The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-22

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against the repeal of the Bankrupt Law; and he
called attention to portion of the prayer OF some
| OF the petitions, which ask ed that Incorporate
| might be iacluded within It's operations he SAID
the only way by which the federal power could cor
rect the evils of the currency, was by including the
pexncious banking institutions OF the country with
| in the compulsory provisions Of a Bankrupt Law.
Mr. pnf s presented several PETITIONS or .as N:
that he should vote tor the repeal tor ne thought 1t
ought 10 be amended before II went into operation
| And he justified himself by the fact that the enact
ment OF the last session, looked TO modification al
the present session, and there was Sufficient notice
to the community at large that the law was not com
pete. He regretted the necessity there was to dash
the cup from the lips OF so many whs had expected
to avail themselves Of the provisions of the law but
it was Objectionable both in priscipe and IN detail
aud it would not be supported by the people of the
| United States. He would much rather transfer the
power to the respective States, TO pass such systems
OF bankruptcy as would answer the purposes OF the
Staes according 10 their peculiar interests, whether
| commercial or agricultural.
| Mr.. BUCHANAN rose to correct an erroneous I'M
preston, which might be strengthened by the Oh
servations which had fallen from the Senator from
South Carolina il was, that the States had not the
power to pass bankrupt laws NOW, they could
pass prospective bankrupt laws to operate between
citizens of the same State. Indeed the decision OF
the courts had gone further, and said that II c
| zen of another State accepted dividend under
such Bankrupt Law, he was bound by that law for
| ever, and he had no further remedy against the
debtor. -
MIR. BERRiEN admitted that the States had such
power, but he said it was totally inadequate for the
purposes Of the country, as It was no protection TO
| the debtor whenever he passed the State line.
Petitions both for and against the Bankrupt Law,
in great numbers, were presented by Messrs EvABs,
HUHrmGroN, CLAY, BERRIEN, SruReron, MILLER,
| WILLIAMS, RvEs, CHoArE, BENToN and WALKER.
| Wl ExEcUrAE REpoRrs.
Several documents were received from the Prcsl-
dent by the hands Of Robert Tyler, Esq his Private
Secretary, AMONGST which was the protest OF the
officers Of the Creole, which was called tor by
| recent resolution of the Senate, on the motion OF
| Mr.. CALHOUN Eros
r1 The Treasury NerE BILL .g
Mr.. Evans moved that the Senate proceed to the
| consideration Of the Treasury Note Bill. oi-
| Mr.. WOODBURY. regretted that the motion had
been made TO strike out the provso OF the bill which
made the So, 600 GOO of Treasury notes now to be
issued part OF The loan of Sl2 900 900 authorized
to be effected nj the last session Its eject weud
be to open debate upon the broad question OF the
ways and means, we'll as the expenditures OF the
year, and the best mode of supplying the wants of
the easnry, and Of relieving the existing Difficult
ties. whether by loan or the recall Of the disrbu-
| ton law. 1t this mouon had not been made, but
the bill had been allowed to pass through the Senate
as it came 10 them from the other House, it would
have lead to no discussion, as the anonnt OF
ST., 600, 900 OF Treasury notes would have been
mere substitute for much OF the $l2 900 600 loan
which was granted at the late session, and there
| would have been increase OF the public
deh. The organ of the Executive (Mr Ev.
| ans,) however, commenced the debate, and de-
clared in the outset that this was not amend
ment of form but OF substance, and an amend
meat OF substance II was, Tor II was question
whether they would increase the public debt Of the
country So 0OOOOS or substitute treasury notes for
loan to that amount. The necessity Of the crisis
too was explained BY the Chairman OF the finance
Committee (Mr. Evans) and it was stated that
these treasury notes were Indispensable owing 10
their inability to effect the loan. The Secretary Of
the Treasury had written letter which had been
| printed in the other House. communicating the ne
l 90 flpa ut no (rDyN TOR
For three millions and half of treasury notes, and
not five millions, and not i'll addition to the loan,
T but as substitute for the portion which could not
be negotiated He (Mr. Woodbury. then appealed
to the sound sense and patriotism of both sides
of the Honse whether they would give more than
was asked In advance OF the exlgencies OF the
| government The House Of Representatives had
restricted the amount-they had refused to give
: $5OOO,O0O IN addition to the loan, and yet the
Senate, standing in their peculiar attitude to the
House, must refuse to sanction the prudence OF the
ether body, and give not only what was wanted, but
also that which was not asked for. Treasury note:
were already deprecated one to two per cent with
out the issue of these notes, which would lncreas,
their discredit. There were now treasury notes due
and outstanding which could not be paid, snd ne
cessarily then this issue would depreciate them sil
4 further The Senator from Maine (Mr. Evans,
= had given them an able argument yesterday agains
living from hand 10 mouth; and into this subject h
fMr. Woodbury. Yopld 90 wil l, great crhesrip1es
r shown how these Expenditures might be trough
n down 10 seventeen or eighteen millions, and SOM
| Senators then thought they might be broupht dow,
to twelve or thirteen millions He (Mr. Woodbury.,
: thought tney could not come down below sc
. venleen or eighteen millions. but he thought the
could come To that. However, at the extra sesso
the promised reform and ,retrenchment'' wer
would be carried out; and, if they were comne
why strike out the provso, the s. 900 900 treasu
: ny notes would be sufficient until the reforms coult
! be effected 1t was really amusing TO see how gen
tlenen differed in the estimates, who had hthert,
: | expressed so much establishment at the difference
OF one or two millions IN the result of mere est
8 mate. Why, they had estimates for the year of tn.
imports at twenty per cent, which showed differ
8 encs ot-what! Oae two 4! three four millions
Mo- butt difference eff 000, 600! And yet they talk
ed with certainty! AT the extra 8. ssien the receipts
from the ~ per cent IN the year lsi2 in Of Mr.
Ciay's projes, was estimated at S25, 395 600: the,
h had anster estimate of $50, 96S 600 I; another o
, | SO SSW0 and another of s22 5O0,0OO
thus Mes-s CLAY, EwISo and PHILMoRr differ
u ed from themselves as they also differed from the
S present secretary who estimated the receipts N
| fifteen millions and halt, 10 which he added three
y millions; which should not have been more thar
two millions and a halt, oniea, coffee. Here ,hel
they had variation from SIS, 10000. to $6, 1885,
e 0OO making difference of S7yOOO,0O0 within
traction But were they NOT 10 get more than
S3,OOO,000 In lS42 from what was received in the
asst quarter OF lSil, and was nothing to be put to
the credit of 1913 from the last quarter of 1872 The
: one would be more than all effect to the other Blu
again gentlemen seemed to have forgotten that 10
the flrst quarter OF 1872 they received more than
twenty per cent as the reduction, and come into
operation until the first of july and that difference
I would amount to al least million and a halt of
dollars BY amounts then, presented yesterday
n he was satisfied there you'd be enough unless the
spent twenty, twenty-five OR thirty millions They
could spend eighteen millions and be above board
leaving something for contingc ncles But if there
was doubt on the subject why should they strike
out this provso Why should they not wait until
: they saw what amount could be reduced land wheth-
er there WIS TO be any change in the tariff and until
they saw whether the land bill was TO be repealed
which would give them three or three millions and
| half.
Mr. CALHOUN regretted that the AMENDING Mt had
peen reported by the committee, for as far as he
was able 10 Judge, there disposition on his
slde OF me house TO acquesce in this bill and let il
| 4