Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-07-26

MIR. Clay enid, MS n matter of speculation, II
would be no object for the Government TO become
partner in the concern but, in another point OF
view, it was very important. The object of ma
hing the Government II stakeholder was to give
security aud stability to the institution. lie init
mated that gentlemen by offering the safne n
mendrnenis repeatedly, in different FORMS showed
adsposition 10 waste time, and delay the bill. The
country demanded action, actor, immediate nc
ton. lie said he would bc willing TO vote for any
rule which would give to the majority of the Sen
ate control of its business.
MIR. Calhoun said The object Of this session and
OF this bill WINS TO raise up the shattered system OF
1890 II the magnitude of the object was con-
sidered, it ought 10 lake four sessions instead OF n
hurried week. fiction, action, was demanded =
which mems plumber, plumber. Tho Senator
from Kentucky could not be more earnest in
pressing these measures than no in opposing
theui. IN the course of this debate, Mr. Linn lie
clared lie was not TO he deferred from pressing on
opposition 10 this hill by Tie icrrors ot nny mans
hown. hG lion might shake his nianc IN vain.
Mr.. Buchanan also mixed with some fury, and
threatened repeal Of the bank charter 10 which
MIR. Clay replied, that he would find plenty t"
discuss The repeal after the bill was passed. The
amendment Ut Mr. Wright was rejected, 81 80.
Mr. right then offered long amendment re.
curing, among other things, that the directors
shall make no dividends except from the surplus
profits that they shall not at any time pay to The
Stockholders any part Ct the capital stock Of the
Bank; that they shall not receive nr discount, ar
snller to he received discounted, my note
or other evidence OF debt as payment of or
upon amy iiisa!ment Of tie capital stock ac-
uialIy Gu led Tor aud required 10 he Inid that toy
sla moi receive or discount, any note nr other ev-
Pence OF cit Intended to enable any stock! o der
to Withdraw any part of the money raid III by
nm AS his stock that they shall apply none of
Tic iunds Of the corporation to the purchase OF
its own stock, Sc. &c.
This amendnit Ut was agreed 10, with little OF
position
HonSc-The House continues to nork and
work well. To-day the loan bill WINS passed, hy a
majority OF thiriy-0ne after amending il so ns TO
fix the time OF payment of lie Van Buren, debt
of IL millions, within the term Of b adunstra-
lion.
MIR. j. w. Jones spoke hour against the
twelve million loan bin, contending that there
would lie no defcit on the first OF january | 42
except $4,000; and opposing permanent loan
MIR. A'hcrton spoke on the same side, and con
tended that the money was pot watr;rd, and ''ia
iln special session was called for objects uncun-
nocied with The slate OF the Treasury.
NlesSrs. g. Davis and w. i. Dawson took lht
other side Of the question, mukn. apparent :
delit of IA millions.
MIR. Fillmore moved an amendment TO the bill
the obirci of which 10 enable the present nd
uiinistraion TO ply off the debt. during the pres
VII N'H' lIc uIlISHUUtut IiTONNtu l1Ht tilC lOhi
should he contracted for at six per cent interest
pnyable at six months notice, if the Secretary q
Treasury should choose, and, at all events, AT tn
end of three years
At the hour Of two o'rnck, the bill was report
ed to the House. Mr.. Fnorc's amendment II
hove given was agreed to, and the hill was final,
passed, yeas I24 nays 03.
TUESDAY, July IS.
The House has been distinguishing itself tohn
hy almos, unexampled de'pach in its operation
aud IN fact 1t has, for days past, rather lei
the Scnate in the shade. Attcr listening to
speech from, MIR. Browne of N. Y. this morning
on The Mcleod resolutions, the House went int
committee of The whoe-Mr. Adams in the clni
-ond took up The bill which opIropriales S l39
GG6 10 the payment Of the navy pensioners, pro
vi,led by the act Of 1887. 4 number Of speech
IS were mntlr, among which was an able aud con
cise one from MIR. Calhoun, in favor of the bii
Several amendments were offered and rejecict
but the bill went hrskly through, WIS reported T.
the House, and passed without n division.
good deal al Discussion arose upon the Quesrio
Of repeating so much of the act Of 1871 nllnw
pensions To tho widows and orphans of officer
and sennen who were not actually disabled D.
service, in the course of which Mr.. Adams, nlte
the bill was reported, made a very energetic an
effective speech against the repeal. He said tn
bill of 1887 had been pissed without duo consid
GRAFTON, and uudcr circumstances nninvornble L
proper understanding of its tnrritS-bnt thu
very Tact ought TO he sufficient to deter the ilous
from ac:!::S Upon ;,ie repeal with eq"., haste
which they seemed disposed 10 do. Mr.. Adam:
remarks displayed his usual thorough ncquaint
nucc with the subject, both historically and philo
sophicay. 1t sounds rather odd 10 hear that tn
House in danger of acting too hastily, bu
there is really more danger of that error at preac
than of the tedious delays of which they and ev
cry one else are so completely tircd.-Mr. Wis
said the naval committee hal determined TO brin
forw nrd hill 10 repair ms far ms possible, the lie
fccts of the net of ~ and tins inmation doubt
less fastened the action of the House upon III
present measure. Besides this, n bill nppropral
ing $G00,0O0 TO The purchase Of ordnance, iiisse'
through the committee Of the whole, aud was re
ported TO the House.
The Senate WIRE employed for several hour
in discussing Mr.. virgins amendment. whlc
proposed To require the Attorney General 10 su
out a writ of Injunction against the bank whcncv
or any of its branches should suspend specie pay
mrnts, and to vest the entire property of the ban
in trustees, for The benefit Of its creditors am
stockholders, unless upon examination the tr'is
tees should lie satisfied TINT the bank could wit
sniety resume specie payments nj once.
MIR. Berrien thought TIE amendment wholly ~,
necessary; the charter had alrendy provided 10
the object proposed hy the amendment.
The subject Of the repeal being referred 10, NJ
Berren mnde concise hut very luminous exposi
ton OF the cons illionn and legal principles lear
ing upon it. lie said the Supreme Court, in
late very aggravated case--whcrc the Legislator
of State Georgia, il mistake mott had bee
grossly deceived and detruuded, and where eve
some Of lis members had been corrupted by birth
| ry-hnd solcInnly decided that n subsequent lie
| gisaiure has no power to nnnul the acts Of pre-
cetlng one, where the rights of third persons " i
be inlerered with, or where contracts have bee
entered into with such third parties They coul
annul the charter of purely public corporation
| because in that case oil the interests ipyolvc
would lie fully represented in the legislature
but where sovereign power combined with in
di,luals in The capacity Of joint corporntor wit
| them the sovereg" did not rinse the corporallo
10 The level of its character hut descended 10 III
character Of private stakeholder. I he bnnl
then, would necessarily he considered in the Ii i;
of private corporation, so far MS this question g
repeal was concerned. He considered The doc
| Irinn cnnienlel for Inv lie nnnnsitinn moi nnl