Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-08
3Y LAST NIGHTS MAl..
CONGRESS-.
Thursdays Proceedings.
SES ATE

SENATE
Tie morning hour taken up in the presentation
Of petitions several Of which adverse 10 the repeal
| Of the Bankrupt law.
Many bills were also reported back from committees
and others considered and ordered to be engrossed for
| third reading.
The engrossed bill for the relief Of Margaret Barnes
The widow Of Elijah Barnes, was read the third lime
| and passed.
| The remainder Of the day was occupied by MIR
Woodbury. in the discussion Of The Board Of Excleqner
bill, and the proposition 10 refer II To select committee
| OF nine. lie dwelt briefly on the importance of The
measure under discussion and the pr0priety consider
ing the source from which II emanated, of giving it
full, impartial, and mature consideration by Il com.
mttse lie did not anticipate, however, that the Ia
bors of that committee would result in any mportan.
compromise between the friends and opponents Of the
measure. He did not believe that any measure
| could be matured BY The committee by Congress-
10 remove the present dlstIesses of the country IL
was distress perradlng the whole commercial world,
which he attributed to reckless disregard the proper
principles OF trade and failure confine it TO legitimate
bounds. He was in favor Of committing the plan Ia
see if there anything in lis real essence bones and
muscles without reference to its origin and parenage,
that could be made useful in saiekeepng and discussing
the revenues lie opposed this plan only on grounds
Vt expectancy, but constitntionnlly and maintained
that there power under the Constitution author.
zng the Government to make use Of its deal in
exchanges. AS regulator OF the currency, he showed
that II would not only not prove beneficial, but de-
4
deprecated currency, there no visible means
whereby the Government could redeem The paper pro-
posed TO be issued BY II, and keep il al par He drew
parallel between this scheme and The plan recommend
ed by Gen Jackson, and showed that whilst this pro.
poses that the Cove shall broker and deal
exchanges, that plan wholly repudlaed it, that Wills,
this proposes to make paper currency by the Govern
ment, that adverse 10 H. lie was opposed 10 CIV.
ing the custody OF the public money and the regulating
OF the and exchanges the hands of any
Government Board of Control, but argued, if il were
necessary that there should be board 10 regulate
the currency and exchanges, it could better be done
| by the States commercial cities, than Ly the Ma
tional Government lie in favor Of separating the
control Of the of the country entirely from tho
questions of currency and exchanges; The first he be-
leved belonged to the Government, aad the latter
the commercial community lie showed that the ex.
changes could be conducted much cheaper by ndivdu-
al brokers and by banks than BY The Government snd
tina, if the Government should attempt, through
Board 10 sell exchanges cheaper it would be Cypress.
i've to the community because, allowing the utmost
capacity TO this p!aD II could only furnish hundred
millions of exchange, whilst the wants Of the com
munty required five hundred millions. Therefore.
by selling the one hundred millions cheaper
than it could be furnished by bankers and brokers
which doubt would be done TO political favor
tes-it would TO that extent he depressing fourfhs
Of the community TO benefit one.fslh. Mr. w. saw nc
middle ground Of compromise between the Sub-Tsea-
sury and National Bank. The first, il conceded
by all parties was CONSTITUTIONAL; but the entire De-
mocratic party believed Bank of the u. s. 10 be
constitutional. Therefore lie argued that the Demo.
cratic party could not compromise by yielding support
to my scheme with the attributes OF Bank; but ii
there any concession or compromise, it should nc
by the Wing party, who had constitutional scruples
about the Independent Treasury, which the only
measure, u substitute, he believed the Democratic
party could propose. He said the Bank Of The L. S
had been vetoed, the State bank deposte system repe
dated, and the Sub Treasury repealed; and he there
fore could fully appreciate the delicate situation Of the
President There was not much left him to do undes
the circumstances. lie could well sympathize and
commserate his position. Therefore, whilst he be.
lieved that il the States did their duty, by compelling
the banks TO resume the payment Of specie, the evils
Of deprecated currency would soon disappear, and
The medium TO equaze the exchanges be made good
yet he willing to do all that his oath to support tho
Constitution would permit, 10 rid the country Of the
evils complained Of.
After MIR. Woodbury. concluded,
MIR. Evans obtained the floor; but, without proceed.
ing.
The Senate adjourned I'LL Monday.
HOUSE OF REPRESENTATIVES.
On motion by MIR. Fillmore the House resolved itself
into Committee Of the Whole the state of the Uni
on, mir. Hopkins of Virginia, in the Char and took
up the bill providing for the issue of FIVE millions of Lol
lars of Treasury notes
Mr.. Fillmore briefly advocated and supported tie
bill.
Mr. Garrett Davis made some remarks in opposition
to il; and
Mr.. Wise replied 10 MIR. Davis, suggesting, in ths
course of his remarks amendment which he sub
mted at the close Of their providing that the proceeds
of the sales of the public lands shall be applied 10 the
discharge Of the Liabilities OF the Government, and that
Treasury notes shall be issued 80 long there
funds arising from the sales Of the public lands in the
Treasury; but that when there such funds in the
Treasury, notes may be issued, &c.
Mr.. Fillmore hoped his friend from Virginia would
withdraw his amendment The Treasury was in
mediate want, and if, said he, have debate
the repeal of the Distribution BILL it will not be end
ed before the dog days MIR. Fillmore also opposed the
amendment out Of order, because of its ncongruity
with the subject fthe bill
On motion by Mr. Weller,
The committee then and reported progress when
The House adjourned.
The Globe promises full abstract of Mr.. Woodbu-
rvs able speech, on the Finance Scheme. We hope
publish it OH Tuesday.
We thank Mr.. Wise cordially for proposing such
amendment to the Treasury Bill, goes to re-
neal Of the Distribution law Of the last session.
FARMERS BANK OF VlRGlNIA.-The Board OF Directors
declared Dividend of three per the Capital
Stock Of the profits Of the Institutions for the last six months
deduction the stock Of Of
cent. bonus to the state j. g. BLAIR, Cashier.
January 9th, 1872 14-9wif