Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-09

ton wonld in many cases, operate njurously upon IN
dividuals subject to its provisions The corporations
themselves act in my judgment, most unwlsely when
they insist upon an exemption which could mol ia
to mark vet more distinctly the line oil separation De
tween their affairs and those of the community al iarge
and TO give still greater prominence TO the superior
advantages they enjoy over the rest OF their
zens."
MIR BENTON said he adopted these remarks part
Of his argument this subject, and this occasion
he should say but little in addition. As for the APP
prehenson that the rights of the States would be al
ect~d by the adoption of such amendment he SAID
il would be to the advantage of the States not TO sci
up claim to rights where they have none They
ha We no right destroy the currency of the Constr
tuition. They have right 10 make any thing hu'
gold and silver legal tender in the payment oil oeDts
They can neither do this themselves, nor can they al
low others to do so. Nor do they DO tins: NO olo.e
pyes any such power 10 these incorporations but IN
many of the States it provided in the charters grant
ed by them that refusal to meet their engagements on
the part of the Banks, works forfeiture Oh ther char
ters And by provision bringing Banks under the
operation of this law, we are cooperating with the
States in their efforts to preserve sound currency
IA Ranks we have nothing to do with them, us bank.
rnn,s we seize them He alluded to the great number
of incorporations in some OF The States In Massa-
chusetts there were upwards OF thousand, embra-
c;ny every species of business OF which the mind of
man was capable. These companies comprised some
Ion som. twenty, some hundred persons. Here is
an immense proportion of our population which will
ho ercmpt from the operations nt this law, and what
viii BIZ the result of this condition Of things Why
men will ro Legislatures, and get Of in
CORPORATION for every species of business, for
growing corn, in order TO shield themselves from
the operation of law. And is the Senate prepared
to establish privileged classes in this country 10 be
exempt from the operation of laws and that class whose
means would enable them 10 spend much of their time
in attendance upon the Legislatures in furherng their
Arrow IN hsla mi in
county, as in Great Britain, where peer of the
realm is not liable to arrest: What have oil
these banking interpretations within the last iouI
years. We have seen two suspensions one compris
inc all the banks of the Union, and another embracing
more than one-huf the banks of the Union We have
seen them holding their Congresses and debating whe
Their they would pay their debts not, and whenever
there proposition to pay there was great deal OF
holding back, but there was no difficulty ut all IN get
ting them agree TO continuance oil the suspension
Even at this know that nearly all the banks
in the Western country have held convention, and
have separated without fixing upon any time for re-
sumption of payment. The bankrupt law would L'
the best means of correcting this evil. If when in
solvent institution failed To fulfil her engagements al
fairs were taken out of the hands of her directors, and
placed in commission for the benefit of her creditors her
neghbors would take care how they would follow her
example Suspensions in this country would become a
familiar operation. We have had two, and we will
have third whenever suits the interests or the pol
He instanced the case of the Bank OF the u. S.,
thirds of whose stock owned by foreigners This
institution was above the reach Of law and violated her
obligations with IMMUNITY while she had her remedy
against those indebted TO her. This foreign institution
can crush our finances either in peace war, il may
suit the designs of her owners. The banks of this
country have been strong enough and unwise enough
heretofore defeat effort TO ntuse strength into
the SYSTEM and what had been the consequence
They were losing the confidence of the country There
was scarcely one of them whose stock not below
par and some Of them at 90 per cent. depreciation
They were rotting down in their tracks, and would dc
so until there measure adopted which would
enable the public TO distinguish between the solvent
and insolvent institutions Mr. Benton concluded by
observing that he considered the adoption Of the mo-
ton 10 include incorporations as measure alike es
sentia to the welfare of the public and the existence
of the solvent banks themselves.
A motion was made for adjournment; which, af
ter some opposition, carried,
And the Senate ad ourned
HOUSE OF REPRESENTATIVES,
ThursdaY, Feb 4, 1S4l.
On motion of Mr.. JONES Of Virginia, the House
resolved itself into Committee Of the Whole the
state of the Union, (hlr Casey in the Chair) and re
sumed the consideration Of the
TREASURY NOTE BILL.
Mr. SHEPARD, being entitled 10 the floor, express
ed his great reluctance take part in the discussion
but as doctrines had been advanced of dangerous
dency, he felt constrained to express his opinions or
the various topics which had been discussed.
Mr. S. then entered into review of the Taritfques
ton, showing the advantages which the manufacture
ing nteres,s Of the North derived from the existn!
law in relation to importatons, while the planting
States paid heavy tax the articles which they re
ceived in exchange for their staple commodities. ii'
endeavored to demonstrate that the manufacturing in
terest was the favore child Of the Government, ant
had the superior advantage Of the home well o th
foreign market He also contended that the restrictive
principle the malaria OF commerce, and, when Ia
ken off every thing flourshed.
After some remarks in relation TO the tobacco neres
of this country, Mr. s. proceeded to notice the propose
scheme for distribution Of the proceeds Of the publ
lands.
1t had been avowed by persons in authority that tn
deficiency in the revenue arising from the distribution
10 be supplied by a tax on wines and silks TIN
was 10 prepare the way for a distribution. But tn
public lands was the common property OF the who'll
people, and if the public lands could be divided, thc
any other property belonging to the General Govern
ment might also be divided. The General Government
was appointed for national purposes, and when Con
gress had power to dispose Of the public lands it wa
/ for national and not for local purposes.
Mr. NJ. then proceeded to show the inconsistency o
the supporters Of the distribution scheme lie referee
to Pennsylvania instance ofits effects The Stat
would receive, her share of the public lands, abou
three hundred thousand dollars. But, on the othe
hand Pennsylvania would he taxed 10 the amount 9
three hundred thousand dollars. What would be game
then. II would be giving with one hand and takin
back with the other. But, said Mr. s., here comes I'll
grand argument that the rich will be taxed, and no
tho poor. Well, let that be- admitted; but why not lie
Pennsylvania tax the rich herself? She could do
much more efirc,ually than We and at much less 81
pense No advantage could be gained then by th
giving away aud taking back system Besides it woul
convert the General Government into tax.gathere
or the States, and would tend TO the ultimate dcslruc
ton Of its powers. This would not be all, for whor
the system ofgiving away should be once commenced
there would be no knowing when it would end. TIL
great contest of parties in Congress would then be
which should give away most TO the people, /, woul
not stop here, for the next step would be TO give
the money out of the State Treasures.
But was this the time for giving away Let an
man look at the advancing steps the world of on
rival Great Britain, and then let him the ques
ton Look at that power, not satisfied with ASIA, bu
getting possession Of controlling of the riches
empires of the world. And how was she doing this
Why, by her immense navy. Yet in The face of al
this, proposition made to give away our publ
lands to diss pate strength for the purpose
carrying out the petty objects of party. Although h
did apprehend immediate war, yet the day whe
We might he precpitated into hosttes with that grea
power no man could tell. Economist as he was, there
fore, be would earnestly urge the condition of our nav