« ForrigeFortsett »
ties and do equal justice to all parts of the Mr. Daniel moved to lay the resolution on
vote, when his mind was not made up on the The vote was then taken on the motion for subject of it. The hon. member from Massa. indetinite postponement and lost.
chusetts, (Mr. ADAMS,) was responsible to his YEAS-Messrs. Bell, Bibb, Hayne, Holmes, constituents only, and not to the House. Mangum, Miller, Moore, Naudain, Poindexler, Mr. ADAMs said, hat, with respect to the Robbins, Ruggles, Tazewell, Troup, Tyler, passage of this resolution, the gentleman from and Waggaman-15.
South Carolina, (Mr. Drarros,) assumed that
vote, had committed a breach of a rule of this The remaining amendment was then concur. House, and the second resolution proceeded to ed in, so that the bill now only a waits the sig say that a committee should be appointed to gnature of the President to become a law.
inquire what should be done on so novel an ócA full report of this interesting debate will be casion. What! was the riolation of a rule of
this House a novel occasion? The gentleman In the HOUSE OF REPRESENTATIVES, bimself violated a rule of this House wben tie Mr. Coolter moved for leave of absence for made the motion. his colleague, Mr. GILMORE, which was grant Tie Crain stated that the motion was to be ed.
referred to a comınittee. Mr. Adams, by consent, presented a petition After some remarks from Mr. Evenztr, of on the subject of a remedy.for the cholera.
Mr. Bares, of Maine, moved to lay the pe. Mr. Drarron disclaimed every thing like a tition on the table, which was agreed to. personal feeling in introducing the resolution,
On the motion of Mr. SUTHERLAND, A Com and was proceeding to explain the motives by mittee of Conference was appointed to confer which he had been actuated, and the reasons with the Committee of the Senate on the Inva. from wirich it appeared to him it ought to be lid Pension bill,
adopted. The resolution offered on the preceding day Mr. Adams asked if the gentleman was in on the subject of Mr. John Q. Adams “declin order in discussing the merits of the question ing to vote, was then taken up.
The SPEAKER said it was not in order. |formerly members of Congress from the State
Mr. Drayton proceeded, and was again their public duties.
Several other amendments were proposed
Mr. BURGES, who argued against the post. and the amendment of the Senate was concur-
SATURDAY, JOLT 14.
The resolution was ultimately laid on the ta- dollars to each of the messengers of the Senate,
On motion of Mr. GRUNDY, it was ordered
sioners in which the House had refused to con-
The bill for the relief of invalid pensioners,
The bill for the relief of George Johnson;
The bill for the relief of the Executors of
The bill for the relief of Middleton McKay.
The bill concerning invalid pensioners;
A resolution concerning the biennial register;
igating fines and penalties in certain cases;
Mr. LAMAR moved an adjournment, but ern district of Pennsylvania, and for the relief
Mr. WICKLIFFE moved io amend by includ John Peck was taken up and considered as in
The amendment was agreed to without The Senate then proceeded to the consider-
ation of the unfinished husiness, the message of
Bank of the United States; and kr. Bentos,
bill now pass?" was taken by yeas and nays,
clock, passed a few bills, and then spent the Mr. DEARBORK adverted to the statements remainder of the evening in Executive session. which have appeared in the public journals in
In the HOUSE OF REPRESENTATIVES, reference to the subject of the resolution, and a message was received from the Senate with to the fact of a vessel of the United States various bills, together with an announcement having been sometime ago attacked, and several that they had receded from the amendments persons on board of her merdered by the na made by them to the tariff bill.
tives, fon the coast of Sumatra. The Press Mr. DRAYTON, from the Committee of Con- dent ordered the ship Potomac to proceed there ference appointed on this subject, presented a under the command of Captain Downes, for the report upon it.
purpose of obtaining redress for this outrage Mr. Wand, from the Committee on Military They had attacked the principal town of the Affairs, submitted a report from Maj. General tribe, as appeared from letters stated to be from McComb, General.in Chief of the army in rela. an officer of the vessel, and from the circuno. tion to the enlistment of soldiers, and the esta- stances narrated, it was important to the lionor blishment of schools, which was ordered to be of the country, of the naval service, and of the printed.
officer in command, that all the facts should be Mr. Berogs, from the Committee on Enroll- laid before the American people. He, (Mr. D. ed Bills, made a report with various bills.
was not acquainted wib ihose parts, and did Mr. CAMBRELENG moved leave of absence not know but that they would redound highly to Mr. White, of New York, which was grant. to the honor of the parties concerned; but he, ed.
nevertheless, desired to know them, from the On motion of Mr. ADAMS, the Committee on deep solicitude which he felt on the subject
. Manufactures, and on motion of Mr. CAMBRE Mr. Hoffman concurred in the propriety of LENG, the Committee on Commere were sever- obtaining the information, and expressed his ally discharged from the business remaining be conviction that the facts would be found credifore them.
table to the Executive, and to the officer comMr. SEXMES, by consent, laid upon the table, manding. He sajd this
, he observed, for the for consideration next session, a resolution on temporary satisfaction of the gentleman from the subject of the previous question.
Massachusetts, (Mr. DEArroRN,) and suggested The Committee on Naval Affairs was, on mo all the instructions given to Com. Downes, to
a modification of the resolution so as to include tion of Mr. Hoffman, discharged from the bu- whose merits Mr. H. paid a warm tribute of ap siness before it, and the Committee of Claims,
plause. also, was discharged, on motion of Mr. Wait. TLESEI, of Ohio.
Mr. DEARRORN replied, and observed that Mr. CRANE, from the Committee on Revolu no one could entertain a higher idea of the cha. tionary Claims, reported a bill for the relief of racter of captain Downes for honor and chivalry, the heirs of Thornas Wishart, which was read
than himself. His private friendship for that twice and committed.
gentleman, as well as his knowledge of his proMr. Everett, of Massachusetts, offered a re show that he could have no intention in offer
fessional and personal merits, was sufficient to solution directing the clerk of the House to procure and furnish to each member of the ing the resolution, to reflect upon one who had House a copy of Elliott's debates on the federa always shown himself ready to pour forth his
blood for the service of his country. constitution. Mr. Speicht moved to lay the resolution on the publications which had appeared in the
Mr. HUBBARD considering it important, after the table, upon which the vote was, ayes 43 does 39.
newseapers, to act upon this subject at once, Upon the call of Mr. STANDITER the aye, ly withdrew the motion, und the resolution was
moved ihe previous question; but subsequentand noes were ordered, and the motion was agreed to, ayer 6%, noes 55.
adopted without a division. Mr. Adams offered a resolution, which lies the printing of 10.000 copies of the veto mear
Mr. CAMBRELENG submitted a resolution for on the table one day, respecting an alteration of the rule of the House with respect to qu essage on the subject of the Bank. tions of order.
It lies upon the table one diy. Mr. DEARBORN offered the following resolu Mr. WICKLIPPE, on the part of the Commit. tion:
tee of Conference, moved that the House re. Resolvei, That the President of the United mendments to the bill for the relief of certain
cede from their disagreement to the Senate ** States be requested to lay before this House,
invalid pensioners. copies of the instructions given to the commander of the frigate Potomac, previous to (and
The House receded after a discussion of some since) the departure of that ship for the island length, in the case of one of the amendments of Sumatra, and copies of such letters as may and refused to do so in respect to another. have been received from said commander after
The House then went into the consideration bis arrival at Quallah-Betto, except such parts of bills from the Senate. as may, in his judgment, require secrecy. At 3 o'clock a recess was taken until 5, at
The words within brackets ( ) were inserted which hour the House reassembled, and conafterwards as a modification of the amendment tinued in dispusing of Senute bills. It was ex proposed.'
pected to sit until a late period of the evening
UNITED STATES: BANK. beld by foreigners. By this act the American
republic proposes virtually to make them a MESSAGE
present of some millions of dollars. For these FROM THE PRESIDENT U. S. gratuities to foreigners, aud to some of our own
opulent citizens, the act secures no equivalent RETURNING THE BANK BILL TO THE SE
whatever. They are the certain gains of the NATE WITH HIS OBJECTIONS. present stockholders, undur the operation of To the Senate:
ibis act, after making full allowance for the The bill to modify and continue" the act, payment of the bonus. entitled "an act to incorporate the subscribers Every monopoly, and all exclusive privileges, to the Bank of the United States,"was present. are granted at the expense of the public, which ed to me on the 4th July, instant. Having con. ought to receive a fair equaivalent. The many sidered it with that solemn regard to the prin- millions which this act proposes to bestow on the ciples of the Constitution, which the day was stockholders of the existing bank, must come calculated to inspire, and come to the conclu- directly or indirectly out of the earnings of the sion that it ought not to become a law, I here. American people. It is due to them, therefore, with return it to the Senate, in which it origi- if their Government sell monopolies and exaated, with my objections.
clusive privileges, that they should at least ex. A Bank of the United States is, in many re. act for them as much as they are worth in open spects, convenient for the Government; and market. The value of the monopoly, in this useful to the people. Entertaining this opinion, case, may be correctly ascertained. The iwenand deeply impressed with the belief that some ty-eight millions of stock would probably be of the powers and privileges possessed by the at an advance of fifty per cent, and command, existing bank, are unuthorized by the Constiin market, at least forty-two millions of dollars, tution, subversive of the rights of the States, ubject to the payment of the present loans. and dangerous to the liberties of the people, The present value of the monopoly, therefore, I felt it my duty, at an early period of my ad- is seventeen millions of dollars, and this the ministration, to call the attention of Congress act proposes to sell for three millions, payable to the practicability of organizing an institution in fifteen annual instalments of $200,000 each. combining all its advantages, and obviating. It is not conceivable how the present stockthese objections. I sincerely regret that, in holders can have any claim to the special fathe act before me, I can perceive none of those vor of the Government. The present corporamodifications of the bank charter which are tion has enjoyed its monopoly during the period necessary, in my opinion, to make it compati- stipulated in the original contract. If we must ble with justice, with sound policy, or with the have such a corporation, why should not the Constitution of our country:
Government sell out the whole stock, and thus The present corporate body, denominated the secure to the people the full market value of President, Directors, and Company of the the privileges granted? Why should not ConBank of the United States, will have existed, at gress create and seli the twenty-eight millions the time this act is intended to take effect, of stock, incorporating the purchasers with all twenty years. It enjoys an exclusive privilege the powers and privileges secured in this act, of banking under the authority of the General and putting the premium upon the sales into Government, a monopoly of iis favor and sup- the treasury. port, and, as a necessary consequence, almost) But this act does not permit competition in & monopoly of the foreign and domestic ex. the purchase of this monopoly. It seems to change. The powers, privileges, and favors be predicated on the erroneous idea, that the bestowed upon it in the original charter, by present stockholders have a prescriptive right, increasing the value of the stock far above is not only to the favor, but to ihe bounty of the par value, operated as a gratuity of many mil-Government. It appears that more than a lions to the stockholders.
fourth part of the stock is held by foreigners, An apology may be found for the failure to and the residue is held by a few hundred of our guard against this result, in the coosideration citizens, chiefly of the richest class. For their that the effect of the original act of incorpora- benefit does this act exclude the whole Amerition could not be certainly foreseen at the time can people from competition in the purchase of its passage. The act before me proposes of this monopoly, and dispose of it for many another gratuity to the holders of the same millions less than it is worth. This seems the stock, and in many cases to the same men, of less excusable, because some of our citizens, at least seven millions more. This donation not now stockholders, petitioned that the door finds no apology in any uncertainty as to the of competition might be opened, and offered effect of the act. On all hands it is conceded to take a charter on terms much more favorable that its passage will increase, at least twenty to the Government and country, or thirty per cent. more, the market price of But this proposition, although made by men the stock, subject to the payment of the annui- whose aggregate wealth is believed to be equal ty of $200,000 per year, secured by the act; to all the private stock in the existing bank, thus adding, in a moment, one-fourth to its par has been set aside, and the bounty of our Go, value. It is not our own citizens only who are to vernment is proposed to be again bestowed on receive the bounty of our Government. More the few who have been fortunate enough to than eight millions of the stock of this bank are secure the stock, and at this moment wield the
power of the existing institution. I cannot |.cumstances, he cannot, by law, pay his debt perceive the justice or policy of this course. with those notes, but'must sell them at a disif our Government must sell monopolies, it count, or send them to St. Louis to be cashed. would seem to be its duty to take nothing less This boon, conceded to the State banks, though than their full value; and if gratuities must be not unjust in itself, is most odious; because it made once in fifteen or twenty years, let them does not measure out equal justice to the high not be bestowed on the subjects of a foreign and the low, the rich and the poor. To the e Government, nor upon a designated or favored tent of its practical effect, it is a bond of union class of men in our own country. It is but among the banking establishments of the nation, justice and good policy, as far as the nature of erecting them into an interest separate froin ihat the case will admit, to confine our favors to our of the people: and its necessary tendency is to own fellow citizens, and let each in bis turn unite the Bank of the United States, and the enjoy an opportunity to profit by our bounty. Stale banks, in any measure which may be In the bearings of the act before me upon these thought conducive to their common interest. points, I find ample reasons why it should not The ninth section of the act recognizes prin. ecome a law.
ciples of worse tendency than any provision of It has been urged as an argument in favor the present charter. of rechartering the present bank, that calling It enacts that the cashier of the bank shall in its luans will produce great embarrassment annually report to the Secretary of the Treasuand distress. The time allowed to close its ry the names of all stockholders who are not concers is ample ; and if it has been well ma- resident citizens of the United States ; and, on naged its pressure will be light, and heavy on the application of the Treasurer of any State, ly in case its management has been bad. If, shall make out, and transmit to such Treasurer, therefore, it shall produce distress, the fault a list of stockholders residing in, or çilizens of, will be its own, and it would furnish a reason such State, with the amount owned by each." against renewing a power which has been so
Although this provision, taken in connexion obviously abused. But will there ever be 8 with a decision of the Supreme Court, surrentime when this reason will be less powerful' ders, by its silence, the right of the States to To acknowledge its force, is to admit that the tax the banking institutions created by this corbank ought to be perpetual, and, as a conse- poration, under the name of branches, through quence, the present stockholders and those in- out the Union, it is evidently intended to be heriting their rights as successors be establish- construed as a concession of their right to tas ed, a privileged order, clothed both with great that portion of the stock which may be held by political power, and enjoying immense pecu- their own citizens and residents, in this light, niary advantages, from their connection with if the act becomes a law, it will be understood the Government.
by the States, who will probably proceed to leThe modifications of the existing charter, vy a tax equal to that paid upou the stock of proposed by this act, are not such, in my banks incorporated by :bemselves. Il some view, as make it consistent with the rights of States that tax is now one per cent., either on the the States, or the liberties of the people. The capital or on ihe shares ; and that may be as. qualification of the right of the bank to hold sumed as the amount which all citizens or resireal estate, the limitation of its power to estab-dent stockholders would be tased under the o. lish branches, and the power reserved to Con-peration of this act. As it is only the stock hello gress to forbid the circislation of small nutes, in the States, and not that employed within them, are restrictions, comparatively, of little value which would be subject to taxation, and as the or importance. All the objectionable princi- names of foreign stockholders are not to be reples of the existing corporation, and most of ported to the Treasurers of the States, it is ob: its odious features, are relained without allevi-vious that the stock held by them will be exempt ation.
from this burden. Their annual profits will
, The fourth section provides “that the notes therefore, be increased one per cent. mo e than or bills of the said corporation, although the the citizen stockholders
, and as the annual di. same be on the faces thereof respectively vidends of the bank may be safely estimated at made payable at one place only, shall never
seven per cent., the stock will be wortli ien or theless be received by the said corporation fifteen per cent. more to foreigners than to citi
. at the bank, or at any of the offices of discount zens of the United States. To appreciate the and deposite thereof, if tendered in liquidation effect which this state of things will produce, or payment of any balance or balances due to
we must take a brief review of the operations, said corporation, or to such office of discount and present condition of the Bank of the Unite and deposite from any other incorporated States. bank."
By documente submitted to Congress, at the This provision secures to the State banks a present session, it appears that on ist of Janualegal privilege in the Bank of the United ry, 1832, of the twenty-eight millions of private States, whicli is withheld from all private cia stock in the corporation, 88,405,500 : ere held tizens. If a State bank in Philadelphia owe by foreigners, mostly of Great Britain. The the Bank of the United States, and have notes amount of stock held in the nine western States issued by the St. Louis branch, it can pay the is $140,200, and in the four southern States is debt with those notes; but if a merchant, me: $5,623, 100, and in the eastern and middle States chanic, or other private citizen be in like cir- about $13,522,000. The profits of the bank in