, 1841-08-07
COMPRESSION ANALYSIS.
MONDAY, July &c, lS4l.
SENATE.

the special order.
Mr.. Clay Of Kentucky opposed the amend
ment adopted in Committee of the whole
prohibiting loans to directors. Messrs
Walker, Clay of Alabama, and Linn, sustain
ed the amendment adopted in committee
MIR. Huntington urged the rejection oil thu
amendment. Amendment rejected-aye'
%, noes 25.
Mr.. Clay of Kentucky opposed the amend
ment prohibiting loans to members OF Con
gress. Messrs. Walker, Buchanan, King
Cuthbert, Linn, and Pierce. sustained it.
The effort made by Mr.. Clay, to reserve
the decision of the Senate on these two mos
important amendments. proposed by the
Democratic members, and carried, on then
urgent appeals, by two or three votes drawn
to support from the other side of the cham.
Der, produced a very animated debate. 1t
was shown tina, the ruin Of the late Bank Of
the United States was thought about by the
very abuses which it was the object Of these
restrictions TO remedy; that loans to direc-
tors and their s~etellite had to a great extent
swallowed up the capital of the late Bank,
and deprived the commercial community OF
the aid which formed one of the pretexts for
such an institution. Mr.. Benton read a
passage from Mr.. Clayton's report in 1882,
from which it appeared. that in Philadelphia.
ninety-nine persons were found 10 have ap-
proprIated FIVE millions Of the Banks capital.
one.sevenih Of the whole, to themselves
Mr.. Pierce read from MI. Tyler's report
the loans to members Of Congress, showing
that during the struggle for the charter. one
million &. haif he'd been distributed among n
body of members, sufficient TO turn the scale
Of parties on any vote concerning the Bark.
and IL did turn tine scale. and hence the veto
which alone saved the country from having
that Bank & its infamous managers the al bitter
of its Treasury political destiny. Mr.. " ak
err showed that Il single member OF Congress
had engrossed one hundred thousand doll rs
of thismonev; andhe read Mr.. CLAWS speech
If 1916. when supporting the charter of the
late Bank, charging its predece sur, the bank
of 1891. with being a party institution.
abused to political corruption. from which
he proposed to guard the least one which has
shown itself, in despite of all his fostering
care, ten times more protlIgate than that
which he accused, by ways OF contrast with
that which he then proposed so carefully 10
guard.
Mr.. Buchanan looked upon the disposition
now evinced to sweep out the few ~salutary
checks and guards eff c'ed in Committee by
the Democratic side of the chamber. as mat
ter OF fearful men.-He held up 10 view
the monstrous spectacle of a LegisIature-on
whom the security Of the Bank abused de-
pended, and to which the community must
look for redress Of wrongs pcrPeirated by
the in~stitution-irself in the power Of TIE
Bank in consequence Of n great portion Of
the members holding money at its will. whirh
might be Unable To ~pay--'he spectacle
of a people cnntending with an Institution
whose policy would be to Cypress them. re-
lying on Representatives secretly in the pay
Of the Bank. This would reduce to mocke-
~ all prctence of responsibility in the mon
eyed power, which would hold the prices Of
property-the control of the currency and
of the country in lis hand-and
with these powers. that of legislation would
be associated, because the power TO make
the members of Congress rich or poor, nj
will be sufficient at all times to
give the casting vote IN anv question OF I'M
portance in Congress. The sketch of the
debate, which FINELY illustrated this subject
TO day, will be given hereafter.
Mr.. Clay proposed an amendment author
payment Of subscriptions to the Bank
to be made in certificates of stock of the
twelve million loan lately provided for (the
Bank by an act of Congress.
The proviso limiting loans to directors 10
$4,000 was retained.
Mr.. Huntington proposed to strike out
the limitation prohibiting the issue of notes
of a smaller denomination than $40 Messrs.
Woodbury. and Buchanan opposed it. Mr..
submitted a previso that Congress
hereafter impose the restriction. Mr..
considered it a proposition to grant
power to Congress TO legislate--a matter he
not derive ed from a B,nk charter, but
secured by the Constitution.
Amendment lost--Ayes 95, nays %.
Mr.. Walker proposed an amendment to
give the election Of directors to Congress.
This proposal was heretofore argued at
ength by Mr.. w. and again more elaborate
y to-day with some new points and topics of
Illustration.
Lost-yeas Z, nays IS.
Mr.. Linn proposed an amendment disqual-
flying the managers Of the late Bank, who
,oted the exclusion of the Government di-