Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-27

of the minor institutions, holding shares III ~, ana tu
/, enable them 10 plumber the country.
I Mr. Buchanan said the great mischief OF permitting
banks 10 invest in stocks has produced la" IN ein
j, syIyana prohibiting banks from dealing IN slocRS
whdfaws capital from The banks, which they are Guar
tered TO for the pu5lc benefit THESE li's'.u.'
take stocks in other Institutions, which, ~ ." IN
) PRESSURE become unsaeabe, and the BANKS hoio''s "
stock of the greater institution fail with II.
MIR Allen in conclusion illustrated ana thio'
his objections To multiplying the privileges o' nep
rations and excluding citizens who IA" none u
He made il plain that the restriction asas. ,
orv under the provision of the charter whlch ehhne
the minor corporations, OF which they hold the
to invest that capital III the National BANK.
But Mr. Allen opposed 1t prlnciPaHy as Piouu1's
oonfdsratiou of Banks politics, and as opening tn
INV n the combination Of the whole moneyeu PRIV
leoaJ classes under great commanding heau' ass"'
,d with the Government, against the unprviegeo por
ion of The country He SAID the regulator, SO eaguee
with moneycd powe at home and abroad, ana the poll
,;cal mower at the head Of the Government would re
uu;e not only the currency but the legislation OF the
country.
Il Lost-yeas 81, nays p
Mr. Buchanan proposed 10 amend that part OF tiie
charter which provides that loan should be made
whom the amount of its circulation exceeded by three
times the amount Of specie in the vaults lie proposed
TO add deposites TO the amount of circuaton and com
mel the Bank 10 keep hand onethrd OF both III sPe
Gle Mr. b said the charter was almost without re
tween the circulation and the specie in the vaults was
Inadequate The old Bank had almost always great
err proportion than this. The proportion OF one third
the amount in specie ofthe circulation and deposes,
was that which was to be necessary by the late
Governor Of The Bank Of England and several Of the
directors
Mr. Clay ran over what he considered restrictions in
the present charter, and SAID the amount OF deposeS
was changeabie to make the rule proposed i'm
practicable.
Vba rtInD an
touchstone in England 1t prevailed, and was found
not only practicable but indispensable regard to the
Bank Of England
Mr. Buchanan ran over what Mr.. Clay called res
trictions in his Bank charter, and showed that they
gave for wilder than ever perpetra-
I ted by the late Bank.
Lost-ycas ~, nays 20.
Mr. Clay of Alabama proposed to apportion the ca
p,a in the Bank branches according to the exports OF
The respective States and readlust the apporonment
every five years. He showed that twenty millions more
was extracted from the South and West during the ex-
stence Of the late Bank, than was taken there.
Mr.. Walker sustained the proposition Of Mr. Clay OF
Alabama
been pundcrng machines on the South and West for
forty years This Of capital proposed To be APP
por,oned off 10 the South and West calculated TO
neuiralizc The mischief which had been suffered from
the inequality produced by the command Of almost the
whole capital in the Norh-and it was doing no in.
justice 10 the North.
4 I.ost-ycas il, nays y.
Mr. Nicholson proposed TO amend the bill BY insert
ing provision prohibiting the use Of the public mo-
ney rs basis for banking operations, and declaring
such use to be forfeiture of the charter which was
negatircd-ayes ~, noes 70
I Mr. Williams moved 10 insert s'penson agency as
among the duties of the Bank, which agreed 10.
I Mr. Williams then moved 10 insert after the prov
sion requiring the Bank 10 pay out nothing but gold
and silver, lis notes, the words payable al the
branch where issued" This amendment was advoca
ted ut some length by MIR. Williams, and opposed
/ BY Mr.. Clay of Ky, and rejected.
Mr. Benton moved to strike out the provision fixing
the value Of foreign coins This amendment briefly
advocated by MIR. Benton and opposed BY Mr. Clay Of
Ky, and rcIecied-ayes %, noes %
/ Mr. Benton then moved to strike out the provision
authorizing the Bank 10 deal in coin. He showed the
abuses by the former Bank this subject in collecting
specie in this country, and shipping 1t TO Europe
| Lost BY the party vote.
MIR Berren moved to amend the bill by auth orzlng
the Bank proceed with its organization and other
preliminary measures when ten dollars are subscribed
! and paid in on each share Of the stock. This MIR
Wright conclnslvely showed granting the power
IN commence banking operations at the same time
! The amendment agreed to- IL is equivalent to 4
license loanIng upon the first nsaIment,
snd will enable the Bank to provide all lis subscribers
with the means of paying up all subsequent install
ments The effect will be 10 make II i paper Bank
| AYES -, u.
The bin was then reported to the Senate and
motion of Mr. Clay Of Kentucky, il vas laid on the Ia
| bic and ordered 10 be printed.
| Mr. Calhoun asked if the printing Of the amended
! bin could not be accomplished tomorrow.
\ Mr. Clay thought not.
Mr. Calhoun suggested that it would be well simply
to order The printing without laying the bill on the
table Mr. Clay disscntcd, and insisted having the
bill laid on the table This raised general laugh At
the expense of Mr. Clay, who has been heretofore spur
ring and whipping to drive his Bank bill through the
Senate II is evident that he now sees some greater
stumbling block in the way, than Tie printing the oil,
with the very lew amendments which have prevailed
There must be little "ntrigue bargaia, and mGnage-
ment" 10 help the bill through, and hence the pause
THE HOUSE.
Mr. Winthrop from the Committee Commerce,
reported resolution 10 appoint committee or com.
mission TO procure information at the different ports OF
entry in relation 10 proposed tariff.
Mr. Fillmore asked Mr.. Winthrop if he intended to
use this information in the passage Of the bill upon
drawbacks and duties, now before the House.
\ Mr.. Winthrop said he did not
\ Mr. Fillmore suggested that joint committee OF The
two Houses should be appointed 10 do this duty.
] Mr. Wise a tariff movement in this. lie said
the present bill was to put duty OF ~ per cent upon
every thing excepting Physic and dye suiis and the
commsson intended 10 see how much higher they
could 90 lie denied the authority OF Congress to keep
nine members session during the recess. tie called
the attention of the country TO this tariff movement
lie moved lay the report and resolution upon the Ia
bic and print IT, but upon the rising Of Mr. ngersoll OF
pennsylvania Mr. Wise withdrew his motion, and Mr..
neersoll made few remarks, which we could not hear
distinctly.
i Mr. Tinrlast of Rhode Island went into review
Of the duties Of the members oil Congress- IN stead oil
the duties OIL imports.
4 Mr. piokens saw tha, this to be 4 measure TO
upset The Compromise act, after the North had reaPcd
all the advantages they could from It.
Mr. pckens said if the object Of the Committee was
TO institute Protective Tariff, the information might
be necessary but If Tariff intended for revenue
merely founded upon the Compromise bill, It seemed
10 him to be simple proposition, and required no fur
Their information.
Mr. Nisbct Of Georgia thought the Protective Tariff
would Ina We 10 be met By them, and he therefore want
ed the information He though he and his Southern
friends would have TO give up OF their old notions
MIR Pickeus asked If twelve and half per cent on
free articles and increase TO twelve and half per
cent on articles under that rate would not bring IN sut
fcient revenue.
Mr. Nsbet SAID lie could not say positively and there
fore wanted information He sad # there was var
with Great Britain, the tariff might be raised twenty
per cent.