The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-15


delnquens who usually crept along half three quar-
ters OF an hour after the time
Aher conversation, by various Senators, whether
the resolution had already been taken up and with
reference 10 the motion Of Mr.. CLAY, 1t was carried
and the resolution laid on the table.
The resolution of Mr.. BUCHANAN, relative 10 re-
moyais OF public officers, was taken up, and
MIR. LINN continued his remarks in support oil the
resolution and IN denuncation of the course oil The
present Administration in this respect They had
been elected on promises OF prosperity and better
times they had thus created high expectations among
the people, which, being disappointed droyes had re-
sorted 10 Washington claimants for office, consist
ing OF Mormons Abotonists ppe-layers, old-iash-
oned blue-light Federalsts, Republican Wings, flour
merchants, and all classes OF society, all from these
promises lie referred TO the circular Of the present
Secretary OF State by direction Of the President rela
tive To the interference OF officers with the freedom Of
elections, contending that il infringement oil
the rights of officers and criticsng il at some length
lie concluded his remarks and the resolution was aid
/ over.
| MIR. CLAY, Of Kentucky presented a petition Of
great number Of citizens "f New York in favor OF
a Bankrupt law. Which was laid on the table.
The following bills received from the House, were
4 twice read and rcieued-as follows:
An act making further provision Tor the pauper lu
Mates Of the District Of Columbla-o the Committee
4 on the District OF Columbia.
| An act to provide for the payment Of Navy pen
4 sions
! An act making appropriations for the purchase Of
Naval ordnance, ordnance stores and other purposes
/ Which latter were referred to the Committee on Naval
! Affairs.
The order the day the bill to incorporate the sub
scrbers of the Fiscal Bank of the United States was
| then taken up
| Mr. TAPPAN offered the following amendment,
| TO be added 10 the last section of the bll:
And be il further enacted, That nothing in this act
shall be considered admission that Congress have
not The power to alter, modify, or repeal the same
| Mr.. TAPPAN supported the motion in eonstitu'
tional argument
| Mr. BUCHANAN suggested the propricy of
/ Withdrawing tins very important amendment, for the
purpose of going with those which would occupy
| less time. lie concuned fully with the gentleman,
that this being delegation 10 corporation of of
the important powers OF Government, It's charter would
| not be lrIepealable.
Mr. TAPPAN withdrew the amendment for the
present.
Mr. CLAY, of Alabama, offered the following
amendment to the 18th section
| Prorided hoperer, That ii the said Bank or any
OF It's branches shall at any time suspend specie pay
mens, and neglect or refuse To discharge demand
any Of lis liabilities IN spece, then lis bills shall be
no longer received IN payment OF any debt or demand
! OF the U nned States
| He said if the paper of the Bank less than par
they would have 10 convene Congress for the purpose
of pftvenng further deposit in The Bank, or continue
I'LL ITS meeting, nine months perhaps deposling in
Bank which did not pay specie 1t was thus ques-
ton of the most vital Importance
j
Ject perhaps sufficiently accomplished in other
parts ot the bill. Tie had, however, objection at
all 10 il, ii the Senator would modify il so limit
the nonrecepton OF the notes 10 the time OF the
j pension OF the Bank He would move hat amend
nen if the Senator did mol modify it in this
Mr. CLAY, OF Alabama, hoped the Senator would
| withdraw his amendment.
Mr. CLAY, of Ky, must then press his amend
4 ment and hoped it would be adopted He moved to
stiike out the words 'no longer and insert " not
/ suSDt
would never suspend, and he assured the Senator
from Alabama, that their purpose to guard against
the possibility OF ITS suspension, Hence they had
4 surrounded the charter by every species of resfic-
ton, limitation, and penalty likely to effect that
4 object. But he could not tell What would hap
pen IN time OF war, he doubted the possbl-
I lhy of any bank continuing specie payment. II
they made the provision he had stated, they held out
a motive and strong and powerful one, 10 the Bank,
to resume, because the moment 1t resumes, It's paper
will become again receivable IN the discharge OF Go
vernment dues. Ii the resumption took place alter
SUSPENSION why should they deny the people the prl-
| wlege of paying their debts at the Bank He was
surprised at the hesitation OF the gentemen and de-
sired limitation OF the nonrecepuon, TO the extent
of the cause produclt g --that was the suspension
| Mr.. CLAY of Ala said the proposition of the
4 Senator at with the very object he had in
view his object TO induce the Bank TO continue
the payment Of specie permanently, and he (Nlr
Clay, OF Ala.) contended that this was best accom-
plished By the original amendment
T. n.
prevail Under the deposit act of 1896 the deposits
were no longer made III State bank, when 1t had
suspended specie payment and for this odous dis
inction he could see no reason
/ Mr.. ALLEN said the principle OF the amendment
very Objectionable, and that, by IT, would be re-
cognised in the body Of the charter, that the Bank
might suspend and still go on.
The amendment 10 the amendment then adopt
ed by the following vote
YEAS-Messrs Barrow, Bates, Bayard, Berren,
Choatc Clay, OF Ky, Clayton, Dixon, Evans, Hen.
dcrson Huntington Kerr ,Mangun, Miller, Morehead,
Porter Prentiss, Preston, Simmons, Smith of la,
Southland, Tullmadge, White, Woodbridge. 25
/ NAIS--M Allen Benton Buchanan, Cal
houn Clay OF Ala, Cuthhe Fulton, King Linn,
NJ, Roberts, Mouton Nicholson Pierce Sewer, Smith,
otCt Sturgeon, faPpan, Walker, Williams Wood
| bury, Wright Young
\ Mr.. CLAY, of Ala, asked if il proper then to
withdraw his original amendments and asked the gem
4 eral consent for This purpose.
4 Mr.. CLAY, Of Ky, objected to it, and said the
amendment, was very good
/ Mr.. BENTON was against the whole amendment
and said, by il were TO have not only exclusive
paper currency, but broken Bank,
4 Mr.. CALHOUN said this was the most omlnous
vote that bad been given.
MLCLAY OF Is y., said every thing was "ominous,"
4 or crlss, parto ulary with some gentemon. But
/ he thought this was the most reasonable (he would
not say " omnous } opposition he ever knew. Wha,
was the amendment II provided that, IN case OF
suspension, the Government would not receive the
notes Of the Bank aud that was q omnous, and
making IT paper institution, and this " re-
cugnltlon OF the night To sts 1end IN the very next
clause, the bill went To say that II the bank dad sus
] pend, such and such shall be the consequences
Was that recognition OF the night TO suspcnd Could
the denunciation OF penalty against suspensions
which all deprecated, be regarded as license to sus-
\ pend1
Mr. CALHOUN, Yes, sir it does countenance
suspension most picy Every thing Is ominous
a crisis when the Senator from Kentucky is the
actor. ! told him, in 1884, that he would ride down
the Bank, as he had the American system and every
4 oil hobby he over mounted