The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-07
ymemtp=Sroenth Congress.
SECOND SESSION..
IN SENATE,
HUDsoN.
THURSDAY, January 6, 1912.


THURSDAY, January 6, 1912.
| Mr. HENDERSON presented a memorial from a
number of citizens of New York adverse to the post
| ponement of the Bankrupt law.
Messrs. PORTER, BERRIEN, and CLAY, pre-
| scented memorials ola similar character
| Mr.. Will TIE 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 Lee
gislature of the State Of Vermont, nstrucng their
Senators and requesting their Representatives to
vote for an amendment of the Constitution OF tie
United States so as to restrict the eligibility of the
President to single term also for the passage Of a
law designating the same day throughout the Union
for the election Of President and Vice President and
| to use their exertions toprocure protective tari
Petitions were presented BY Messrs. SEWER,
WRIGHT, PORTER, MOREHEAD BAR
ROW, SMITH, ofIndiana, and the PRESIDENT
J pro tenn.
On the motion of Mr., PHELPS, it was resolved
that the Committee on Pensions be directed to in
quire into the expedency of placing the names of
Nathaniel Stafford, and Rosa Prince widow of
| soldier of the Revolution, on the Revolutionary
roll of pensioners.
| On The motion of Mr.. WALKER, it was resolved
that the Committee the Post Office and,Post Roads
be instructed to inquire into the expediency ofcont
| nuing the post route from Tuscumba TO Holly
| Springs, etc.
| MIR. MERRICK introduced bill for the relief of
| the heirs of Francis Newman, deceased and
| Mr.. CLAY introduced a bill to amend the act en-
| titled an act to amend the several acts respecting
copy rights which were severally read first and
| second time, and referred.
Mr.. SMITH, of Indiana, from the Committee on
Public Lands, reported the bill for the relief OF GER
tain settlers, who deprived of the benefit of the
law granting prescription rights and the bill to
amend the act distributing the proceeds Of the sales
of the public lands among the States and to grant
presumption rights, with ain amendment.
The bill for the relief of Margaret Barnes, the
widow of Elijah Barnes was read third time and
passed
The bill for the relief of the heirs and the legal re-
representatives. of Aaron Vail deceased late Consul at
L'Orient the bill for the creation of land dis
trict in the State of Missouri and changing the boun-
dares of the Western and Northwestern land district
in that State the bill to provide for the settlement
of the claims of Louisiana for raising and equpping
militia companies employed in the Florida war !;
the bill for the relief of certain companies of Mis-
souri, volunteers called into the service of the United
States in the years 1896 and 1889 the bill for the
relief Of the heirs of Daniel Pittbone deceased the
bill authorizing settlement, equitable conditions
with the attorneys legal representatives 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 debts due to the United States and the bill to
grant to citizens of Arkansas certain lands, on
condition that they will surrender those held by
them for military purposes were severally cngrossed
for third reading.
THE BOARD OF THE EXcHEQUER.
The motion to refer the plan Of the Secretary OF
the Treasury to select committee, was announced
by the Chair as the order Of the day.
Mr.. WOODBURY. addressed the Senate for more
than two hours upon the subject and, in the
of his remarks said that he in favor of reenact
ing the first principle in the bill with regard to keep
ing the kind of money to be received from that which
was to be created; for, when this was done each
would stand on its own foundation. He would sup
port this proposition, if it could be enacted into
law separately from the remainder OF the plan but
that it would be done, he felt no confidence. This
would be similar to the Sub-Treasury, which was
passed in 1897 and if any thing like compromise
should be presented, he would prefer that simple
plan, which cost only thirty forty thousand dollars
to put it into operation, to the presented
which would require from three to four hundred
thousand dollars for the same purpose. As to the
dealing in private exchanges with the public money
it was not only njudicous, but unconstitutional and
with regard to creating paper currency for the pur
poses of the people, it neither in accordance with
the spirit the letter of the Constitution, and this
fact would be made apparent by reference to the
debates in the Convention which framed that nstrlI
ment Mr. Langdon said that he would rather reject
the whole plan than that the three little words and
emit bills" should therein be Incorporated for he
conceived that this would give the Government the |
power to issue paper currency. Another member |
said that to strike out these words, would shut the |
door to paper money and MIR. Wilson observed that |
it would have salutary effect on the credit Of the
United States, and prevent the possibility Of
thorizing emission Of paper money. All that Mr. |
Madison said upon the subject was, that the power
to borrow money existed, and that out of this power
Treasury notes could be used; but he did not believe
that they could be used paper currency, for the
reason that the striking out of the words aud emit
bills, struck out the pretence for paper currency y
and these words were dtincty marked in italics by
that distinguished statesman. So far the issues of
this Board of the Exchequer were concerned, in five
millions of depositcs from individuals, fifteen millions |
Of Treasury notes could be issued. Now, if one |
half Of these depositors should present their cer
Gates for redemption and take away one-haf of the
amount deposited, there would be but two and half |
millions with which to redeem the fifteen millions of
Treasury notes and, if all the depositors were to
withdraw their money, there would be nothing upon
which these notes could rest and they would in that
event, have nothing but rag bank 1t said in
The report, that this project Of the Secretary would
improve the currency and prevent over-ssues; and
yet, one of its ojects was to go forward itself and do
hat which it expressly claimed to prevent the State
banks from doing In the year 1894 in the course of
TX months, the Bank of the United States expanded
nearly fifty per cent. from sixteen TO twenty -four
Millions but this plan proposed to increase its circu
alton two hundred per cent instead of fifty; and this
90 in the worst kind of paper money, with thou
and dollars of which, in the course of two months,
breakfast could not be purchased, as the case
With the Continental money.
Mr. EVANS obtained the floor, but gave way to
Mr.. PRESTON, on whose motion the Senate ad-
burned until Monday next.