Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-06
II TIL GO0l. IL l. y -.
VI AsiiIneroN. Dc
UNITED STATES SENATE.


" AsnrneroN, Dee. -. ISL.
UNITED STATES SENATE
MEMORIALS.
Nh III cHAN,N presented memorials fruin AIer-
cans Manufactures md oihtreiizcns ot Pennsylvania
asking if Material alterations IN the Bankr upt Law
lof tn us repeal The memorials lad upon the
table.
Mr.. NftKfHfAD presented memorial from
Ifns a kenineAy rrsgag iar IL rIao the Bankrupt
Law.
AMENDMENT OF TIE CoNSITrI lion.
Nr CLAY n,r..lurr his iftcc aia rcs1l ii.,ns Pr,
rue aiasHaucnt ~ the Constitution IN three I'm
Isrtt8i particulars. as Z laHs
/ Fiff 7 restrict tit LEO Peaer 81 that majority
in Ncih fl9rses q tongues -.la =, sulicen for tie Il
nal ptssas af any bill wcn returned with oocfins by
ne iffaafhi 81 he United States: alsp. u make sono
a' rIiu n Tic -s q the serund paragraph Of the
st'gR'a st'a u the constitution, hy which Sunday
rhA.I " id d IN The ten DAYS allowed 10 the Presi
H'h' - ntlning the b IN his possession, and al
''rs'on asa ath shall feluf. bill t. be returned with
tffee DAYS aitsr hc commencement OF new session Of
Congress when tho ten DAYS slal not have oApired be
fcrc 'ht adjournment al, the prior session
Sr~oad 70 MAKE It incumbent OH the National I.egis
laturc. instead Of tho Executive. 10 appoint the See
rotary q TIN Treasury and thu Treasurer Of tic I'M
ted States
Thirdly. To ntcrdct the appointment Of any MON
Der q Congress 10 any evil office under the General
Government during the term lor which he may have
been elected.
ufil amendment would have been proposed by
Mr.. tLAt fas h. minated the Sruate) limiting the
Executive fsire To- singe term but for the fac that
another senator has heretofore prop scd the amend
incnt. and IA understood. intends Ia renew IT.
The ioHt resolution introduced by Mr. Clay had its
first and se7n1 reading. and without opposition was
made the special order OF the day for the 9th Of Janu
airy.
FISCAL. PLAN.
Mr. PRESTON moved tia, the fiscal plan of the
+ President al Gal pt Sta. hu al, r
ration Mr. P.e pressed his earnest hope that the sub
'C would bt debated IN good spirit. and that either the
scheme ii tie President or something like H. Of somc-
Ming est would be Adopted which would afford ell,i
to The people He did moi despair. however Of fl
mai and favorable acton on the part Of the Senate.
ference Ia TIM schrmc submitted IN detail by the President
and the Seerelty Of the Treasury
ibe scheme. sind Mr. I undoubtedly on ellicicn,
one Some portions OF II, however. he must confess
staggered sjndgment. and he knew not that he could
1''ohele II ~ that ,ocprnent 10 rive the plan full his
1N'Fd liz was strongly convinced Of the praprcty Of
adapting the lans u the Government aud the Institution.
~ the Government IN the Institutions Of the People
Mr. Preston concluded his brief remarks by moving that
the plan 81 The Secretary oi the Treasury be taken up
iut r1ust leiaiIon.
MIR TNI.NiADGE moved lis ri,renuc 10 a select
oomit.ses. IN orlcr tl-it might receive TIE exan.na
ilou dur tits Importance emoved that thu commit
tee r1h5si Il nine n' mIefs In making it, Nr. T. said
lc dd ~ ieel called upon 10 mahe any remarks He
tltillH
icgad Il proper 10 enter upon a discussion If the
question Il currency upon simple motion Of refer
oucr
Mi III ClIANAN said tint he felt called upon to
make ane remarks upon the motion submitted Ia the
Nrl'c, and IN reference II The plan which had been sub
m1udhy HE Preside aud hs ahuct.
Mr. buchanan said hc usser uttered sentiment in
hA lite vii mrc sincerity than that expressed by him
ai thc elase 81 r extra session Of Congress. when he
SAID u" should lie Hing Ia receive almost any scheme
"a ia Il - IL. Il a..
mud, IL fit willing m,eralreetlng the two Bills 10
c>taieha National Bank, Ia give him almost a carte
hpcie III any scheme he might submit
Gul In such hcne as tins Mr. y. said he could
NOT yoe. Il prlp sod the establishment ola great Coy
Dmmeat iiaah. al the head Of which WIS 10 be placed
the S,rrsayof the Treasury Mr.. buchanan pointed
cut his objections to the Bill IN detail, confning his oh
lccuons, haweg'r To the powers granted by IT, /, To
the onicrls ol the Government
The ueAi argument " hat should he the position
1t the Wing party IN reference 10 tins Government
Bank. fhase who had spoken against this power could
not yue idr the Bill 10 the Democracy il presented
muunefatle objections, aud WAS worse than National
Banh elefpl IN all Tut that which gave Congress the
p'wot 10 ope,lthr Bin at pleasure
! " buchanan al-o commented upon Mr. Claws for
,, n,,afs and refereed very briefly To some of hi,
speeches esn1sed to ,no - Treasury Bill,
Leaving Mr.. Clay and A1sTemarGs m ,,lq....tion
Government or Treasury Bank, Mr.. Buchanan came
back 10 the scheme presented in the plan of the Secretary
ul Tue tftHSuFf. " would afOld aS many opportunities
iuI kite lying and horse bills of exchange as were
presented IN the Fiscal Corporation Bill of the last SEES
SION The only difference would be that the Bills of
Exchange would have be daNnand re drawn on short
or time.
| The paper issues allowed under the Bills Were ohcc
iionahe III the view ol the Senator from Pennsylvania
These ISSUES could not be called Treasury notes They
were ISSUED ul buying exchange aud were issued as
three To To all nlcnts and purposes they were Gov
cnmen paper, and all such efforts had failed IN all time;
tho asslgnan,s Of the French Revolution and the Con
tlncntal meney al the Revolution.
The amount ot notes authorized by the Central Board
Of EAchrqner were also objectionable The Bill was
one to borrow tl5OUon0o Ipon 100000 in the
casurY You could issue $1,000 900 and thswaseq equal
to a loan Of ten millions or fifteen fused yon would
the funds Of the Treasury l. gave PAPER money too
without the prctcuco of a specie basis.
In CONCLUSION, Nh Buchanan said that theschemc pro
sed had no warranty in the Constitution OF the United
States and could not receive the sanction Of that nsru
mcnt 10 sustain IT, lie had resisted similar plan whcr
Swallowed ou AT the aNtra session of 81, and when tn,
giant intellect ct the cNpounder OF the Constitution
called forth contcndug thai the Government could ISSUE
paper money lie had resisted this power as he SHOULD
now, The measure which had been transmitted callc,
ur the showing OF hands, and he showed his with hi
friends opposed to the scheme submitted and III favor o
the independent Treasury.
Nj Ch.llOl said he did not rise to oppose tn
motion OF reference OF 10 argue the plan submitted by thu
Secretary Of the Treasury. That plan merlled all thu
, compliments which had been bestowed upon it, II wa
SIMPLE able and explicit, and trumphantly vndica,c,
many grounds taken IN time past by the party whlc
hc was attached.