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

on the taDlt.
MIR. ALLEN offered resolution 10 rescind the
rule of the Senate, which requires that the doors
be closed while In Executive session. except in cases
when they are engaged on treaties The resolution
lies over one day.
DIGEST or PATENTS
The special order of the day was taken up, being
the JOINT resolution for the distribution Of nine hun
dred copies OF the " Digest Of Patents patented by
the Commissioner of Patents under the act of Con-
gress OF 81 March, lS39-seyen hundred copies to be
distributed among the States and Territories and two
hundred To be left with the Librarian of Congress for
future distribution and providing for the payment of
S5l2 49, from the Patent Fund.- to reimburse what is
still due for publishing said digest
After some explanation by MIR. TAPPAN, the re-
solution was adopted.
MIR. BARROW presented a remonstrance of in
habitants of New Orleans against the bill for the
tension OF the port of New Orleans-which was laid
on the table
DISTRICT BANKS.
The consideration Of the bill to revive and extend
the charters of the Banks in the District of Columbia,
was resumed the question being on the amendment
of MIR BERRlEN TO the section prohibiting the pay
ment by the Banks of the notes of other Banks which
are specie-p aging Banks, as TO have il take
effect after the LIST March next
MIR. WRIGHT said the object in resisting the
amendment was to resist paper circulation in the
District, which palpably irredeemable. The
Senate had passed National Bank charter, which
was TO regulate the currency and drive out of crcu-
lation rrcdeemable paper, and yet they called
on TO renew the charters Of six Banks To issue not
only irredeemable paper, but this paper ayowedly
not their own. What did they propose to accom-
plish and what the state of facts These Dis
trct Banks had made them visit almost annually for
the purpose of having their charters renewed, and
tins had been done, number OF times. At length
the patience of Congress had become exhausted, and
these charters had expired. When the subject first
came here they were told that all the Banks of the
country were IN state OF suspension, and il was
less to compel these Banks to pay specie. What
then was the point Of resumption II said
when the Banks Of New York resumed, these Banks
would resume and, when that was effected, Phila-
delphia was pointed to and now il TO be defer
fed till the National Bank came into operation Now
they were called on to revive the charters of six
more Banks IN state Of suspension, that the great
regulator might lift them up The state of bust
of the city of Washington was as good as he had
witnessed it, and yet after these Banks had been
out OF existence for year, and in this state business
was prosperous they were called on to revive their
charters.
(Nr. Smith, that these Banks were to be for the
benefit of the people The first petition this sub
Ject this session from the stockholders of the
Banks, with protessed object for the benefit of the
people-and he believed the main interest in them
was that of the stockholders. He hoped the amend
men of the Senator from Georgia would not be
adopted, and that the provision would remain as it
stood
The question was then taken, and the amendment
adopted Yeas 2l--nays Is.
The question then REQUIRED on concurring with
the Committee in striking out the section to which
this amendment had Just been made.
MIR. ALLEN opposed the amendment, as by this
limitation, the principle was admitted of sanctoning
the issues ofrredeemable paper by the Banks; which
he would mol do, for single day.
Mr. MERRIf,k rppa of ad he tnft ha
vision of the section. He hoped it would remain as
il had been amended, and that the proposition of the
Committee TO strike ii out would not be concurred
Mr. KING voted against the amendment that had
been adopted, because he could not bring his mind to
vote for the charter of Bank that for the short
est period to suspend the payment of specie. But he
preferred to have the section stand, as il some
additional restriction. He hoped his friend from
Ohio would withdraw his call for the yeas and nays
as they were unnecessary.
Mr. ALLEN withdrew the call for the yeas and
nays
The question was then taken, and the amendment
of the committee rejected
MIR. MERRlCk offered amendment, to add at
the end of the fourth section provision that nothing
herein contained shall be construed as TO prohibit
said banks from issuing and paying out their
notes. of and two dollars during the continuance
of the suspension OF specie payments by the banks Of
Baltimore and Richmond.
MIR. WALKER would merely call the yeas and
nays. He expected that the committee would have
come down to authorize the banks TO issue notes OF
one cent and half cent.
Mr. MERRlCK briefly explained the necessity of
the amendment.
. Mr. WALKER said the effect of the amendment,
could only be to create shnplaster system. They
were retrograding daily on the subject First they
made war gold now, they begun the sill
VEL by substituting small notes; and he next ex pected
if this administration continued in power, a war
on copper and have notes OF one cent and half cents
in its place,
Mr.. MERRlCK said the honorable Senator had
asked if there was not silver enough for circua,ionl
Did he not know that the circulation here made
up of rredecmable one and two dollar notes
Mr.. WALKER said this was because specie was
at premium above the currency now in circulation.
MIR. MtRRlCk said in this state OF things, those
who had specie sold 1t at premium for lrredeemabe
paper but were the notes OF banks in circulation, no
one would perform the double amount Of labor in 90
ing to bank demanding specie and then selling tina,
specie to broker al premium for rredeemabe paper
Mr.. WALKER said if the notes of the banks
equal to specie, they would be taken to brokers
and sold for irredeemabe paper, and would be more
convenient for transportation than specie.
MIR ALLEN said the Banks had been re-chartered
six times each time under the pre,ence that little
necessary 10 devise plan ofcurrency for
this District To relieve the people This Admlnistra-
ton had come down. not only from spcc.e basis
which they al first considered necessary but had
duced their paper to dollar notes, and he next
pected they would come down with 1t to six and a
quarter cents, and the Administration would come
down with il. He opposed the amendment
Mr.. YOUNG moved modification fixing the
time for the provisions of the amendment 10 90 into
effect at the LIST of March next.
MIR, ALLEN hoped their friends would not com
promise at all on questions of this sort.
The amendment To the amendment ncgatived.
Mr., TAPPAN said the remedy in the hands
of the people themselves He should say To them
Thou fool put thy shoulder To the wheel IL they
would take the power into their hands, and not
take less than five dollar notes, this worthless small
currency could be driven ont of circulation.
The amendment then rejected yeas 81
NAYS %
Mr. MERRICK moved an amendment in the sec