Indiana American, Volume 6, Number 7, Brookville, Franklin County, 16 February 1838 — Page 2

Bank Hatters.

From the- Lawrenceburgh Beacon. MR. JUDAH'3 REPORT No. I. Ma. GnEom Having examined Mr. Judi.'s Report from the Investigating Committee in relation to the State Dank and Bran-

be

and foreign to the be rasped by in si-

. . . f J 1 '

larit admission 01 tncir

tee in rel

rli.w. 1 find statements made there so extraor

din ry iu their character,

irpro thev to l)C passe

Icnce it would Irnfl:

I i).f.r..r.,rP. .is I m iv find leisure, propose to

make sach extract from the Report and stric

tures thereon, as will tend to place the sunjeci

before the public in its proper ugiu. iu.s number will be principally devoted to correcting errors and misrepresentations respecting the Lawrcnceburgh Branch. The Committee' after attempting to show the insufficiency of the mode prescribed by theChaiter to investigate the condition of the Branches, say "So, Ton, the gross misconduct of the Lawrcneeburgh Branch, from the commencement, by which its capital was rendered almost nominal seems to have escaped the attention of the examiners for more than two years; for Mr. Merrill says that although it may have been noticed before, it was not officially acted upon until about the 1st of last June.'" Now sir, the implied charge against lliis Branch, of having acted deceptively tohitherto appointed u. -

der the provisions of the charter, I repel as fase as also the charge of gross misconduct in the Branch-, and 1 challenge the Committee the Legislature, the State Bank and ttie world, to prove those charges. The acts of this Branch are matter of record, and susceptible of investigation, and are substantially correct; which is known to Mr. Merrill, who has frequently examined this Branch, although the Committee refer to Mr. Merrill's testimony as implicating this Branch' I am willing to admit that some of her acts may have been impolitic, or even indiscreet, but not corrupt, r.s implied by the 1 laguage" of the Committee, and I do not hesitate to say, that the Committee has intentionally misrepresented Mr. Merrill' testimony, (as they have other testimony to which I shall presently refer,) and theguse

they have made of his testimony I pronounce an insidious calumny on Mr. Merrill, as well as on the Branch. Again, the Committee remarks: "Undei the influence of private interests, an important advantage is given to Directors and Stockholders as to the Lafayette, Indianapolis and Lawrenceburgh Branches, this is admitted by Mr. Merrill, the President. In the other branches he does not think there has been more partiality than should be expected. How much that may be the committee are not informed. "And under such influence in the Lawrenceburgh Branch, the capital at one lime

was rendered almost nominal. A capital of

$205,000 was according (o the testimony of

Mr. Tousev and others, reduced to 30,000,

by an understanding amongst fthe Directors. To form the capital, the State advanced $80, 000 and individuals advanced 125,000 ac

carding to Mr. Tousey, tlu; whole individual

capital, and 5:),0i) ) of iheStatc capital, mak

ing together St o,lKu was advanced to the

Stockholders, with an understanding that it

could not be subject to curtailment. In other

words,thc actual capital of the Bank was redu

ced to $30,000, on l it is n l much better note.

This charge, il tuie, should be corrected; and to accomplish which, would do much cre

dit to the Committee, a9 also to the Legisl

ture. But this statement is also untrue, and

the testimony of Mr. Tousev goes to prove no such thing. Mr. Tousey, Mr. Darragh, and

Mr. Chappell, in answer to an interrogatory

nut to them, in relation to accommodation

granted to stockholders, stated, In substance,

(which is true), that at one time the stockholders were permitted to borrow, on good security, and when the Bank could accommodate thm,lothe amount of their stock; and at one time, to once and a half their stock, subject always to be called on for the payment of such loan at the pleasure of the Board of Directors. And Mr. Tousey stated that at one time he believed the amount so loaned to stockholders, amounted to 175,000. Now docs this prove the capital in the Branch to be nominal? or does it attach gross misconduct to the Branches? Has it any tendency to establish those charges? None at all; and the committe, 1 assert, have no other testimony lo base their charges upon, for the very same witnesses. Mr. Tousey and others, in reply to inquiries put lo them by Mr. Judali, in relation to the payment for stock in the Lawrenceburgh Branch, slated that the capital had

been paid in specie, eastern funds and fund

equivalent to specie. But to show the false

coloring given to this subject by the Committee, 1 ask, supposing the stockholders have

atari- one time owed the Bank 175,000, as

stated: Is a stockholder less able to pay his

debts than he would be it he is not a stock

holder? Certainly he is not. Then the Bank

was just n9 secure in loaning to them, as if

they had loaned to individuals who were not

stockholders. Then by what modcof reasoning dos the Committee arrive at the conclu

sion, that for the reason the Bank had loaned to stockholders 175,000, that amount was

abstracted from the capital of the Bank, and the capital was rendered nominal? Now

when tue whole truth is stated, this matter

will present a Tery different aspect from that

presented by the committe, which is this: At the time the stockholders owed the Bank

the largest amount, it was durintr the n.irk

.fldl! I 1 - .

oason oi iooo ituu oi nuu many oi them

205,000, twice and a half that sum is 5P2,500; and at that lime the loans stood thus: To stockholders say 175,000

To other individuals IU7,500 i VA'oOU Now why was it, that the Committee did not take the largest item, ns their object evi-.toiiiK-h ob to flistort Mm truth with a view to

deceive the public? Then, according to their mode of reasoning, the Bank would have stood thus: Loans" lo individuals not stockholders, 337,500, stock -205,000, then, as the loans to individuals riot stockholders, exceeds the stock 132,500, the entire stock is gone, clear gone, and 132.500 more. Or whv did they not take the aggregate of the

loans to stockholders and others, and deduct the stock from that sum, which "',1;i,v' shown an excess over the stock of 307,500? Now, according to the reasoning cf the Committor, the entire capital of the Bank is lost,

and 307.500 along with it. What egregious nonsense. But it may bo said, the Committee had not these facts before them. Perhaps they had not, but it was their own fault, one! r,i-fc mncl fnnrliisivrlv th:;t their obiect Was

i ' ... . . - , .

and the j vocal signs cf being bored, had not Living gi- Uure siiifv the days cf the elder Adams. Af-

ven up all chance ol making himself heard, tcr Mr. tuveB naa dwelt a long time on the and taken his seat. At last the Clerk pro-1 familiar argument of the bill constituting two ceeded to call the names, and forthwith the (kinds of currency, on for the people ar,dnn. House displayed the same sudden calm as was other for the countiy, and had denounced it exhibited the other evening. j as proposing nothing for the relief of dle During the progress of tv e roll-call, Mr. ' country, he proceeded to consider the features Murray of Ky. was supported into the hall j of his project, declaring first, that a National

And in nocasewiih reference jwilh a haggard face and his head bound up, IBank ought not to be established in the prcihe Branch. Butfor the sole j he having just been lifted from a sick bed, in ! sent state of affairs. It was net only uncon-

order togive his vote; and it was well the nd-;situt:onal, hut Ira u gin with cuts to the free-

ministration party were so vigilant, Uir the dotn and prosperity ri ihe ounlry. iStich be

result of (he vote on Howard's amendment ; ing (!:

bidding 'be fortunes of individuals

prosperity of the whole community in its grasp? which I have been called upon to review. In doing this 1 shall most studiously avoid bringing before the public eUher the name cr the conduct of any individual, furthci than shall ,n nnanrv for a full and candid exposition

nfvnnirn..iliiM. i i! I he n e r for ma r. ce o f so high

a public trust.

lo the demise of ll

object of correcting abuse?, if any have and

do exist.

I h

commo

in of- ro fee inrrs to rratilv, agains

i v- 5 o J '

one tnv

to injure the Bank, deceive the public, anu create a hobby to ride into office upon next August. Why was it, that the committee did not iminloa fair and full investigation of the

mid nreKfnl folhe public a full view of

her resources, as well as her liabilities? Such a course would have been commendable, and by a fair and full investigation, the abuses in the Bank, if any existed, would have been detected; but this partial investigation, for such it was as the Committee studiously avoided putting to the witnesses any questions but such as might draw out some thing prejudicial lo the Bank, and no explanations were sought for

bv the committee, by permitting a cress exa-

miuation. It is true as the Committee have stated, lo form the capital in this Branch, the State advanced 80,000, and individuals advanced the balance, or 125,000, making a capital

of 205,000 dollars, by which a partner

ship is formed; a few individuals owning in the firm 125,000, for their money individually invested; and all the citizens of the Slate.

including, of course, the individual stockhold

ers, own the balance, or S8u,iJulJ. advanced

by the State. Now, upon the principle of

justice, and the established law governing

partnerships, each partner is entitled lo all

the advantage and profit arising from his in vestment. Then it will stand iIiue:

Individual stock, 125,000 Issues upon this stoek

of 2 and a half to one 312,500

State Stock, S0,000 Issues upon the State's stock, 200,000

Now what good reason can be given, why

the individual stockholders are not entitled to

all the issues upon their capital, while the ci

lizens of the State are entitled to the issues on

the State's capital; in neither case not as a permanent loan, for the Bank is not a loan

office, but I mean an accommodation in the

wayof legitimate business operations? there

reason given, let, by the

showing cf the Committee, the stockholders have never had over 175,000, and that cum

as I have shown, only in the produce season of

the year, which is Sld,500 less than the is

sues upon their own capita!, while citizens not

stockholders, had 137,500 more than the cn

lire issues on the State's stock.

in conclusion oi mis number, I am constrain

ed lo s?.y, and the conviction is irresistible

that this sage committee, (I mean those who

sign the Report), is composed of knaves or fools, and louse the language of this same

committee, "they are at liberty to lake which

horn of the dilemma they please. But in

justice to the Chairman cf this committe, I am

happy lo say, if common fame can be relie on Mr. Judah is not a fool. L. D. JOHN. Lau-rcnctburgh, F,b.G, 1S3S.

lave no private griefs, except such as are rion lo all the citizens of the Slate, to com-

t anv

business is, of a higher order, the

public, good, my business is with jou, gentlemen, as the agents cf the people, in the management of a great public institution, upon widch depend the morals, the prosperity and in a high degree the happiness of the people

This duty I shall perlorm under the sanc

tion of my own name and shall not leel my-

clf bound to notice the. productions ot any lr- .. tv.i :.. ..II ,...,.1.

pncnunsi p nen. urn m n eu.n vtr.o .iw.i.

the Editor responsible. personally responsible.

If. in the course of tins investigation, n suan

appear, that you have administered ihe affairs

of the Branch lor the public goon, nave religiously observed and sacredly mninlaine d, the

provisions ol the charter and all its restrictions,; in "ond faith, mid in accordance with your re

flective oaths. That you have extended the

favors of die bank as widely, as geneially and as e qually in the counties composinglhe bank

listrict as convenient, and not to the I avoreu

fcw be assured that no one will be more

oadv or more willing to do you justice than

he individual who has the honor of addressing

ou. On the contrary it will be expected by

the public, that if you have in the performance

of your trust lost sigh of the public interest

bv being blinded with the prospect of mdivi

dual

ng the case, and the Sub-Treasury Bill being in"ii!itried experiment nn-rclv. .-aid orroi',.

nounccd Lis casting vote in the affirmative, to the habitudes and usagescf Ihe country. I.,.

stood, aye s 117, noes 117, when the Chair an-

Bank svslcm

was l ho onK-

the restoration of llienui-

which of course carried the amendment. '1 he thought the Stale announcement of it caused some clapping : proper remedy for

. . i nr u- i . i i .

among the animnisirauon mcmuers. vr. nc wei;arr. n vt as an eauy prt-parcd, it w;:; Howard rose and moved ns a further amend-; in existence, and not a rejected cr mcn-ly r.rmeiit, that the Speaker should send a copy of ; vol institution. lie then went on lo r.oti. p the. resolution just passed to the Governor of j the features of his project in detail. Tl.o Mississippi. Wise instantly rose and in a J third section of it ihich provides lhaltl.fi manner more furious than 1 ever saw him in j Banks arc to settle once a week their halar-

before, denounced the result of the vote, asjeeswith others, l;c particularly springing from party sources and as a viola- and declared (hat such a system

oi

lion of the rights

a state, liis voice sevc

ral times went off in a shriek, from the ehok

excitement he laboured under, lie con

el welt upcr, was one se-

1 1

l-'aini s surwhicli give

in

eluded his invective, with declaring that were he Word or Prentiss, he shoulJ approach the Chair and demand the oath to be administe red to him. If it was refused, he would have seized the Evangelist and taken oath himself, and then have taken his scat irj the House,

which nothing but aclualviolcr.ee should fear j absolute interdiction cf the him from. After he had taken his seat, Boon, upon the public derosifcf

i tret cause of the United States cess. The sece;i:d section also,

Congress the power virtually to select tl.e I Banks, w as noticed at great length, as obviat,ing the difficulties which had followed the j origin of Ihe lenn. pel banks, j The most of this part of his arg:::r.rr.l wa; .confined to sanporlirg one feature of ;ho

mcasuie, in hukii, as nc sa;u. there was nn

banks fo discount

of I ud. self got

itn ih-ii von will hnsten to atcne to the

bv a frank acknowledgment ot your

errors and a speedy correction of all abuses.

people

In conclusion 1 will remark, that if the Kdi-

tor of the Be.icon ul publish Mr. juaaus

Report, and the evidence taken before the

Committee of investigation , ol which he was

CI published by order of the House

of Representatives lie will relieve me of one

half the labor, and place bclore the public, what all have a right lo know. A. LANE.

Lawr'gh, Feb. 8, 1S38.

r-'-J "' . ' "- ' tt-j-

but cn'v a with

replied to him and next Prentiss him-1 draw -al of the stimulus lo do so. The bant1

the lloor. iJuncan ot unio, nowcicr, . lonncrly w ere obhgcd to pay two per cent

i- . i i .. . .. . "

mneu it aiui was proceeuing to spcaii w ncn on the uepositcs, and hence w ere forced f

- i . ----- -

J- l 4 1 - I 1 . .

iis r.o Mien cnargc maue in

dwelling at great lenirlli n

bill, Mr. Rives lecurrcJto

the novel nature of the Sub-Treasury scheme, which he insisted w as contrary to the rclirv of the last ndmiiiislralion, and in support tf (his assertion, he rc;;d several extracts from

CONCUESSIOJfAlL.

Correspondence of the Bait. Com. Transcript.

Washington, Feb. 5, 1S38. j The Mississippi Election case is at last set

tled! The House of Representatives has today decided that Messrs. Prentiss and Word arc not members of the twenly-fifth Congress.

The close of this interesting question has been

attended with much excitement, and 1 never

witnessed before so much disorder in the House as was displayed there when the final vole was taken on its decision. The debate upon it to-day was quite tedious & elu!l,fc itwas evident each parly was desirous of bringing

mailers to a crisis as eai ly as possible. In the course of the discussion, a note from Mr. Clai

borne was sent (o the clerk by Mr. Glascock, to have it read, and in it Mr. Claiborne declared that he and Mr. Gholson w ould have been elected in November had they chosen to come forward as candidates before the peo

ple of Mississippi. The last straggling shots

being fired by the speakers on botli sides the question was loudly called for, and a call of the House ensued, w hen only ten members were found absent. Four of these how ever were afterwards brought in by the Seargeantat arms. Mr. Wise then rose and hoped fie House would permit Mr. Prentiss lo make

some remarks before the question was put in

;,.on

he would appear again with his claim

u and demand a new trial. Alter Premiss had concluded, the question

on Bell's amendment, which is in

one

i r .. j i : -. . i i .1- . i

roars oi vruei. caused i.iiii iu utiuuie ''''J ?! Oi.-couiu lucre was no such char

and he did not lake his scat, till ordered to uo j tli ,, After so by the Speaker. Prentiss then proceeded the merits of Lis

to address the Houso for the l;:st time and in j a manner unusually vehement. After thank-j ingthe House for tieir attention to him dur-! ing the debate he went on to say that he! would not consider the decision made final. !

He alluded to the remarks made by several of his opponents, that they would have disdained to have persisted in an application such as he had pressed. On the contrary, he considered it the most noble enterprise he ever embarked in. He looked upon the vote of the House as an insult to his stale; she w ould be degraded did she not resent it. He said lie would not go before the people for re-election on his return, for he did not think there

w ould be another election soon ; but next ses-

recurred

fact the same as that decided last week, name

ly, it rerinds the decision cf the House made last session, and invalidates Gholson and Claiborne's claims as members. This was carried by a vote of 121 ayes, noes 113, the affirmative having gained Iwo votes. The question next recurred on Howard's amendment as a resolution, and this was again carried by a vote of 118 ayes, 11G noes. You perceive a diffe rence on both sides of this. The ayes gained one vote by the appearance of another invalid, Mr. Snyder, and the negative lost one by Mr. Mercer happening to be in the lobby when his jname w as called so he lost his vote. The next question yvas the amendment to send the Governor of Mississippi co-

pics ot the: foregoing resolution, which being adopted, the House adjourned al G, P. M. In the Senate Mr. Rives spoke two hours in behalf of his project, to a great audience, and

has not mushed yet. 1 regret my want of

space to notice in detail his arguments. He

is opposed to every feature of Wright's bill,

nnd thinks a majority of the country in favor

oi nit- ui'c u.wik tisiuiii. which no si

reference to Claiborne s note. 1 his was ob- stands m the attitude of a second choice, both

were engaged in packing pork; and those

very gentlemen are among the most active business men in the State, and men of capital. At that time the Branch was permitted by the parent board to loan twice and a half the amount of their capital. The capital being

For ihe Deacon No. I.

Mil. Lanu To (he Prcsiu'enl (.nil Directors of the Laicn no burgh Branch Bank: Gem-lumen: 1 am invited by the Editor of the ''Beacon'' to an investigation of the management of the Branch underyour direction and control. The Editor being one of the officers of the Branch, I presume speaks for the Bank, and not for himself; and such is the light, in which I shall view and receive the challenge; for the reason that I am not disposed lo engage in a controversy with any! individual how ever respectable. The Bank is a public, not a private institu

tion; in institution in w hich every citizen of the State is a Stockholder; and for the payment of a large portion cf its capital and interest, the real estafc of each citizen is mortgaged, and the labor of all bound, to some foreign capitalist. This being the case, the people, and all the people, have a direct interest in its administration a right to be informed, of the manner, you as their agents the trustees, have conducted their public business. If this truit has boea faithfully and honestly performed, it is important to the people, forjou, and for the institution, that it should appear, and all suspicion be wiped away. If, on the contrary, it has been conducted with reference to individual gain and reckless speculation, regardless of the general prosperity of the country, it ought to be known to all. If the provisions of the charier, and al! thei

restrictions contained in it, have been alike!

jected to. The question then was on Robert

sons amendment which was to strike out

the word 4inol"' in Howard's amendment,

w hich resolves that Prentis and W ord arenoi members of the twenty-fifth Congress. This was however withdrawn just as the ayes and noes were ordered. Mr. Garland, of Lousiana, submitted an amendmentto Howard's, setting forth that according to their credentials from the Governor of Mississippi, Word and Prentiss had received a majority of the votes cast in the November Election and were consequently duly elected members ofthe twenty-fifth Congress.

Mr. I ickens said he could not vote in favor of

this amendment, as he had not seen the credentials. Mr. Adams said that they were printed with the report made by the committee on Elections last session. He was glad of such an amendment being offered, as he wished lo have the vote of the House based on that credential letter from the Governor. The credentials were read, and after Mr. Legare had objected to their being read as confirming a conclusion of lata and not of facts, and Mr. Robertson had replied that it was only confirming the declaration cf the Governor, Garlind w ithdrew his amendment, and then the question recurred on Howard's amendmcnt. The ayes and noes were ordered, when just ns the clerk was preparing to call the roll up jumped Mr. Ewing, of Indiana, to discuss the general subject. The House by this time, had become impatient to bring the matter to an end, and therefore instead of listening to Mr. Ewing, set up such a

dm ot cougumg, that the orator's voice was

trampled under foot, by you, as such public j lost. The speaker thundered his desk, and

agents, it is high time the people should be in

formed of the particulars of those abuses, by the warning voice of some one and I have only to regret that some abler pen should not have been called upon to perform so important and interesting a public duty. Gentlemen, in the performance of this duty,

so unexpectedly thrown upon me, be assured. I shall indulge in no "tirade,' no vituperation.

It is the management of a public institution.

shouted order! when Mr. Ewine takincr.-,,!.

vantage ofthe first pause in the storm recommenced, but it was only a signal for another fit of coughing, w hich this time was mingled with roars of laughter, and other sundry nuerr

noises, of a description sufficiently zoological. to make them worthy ofthe House of Com mons. The Speaker again hammered away and scolded his refractory boys, who I verily believe would have persisted in these unequi-

to the sub-treasury party and the national

bank part. He also declares that if, as many say, the National Bank is the issue, that it is

whether the country shall have a Government National Bank, or an Executive National Bank, which last is the true nature of the: sub-

treasury scheme bill.

Among other business done in the Senate

today, Mr. i'resfon introduced a resolution,

to authorize the Committee on the Library lo

u.ic i'imhcu me juuuison papers.

there is nothing else new here, the Election affair having swalioived up attention or

interest in every other matter. Yours, M.

Washington, Feb. G, 1838. The scene of political strife has now shifted from the House lo the Senate, which to-day was literally piled up to the very ceiling with human heads, listening to the impetuous elo quence of Mr. Rives. The conclusion of this gentleman's speech, however, was not the onlytreat in reserve for those lucky enough to force an entrance into this crowded Chamber. Previous to the coming up ofthe order of th

day, a very spirited debate occurred on Web

ster s resolution in reference to the Common-w-ealth,whichisyetpendingbeforethe Senate. Its discussion was participated in by nearly all the the prominent men of both parties, and as you may suppose, the condition of said bank was not overlooked by Mr. Wright and his friends, as an argument in favour of th

Sub-Treasury Bill; and in that view it was emphatically used. This animated overture to the regular business of the day being over, Mr. Rives rose and resumed 'his remarks,' which, like those of vesterdav.consistof! mo,J

of argument agairst Wright's bill, than in favour of his own substitute. The greater part of these went to show how essential! the character of the bill before

one of a Treasury Bank, performing all the

.u..l.u.,a cm possessing the machinery of an Institution of that kind. He thought the e ffect of it was to produce a hard government, more than any other mca-

of General Jackson's Messages, nnd r

speech, of Mr. Cambrcleng's in 1831, leaving this part cf his speech, with quoting the following remark made by the late President, "that to lock up the public money in vnull?, was contrary lo the genius of a free country." The peroration cf this speech w as certaiiilv

one of the finest pieces of eloquence I ever heard. He alluded to the aniUhcinas frcmi

zealots of two parlies, w hich his middle posl-J

tioiijexposcd him to, and declaring that 1:

stood where he w as six months before. l;c eal it i - , . i .

icu upon his lotmcr incites 10 espouse hit

views which were once theirs. Ife kr.cw .i would be denounced as he hail been before but. said he, 1 have a country toserve,as v,(i as a party to obey. Wb.cn he ccncJudcd li:i speech which it is vain forme to give t ven .in

idea of, either in pc:i;l cf manner or ni.ilterl a great murmur of applause was heaiil frctri all of that crcwded "chamber. Ilcnrv Clar

t 1 ( 1 j ..I 1 . "

tumsewcouiu not rtsirain ins cxciieu .utiiiini.

tion, but striking his desk, muttered sever;, limes 'beautiful?'' "beautiful!" Frcin ti.ii

day Rives takes his flai;d in the very front

rank of our orators.

One or tw o trifling ameiidinerds iu Wiiglti

bill were made. Clay cf Ky. made a laugh

aoic speecn on iir. right s idea of tt:c Jrto

fury being'a ''local habitation a id a narrc

and not existing beyond it, and then the &

natc adjourned. Mr. Hubbard has the floor lo-morrow.

must not omit to ment'on that Mr. Gnir.di

handed in his instructions from the legis'atun

of Tennessee, and which be ing read, he signi Red his intention to act according to their

thev directing him fe vote against the Sub

Treasury Bill.

The House to-day adopted a rcsoluticn, ci

fvred by Mr. Rhett, authorizing the Sergenm

at-arms to pay Messrs. Word and Prentiss, tlief per diem and mileage allowance, usually pnif

to members. So Uncle Sam is to ray for his

boys, whether thev are turned cut of fchocS

or not. The rest ofthe business was uninter csting.

I learn from indisputable authority, that tN

Committee on Public Buildings, to w hom was

made the report of the architect brought Irons

Philadelphia to examine the new Trc.isun'

buildings, w ill scon make a report in favor ell

taking down that architectural excrescence, This is as it ought to be though the luildirii

I understand lias cost as far as it has pregress-i

ed, the sum of 200,000, yet it is better to sa l

entice that consideration to the necessity fii

removing it.

like that by Mr. Wright, very ingenious. Hubbard is one of the most active men

Correspondence ofthe Bait. Com. TranteriftWashington, Feb. 7.

In the Senate to-day, Mr. Hubbard, of N-

II., spoke during two hours and a half in sup

port of the Sub-Treasury bill, and in opposi tion to Mr. Rives' project. Though his ar

guments had been mostly anticipated in the research and elaborateness of Mr. Wright's

speech, yet the remarks of the New Hamp

shire Senator acquired great force from the

animated voice and manner of the sneaker.

His defence of the bill before the Senate,

Mr.

members

of the Senate, and there is nosubiect of what

ever character, with which he is not familiar.

He labors under a defect in speaking, arising from a loss of some of his teeth: were it not

for this, his voice and elocution generally ivould be excellent. He is one of the best

presiding officers in the Senate, having been

well drilled into the requisite knowledge oi the forms by having presided over the legisla

ture ot his own state for manv veors. I11

concludes his speech to-morrow. An act pa

sed the Senate, for preventing the abatement

of suits and actions in which the late U. S.

Bank is a parly. Mr. Linn also intrvduccd a bill authorising the occupancy- of Oregon Ter

ntory, on the Columbia river, (now in posses