Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-24

z,ns of Belmont county, Ohio, against National
Bank, Tariff, &c. Also, the proceedings Of
the meeting at which said remembrance was adopt
ed.
MIR BERRlEN moved to postpone the oruors for
the purpose OF taking up the bill 10 amend the act
au,horslns The taking The census which was agreed
TO.
The bill vas then taken up. |. extends the time
for making the returns, and was reported m conse
quence OF report from Inc Secretary OF State, that
some returns had been received after tho time spe
cited 10y law. The bill! was then ordered to third
reading.
The Senate then, on motion OF Mr. BERRIEN,
proceeded consider the bull for the relief OF Charles
CRATIC. Mr. Berrien explained the character Of
this bill, which to change the place Of trial OF
suit to the Court Of the Dii,r.ci Of Columbir.
Mr. HENDERSON then opposed any action on
the bill regarding the case presenting feature
of greater hardship than was TO be found The mass
OF bankrupt cases.
MIR PRESTON expressed hope that the bill
would be passed, and represented the as one Of
peculiar hardship.
Some further discussion took place in reference to
the principle OF the case, and the circumstances
which entitled Il To an anomalous distinction, when
the debate arrested by the expiration of the
hour
resolution was then offered, calling for let Of
articles imported, the duties OF which below 20
per cent.
MIR BENTON presented resolution calling on
the President for copy Of the report the COM
missoners appointed to investigate the manner in
which the work on the public buildings had been
FISCAL BANK.
The Senate then proceeded 10 the consideration
the bill TO incorporate the subscribers TO the Fls-
cal Bank the United States.
Mr. ALLEN submitted an amendment making
the stockholders liable 10 the extent of their stock
TIL, question was then decided in the negative
yeas 81, nays "a
a al,oa armand he Hill la,
out the word Corporations 10 the clagsr, desgna
ting by whom stock may be subscribed. He looked
upon these corporations the medium through
which foreigners might subscribe, IN defiance OF the
law. he did not desire 10 extend the privileges Of
this class; which already enjoyed too much power
MIR CLAY, Of Ky. said the 20 millions Of C. pi.
tai reserved from the Government was to be sub
scribed for by individuals, Corporations States SC
the proposition is to strike out Corporations" II
had been argued that this stock was so worthless
that no individual would take IL. Now il was ar
gued that there a Danger Of Corporations taking
all the stock TO the exclusion Ol Individuals He
did not regard the argument by which the amend
ment was supported, as calling for any extended re-
marks.
Mr. BUCHANAN in,matcl that great evil had
resulted from the fact that the Banks Of the Stale of
Pennsy vania had been purchasers Of stock. The
Legislature of Pennsylvania had prohibited them
hereafter from buying stock. he wished to save
Corporations from the losses TO which they might be
made Liable.
Mr. CLA 4 SAID " the senator assumed 10 be
guardian oil al! the world, he would have too many
wards. He Wished the Senator 10 leave these cor
pOraons 70 jud Of and protect their interests.
He was opposed to the amendment.
Mr. BUCHANAN snid we refused to allow this
Bank the privilege Of taking the stock OF other Us-
tulons, while refused TO restrain other inslitu
lions from taking the stock OF this Bank, which we
regarded as moons siency.
The question was then decided in the negative
Ayes p, noes -.
Mr. WALKER moved an amendment prohibit.
ing any Ioan 10 any corporation. He attributed the
disasters which hJd attended the late Bank Of the
Il. StItos chiefly 20 its loans to corporations.
MrCLAY, OF Kentucky, opposed the amendment.
Ala moment when there a threat Of general
suspension, and by lend.nga little 10 some Of the
STATE banks, such an evil could be prevented, would
y not be right TO do so Besides, the term "c5r-
poratIons," embraces others than banks. Il includes
m,nuf c;ureTs and Insurers and other interests no
this amendment would cut of all this class lie
said the United States Bank after Il became The
Pennsylvania Bank OF the Unied States found 1t
self lelt with nm unweldy mass Of capita, which
j, knew not how TO empOy.-Hencs the loans 70 a
certain individual broker.
MIR WALKER said that these loans were made
while the Bank was 10 It's high career United
States Bank. THIS was the only time for to avail.
ourselves OF the lights Of experience and to change
the charter by imposing all those restrictions which
moY prevent n repetition Of losses.
The question was ;nen taken and decided ~ the
ncg1tvc-ayts 20, noes 20.
striking the power gwen 10 the Secretary Of the
Treasury 10 sell the stock.
Mr. CLAY, Of Kentucky, said this proposition
went to deprive the Government Of most important
benefit ihat ofayaliug sefofthe rise Of tho stock.
Besides, be had another object, which was to send
the stock abroad. lie Yesterday had letter from
friend who came over ~ the Caledonia who was
well informed In Oh financial matters, and who 10
surcs him that loans my be made on the Cynliuen!
Of Europe It tour per cen. and thai Geneva had
recently effected cons dCribC OIus at three per cent
Therefore he was Gesrygs 60 send the stock abroad
because II would cause some embirrassmcnt II the
whole were 20 lie drawn from the capital i'm tht
country, " SIX end half millions were t1 he az ono,
distracted from the business operations az home
Ho was willing 10 prohibit the sale Tor less thar
Mr. CALHOUN DID not think Their, was b,
slightest probability Of the stock being above pa
either here or abroad. lfths amendment sbou,,
fail, he would DO glad Of provision 70 prevent In
sole under par, ofany Of this stock. Hstook view
of The financial operations IN Europe, and insis,e,
that II We sent stock 10 Europe, We should not re
cCrvC money.
Mr. CLAY, Of Kentucky, asked whether il wa
better Tor the interests Of the county that the,
should subscribe the stock, or whether II would III
the contraty-that was the true question. lie ad
vertod 70 the Loan Bill which had Just passed. deny.
ing that because the interest on that bill was xe,
a. per cent. Il followed o. matter Of course tha
Ibis would TX the rate Of interest generally II,
said he believed the loan would be effected az ssl
Z
were now offered I1 The market, declaring that thu
formed no criterion IN reference 10 stock Of the Unite,
s utcs
Mr. CLAY went on to say that the rnie Of In
tersslis graduated by the .ongih Of time ioins hav
60 run, prefsuing long loans with small interest L
that of short loans with large interest Tfcasur
Notes, lie said were nov selling al and per q
mud therefore hcro could be little doubt that the
per cent. lotn would command premium, ii the
per cent. loan did not. lie was willing to take sub
scupIIus IN the twelve millions loan, aud had u i
contemplation 70 make such motion. n the Sc
na,or would make such motion, he would prele
Co take IL as his amendment
The question was then taken aud decided in tt
ne atiye-ayss ~, noes 26.
Nc CLAY moved TO amend by inserting III
words "snd not less than the par value thereof
y hlch agrocd 70.
Mr. CALHOUN moved an amendment ohangn
the mode Of msking the dividends, and providing
rule 70 govern their calculation. The objs,
VI tbs amendment be stated 10 be 10 transfer III