The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-07-06
COngress---Extra Session.
,d,nrresnondence off the A lIas.


the Senate bill to repeal the sub-'rreasury act to
The committee on ways and means. Mr.. 'FRONT.'
in the course of the debate ntimaed that this ref
erence was political mistake-that the bill was
in bad hands, and that it ought to be put within
the reach Of the House.
Mr. Adams also expressed The opinion that the
bill was in wrong postion-that it was where IL
would meet with delay, nothing more
The vote was reconsidered, and the bill was re
farred IN The Committee on the Currency.
In the Senate, Mr. Allen of Ohio, presented tho
proceedings and resolutions Of meeting in the
State of Ohio condemning the National Bank, and
other measures in strong terms.
Mr. Allen in the course Of his remarks on this
memorial, said that, the people of his State would
not permit branch Of the United States Bank to
be located in that State. They would oppose it
by foree-and to the last drop oftheir blood
MIR Clay remarked that, e the Wing party had
been aware of the full extent of their hazard, in
proposing National Bank, they would not, per-
,haps, have brought 1t f,rward; but they had
done it, and they considered such an institution
absolutely necessary to the country, they must a.
bide the issue.
The Senate spent most of the day in she discus
sion Of the hill recharterng The District Banks,
which was ordered to be engrossed.
June %.
In the Senate, this morning, Mr. Morehead NOV
ed the recommtment eff the bill TO revive the char
ters OF the banks of this District with instructions
10 strike out the clause which forbids the banks to
deal in the deprecated paper of their vcinage. The
bill was fully recommitted without any insruc-
lions, by vote of25 to "a
Mr. Clay then called up the bill to incorporate
ahe fiscal bank, but, at the suggestion of Mr. Wright
he consented to postpone it till to morrow. After
this the Senate went into executive session.
In the House, memorial presented by Mr. IT.
win of Pennsy vania, praying the imposition of pro
tective duties called up the Southernors, and a
good many speeches made upon the tariff in
the of hch the English Corn laws were
brought into discussion, well as many other col
lateral topics. The sole question upon print
ing the memorial. Mr. Adams advocated it with
great earnestness, but the House rose without de.
cided it,
The bill for the distribution of the proceeds Of
the public lands recommitted, with nstruc-
tions to the Committee to insert clause giving a
presumption privilege to actual settlers. This be-
ing done, nothing remained for the House 10 act
opon and they therefore adjourned about IL o..
clock, give the Committees time to prepare some
thing for them
June "a
The galleries of the Senate Chamber were crowd
led this morning W it'll fair Indies and their attend
ant squires, all eager to listen to Mr. Clays speech
upon the bank bill The first section OF the bill
only was read and Mr. Clay then rose 10 express
his views the subject.
He said he would not, this late day, discuss
the Constituonality of a bank, would be argue
the question of expedIency. He should confine him
self to simple explanation of tho distinctive fea
lures of the proposed charter. He commenced
with the reasons which had influenced the Com
mittee in fixing the amount of Capital of the bank
ut thirty millions. The criteria of the proper
were to he found IN the comparative amount OF the
population, wealth, commerce, and territorial
tent of the country and the amount OF capitals of
foreign banks connected with US. In 1890, the
stock of the Bank of the United States had been
fixed at ten millions, and this sum had very gener
ally been considered very well proporoned TO
tthe extent of our territory and resources at that
time. Since that time our population had twice
been doubled 1t was then near four million. Our
wealth more than quadruple its then amount
and territorial limits extended in a
much greater proportion. The sum of thirty mil
lions was certainly in this view sufficiently small
and the authority given to Congress to enlarge it
to fifty millions, Unnecessary seemed to be requ
site. By the plan Of subscribing the part of
the Government its own bonds at per cent. inter-
est, it estimated that 100000 per annum
would be cleared by the Government by the diff
ference Of interests in its favor 1t had been deem
ed expedient provide for subscription the stock
the part of States, either in shape of their por
ton of the fourth instalment otherwise, it
the wish OF the Committee to present the ques
ton of bank or no bank.as simply and nackedly as
possible IL was not from my doubt his
part certainly that the fourth installmen due
for he considered the public faith pledged its
payment, whether it was called DEBg or not. AS
to location of the bank, he confessed he had felt
preference for other cities than this, but whenever
he had revolved the subject in his mind
Washington had always been one of the places he
had thought of, and certainly it possessed many
advantages. This selection would prevent the
jealopses which would be aroused by locating the
bank either IF our principal cities, and would
enable the Government TO hold more direct com :
municaton with 1t, which, in time of war, might
be of the last Importance; while the inability OF
the principal bank to loan to any individual would
obviate the danger of a political connection which
might otherwise have been from It's viclni-
iy to officers of Government, members OF Congress
&c. The Committee had left out of the charter
any provisions for a bonus to be paid to the Gov
ernment, which seemed to resemble too strongly
bride, and in lieu thereof had provided that the
profits beyond per cent arising from the bust.
of the bank should be paid into the Treasury.
leaving the bank, however, surplus of two mil