Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-06
CONGRESSIONAL ANALYSIS.
SENATE


Aaer the reading OF the journal, and durins the
morning hour, many petitions were presented and
appropriately REFERRED; among which we've several
praying the postponement, modification, and repeal
oil the Bankrupt law, presented by MIR Wright, Mr.
Buchanan, MIR Calhoun, and MIR Benton. These
memorials were numerousy signed by laborers
mechanics, and merchants. One among those pre
sented by MIR Wright, was from the Chamber OF
Commerce OF the city OF New York PRAYING the
following amendments to that law: LIST. That no
bankrupt, voluntary or involuntary, shall. receive a
discharge without the of creditors REPRESENT
ing at least halt the amount of his debts. 3D. That
al! notices IN cases OF bankruptcy shall be publish
Ell IN the paper IN the city of Washington select.
ed TO publish the laws OF the United States
81. That the pe'mlrsR appointment OF assgnees
OF the estates of bankrup,s may be made by the
creditor. This, with the others, referred 10 the
Judiciary Committee.
Ensrossed bills for the relief of the Selma md
Tennessee Railroad Company, and to authorize the
Legislature of louisiana 10 sell lands heretofore %
propriaed for the use OF school purposes in tina,
State, were read the third time anG passed Seye
raj bills were then ordered to be ensrossei for a
third reading. Alter which
The President FRO. TEM announced the special
order OF the day. which the proposition TO refer
the plan of q Fiscal Bank TO Select COMMITTEES OF
nine.
Mr. Huntington, who was entitled TO the floor.
occupied the remainder OF the days session i'm ana
lying and dennuncins the proet OF the Secreta, v
lie said nothing new IN point OF argument. In fac.
Argument, after the lucid and mastery Efforts of
MIR Buchanan and MIR Calhoun, and little by way
OF defamation, after the remarks OF Ms Mansum
lie denounced the scheme unsafe and dangerous
IN political point OF view. That II il was intend.
ed 10 regulate the finances, currency and exchange
It would prove inadequate and in eificacious In n
political point OF view particularly, he thought il
would be destructive to the liberties Of the country
u the powers II concentrated in the hands OF the
Executive, were ever abused and welded 10 that
end. lie argued TINT IL had all the functions DOW.
ers, and qualities, Of Government Bank That il
was bank OF ISSUE 4 bank of deposle and . dis.
count bank through the specious power given 10
buy and sell bills OF exchange. If it should be-
come law, II would be emphlticay uniting the
purse and the sword in the hands OF the Executive.
and II 1t was right IN the Wings TO denounce thr
Sub-Treasury because 1t united the purse and the
sword, 1t was their bounden duty TO oppose this
which contained in a most odious and appallino
fotm, the power which laid that measure liable 10
such objection. II was more n Government brokery
than the Fiscal Corporation which President TvieS
IN his second veto message, oenominatei as SUCH
tie said II vested the Government with q mower of
patronage which, If abused, would prove not only
detrimental TO the best interests of the country but
dangerous to its liberty. Instead Of being a ma.
chine to regulate the exchanges and the currency il
would prove inadequate to either; instead Of Kidding
the country OF spurious and deprecated currency
II would perpetua'c u; instead Of benefng tho
country NJ large 1t would he, in the hands OF the
Executive, machine 20 benefit poIiticans-to re
ward friends and TO punish enemies. The same |
objections he said, which alleged in the veto
message ng'insi the Fiscal Cooperation, would np.
ply IN greater degree TO this. That, in the Ian
guage OF that message, the State banks would have
TO continue with closed doors. or continue at the
mercy Of this National Monopoly Of Brokerage
After MIR Huntington concluded
Mr. Bates obtained the floor and