difference in receiving notes from the federal government and the citizens of the United States.' This charge was net by Mr McDuffie, by showing, that the very stipulations of the charter required the bank to make this difference. 6 The next is, making a difference between members of Congress and the citizens generally, both in granting loans and in selling bills of exchange.' Mr McDuffie showed, that it had been the uniform practice of the bank, from the beginning, to grant such accommodations, and for one, he felt grateful for the favor extended to himself. "The undue accumulation of proxies in the hands of a few to control the election for directors.' The bank had no control over the action of stockholders in such matters, and therefore was not responsible for their conduct. 6 A strong suspicion of secret understanding between the bank and brokers, to job in stocks, contrary to the charter.' The next charge is, that the bank has used undue and improper practices to induce the local banks to petition Congress for a renewal of its charter, and thus to impose upon Congress by false clamor.' This charge, said Mr McDuffie, was in its very nature, and upon its face, founded upon mere surmise, and therefore not entitled to notice. The next charge in order, proposed an inquiry into the manner, in which the bank had been conducted-it was not, therefore, properly speaking, an allegation, and required no special notice. The information sought for, had already been placed before the nation. The next allegation 'that the bank had made excessive issues, all on public deposites.' Mr McDuffie maintained, that if the bank had rendered itself obnoxious to censure in this respect, that there was no bank in the United States that could escape condemnation for there was not one, in proportion to its capital, who did not issue a larger amount of bills than it did. He said, that there was no bank in the country- and there never had been one, which had conducted its issues with more perfect safety to all the interests inHe volved. Mr McDuffie expressed his surprise at the language of this count, in Mr Clayton's indictment. He thought, that that gentleman had received some admonitions on the subject of yielding his ear too credulously to suspicions whispered by anonymous and irresponsible informers. maintained that suspicion - mere suspicion was not an adequate ground for instituting such an inquiry as this. The next inquiry, the gentleman from Georgia, proposed to make by the agency of a select committee, related 'to the amount of gold and silver coin and bullion sent from southern and western branches to the parent bank, This Mr McDuffie denounced since its establishment in 1817.' as unfounded. Mr McDuffie remarked, that the transfer of specie, like that of any other article, was regulated by the course of domestic exchange, and the demands of the different parts of the Union. To complain, that this transfer is performed by the bank, almost free of any charge, was to complain of one of its most wholesome and salutary operations. In nothing had the bank done more essential service to the people, than in the very matter, for which the gentleman from Georgia was now arraigning it. The next charge was, the establishment of agencies, in different States, under the direction and management of one person only, to deal in bills of exchange, and to transact the other business properly belonging to branch banks. Mr McDuffie considered that the charter had expressly granted the power exercised by the bank. The last specification was, 'giving authority to State banks to discount their bills without authority from the treasury.' Mr McDuffie could not understand what it was, that the gentleman from Georgia meant to condemn. Did he suppose, that the State banks were not authorized to discount the bills of the United States bank without a special authority from that bank to do so? or that any authority of that kind could give them a greater right, in that respect, than they had without such authority. In conclusion, Mr McDuffie said, I will repeat the declaration I have already made, that if the honorable member from Georgia will state upon his responsibility, as a member of this House, that there is any respectable man, who has assured him, that he will prove against the bank, the alleged charge of corrupt dealing, with brokers or any other description of persons, I will give my vote for creating this special commission, be the cost and be the consequences what they may. But in the failure of the gentleman to give this assurance, I shall feel constrained, by every consideration, to give my vote against it. This discussion was continued for several days, during the time devoted to the consideration of resolutions. In the course of this discussion, a motion was made by Mr Root to appoint the committee by ballot, with the view of taking the appointment from the speaker, who was hostile to the bank; and the question being taken-the House divided, 100 in favor and 100 opposed to the motion. Whereupon the speaker voted in the negative, and retained the power in his own hands. an An attempt was made to amend the resolution, so as to direct the committee to inquire into all the. affairs of the bank; but the House adopted instead thereof, amendment directing the committee, to inspect the books and examine into the proceedings of the bank, and to report whether the provisions of its charter had been violated or not. This amendment was adopted, yeas 106, nays 92, and the committee was appointed with directions to report by the 21st of April. This report was, in fact, made the 30th of April by a majority of the committee only, and by that report it appeared, that the investigation had not been confined to alleged violations of the charter, but had been extended to all the affairs of the bank. The conclusion at which the majority, consisting of Messrs Clayton, Cambreling, Thomas and R. M. Johnson, arrived from this investigation was, that Congress should not act upon the question of rechartering the bank, until after the public debt was discharged, and the revenue adjusted to the expenditure of the federal government. The minority composed of Messrs Adams, McDuffie and Watmough, made a counter report, vindicating the conduct ofthe bank, and recommending a renewal of the charter. These reports were ordered to be printed for general circulation, and on the 22d of May the bill was taken up in Committee of the whole Senate for consideration. Upon motion of Mr Webster, the bill was amended by striking out that section, which prohibited more than two branches in a state. This section was afterwards restored in the Senate. He also moved an amendment, increasing the bonus to $2,250, 000, and making it payable in fifteen annual instalments of $150, 000 each, and prohibiting the bank from issuing notes of less denomination than $20. Mr Moore then offered two amendments. The first, prohibiting the establishment of branches in a State without the consent of the State government, was re jected by a vote of 28 to 18; and the second, proposing to subject each branch to taxation in the same manner, that the local banks in such State should be taxed, was rejected by a vote of 26 to 18; and in its stead was substituted an amendment, providing for the distribution of the annual bonus among the respective states, according to their federal numbers. This amendment was adopted, yeas, 25, nays 19; but it was afterwards rejected in the senate, yeas 16, nays 31. Mr Bibb also moved several amendments. The first, giving to the President, with the consent of the Senate, the power of appointing the president of the bank and its branches, was negatived, yeas Bibb and Benton, nays 43. The second, fixing the rate of interest at 5 per cent was negatived, yeas 20, nays 25. The third, prohibiting any individual from voting upon more than thirty shares at an election, was rejected, yeas 10, nays 35. Mr Ewing moved to strike out that provision, prohibiting the bank from holding real estate except for banking purposes for more than two years; but the motion was negatived, yeas 22, nays 23; and the time was then enlarged to five years. He also moved to strike out the section, prohibiting the issuing of notes less than fifty dollars, payable at other branches than the one issuing it, and it was carried, yeas 24, nays 15. Mr Benton then moved several amendments, the first to strike out the clause restraining Congress from creating any other banking incorporation during the continuance of the charter, which was negatived, yeas 16, nays 26. The second, prohibiting any member of Congress, officer of the federal government, or alien, from holding any stock in the bank was negatived, yeas 6, nays 34. The third, rendering stockholders liable in their private capacities to the amount of their stock, for any violation of the engagements of the bank, met with the same fate, yeas 11, nays 33, as did the fourth, prohibiting the issuing of checks or notes payable at other branches than that where they were issued, yeas 17, nays 27. Mr Marcy then moved to add a clause, expressly retaining in Congress the right to modify or repeal the charter at any time after 1836, which was negatived, yeas 15, nays 29. Mr Tazewell then moved to limit the charter to ten years, which was negatived, yeas 20, nays 27. It was then proposed to increase the annual bonus to $525,000, which was negatived, yeas 10, nays 36, and the sums of $350,000, $300,000, and $250, 000, were successively negatived, yeas 10, nays 27. It was finally agreed to fix it at $200,000, yeas 43, nays 4. Mr White then proposed an amendment, by which the bank was to allow interest at the rate of three per cent upon the public deposites, whenever they should exceed $1,000,000. This was negatived, yeas 23, nays 24, as was a motion of Mr Benton, to refer the bill to the Secretary of the Treasury, for his opinion as to the expediency of renewing the charter at the present session, yeas 10, nays 37. The bill was prepared by the 9th of June for a third reading, and after an unsuccessful effort to indefinitely postpone it, it was ordered to a third reading, yeas 25, nays 20, and on the 11th of June was passed, yeas 28, nays 20. When it came into the House, strenuous exertions were made to postpone its consideration, but that body having refused by a vote of 111 to 88, to lay the bill upon the table, the minority yielded to a motion of Mr McDuffie, that it be made the special order of the day for the 18th of June. The House was then, however, engaged in the consideration of the tariff, and it was not until the 30th of June, that the subject was taken up in the committee of the whole. A motion then made for its postponement to the next session, was negatived, yeas 75, nays 100, and Mr McDuffie proposed an amendment to that section, which limited the number of branches in each State, providing, that the existing branches should not be interfered with. Various attempts were then made to alter this proposed amendment, so as to incorporate in the bill all the provisions, with which its opponents sought to restrict the bank. Mr Beadsley moved as an amendment, that the Secretary of the Treasury should first certify, that the branches retained are necessary in transacting the public business of the United States, which was negatived, yeas 57, nays 113. Mr Wardwell moved, that the branches be liable to be taxed by the States to an amount not ex ceeding one per cent annually, -negatived, yeas 89, nays 93. Mr Warren R. Davis moved an amendment, declaring that nothing in this act should be construed as exempting the bank from being taxed by the States, negatived yeas 81, nays 103. Mr Wayne then moved that the branches pay an annuity of one per cent to the States wherein they are situated, negatived, yeas 67, nays 109. Mr Hubbard moved, that the States be permitted to tax to the amount of half per cent, negatived, yeas 81, nays 90. Mr Bell moved, that the States be permitted to tax the profits of their respective branches to the same extent, that they tax the income of their local banks and of their own citizens, negatived, yeas 88, nays 94. Mr Mann moved, that a tax of one per cent be laid upon all the stock held by foreigners,- negatived, yeas 69, nays 110. Mr Clayton moved, that foreigners be not permitted to hold stock in the bank under penalty of forfeiture, and asked the yeas and nays; but the house refused to order them, and negatived the motion without a division. Mr Lewis moved to limit the rate of interest at five per cent,negatived, yeas 83, nays 103. Amendments were then moved, to prevent stockholders from receiving discounts to a larger amount than half of the stock owned by them, and to prevent officers or agents of the bank from voting at elections or proxies, both of which were negatived without a division. Mr Thomas then moved to increase the annual bonus, to $250,000,- negatived, yeas 74, nays 109. Mr Coulter moved to provide for an annual committee of inquiry into the affairs of the bank, consisting of one Senator and two members of the House, which was negatived without a division. Mr McDuffie's amendment was then carried, and a motion being made by Mr Lewis to reduce the rate of interest to five per cent, the previous question was moved by Mr Barbour, but it was negatived, yeas 82, nays 95. It was, however, moved again the next day, July third, by Mr Dearborn, and carried, yeas 96, nays 82. The bill was then ordered to a third reading, yeas 106, nays 84. A motion was then made to suspend the rule of the House, in order to permit the third reading of the bill the same day and carried, yeas 124, nays 61. The previous question was again called, and ordered, 109 to 76, and the bill was then passed with Mr McDuffie's amendment, yeas 107, nays 85. The Senate concurred in the amendment, and the bill was then sent to the President for his approbation and signature. It was by many apprehended, that the President would resort to the |