Lexington union. (Lexington, Miss.) 1838-18??, 1842-02-04
CONGRESSIONAL.
The Bankrupt Act-Plan Of Finance, &c.
Correspondence of the Journal of Commerce.


In the Senate, TO day, several petitions
we're offered against the repeal of the
Bankrupt Act. Mr. Calhoun sympathis.
ed those who were suffering from the con-
sequences of bad legislation. and the ex~
cesses of the paper system, but he could
not support this law because it was uncon-
stitutIonal- being an insolvent law in
stead ola bankrupt law. Mr. Clay made
a few remarks on the subject, from which
il appeared that he was in favor OF carry.
ing The law into execution, but had some
fears of its repeal, in consequence Of the
disposition manifested towards it here,
and in the other House.
But all fears of the repeal of this bill,
are in, in my opinion, idle. There is
scarcely time to carry bill through both
Houses before the lst of February. There
10 no knowing when il can be got up in
the House. The Senate, though 10 favor
of postponement, may not 60 for repeal,
and the President MAJ veto it. Taking
all these chances into consideration, re-.
peal will be very difficult.
Plan of Finance
Mr. Merrick, OF Md. spoke on this sub.
ject, and more decidedly in favor of the
plan than any one who preceded him. Mr.
vi. argued that it was necessary for Con.
grees 10 do something. The people ex-
pected something from Congress. They
would not be satisfied with the excuse
that we had such variant views of the mat
ter that we could not agree upon any
thing. Who proposed to return to an ex-
elusive currency? That was impossible
Something, then, must be done, for the
restoration Of sound currency.
My opinion is, SAID Mr. Merrck, is that
this bill is capable of producing a great
deal OF good--not all, perhaps, that we
could desre-but all that is now attaina.
BILE. 1t would give US safe and uniform
currency, and would equalize our ex-
changes. Gentlemen found taul, with the
magnitude of The powers conferred on the
EXecutive-but Congress after all, had
the supervision and control of the whole
system.
Ii gave no more power 10 the Executive
than Bank of the United States would
give to a corporation. Mr. Merrick urged
the necessity of settling this question, and
stopping all further agitation of it. The
country was sick of it, and demanded
that it be settled. He replied to some of
the arguments of Mr. Walker against that
part of the bill which furnishes a govern
ment paper currency; cont.nding for the
usefulness of sound paper system, in
preference to hard money government.
He urged the Senate to dispose of this
question without delay, in order thot they
might proceed TO act on other important
subjects. We were called on TO arm-to
prepare for war--and could we do it be-
fore this question was settled No one
could have witnessed the feelings Of the
Senate yesterday when our relations with
England was touched upon, without seeing
that those relations were in critical con.
dition.
MIR Sewer followed, and expressed
much sympathy for The disresses of the
Wing family. He offered himself as a
paclficator, and undertook to tell them
what they were quarreling about. He
showed that they had come into power by
promising every thing to every body, and
failing, Of course, in every thing, they
wanted to lay the blame on Capt. Tyler.
But if Capt. Tyler would only pledge him
self to retire at the end of this term, there
will be no difficulty among the Wings as
to receiving this bill from him. He
showed that the bill was much less ex-
ceptionabe than either Of the two Fiscal
Banks which the Wings passed last year
and if they could swallow them, they
could swallow this.
Eo would support this plan, provided
it should be so modified to suit HIM. But
unless it was essentially modified, he
should vote against It.
MIR Benton took the floor for tomorrow
and the Senate adjourned.
In the House,
Mr. Fillmore having made the Inquiry,
as TO what was the order OF the day, and
being answered that petitions were in or
der, moved suspension of the reception
of petitions for this day: Agreed to-.
Mr. Fillmore then offered resolution
that the debate on the Treasury Note Bill
cease tomorrow al 2 O'clock, in commit
tee of the whole.
The motion was lost, two.thirds not vo.
ting for il.
Mr. Fillmore then moved that the house
20 into Committee of the whole.
On this motion the yeas and nays were
and it was decided as follows:
yeas l03, nays %. Carried.
The Treasury Note Bill.
IL a. 4 L..