Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-07

handed the yeas and nays
The yeas and nays were ordered, and were-yeas -,
nays ~.
a bill from the Senate in relation Choctaw reser-
yations was referred 10 the Committee Public
Lands.
A message was received from the President, inform
ing the House that he had signed bill 10 pay General
llarrsons funeral expenses
MIR. Fillmore moved an adjournment.
And, at ten minutes past u, the House adjourned
Fridays Proceedings.
SENATE.
Mr.. Calhoun presented the proceedings of large
and respectable portion of the Republicans OF Clarke
county, Virginia which the meeting had requested
him, in conjunction with the Senator from Missouri,
mir. Benton, to lay before the Senate. The meeting
express, strong, but decoous language, their dIsap
probation of the of the present session OF Con-
gress they enter into review, and, IN his opinion, an
able review, OF the promises and pledges gwen ny Tue
Wing party prior the recent Presidential election,
which have been violated or unredeemed aud they
express, in warm terms their appreciation OF Inc re-
cent veto Of the President hlr. Calhoun asked mat
they might be read and ordered TO be printed Inc
proceedings were read, and MIR. Preston opposed
their printing, the ground that they were dsre-
spectu 10 the Senate, and moved that they be lad
on the table. Mr. Calhoun requested that The motion
might be withdrawn, he wished 10 say a lew WORDS
in reply; and the motion being withdrawn, Mr. =. said
he held It TO b- right inherent IN the people 10 De
heard on all subjects of general interest,
when their opinions are expressed III decorons Ian
guage; and lie would challenge comparison OF that OF
the memorial with what Senators have been IN the ha-
bit Of using in that chamber; far more decorous than
was used BY Senators the other side OF the cham
Der Yesterday Should they prescribe rule 10 the
people of tins country, which they did not observe
themselves, lie hoped the motion would not prevail.
Mr. Benton followed, and informed gentlemen that
all their attempts slhe the expression OF the seniI-
mens of the free people OF this country would be IN
vain 1t was the character of liberty to rebound the
| sv Aft
the very attempt to suppress the opinions Of the people
BY votes in Tins body, would rouse the whole body oi
the American people. II law o! Nature, that out
Of all great evils ultimate good resulted; ana one
Of the benefits of this session was, that had occasloneo
an investigation by the people oil the right and tendency
of the power Of and Of the vEro and the more
they investigated the more popular would they
become.
Mr. Preston thal renewed his motion to lay the pa
per the table, and the and nays beng ordered,
II carried BY strict party vote
Mr. Benton then gave notice that he would present
4 similar memorial TO morrow morning.
The Fiscal Corporation was then taken up, and Mr..
Simmons and MIR. Berrien addressed the Senate IN
studird speeches in favor of the bill The efforts OF
these gentlemen ntendedo give air OF serious
earneslness the scheme take of the Impression
universally prevalent that It IS mere contriyance, as
Mr.. Bolts explained III his cotfeehouse letter, to
head the President.' Mr.. Simmons was one OF those
who when the former bill before the Senate, de-
cared that he would not vote for any measure which
did not recognise the power Of Congress to place the
agencies branches where II pleased, independently
OF the will of the States The bill, which it Is
pretended has been shaped 10 suit the views OF the Ere
sdent 1t will be conforms IN the particular OF the
agencies or branches, 10 the principle insisted by
Mr.. Summons and others, instead OF the President 5
Mr.. Simmons therefore, heartily supported the bill
great portion OF MIR. Archers argument yesterday
in support of the bill, directed TO prove the
absurdy of the amendment Of his colleague and the
| posed pnion nf he on hisu otn
In regard to the dlscountng power as contained IN
the present BILL and which the PresIdents veto on
its predecessor based, not appropriate to Go.
yenment fiscal agent, MIR Tappan pointed to clause
in the pending charter, 10 show that was embraced
in express terms With this he associated the clause
authorizing the Bank 10 deal in bills OF exchange; and
by referring 10 the constant practice Of banks TO dis
count bills oil exchange as other bills receivable and
10 cover under the name of premiums, the nsury I'M
posed on accommodations made on paper discounted
in this form, Mr. Tdppan showed that the disguise now
assumed, to give the appearance TO the proposed cor
pnraon OF not beng bank of discount, in fact
mandate we'll IN authority, rendering the employ
men Of The whole capital of the Bank in this one of the
worst species ui discount, indispensable.
Mr.. Tappan SAID, when Senators on the other side
declare that this Bank bill is intended 10 withhold from
the corporation created by il the power Of making oan
and discounts lie felt himself bound TO believe that
such their honest construction Of il. lie was
however, surprised that any man, in the slightest degree
acquainted with the banking business of the country
who had read this bill, should suppose that under III
provisions, the company incorporated by it, would
have unlimited power to loan their paper and to dis
count line paper of their customers The ninth funda
mental article says, that he said corporation shall not
directly indirectly, deal trade in any thing excep
foreign bills of exchange, including hills or dratL
drann State Territory and payable another.
This BILL in this last clause, sanctioned mode o
disconnt,ns paper, and making loans, common in thu
Western country. lie spoke OF mode Of doing bust
ness which he had full knowledge of and he asked Sc
majors, therefore, to look at IT, man who wants
loan from Bank applies TO the directors, and is told
zee lend you the money, but we do not take note
for our loans-you must give us a draft but, say
the applicant, | have no funds any where TO draw
upon; matter, say the Bankers, IT your draft is
met expected be met, because you have no funds
that need make difference; you may pay it here
,cih the erchange when the time it has to
out; so the borrower signs draft bill of excanG
on somebody in New York, Philadelphia, or Baltimore
and pays the discount for the time it has to rum whei
that time comes round the borrower paws into thu
Bank the amount of his draft, with two four six o
ten per cent whatever the rate of exchange may be
and the affair settled and he gets renewal for s1t
DAYS. by further paying the discount the sum Dor
rowed and If il is accommodation loan il is renew
cd from time to time by paying the discount and ex
change Very few otthe Western banks he belle we'd
discounted notes; they found it much more profitable
to deal in exchange, as it is called but this dealing il
exchange enables the banks discount as much pa
and To loan much Of their notes the old fash
ioned mode Of dscounting; it is difference in form
merely with this advantage TO the banks that il
bes them 10 get from their customers ten or lively
per cent their loans, instead ofthe six, to which,
dscounting notes, they are usually restricted Hos
them he asked could Senators say that this bill did no
give the power to make loans and DISCOUNTS He he
Shown them how, under this law, both loans and dis
counts will be made without Limitation.
The Senator from Virginia MIR. Archerl claims 10 b
considered perfectly honest. He did not dispute hi
honesty, bat he must be permitted TO say, that if he
honest in declaring that he will not sanction the
ing corporation with power 10 make loans and dis
counts, and he votes for tu BILL he i, most lamen sbl
simple.