Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-10
TwENTY-sEvENrm CONGRESS.
IN SENATE,
'ruuasn.x Ian A. 1910

lhuNpAt, Jan. o. 1879.
Mr. HENDERSON presented n memorial (lom .
number of citizens OF New York, adverse to the
Io.tponement OF the Bankrupt law.
Aessrs. PORTER, BERRlEN, and CLAY,
presented memorials OF similar character.
MIR WHITE presented the resolution Of the Ge-
neral Assembly Of Indiana, suggesting further APP
preparation for completing the national road within
the limits of that State.
Mr. PHELPS presented the resolutions of the
Legislature Of the State of Vermont instrucins
their Senators and requesting their Representatives
TO vote for an amendment OF the Constitution OF the
United States, rs TO restrict the eligibility OF the
President to single term; Also for the passage Of \
law designating the same day throughout the I'M
ION for the election of President and Vice Presidents
and to use their exertions TO procure n protective
tariff
Petitions were presented by Mesers. SEWER,
WRIGHT, PORTER, MOREuEAD, BAR
ROW, SMITH, of Indiana, and the PRESI.
DENT PRO TEN.
On the motion of Mr. PHELPS, i; was resolved
that the Committee on Pensions be directed TO in
quirc into the cxpcdency Of placing the names OF
Nathaniel Stafford and Rosa Prince, widow Of n
soldier OF the Revolution, on the Revolutionary roll
OF pensioners
On motion of MIR WALKER, it was resolved
that the Committee on the Post Office and Post
Roads be instructed to inquire into the crpediency
OF continuing the post from Tuscumbia TO Hol-
ly Springs, etc.
MIR MERRlCK introduced bill for the relief of
the heirs OF Francis Newman, deceased; and
MIR CLAY introduced a bill to amend the act
entitled an act TO amend tho several acts respect
Ing copy rights; which were severally read first
and Il second time, and referred.
MIR SMITH, OF Indiana from the Committee
Pubic Lands, reported the bill for the relief GER
tain settlers, who were deprived OF the benefit OF
the law granting pre- emption rights; and the bill to
amend the act distributing the proceeds Of the sales
oi the public lands among the States and TO giant
pre- em7tion rights, with an amendment.
The bill i"s the relief of Margaret Barnes, the
widow OF E'yah Barnes, was read a third time and
passed
The bill for the relief of the heirs and the ecal
representatives Of Aaron Vail, deceased late Con.
sui at Torrent; the bill for tho creation OF a new
land district IN the State of Missouri, and changing
the boundaries OF the Western and Northwestern |
land district IN that State the bill 10 provide for the
cquipping militia companies employed in the Flori-
DIN war; the bill for tho relief of certain companies
OF Missouri volunteers called into the service OF the
United States IN the years 1886 and 1889; the bill
for the relief Of the heirs of Daniel Pittibone do.
ceased; the bill authorizing settlement on cquila.
Die conditions, with the attorneys or legal reprcsen.
tatveS OF persons having claims under three several
treaties between the United States and foreign
powers, out Of the money which has been retained
in the Treasury IN payment OF deb,s due to the u
States; and the bill TO grant TO citizens Of Arkansas
certain lands on condition that they will surrender
those now held by them Tor military purposes were
sevcrally engtosecd for n third reading.
THE BOARD OF TIE ExCHEQUER
ne mouon 10 refer the plan of the Secretary OF
the Treasury select committee, was announced
by the Chair the order OF the day.
Mr. WOODBURY. addressed the Senate formore
than two hours upon the subject and in the course
OF has remarks sad that he in favor of re.en.
acting the first principle in the bill with regard to
Keeping the KIND OF money 10 be received from that
which was TO he created; for, when this was done
each would stand on its own foundation. lie would
support this proposition, II it could be enacted into
n law separately from the remainder OF the plan.
but that 1t would be done, he felt confidence
This would hc similar TO the Sub Treasury which |
was passed in 1887 and if any thing like com.
promise should he presented, he would prefer that
simple plan, which cost only thirty or forty thou
sand dollars 10 pat 1t INTO operation, 10 the one now
presented, which would require from three to four
hundred thousand doll9Ts for the same purpose
As 10 the dealing in private exchanges with the
public money, 1t was not only inludicious but in.
constitutional; and with regard TO creating paper
currency for the purposes of the people, it was
neither IN accordance with the spirit or the letter Of
the Constitution, and this fact would be made nm.
parent by reference TO the debates IN the Conyen
ton which framed that instrument. MIR. Langdon
SAID that ne would rather reject the whole plan than
that the three little words 'and emit bills" sbouIJ
therein I've ncorporated for he conceived that tins
would give the Government the power TO issue
paper currency. Another member said that IN
strike out these words, would shut the door TO pa
per money, and Mr. Wilson observed that i, woufd
n'vea salu'ary effect on the credit Of the United
States, and even prevent the possibility OF au,ho.
rlzing an emission OF paper money. All that Mr.
Madison said unon the subject was that the mower
10 borrow money existed, and that out of this pow.
or Treasury notes could be used but he did not be-
lieve that they could be used paper currency
Tor the reason that the striking out OF the words
and emit bills, struck out the 'pretente for n rqp,r
currency" and these words were distinctly ms, ked
IN italics by that distinguished statesman So faras
the issues OF this Board OF the Excheouer w,re
concerned, IN five millions OF deposiles from jnd,
viduals, fifteen millions Of Treasury notes could
be issued. Now, if one-half Of these depositors
Should present their certificates for redemp,on
and take away one-hali OF the amount deposited.
there would be but two and half milliooS
wan which to redeem the fifteen millions of
treasury notes. and, if all the depositors were IN
Withdraw their money, there would be nothing upon
winch these notes could resi and they would
IN That event, have nothing but rag bank Twas
Sald' IN the report that this project OF the Secrea
~ would improve the currency and prevent over u
issues and YET one of lis objects was TO 90 forward
llSeil and DO that which expressly claimed To nre
vent the State banks from doing. in the veor ls3l
~ the course Of SIX months, the Bank of the t-ni.
States expanded nearly 50 per cent. or from sly l
teen to - millions; but this plan proposed to increase
rs circulation two bundled per cent instead of fltv
and tins, too, in the worst kind of paper moocy' ;
with thousand dollars of which, in The course nj .
months, breakfast could not be purchased as was
The case with the Continental money
Mr. EVANS obtained the floor, but gaye way n
TO ' j.
MIR PRESTON, on whose motion the Senate ad. !
journed until Monday next, v
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