.
The third important amendment WAS to authorize the
Secretary Of the Treasury oappy the SURPRISES to make
good deficit in the dividend OF seven per cent instead
Of leaving (as the charter stands TO Congress to make
the appropriations for the purpose. THIS amendment
enabling the Secretary of the Treasury TO appropriate
the SURPRISES the Treasury without The SPECIFIC acts
OF Congress being passed on the occurrence OF the con-
tngency supposed IN the charter, was objected 10 as
violating The Constitution, which says money shalt
be drawn from the Treasury but on an appropriation
made b. law. Mr.. Clay oi kentucky insisted that an
order the Bank charter IN effect an appropriations
1t was contended on the other hand that a standing
order which left 10 the Secretary the right o deciding
upon the circumstances which warranted the appllca-
ton and withdrawal OF the public money from the
Treasury, made him the appropriating power, and not
Congrcss-and that il was not observing the spirit or
letter the Constitution, which evidently intended that
appropriations should be made Ly specific acts Of the
Legislative power, and to specific uhlects III the ap
preparation acts too the language ""m 81 any ma
neg nat othtr@se appropriated The ord'r IN The new
charter to the Secretary, 10 apply lie money ~ the
Treasury on the happening. III hrs Judgment, OF Tie
state OF things making proper. mi h, be construed by
him 10 take any money within his power for the object
proposed, and leave other objects Of specific appropra-
ton by Congress, unsatlsied On this point some OF
the Federal party dssened from the mover, Mr.. Clay
OF kentucky. The vote stood - for, % against II.
4 The fourth amendment Of Mr.. Clay was 10 remove
entirely the restriction which requires the Bank to
stop NIL ioans when the circulation exceeded by three
HRrs the amount OF specie IN the vaults The power oil
issuing in The proportion Of three dollars in paper for
every specie dollar held To redeem them, was looked
upon nv the Democratic portion Itself license 10
rum the Bank, and not restriction. They showed by
reference TO the returns that the late Bank never but
lis issued three one and that was in the
fatal year Of 1919 when IL saved from suspension
and bankruptcy only BY the extension III lis service OF
the utmost means Of the General Government, and the
stripping the Western banks 81 their specie and haul
ing 1t the mountains III wagons. IL was shown,
too that in England the rule adopted 10 ensure the
safety of the Bank, required That should hold specie
IN It's vaults IN the proportion Of one 10 three including
the amount Of depo.itcs, with lis notes III circulation
Mr. Gays restriction, at first proposed allowed the
Bank 10 issue circulation in proportion Of three to one
to specir throwing cut all consideration Of It's I'm
mediate Liability for lis deposltes; yet this eStaraga
license iranscendng the worst practice tins country
and the English rule, by the whole amount Of depostes
IS not enough. Mr. Clay, second thoughts, deter
mined 10 strike il OUT as Too restrcitce and 10 give the
! Bank the privilege OF issuing as much paper as 1t
pleased, without regard Ia The OF redrmPtion.-!
THIS too gross Tor his friends, who modified It in
such way TO render II somewhat less Objectionable,
and il passed ny party vote
The fifth amendment Of Mr.. Clay proposed TO strike
the resolution which confined the making and sign
ing oithe notes 10 the President and Cashier OF the
| Bank at Washington. MIR. Clay proposed 10 extend
the power Of signing the paper o,hc branches to their
Presidents and Cashiers. This objected 10, null
,pIyng the chances Of CONTRIBUTING the signatures
fliy-two times, hy this additional number Of signers OF
notes the different State branches 1t contend
ed that in deprlvng this uniform currency, il is call
ed OF uaiiDrmity IF signature, the unskn OF all
classes would be liable TO imposition from counierieits
That on this ground Congress had repeatedly rejrc
ed applications from the late Bank TO multiply the
sgncrs of its nnies-consIderinG the mischief 81 ab
~ imposition from couneris, to be greatly increased
in the case OF the paper oi a Bank to which the Co
vernment gave universal currency The local bank
currency which is confined 10 limited nclghborhood
circulation, wherein the handwriting Of the officers -
well known not apt 10 BE- counerei;ed, and if So it
is detected, and very little imposition effected, be-
it is always received with jealousy at distance
and carefully examined before will be taken at all
But the Bank WI ich undertakes to furnish curren-
cy for the continent should be guarded against
counteririting by every possible precau,lon. The
most efrctua has been found in having uniform set
of signatures 10 every note Eut il seems Mr.. Clay
anxiety get out his thirty millions CT circuatIon will
not brook delay He told the Senate that would take
eighteen months for the president and cashier 10 sign az
many notes ought at 10 b. poured out from
~ branch IN the Union. lie said that could
not sign than FIVE hundred notes an hour, and
that would be- Impossible at Tins rate 10 ret the bank
INTO operation To fulfil the expectations Of his friends
in less tIan year and half Besides, he SAID man
could hardly stand the labor of signing many notes
as required, without being driven TO insanity By
the monotony and fatigue Of the operation. There
this upon the system of paperi:iag and pauperi-ing
The country We told advance that the man
who undertakes The task Of making all this currency,
must mad. What will become Of the country
| that takes IL,
| THE HOUSE.
The House met agrceobly 10 adjournment We
were glad 10 the Hon. A. hcCelland, Of Tennes-
See in his seat this mornIng-hc having been detained
at his lodgings for The last few days BY sickness.
After prayers, and the reading Of the journal, Mr.
tod nplap Nnto Rnpy from
gentleman al New York which was referred 10 the
Select Committee on The Currency. motion TO print
it, together with Mr. Barnard's plan, being offered
i gentleman moved to lay the question 10 print the
ablcthe vote taken, and it laid the table,
accordingly.
Mr.. Lewis Williams OF North Carolina moved TO re.
consider the vote BY which the House, Friday last,
renewed the resolution TO meet at 10 and adjourn
al p m. during the present week. TeIlers were de-
handed, and, upon division OF the House, there APP
pear.d - yeas and 50 nays So the melton 10 recon.