Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-25

poratons may be included III tie pso''s'0 " ~
Mr, MOREHEAD presented petition from citizens
Of Louisville Kentucky, praying Tor repeal OF tue
Bankrupt Law. ,,,,.,,r ,IrNDrp
MessIs CLAY, MERRICK. WRIGHT, HEs De
SON HUNTINGTON, PHELPS, TALLMADGE,
and The PRESIDENT, severaly presented remon-
strances against posponement or repeal OF the BANK
admission of Teras into the Uaion and tie Land Dtstr'
i button Bill.
NJ KING, nresen,ed the resolutions of the Legisla-
urs of Alabama requesting Congress to take measures
for the admission OF the Republic of Texas INTO the
Jnion ALSO resolutions from the same body, indignant
y scorning 10 accept OF share oil the poceeus VI Tue
public lands.
/ Mr CLAY remarked that appeared that Alabama
had declined to receive her share OF the proceeds OF the
public lands and similar course had been pursued ny
another State lie very sorry that they had taken
such views they had expressed upon The SUBJECT
but as they had done So would become expedienf IT
the land bill should be retaned-whch was his earnest
Il desire-to make provision to provide that the
amount refused by any of the States should De aus
tribued among the and for that purpose, he sub
mited resolution, nstructing the Committee on pub-
lie Lands to inquire into tile e1pediency Of such inca.
sure which ordered to lie upon the table until TO-
morrow.
! Mr. MOREHEAD presented The resolutions OF the
Legislature of Kentucky, asking tor the interference
of the Government in behalf Of the American citizens
recen ty taken prisoners by military force OF Mex
leans which were referred TO the Committee on Fo-
reign Relations.
\ MIR. LINN, from the select committee on the subject,
reported without amendment, the bill providing for the
settlement of Oregon, and extending the laws OF the
United States the same, and for other purposes
i THE RESOURCES OF TIE GOVERNMENT.
The resolution, submitted by MIR. ALLEN, was taken
up for consideration.
| Mr. ALLEN SAID that, for the purpose Of meeting
the objection made the resolution by the Senator
from Virginia, Mr Rivesl few days SINCE ne would
modify il, by striking much Of the resolution as
led fort hpo Oft Treasury
viz the words, Sin his opinion.
Mr.. RIVES moved to amend the resolution, by strk-
! ng uu all after the word "ResOred, and inserting,
THAT the Secretary of the Treasury be directed to
port TO the Senate by what adequate provision
can best be made for meeting the necessary expcndi-
lures Of this Government, in the present condition OF
the country, submitting his plans therefor in detail,
with estimates of the probable product OF each source
OF supply proposed; and also TO what extent retench
men in the branches Of the probable expendi
tnres likely rise from the cessation dminntlon
ofcharges on the Treasury existing, or may be far
Their effected by wise economy, adapted alike to The
wants and resources Of the Government.
/ Mr.. CLAY without intending TO make any decided
opposition the subject moved that the resolution be
laid the table, and that the amendment be printed
for the Of the Senate
| Mr.. ALLEN hoped that this would not be done, as
he had already amended his resolution.
MIR. LINN requested his friend from Ohio not 10 press
the consideration Of the resolution, but let the Treasu
ry note bill be taken up, the Government at this
Il
could look TO the subject another tne and he had three
quarters of an hour to devote 10 it.
/ Mr.. ALLEN desired that the subject would not be
thus disposed Of, for Senators that motions
had already been made for the purpose of delaying
i ton upon the resolution.
/ Mr.. CLAY call the Senator from Ohio 10 order.
/ He states what is not the fact.
! MIR. ALLEN. | state the fact.
i Mr.. CLAY. Ideny it.
The question then taken on the motion of Mr..
4 I ocnda in Tho atir
nays 10.
4 THE TREASURY NOTE BILL.
The Senate proceeded 10 the consideration OF the bill
authorizing the issue Of Treasury notes The question
pending engrossing the bill for third reading
4 MIR. BENTON submitted an amendment providing
that after the 3lst day of December, 1912 there shall
be laid and collected through bout the IT, s., and the
District Of Columbia tax upon bank notes aud all
other emissions by companies, individuals, intended
TO circulate money lie remarked, that the amend
ment similar 10 the law of Great Britain upon the
subject and that on two occaslons-durIng the late
war, and in I795-bank notes were taxed by this Co.
l MIR. CALHOUN would oppose the amendment, as
he believed it TO be dangerous and unconstitutional,
and utter pervcrson Of the taxing power Of this Go
I vernmcnt.
I Mr. WALKER differed from the Senator from South
Carolina, he believed that the taxing power could
thus egmatcly be exercised for the purpose of
ing adequate revenue for dschaTgng the debts OF the
country besides, the amendment, If adapted, would
have The effect oI preserving Wlnin inc Union
cient supply Of the constitutional currency. he would
not only impose bank notes. bnt lie would vote
for tax gold and silver ware, such gold and sill
pitchers and gobets for it was well known that
large proportion OF The precious metals imported into
the country was used for the purpose of constructing
those kind of articles for the qualification of the wealthy
If Tux should be laid upon them, these precious
tails would be sent to the MINT and they would have
an additional supply Of the constitutional currency.
1 Mr.. BAYARD was free 10 say that he had doubt
he ndis or
taxing power 10 regulate the currency Of the country
There were nine hundred and one banks, Which
held the community in debt to them 10 the amount Of
four hundred and sIy-tw millions of dollars; their
nett circulation not less than eighty six millions,
and their immediate means TO meet their responsibilities
were one hundred and twenty.eight millions. These
banks had usuped the Federal power the currency
which would be regulated until Congress restored
TO the Government legitimate control over il, and it
would be impossible to preserve the social system in or
der without ent-e and absolute control this particu
lar subject Such the effect Of the neglect TO
else it, that they the most worthless paper passing
from hand 10 hand for the ordinary purposes Of the
country and here, in this city, in the teeth OF
penal enactment they found miserable small bills cir
culating as currency The reason for the msnInnage
OF the banks be found in the fact that these
institutions had ntrusted the management oil their al
fairs 10 those who had interest IN honest ransac
ton Of business-terefoe there supneness upon
the subject and long the stockholders in
the receipt of good dividends, il would be impossible
look into their concerns But this not all these in
stitutons managed by persons hose interests
were committed to themselves and friends, and at whose
instance contrucons and expansions took place when
ever would subserve their interests. There but
way remedy this state of things and that was
pend the sword the heads othe banks and make the
stockholders give attention to their property the neglect
to do which had been of much mischief. The
notes ofhe banks should be taxed and the institutions
brought within the provisions of the Bankrupt law. If
bank continued in state of suspension thirty sixty
L., H.
crcse its corrupt power. The whole community
filed with small, worthless bank paper, and until it
was driven out of circulation there would be
sound currency But he could not vote for the amend
ment of the Senator from Missouri this time howe
ever if The subject should be brought forward in its
proper time and place, he would 60 the whole length