The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-01-25
@ o ~ gress on q !.
WAsHINeToN, Jan. I2, l942.

In the House of Representatives, the trial was
again repeated by the friends OF the repeal of the
bankrupt Act, resulted in going into Committee of
the whole again on the Treasury Note bill.
p MIR J Lloyd opposed the bill at some length.
Mr. Arnold supported the bill, stating that he
should vote for the bill TO relieve the pressing
,nencies of the Government, for the permanent
supply of whose wants resor, should be had to a
system of DUTIES not regarding the free trade cry
or &c tlemen on this floor.
Several motions for adjournment, and tor going
again into Committee, having been madeun which
the Yeas and Nays were called number of times,
The House adjourned.
In tho Senate great numbers of petitions were
presented from New York by Messrs Wright Tall
madge, Walker and Clay on the subject OF the
bankrupt Law, and an, with one exception, re-
mons,rating against its repeal or suggesting amend
ments.
MIR CLAY said that he had been requested by lot
ter 10 speak in favor Of the prayer of the petition
presented by hun The question not now de-
haable, and all he could say was that the memo
,aIists had his profound sympathy, and he regret
tod that any disposition manifested to repeal
so benefcent an Act
The Exchequer plan debated by Mr. Mer-
rick who held that they were bound to exercise
the puwer givon them by .he Constitution to fegu-
late The currency, and that the other systems OF
finance being out Of the question, this last al
formative should be resored TO, which was not so
abhorent in many respects had been commended;
and by Mr. Sewer, who said he could not see how
sny who voted for the bills last summer could re-
fuse thisior which he could not vote in It's pfes-
dcd to SUI btm'
In the Senate to day, Messrs Huntington, Man.
gum, Tamadge, Miller, Wright, Henderson,, For
Ter, Kerb Buchanan, Berren. Merrick and Clay
prese nted petitions, principally from New YORK,
aeans, the repeal or postponement OF the Bank
rupt Law
hills considered, without final action
rThe Exchequer plan was debated at great length
by MIR Benton, who opposed it and recommended
return to the Suh-rreasury System
'yhe debate on this subject was then terminated
nv The reference Of the plan TO Select Committee
~ Which Mr. Talmadge no doubt will be chairman
boving made the motion for its reference.
In the House. Mr. Stanley gave notice that he
should introduce when in order, resolution pro-
vidinq for the discharge of the Committee of the
Whole from any bill at any given time He said
from the course pursued on the treasury Note Dill
now under consideration, it was demonstrated that
aueh n resolution was indispensable to the trausac
ton of public business.
NV q Davis gave notice of resolution to rees
tabljsh the one hour rule.
Tho House after some further conversation or
,hc subject of closing the debate, went again into
Committee Of the Whole, and resumed the consd
Grafton Of the Treasury Note Bill
MrJ r Ingersoll, in very able speech, deien
ded the bill, expressing his preference for a oar
over Treasury Notes, but showing that by the prn
cipies of the bill both the system OF Treasury
Notes and OF loan were unteu, el'het 10 Oe Plao
ticed as required by the interest of the Govern
Mr. Gilmore opposed tho bill as it now stood.
Mr. Everett of VT, after much INDIGESTION, ant
having uniformly voted against previous Treasury
Note Bills, concluded that he should vote for this
;f an amendment which he should offer, limilin;
The mower of the Executive under this bill to tat
nresept session of Congress were adopted; the 90
;ect Of which was to force Congress before they ad
;ourned 10 adopt some permanent system oil reven
ne on which, as well as system OF hanance' n
hoped thew would at this session act. lie san
that the causes had operated and were operating .
produce a scarcity of money in the country; among
which was The population of the States, and tn
enormous drain of specie from this country IN pay
ment for foreign goods which had been ordered u
lappc quantities. in anticipation of the duties whcl
are expected to be laid this session. He stated tn
fact that on his way here, he was informed at Bos
son thar in the last five six weeks one-third o
she conital of their banks had been exported, AM
hv iris time he presumed it amounted to one half
~ ,ooi, a 20 be the same with the Banks of New
WorIe from which the Banks of both cities wer
greatly endangered; and with him 1t sods not a
fnnrobaLIe oDiniou that these Banks and the Bank
rbs Eastern country aooutd in the end be 6rough
~ susnend spceie payments. They should act uE
~ ,ha T,ons;itutiona al mode OF Tariff, and rails
rsyenue suIicien: for the wants OF the country
and relieve themselves from the necessity ei'he
of a Loan or Treasury Notes. ..u
The House adjourned about SIX CLOCK, uh 10
morro,y and the Senate adjourned to Monday;
'"'''0'' " Friday, Jan. H.
In the House, attempt was MADE 10 susPen
A.. .,io Cav of receiyinq pettionS, and nnatI