Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-13
IN SENATE,

MG iOk TEX presenter pe'tcn OF cl,LenS u,
Sasinaw county, Michigan, praying that the lanu
Office bc removed from Flint to Saginaw city, also
N rcmonstrance OF eitiz ans OF Gencssee and other
guous counties, against such removal; both oil
which laid on the table
Mr. BARROW, on leave, offered n resolution dl'
rcctng the Secretary Of War TO communicate 10 the
Senate the report OF the survey relating to the re
movil OF the raft IN Red river which was adopted.
Mr KING called up the motion submitted 10y
hun some days since, to reconsider the vote ordering
the printing oi the annual report of the Secretary OF
tho Treasury on the commerce and navigation OF the
United Suites.
lie stated that, on his motion, at the close OF the
last session OF the Senate. resolution was passed
authorizing the Secretary OF the Treasury TO deliver
tins document the Secretary OF the Senate, during
recess, and that the same bc printed, and 2,VVu
extra copies thereof The Secretary OF the Ireasu-
~ did prepare during the recess OF the senate
but had at this session laid ii before the Senate and
order had been again passed for It's printing. lie
cOn;ended that its printing should be executed by
the printers of the last session.
MIR HUNTINGTON called for the reading Of
the letter OF Blair RSes, OF the 25th of June ulL
on the subject, demanding, as printers OF the last
session Of Congress, the printing OF the document
replied TO tho grounds Of the demand, contend
ing that the order OF the last session was IN toce
only during the recess that 1t had been laid be-
fore the Senate this session, II was document OF
this session, and should be printed by the printers
Of this session and as the motion TO reconsider was
not made the ground that this document was not
necessary to be printed, he opposed the motion.
After a further discussion by MesSrs. KING,
PHELPS, WOODBURY., and HUNTINGTON,
the motion was carried, and thus the vote was re-
considered.
The specal order, the bill TO incorporate the sub
s;riJcrs to the Fiscal Bank OF the United States
t,hen up
MIR ALLEN offered an amendment TO be insert
cd as the twcniy-siIth fundamental rule, providing
that the board OF directors OF the mother bank shall
pub isn IN one OF the newspapers the seat Of Co
vernmcn, each order which may be issued TO any
Office branch, directing It TO extend or contract s
loans discounts, or any other order, Immediately
inter their issue, ana shall reror; TO the Secretary .;
the Treasury all such orders, 10 be reported to Con-
Gress at the commencement OF each session.
Mr. ALLEN, al some length, advocated the a.
nenGmeni noticing the immense influence Of the
Bank over the moneYed interests OF the whole coun-
try, and eonIendn that these orders should he pub.
ushe1, when made by the mother Bank, so as to
give notice 10 the people OF the country lhat they
might nc prepared for the expansions or conirac-
tons @: ihc circulation OF the currency through the
various branches.
Air WRIGHT said it was assumed by the
friends OF the Bank that us effects would be bene-
E,.a IN regulating the currency of the country He
ud not believe Il would possess the power 10 co
this, and II II did, ne did believe it would be
wisely and EenehcI lily exercised; but, IN order TO
accomplish this oCIect, II was necessary that the
Bank have uniform action, and for this purpose
nothing could be better than 10 m he these orders
pubic ~ the country and the whole world. He
hoped the amendment would be adopted.
MIR WALKER considered this the mos, import
ant amendment that had Ceen offered. Tney were
now attsup ing to reg uate that which was tue STAN
dard nj prices, pnd OF value property throughout
the Union, and yquently 1t WAS RICH; and lust
that the who Union should know in advance when
prices should rise and fall lie, therefore, advocated
the amendment.
Mr. LINN advocated the amendment and dwell,
Mt length IN favor OF the principle Of publicity, as IN
nil ether Departments Of Government, SO in this
most important, the monetary system.
Mg CALHOUN said the object Of the Bank was
TO regulate the currency Of the country and he knew
not any reason why these orders and the operation.
OF the Bank should not be made public.
Mr. NICHOLSON took 1t for granted that we
were TO have bank this session, and after it would
come the question of TeTelli but he now voted
without reference 10 this question, and wished the
3Nl perfected rs much possible, and in this view
lac supported the amendment
Nlr BENTON rose not 10 90 into argument
Ion; give ms feeble voice in support OF every ef
fogt that made to bring light into the bank par
.ur-aud should sustain every effort leading 10 that
end. Never, iOr twenty -one years that he had
been IN Congress, did he feel victorious as a;
present, when lie looked at the measure brought De.
fore them.
After further remarks by Mr. WALKER, in sup
port OF the amendment, It was rejected by the fol-
lowing vote:
YEAS-Messrs Allen, Benton. Buchanan. Cal.
houn, Clay OF Ala, Cuthbert Fulton, Henderson,
King, Linn, Mckoberts, Mouton, Nicholson, Pierce,
SGvIe~, Smith OF Conn, Sturgeon, Tappan, Walk
er Williams, Woodbury., Wright, Young-23
NAiS-McssTs Archer, Barrow, Bates, Bayard,
Berricn, Choate, Clay Of Kentucky, Clayton, Dix.
on, Evans, Huntington, Kerr, Mansum, Merrck
Miller, Morehead, Phelps, Porter, Prenti.s Pres
ton, Simmons, Smith OF Indiana, Southland, Tall.
madse, White, Wooibrdge-26.
MIR WALKER offered an amendment prohibit.
Ing the oan Of money by any branch directors Of
the various Offices OF discount and deposit and mem.
bers of Congress.
This was advocated by Messrs WALKER and
WOODBURY., on the ground Of security to the
Bunk, ana showing the losses heretofore sustained
from these sources.
Mr. CLAY said, by the bill the nine directors
which compose the board prohibited from
making any discount whatever N the city of Wash.
lngiOU and cons QUCut.y no member of Congress or
Office OF Government could receive discounts. Tie
Committee would have been glad to have extended
the principle Of exclusion 10 the directors tho df
ferent branches and Offices; but seeing that # tEev
give them high salaries they would make II such
burden as 10 destroy the Bank, they gave them no
salary, and they could no. expect get the services
o. these men, not only without salary, but without
tHr privilege Of obtaining discount.
lithey TO sly that no director OF an Office
vii they gave him no salary should have no .oans
hey could get none ht for the Office. Members O.
Congress could yet no discount here; but Hhy were
hey when they returned home and mingled 10 the
concerns Of life TO be marked as men Who could &c:
no .oans from any one Of the Offices. There misb,
have been bad members, but 20 exclude the whole
class, and cay that member Of Congress alone shat
be inordlcci aud prohibited from loans II IL was a
thing which members Of Congress could bring their
consccrcts 20 vote for, he would commend Il TO
th.m For one, he could not contribute IyLIs vote
TO bring such disgrace on the whole class which are
and ought 10 be, tie most eminent meu 10 the whole
community.
Sir WOODBURY. asked the Senator If hi- mr.
Eumen; was, that they were to allow these officer,
nod members the dIscoun, Of notes, because tbsy
have n1 sa'rry7
Nj CLAY said tina. was not his argument; lu,
he meant 70 put them the footing Uf the directors
Of any other bank 10 existence.
The amendment was farther supported Nv Mes.
tlsurs. WOODBURY., WALKER, KING, and
HENDERSON. ''''
MI BAIAltD suggested a modification q, the
amendment, limiting loans 70 directors oil the vsrr
oss Offices 20 ten thousand dollars, which WI. ,cr,,
tel 10y Mr. WALKER. Tie amendment 90
then advocated by MCssrs. WALKER and WOOD.
BURY.
Mr. CLAY opposed this limitation as unr.et,.7
~, being provided u the boil that no renew. of
any no should ue made, end d the Cou.r.,,,
were violated, The charter would sJc forfeited
Tho power of limitation belonged 20 the parent fp.rl.
luton, aud % could have no motive TO favor the oh
ICctors Of the various Offices. The practical ,fr.
al this Limitation would uc To- induce them to rom,
mp TO the extent allowed them, and they would trfrk
they had 1ught TO get so much. But lf a man han.
pCuCd to be director Of the board, aud no rers,y.
OILS Of notes took place. where was The misfortune ,
taking loan Of twenty, thirty, or q bundled dion.
sand dollars, when many times, the funds of the
Bank were inactive and Dormant Was there n,.
lmt enough n iorb.ddng oil renewal Gentle.
men were transfer rIur fD this prfut,rg yyl,.t