The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-10


the Secretary Of the Treasury to deliver this document
10 the Secretary OF the Senate during Its recess and
that the same be printed and two thousand extra co
pies thereof The Secretary ofhe Treasury did not pre-
pare il during the recess of The Senate but had at this
session laid before the Senate and an order had
been again passed for lis printing. lie contended that
its printing should be executed by the printers Of last
SESSION.
MIR HUNTINGTON called for the reading Of the
letter at Blair < Rives of the 18th June ult. on the
subject, demanding printers Of the last ion Of
Congress, the printing Of the document, and replied
10 the grounds OF The demand, coniepdng that the
order OF last was in force only during the re-
cess that had been laid before the Senate this
SESSION, document OF this session, and should
be printed by the printers of this session. and The
motion 10 reconsider not made on the ground that
this document was not necessary TO be printed, he op
posed the notion
After a further discussion by Messrs KING
PHELPS WOODBURY., and HUNTING TON
the motion carried and thus the vote was recon
sdered
The special eder, the bill to incorporate the sub
scribers to The Fiscal Bank of the United States was
taken up
Mr.. ALLEN offered an amendment, to be inserted
as the twenty fundamental rule, providing that
the board Of directors OF the mother hank shall pub
llsh Ia one OF The newspapers at the seat of Govern
ment each order which may be issued to any office
branch directing II To extend or contract its loans
discounts, or any other order Immediately after their
issue, and shall report 10 The Secretary of the Trea
sury all such orders TO be reported Congress at the
commencement OF each session.
MIR. ALLEN, at some length, advocated the amend
ment, noticing the immense influence of the Bank
the moneyel interests of the whole country, and
contending that these orders should b. published
when made by the mother Bank SO as to give notice
10 the people OF the country that they might be pre-
pared FOR the expansions conactions of the clrcu
latiun of the currency through the various branches
Mr. WRIGHT SAID II was assumed by the friends
of the Bank that its effects would be beneficial in
gulatng the currency OF he country lie did not be-
heNe would posses the power To do this, and il it
did, he did not believe il would be wisely and benef
clally exercised but, in order 10 accomplish this OBJ
jet, it was necessary that the Bank have uniform
action, and for this purpose nothing could be better
than to make these orders public to the country and
the whole world. He hoped the amendment would
be adopted. .4.
MIR. WALKER considered this the most important
amendment that had been offered They were now
attempting to regulate that which the standard Of
prices and of value TO property throughout the union
and cons quenty it right and just that the whole
Union should know in advance when prices should
rise and fall He, therefore, advocated the amend
silent.
Mir LINN advocated the amendment, and dwelt
at length in favor of the principle OF publicity, in
all other departments of Government, in this most
important the monetary system ~
Mr. CALHOUN said the object of the Bank was
to regulate the currency of the country and he knew
any reason why these orders and the operations Of
the B ink should not be made public.
MIR. NICHOLSON took it for granted that we
were to have Bank this session. and after it would
come the question Of repeal; but he now voted with
out reference TO this question, and wished the bill per-
ircted as much as possible, and in this view he sup
ported he amendment.
MIR, BENTON not to go into argument,
but give his feeble voice in support of every effort
that made TO bring light into the Bank parlor,-
and should sustain every effort leading to that end
Never, Tor twenty years that he had been in Con
gress did he feel SO victorious at present when he
looked at the measure brought before them.
Tor fIrIha Inv Nj A l. ina
port OF the amendment, 1t was adopted by the follow
Ing vote
fEAS-Messrs, Allen, Benton, Buchanan, Cal
houn Clay, of Ala, CuthbeIt, Fulton Henderson,
King, Linn, McRobeIls Mouton Nicholson, Pierce
Sewer smith, of Conn, Sturgeon, TaPpan Walker,
NAfS-Mess Archer, Barrow, Bates, Bayard
Berren, Choate, Clay, of Ky, Clayton, Dixon
Evans, Huntington, Kerr, Mangum Merrick, Miller,
Morehead, Phelps, Porter, Prentiss, Preston Sim
White Woodbrdge--26.
Mr. WALKER offered amendment prohibiting
the loan of money by any branch to directors of the
various offices of discount and deposit and members
Of Congress.
This was advocated by Messrs. WALKER and
WOODBt R1, on the ground of security to the Bank,
and showing the losses heretofore sustained from
these sources.
Mr. CLAY said, by the bill the nine directors
which compose the board were prohibited from max
lng any discount whatever in the city of Washington
and consequently no member of Congress or officer
OF Government could receive discounts. The Com
mttee would have been glad to have extended the
principle of exclusion to the directors of the difie-
rent branches and Offices but seeing that if they gave
them high salaries they would make il such burden
As 10 destroy the Bank they gave them salary, and
they could not expect to get the services of these
men, not only without salary but without the priv
lege Of obtaining discounts
II they to say that director Of an Office,
xyl tlpN V1I "a M hpitlI have M loan
they could get none fit for the office. Members of
Congress could get no discount here but why were
they, when they returned home and mingled in the
concerns of life, TO be marked as who could get
no loans from any of the Offices There might
have been bad members, but to exclude the whole
class and say that member of Congress alone shall
be interdcted and prohibited from loans, if it was
thing which members of Congress could bring their
conscicnccs vote for, he would commend it to
them, For one he could not contribute by his vote,
tobrng such disgrace on the whole class, which are,
aud ought 10 be- the most eminent men i'll the whole
community.
Mr. WOODBURY. asked the Senator if his argu-
nent was that they to allow these officers and
ncmhers the discount of notes, because they have no
salary
MI CLAY snid that was not his argument; but
hrmcaa to put them on the footing ofthe directors of
any other bank in existence.
The amendment farther supported by Ncssrs
WOODBURY., WALKER, KING, and HEN
DERSON
Mr.. Bhl ARD suggested modification TO the
amendment limiting loans to directors of the various
offices to ten thousand dollars which accepted
by Mr. WALKER The amendment was then ad.
vocarcd by Messrs. WALKER and WOODBURY.
Mr. CLAY opposed this lin tation unnecessary,
being provided IN the bill that renewal OF any
note should be made, and Ifhe Constitution Were vi
oa,cd the charter would be forfeited. The power of
limitation belonged to the parent institution, and 1t
could have motive to favor the directors OF the va
rlous Offices The practical effect of this limitation
NaulI be to induce them to come upto thcextent