Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-16
Tuesday, July II, ISL
IN SENATE

The PRESIDENT laid before the Senate 4 commnn-
cation from the War Department IN relation TO the
moval Of the raft on Red river.
On motion Of MIR SEWER five hundred additional
copies ordered to be printed.
MIR. WALKER presented petition from citizens Of
Mississippi IN iuvorot a bankrupt law.
MIR. KERR submitted resolution in relation u
changing the hour of meeting from 10 TO | clock
The Senate then proceeded to the consideration OF tie
resolution submitted by Mr. Buchanan, calling the
President for list ofa the persons removed from Office
since the 9TH Of March, lS4l
MIR. LINN occupied the morning hour withou, con-
GLIDING his remarks.
The Senate then proceeded TO The consideration .:
the special order being the bill to the sub
scrbers to the Fiscal Bank Of the L. s
The consideration of Mr. Wrghts amendment,
which was taken up al the close of the session OF yes
terday, resumed This amendment is IN effect he
application Of the law Of New York IN regard to Banks
failing to redeem their notes in SPECIE to the national
institution. Mr. Wright exhibited perspicuousiy tue
operation Of the proposed amendment in the o1Psr-
ment Of the system adopted in regard 10 the e-dRs
OF State which is Justly regarded the greatest eo
mercia one in the Union, and therefore, most deeply
interested III the sound condition Of banking nstin
tons. lie showed that Of all measures, that prepared
by hn had been most cecual in securing specie pay
mrnts, and preserving the multitude of banks great
and small, which scattered throughout the Com.
monwealti, from the rule which similar institutions ad
involved themselves and those dependent upon them n
other quarters.
On this question debate Of interest ensued, IN which
Messrs. Wright, Berren, Buchanan, Benton, Clay q
Ala, and others participated.
Mr.. Buchanan came into the debate IN supper, q
Mr. Nright's amendment. He asserted that the pfn-
cipal object Of granting banking privileges 50 tar as
the public concerned, to secure to the poo
ple at all times, paper currency convertible into sp'
Gle. That the most efectual security which could %
given 10 insure this, subject the Bank, al tue
time Of lis creation, 10 ir,evocabe decree thar.
upon suspension Of specie payments, it must cease
to exist Then the instinct of self preservation you'd
induce it conduct aiflrs in such a manner ~
to avoid srfdestruction This provision was not an
untried experiment. 1t had succeeded adtni'an,y
in preserving specie payments in New YORK He
ihorizing Congress to pass future laws upon the sGo
Of either House, would produce the effect because
the Bank would believe that Congress would never &c,
upon this power. They would indulge the Bank Is a.
State Legislatures had done The provision, to DC e.
fectus, must be sefoperang provision, when ""...
at once place the Bank in state Of liquidation 49,,
having suspended specie payments for sixty OF NM
days lfthis amendment should prevail, It won'I Is
example Tor the States ny which they could mol ~
neht. II would prevent combinations among Tue 0
such that which had existed in PhfiaceIph'a' 80,
resulted in a suspension Of specie payments
more than half the Union Each one must the" 81 !.
upon its independent footing, and act N .',a
manner as to save itself from destruction fao '' -,
sound banks of Philadelphia combined 10 save ms.
were unsound, this suspension would have oeeh -,
ed But these unsonnd banks had soon ai'e'"
brought the sound ones to their own level