Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-01-13

IN sENATE.

THuEsDaS, January s, 1s4a.
The Senate met al the usual hour. Sew.
eral petitions were presented, and referred
10 appropriate Committees. Petitions to
expedite the consideration of the snbIec,
OF the Bankrup. Law, were also present.
ed from certain citizens of New York and
Louisiana.
Mr.. Phelps presented petitions on the
subject Of the Tariff laws, upon which a
short discussion took place between the
Hon. gentleman and Mr.. Calhoun, as to
the propriety Of referring the subject to
the Committee on Manufactures.
Mr.. Phelps declined to enter INTO any
further discussion, stating, that II was con.
trary to the usages Of the Senate to enter
into discussion, on the consideration OF q
question in Hmine.
Certain public and private bills were
read a first, second, and third time. The
debate on the Fiscal Agency" project
was resumed.
Mr.. Woodbury. being entitled to the
floor, said That he did not intend to
tresspnss, at this stage of the debate, at
any considerable length upon the time oil
the Senate however, he was Of opinion,
that the discussion would be extremely
useful to the Committee in considering this
question. The. great distress that pre-
vailed throughout the Union the incon-
venience that was universally felt by the
commercial and trading community, from
the state of banking in this country, at
lected all Europe at this moment. He
was, therefore, anxious, IN searching
through the bill, to find out some common
ground upon which they could all make
u stand. The question was evidently
made a political one, being viewed in the
light, as to what additional powers it was
calculated IL invest the Executive with,
and not as a commercial question. He
did not care whether the proposed bill was
the child OF thirty.s six fathers, or OF one,
nor from what quarter it emanated, pro-
vided he could find in il any thing that
was calculated to benefit the present con-
dltion of the country. He acceded to tho
general view, as to the banking features
of the bill, and conten ed that tie project
before them was the same system as that
nv was IVOpoSCN III IOoss q "aS ~
favor of re. enactiDg the provisions OF this
bill, as proposed in lS37-being in favor
OF a Sub-Treasury--from a consideration
that it was calculated to relieve the coun.
try, though differing with the measures in
detail /; and was anxious to bring about a
compromise, and make an arrangement
on the subject. Several honorable mem
5ers who preceded him, had denounced
the measure as unpopular and unconstitu-
tional. He was willing to concede the
~unpopularity of the bill, but denied its un.
constitutionality. The honorable gentle.
man then entered into a long analysis of
the debate, and commented upon the ar
guments Of the honorable members who
preceded him, and had denounced the bill
in toto. He then commended that it was
wild speculation that had broken the banks
Of the country, as well as politics, which
had operated with pernicious effect in
every quarter of the Union that banks
were useful solely in proportion TO CON-.
mercial skill and enterprise and that il
was m that should regulate and
control the currency, independent Of po.
litical influence and objects, which should
have nothing to do with banking specula-
tons. That any State could create a
uniform paper currency and keep up a
sound system Of banking, provided polifi.
cal influence was not allowed to shake
the confidence Of its money-holders. He
did not stand in the Senate 10 oppose every
thing and propose nothing, by way Of
remedy, as was the case with other honor
able members. He was of opinion the
bill was entitled to the sympathy Of hon.
orable Senators, instead Of q sweeping
condemnation, and unless they did some
thing on the subject, there was a gulf be-
fore them tina, would involve the country
in ruin. The honorable gentleman, after
Analysing the various features Of the bill,
and %contending that in the present de-
pressed state of trade, it was calculated to
benefit the country generally, concluded.
Mr.. Evans then obtained the floor,
when a motion for adjournment to Monday
next, upon which the ayes and noes were
taken, was put and carried. The Senate
then adjourned to Monday next.
IN HOUSE OF REPRESENTATIVES,.
After the journal ofyesterday was read,