The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-04
COMPASSIONATE Gongrcse.
SECOND SESSION
IN SENATE,
MONDAY, January 3, 1912
THE BANKRUPT LAW.

Mr.. WRIGHT presented three several petitions,
signed by about hundred and forty merchants,
mechanics, and Others OF the city Of New York, pray
ing for a suspension of the Bankrupt law for two
months from the first Of February next petition,
signed by between seventy and eighty citizens, princi-
pally merchants of the city of New York. suggesting
variety of amendments 10 the Bankrupt law; also,
petition signed by upwards Of hundred merchants
and Others OF the same city, praying for postpone
ment of the Bankrupt law and memorial from the
New York Chamber of Commerce, suggesting certain
amendments to the Bankrupt law.
Mr.. BENTON presented two petitons-one pray
ing for the repeal of the Bankrupt law and the other
to postpone its operation, to afford time to amend
so as to include banking corporations.
MIR. BUCHANAN presented petition from nu-
merous citizens of Philadelphia, praying for amend
made, that the act be repealed also, petition from
one hundred and five voters of Warren county, Penn
syvana, protesting against the confirmation of the
treaty with the Seneca Indians.
MIR. CALHOUN presented petition asking for
repeal of the Bankrupt law and a petition from a
convention, lately assembled in Tennessee asking for
an appropriation by Congress for the improvement of
the Tennessee river
AMERICAN PRISONERS AT AUSTRALIA.
Mr.. WOODBRIDGE presented petition praying
for the mterposition of the American Government
with that of Great Britain for the release Of the
Patriots who were engaged in the Canadian revolu-
ton, and who are now confined at Van Deman's
Land, in Australia
Petitions were also presented by Messrs. CHOATE,
BAGBY, STURGEON, and TAPPAN.
THE VICE PRESIDENCY
Mr. PRESTON submitted resolution, which
adopted, instructing the Committee on the Judi
ciary inquire whether any further legislation Re
cessary, in case Of the removed death resignation
of the Vice President Of the United States or of the
President OF the Senate, and to report by bill or
otherwise.
MIDsHPMEN IN THE NAVY
On the motion of Mr.. BARROW, it was resolved
that the Committee Naval Affairs inquire into the
expectancy of regulating, by law, the appointment of
midshipmen in the Navy, according to the represen-
lative ratio Of each State in Congress.
The resolution submitted by Mr.. Barrow on
the Both utmo, directing the Secretary of the Navy
to communicate TO the Senate list of the names Of
the midshipmen appointed from the LIST day of Janua
ry, 1887 to the Goth of December, 1S41 and state
ment showing the places Of nativity of all such mid
shipmen and also their places of residence at the time
Of their appointment, was laid upon the table
WEST POINT CADETS
The following resolution, submitted by Mr. Ora
HAM on the Both ultlmo was adopted, viz
Resoired, That the Secretary of War be directed TO
inform the Senate what is the present number OF ca
diets in the Military Academy at West Point from
each State and Territory of the Union, and from the
District of Columbia; what regulation, if any, exists
in the War Department respecting the appointment Of
cadets so to apportion them among the several
States whether the whole number of appointments
has at any time exceeded $50; and if So at what
time times and whether, when vacancy has &C
Cured in the corps of cadets from any cause,
cessor has been uniformly appointed in the same Con-
gres ona district from which his predecessor had been
selected.
Mr.. BATES introduced bill to refund balance
due to Massachusetts for expenditures made by that
State during the late war with Great Britain which
read first ard second time, and referred.
The bill TO authorize the State Of Louis ana TO sell
the lands heretofore appropriated for school purposes
| and the bill for the relief of the Selma and Tennes-
see Railroad Company, were severAly read third
time and passed
The bill allowing drawbacks on merchandise eI-
ported in original packages to chihuahua and Santa
Fe, in Mexico; the bill TO allow pensions TO certain
invalid Cherokee warriors and tho bill granting pen
| sion to William Rand, were engrossed for third
reading
THE BOARD OF THE EXCHEoUER
The motion to refer to a select committee of nine
the plan OF the Board of the Exchequer, was an
nounced by the Chair the order of the day.
Mr. HUNTINGTON said that this scheme had
been presented to those who had heretofore contended
against Executive power and Executive patronage, as
panacea for the distressed state of the exchanges
and the currency twas the plan in its leading fca
lures which had been Swallowed forth in the message
ofa former President, General Jackson and in re-
ference to which, he, at the time (beng member OF
the House OF Repre-, entatives) said that no member
of that body would hazard his reputation in advocat-
ing il and, at that PERIOD he justified in the as
sertlon he was now, as he was then opposed to any
such experiment as this because in its Gov eminent a
relation it would be injurious and unsafe; il was
Government Bank, and partook of the character of
bank in every thing, with the exception Of the power
to discount promlssory notes because, with regard
to any ben6c al effects upon the currency il would
be ineflcaclous and, because, as political machine,
1t would he destructive in its consequences TO the ii
berries Of the people Besides, it. gave the Govern
ment control the revenue and the credit Of the
country power which he would not rive to private
clizens, much less TO public man, however houora-
bic he might be no not even to the Father Of has
Country for no precedent in the history OF the coun-
try existed tor the investment of so much power in
any this scheme bestowed upon the Pres
dent This project was, in his opinion, Govern
mcnt brokerage and, in looking the second
veto of President ylcr, he found this name given to
It, not in exact words hut ii there called "grtat
national brokerage. The Executive, last Summer
returning the Fiscal Corporation III with his obi
tons To IL, gave reason for doing 50, that, II
should 20 into operation, the banks could not resume
Now, If the Fiscal Corporation would have had this
effect what would the plan which was now
proposed be Instrumental in accomplishing II
would certainly have the effect of producing that
very state of things which the President was so anx
ous to avert because the issues of the Government
would come INTO an injurious competition with those
OF inc iocal HlstNutois Dut apart from TINS beng
Bank, controlled by board Of control it was Bank
without dollar OF capital. lie knew that Treasury
notes considered part of the capital but those
were merely pr0missory notes to satisfy public cred
itors-and, there the five per cent stock in adj
dition What else Why, the gold and silver deposited
by individuals, and which certainly formed no part Of
the capital And here institution, without /
dollar of available MEANS except the revenues of the T
country, upon which to operate; and this was TO be
collected form the basis ofthe issues, notwithstand
ing large deficit of six hundred thousand dollars now
existed, and deficit Of fourteen monstwould exist
at the end of the present year and yet the plan pro-
posed TO issue three dollars to one in bills Of exchange
and Treasury notes! He then examined the subject
in detail, and concluded his remarks by observing
that, as the project now stood, no American citizen
could support it, because it involved power which, if