The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-12

Mr.. PROFIT raised the point OF order, tina, the
report OF the Committee the Judiciary Of BIZ TO
frpeaI the Bankrupt law, had Saturday been male
Tho special order oftLis day uGA
Some inquiries, objections and explanations, passed
between Msssrs Floyd, Warren, Henry, Fillmore,
and the Speaker. 49, st.t Hfs2 sl
Mr.. MARSHALL insisted ON the REF ort Of the
Commtse on the Judiciary, as The order Of the day,
under the vote Of Saturday. gg
The SPEAKER explained his decision, and
showed reasons fort, from the rules and the general
principles of parliamentary order. -str,ag}
Mr. ATHERTON made some inquiries and re-
marks on the decision
Mr. MARSHALL appealed and on the appeal
moved the previous question; which ordered.
On the main question of the appeal,
Mr.. GRANGER called for the yeas and nays or
dered.
The House sustained the decision Of the Speaker
for the decision IT. against il "a.
Mr.. FILLMORE then moved TO postpone the
ception OF petitions for this day for the purpose Of
moving that the House resolve itself into Committee
Of the Whole on the State Of the Union.
The SPEAKER decided that vote of two-thirds
would be required to carry this motion
The yeas and nays were ordered on motion OF Dir
GAMBLE
The House voted to postpone--yeas Isl, nays So.
MIR. FILLMORE moved that the House do now
resolve itself into Committee Of the Whole on the
state of the Union.
Mr. PROFFTT asked il reports of committees
The Speaker assented.
The House voted to go into commitcc--yeas 1906
nays 1903.
Mr.. HOPKINS then resumed the Chair in Com
mittee of the Whole on the state of the Union, hay
ing under consideration the
TREASURY NOTE BILL.
Mr. UNDERWOOD spoke in support Of the bill
tie had no constitutional scruples on this SUBJECT
He thought that the Government had the same right
as private individual to liqudate its debts in this
way. The right TO issue notes form Of debt and
an acknowledgment of obligation was, however, to-
tally different from the right to issue them as
rency,-to issue them with that iec and for that
purpose. Their incidental use Gas now proposed TO
be issued by the holders, for their convenience
| was matter, for which the Government was not
| responsible and in which it had no concern He
preferred the loan system TO the Treasury Note sys
tenn, and would now advocate loan if it could be
| procured at sir per cent But they were well in
Il rmed by the Chairman of the Committee of Ways
and Means, by the Secretary of the Treasury, and
by others, that loan those terms, for pro-
| longed term, was not now Immediately attainable.
The wants of the Government were Immediate. His
| eloquent colleague (Mr. Marshal) had yesterday
urged the negotiation of loan at even the adj
vanced rate Of screen per cent. las recommended by
Prime, Ward q King in preference to the Treasury
notes. But the evils Of the National Government thus
setting the example Of his increased ofnerest
insutmountabe objections to such Its IN
fuence upon the credit, both of the Union and the
States, would be far more disastrous than that of the
issue Of Treasury notes. All of the indebted States
had borrowed money at SIR per cent. and under, and
the negotiation Of loan at per cent. by the
General government would farther depress the value
| of State stocks and State credit
he called the attention ofthe House moreover, To
practice which had grown up under the last Admins
| traton since the issue of Treasury notes. OF the
Treasury Department depositing portions of them
discretion, in various State Banks funds against
which they might check for specie bank paper
within certain limitations as TO the time Of with
drawing the whole amoun--as for instance
| -one-hat in three months, three ourtEs in SIX
/ months, the remainder perhaps in nine months
and SO on. This practice, unwarraned by law fur
nshed great oppori unties for avortsm the pat Of
/ those in the Administration Under this usage the
i Government agents were moreover in the habit of
paying dues in deprecated bank notes and OF shaving
even poor pensioners thereby His principal object
| In ising at this time, was TO propose an amendment
designed TO obviae this evil by prohibiting the issue
of Treasury notes any but the actual creditors of
the Government He then offered amendment to
1 that effect.
i Mr. GAMBLE addressed the Committee on the
bill He gave his for supporting the issue of
Treasury notes in the present peculiar emergency.
II the opposition to the measure now could be
managed that the punishment could fall the sin
ners, the real authors of the present evils he would
be glad to apply the rack to them. But il was the
poor man, the laborer, the Goyernm ent creditor
whose claims required this provision, and he would
support the measure because the sufferers by the evil
and not the authors Of it, were involved in the
sure. He had always opposed the Treasury note
i SYSTEM and was still opposed to it permanent
measure. He advocated it now solely as ten pora-
ry relief He gave history Of the Treasury note
system not only since 1887, but at former period in
1872 and discussed it as proposed substitute for
funded debt which was the good old-fashioned sys
tenn. He upon the policy of the former
Administrations who, by their war upon established
systems of finance and currency, had caused the pre-
sent distresses
MIR. FEsSENDEN advocated the measure, on 81
milar grounds.
Mr.. DEAN opposed the bill because it proposed o >
y temporary adoption of tae I'll sury noe system
and contained recognition of the expediency of
loan, He spoke for time against the Wing
party generally.
Mr.. JOHN G. FLOYD then obtained the floor.
Mr.. THOMPSON, of Mississippi moved that the
committee rise The committee refused--6l to 93
MIR. FLOYD spoke for time against the bill
Many members having left the hail.
/ Mr.. L. w. ANDREWS called the attention of the
committee to the fact that there quorum. lie
moved to rise. Tellers demanded on the mo-
ton; and Messrs Weller and Pope weresappointed.
The vote stood 43 to 65,-no quorum. The com
mittee rose and reported the fact to the House
! MIR. THOMPSON, of Mississippi moved to adj
joum; on which the vote 50 to 10. A quorum
appearing on this vote, the House returned into COM
mittec.
| The seats being again mostly vacated after M
Floyd resumed his remarks
Mr. ANDREWS again moved to rise. No quo
rum appearing on the VOTE the Committee and
| again reported the fact
MIR. VAN buren, moved to adjourn. Refused
Yeas SIS, nays 81.
1t was again moved to adjourn. The yeas and
nays being ordered, the motion was withdrawn.
MIR. ANDREWS moved call Of the House
Mr.. ADAMS renewed the motion to adjourn
which was carried Yeas 60, nays 54
The House adjourned at quarter past four
o'clock.
Wei expected more general expression ofopn-
ion by the Wing press in regard to the amendments
to the Constitution proposed IN the Senate ofhc Uni
ted States by Mr. Gay. Their Importance should