Indiana American, Volume 9, Number 26, Brookville, Franklin County, 25 June 1841 — Page 2

COXGKESSIttlVAI.

Plan of a Bank a ad Fiscal Agent.

ie o we shaU not exceed iwenty millions t ry, and wasepposed to any alteration of the ! within their limits, equal to that heretofore

nr.y Mme owe snail not exceed iwemj raimwit i j, over and above its deposits. That the debts! rules.

Letter from the Secretary of the. Treasury , trans

mitting to the Senate, in compliance reiti a resolution of that iWy, apian of a Bank and Fiscal Jlgent. TltEkeORY DKrAKTMG!ST,June 12, ISll. 24he President of the Senate vf the U. Stiles: Sir: In obedience to the direction of the Senate, contained in their resolution of the Tlhinst., the .Secretary of the Treasury has prepared, and herewith submits, a plan of a Bank and Fisc.il Agent. In the central plan and frame of said institution, he"hf endeavored to free it from the 'institutional objections which have been irirn.t npaiiist those heretofore created by

Congress, and, as far as prac!icable, without impairing its usefulness, to guard it in it3 detail against the nbues to which such institutions are liable. And he now respectfully submits it to the senate, with the hope that, in the process of consideration and enactment, it

ma become, what lie did net presume 10 promise, but which he earnestly desires to see in possession of the nation, a Bank and Fiscal Agent, free from constitutional objections,and adapted to the wants of the country and convenience of Congress. It is proposed to incorporate a Bank in the District of Columbia by the name of the Fiscal Bank of the United States, having a capital of thirty millions of dollars, with power to establish branches or offices of discount and de

posits in the several Slates, with the absent of

the States; that the Government suiHcnoe

one fifth part of t! e capital; and on the sup

position that it is the purpose of Congress hereafter to direct lhat the fourth installment, appropriated by the deposite act of June 23,

183G, shall be paid into the I reasunes 01 me

several States, it is also proposed that a suo

ccription to that amount be made in the name - - m I

vii the United States respectively, me sicck

to be assigned to, and become the property of,

such Slates as shall accept the same, in the manner and ir. the proportions, and suhjt ct to

all the conditions, provided and imposed by that act. And for the amount "of six millions lobe subscribed by the United States onthcirown account, and also the amount to be subscribed for the. use of the several Slates, it is proposed that a stock be created, bearing an interest of &ve percent, per annum, redeemable

at the pleasure of the Govci ittnviit ht an time after fifteen years. In case Congress should not see fit to make such a provision a? is proposed for paying to the States the fourth instalment tinder thedeposite act, it may be well worth while to conwider whether the States might not be psrmitted to take tl e stoi k of the Bank according

to their respective amount of population, to

the extent often millions in hll, issuing thereof

stock of their own. bearing such interest, and

reimbursable at such periods, as might be pre

scribed ; the dividends on the shares thus held by the States, respectively, to be applied, in the first place, to the payrrent of the interest

on their stocks, with a further provision, if

at any time doe to the Bank shall not exceed

Hie amount 01 us tcifjiini nuu kicui; cent thereon; and that, when the amount of its bills in circulation shall exceed three times the amount of specie in its vaults no new loan

shall be made.

That it shall not deal in any thing except

coin, bullion, promi-ory notes, and inland bills

of exchange. That ii shall take no more than six percent upon loans.

That it shall discount no promissory note, rnd purchase no bill of exchange which has more than one hundred and eighty days to run, or make any loan for a longer time. That no debt shall be renewed. That it shall not at any time loan the U. States more than three minions of dollars, nor any Slate more than 100.000, nor either for

a longer time than one hundred days, unless

authorized by law. That it shall contract no debt for a longer lime than one year. That it shall issue no note of a less denomination then (en dollars.

That the ofiice-s of the institution shall not

be permitted to borrow money from, or contract any debt therein, in any manner whatever; a nole or bill of which such officer is

maker, drawer, endorser, or acceptor, is for

bidden to Je discounted.; Thehlirectors ol the branches not to be considered officers within

the meaning of this provision.

1 o prevent or expose any fraud or indirec

Mr Calhnun thought the resolution an in

fringement of the rights of the minority, and expressed a hope that the resolution would be

withdrawn. He expressed lus hope mat uie

Senate would never lose sight of its dignity,

so far as to countenance the practice ot lore

inir Hpriainna. The minnrilv had a right to

t, j -- - ij exnrcss their opinions, and the Senate would

be always far in advance of the other House. Mr Clay wanted no better evidence of a

desire to protract the session than this debate,

on so trifling and plain a proposition, lie had no desire to cut off the speeches of the gentlemen on the other side. The country

was not going to complain of cutting off debale. The country was suffering was agonized st the waste of lime. They call for ac'ion, not of talking. Mr. Calhoun replied that the people did

not require of us to act, but to act wisely.

1 he resolution was then agreed to

granted to the State of Ohio for the purpose of internal improvement.

4th. A grant of the public lands, now remaining unsold :o the State of Ohio to laid Stale, and a similar grant to each of the new states of the lands lhat remain unsold within

their limits, when said States respectively shall have become States of the Union for so long a period as the Stale of Ohio has been. 5th. Thi.t the 2 per cent fund in such of the States where it is unappropriated be placed at the disposal of said States respectively. Cih. That the distribution shall cense when ever the duties upon any import shall be raised

above HO per cent on the compromise act of

15JJ shall be violated in any manner what

ever.

Mr Morehrad moved to lay on the table a

resolution of Mr Sevier touching the charge of

corruption against contractors and disbursing

agents among the Indians of the south TV est,

vote. Mr. Calhoun

would consen

Mr. Walker, with the leave of the Senate, made in the Report of the Secretary of War,

submitted a resolution referring to the Select as premature in the present state of investiga-

Commir.ee on the Fiscal Agent the propriety lions tiy me ueparimeni mlo me subject. ar

of creatine the Fiscal Agency in the Dudrict Sevier opposed the motion witii earnestness.

of Columbia, with liberty to establish us air iuorenena rejoinea, onjecung to uie iuu

(ion in the management of the institution, to

prevent, also, large and improper loans to in

dividual?, to the injury of the stockholders and the Public, and to prevent, like wise,false

imputations when such irregularities do not

exist, it is proposed thai the hooks of the in

slitution, including the accounts of all individ

uals therein, be at all times open to the in

spection of the Secretary of the Treasury of

the United states, to a committee of either

House of Congress, to each of the directors of

the Bank, and to a committee of the stockhol

ders, with power to make public whatsoever

they think ht.

It is pii'poscd to provide that the branches

shall not isrue notes or bills adapted to and

intended for circulation, but may sell drafts

not less in amount than fifty dollars, for the

purpose of transmission and exchange.

That the Bank shall not -suspend specie payment; that it shall not pay out any thing but coin or bullion, or its own notes. That

its existence as a corporation continue for 20

ears, but that it be allowed to use its corpo

rate name for two years longer in settling up

its anairs.

That no other Bank be established by Con

gress during the existence of the charter.

And providing that it shall not be deemed an infringement of the privileges granted by

the charter, if Congress shall order the said

Corporation to place effices of discount and

deposite wherever the same may be necessary

lor the collection, safe keeping, and disburse'

mcnt ol the public revenue. All of of which is respectfully submitted, T. EWING, Secretary of the Treasury.

thought neccsarv, that in case the proceeds

of the public lands should be assigned to the States, those proceeds should be applied to the reimbursement of the principal of their debt?, or stocks, created er issued for the purposes aforesaid. In the opinion of the Secretary, it is desira

ble lhat the States should be permitted to take au interest in one of the foregoing modes, or aome other mode, in the new institution; but if Congress should think otherwise, then it is recommended lhat ihe Government of the

United States subscribe for ten millions of

stock, leaving twenty to be subscribed by in

dividual. It is proposed that the affairs of the Rank h managed by seven directors, two of Ihem to be appointed by the President, by and with the advice and consent of the Senate, and five to be elected by the stockholders, at their annual meeting. A president to be chosen by the director, out of their own body. 1 hat the branches be managed by not more

than seven nor less than five directors; two of

them to be appointed by the Slates in which

the tranches may be situated, if such State

be a stockholder, and the rest to be appointed

by the directors ! the ltanit.

It is proposed that the Bank be the fiscal

agent cf the Government; that the-public

JrooReys be deposited in it; and, when there, ihattbey be deemed and taken to be in the Treasury of the United States: and that the

deposite be not removed except by law; and

that the notes of said Bank be receivable in

the payment of public dues, and that oar

nents made by the Treasurer of the U. States

way be by checks on said Bank.

That the said bank receive the funds of the

U. S.; that it transmit them from one part of

the Uniou to another, Rnd distribute them for Ihe payment of public creditors, and

perform the duty ot pension agent, free of

charge.

The ordimry powers and privileges ofi

rtanxing institutions Being conierred on it.and the ordinary liabilities and duties imposed in order to prevent over banking, excessive issues, fluctuations in the price of stock, and consequent speculations therein, and to se-

care the bill holders and other creditors, ofi Vr. a I

uanK from danger of loss, it is proposed To limit the dividends to six per cent, per annum; but if they fall short in ary year, the deficieacy, with interest thereon, to be afterwards made good; and when a surplus Accumulates exceeding two milhons, the excess to

pseaio the credit ol the Treasurer of the United States. That the amount of debts which it mar at

U.S SENATE.. Washington, June 12, 1841

Mr Clay presented two petitions from New W. T a k a

loric in tavor ol a uanKrupt Law also, a

petition from citizens of Washington, D. C.

against the circulation of small stiin plasters,

praying tor the substitution of Bank notes ol

one and two dollars.

Mr Smith of Indiana, presented a petition

in tovorot i ISankrupt Law.

Mt Henderson presented a similar petition.

r iTcntus presented a similar petition. an - k

ah wnicn petitions were referred.

The resolution offered by Mr Clar,concer-

ning the mode of carrying on the business of( this session being taken up

fliruenton opposed it as an interference

with the rules of the Senate, nnd as emana

ting from a disposition to distract to the Sen

ate.

Mr Clay indicated his own right to offer resolution, and to submit his views. All

wished to get through the business of the session. Next week, the charter nf ).anb

would be before the Senate. The bill would

embrace forty sections, and he meant to propose that the Senate meet at 10 o'clock, in

oruer to get through with it. The resolution

,nj iuiu?cu iu irttte up special orders as

soon as the morning business ws disposed of.

" unoui wmuing ior one o clock, s the existing rules made it nesessary.

Air loung expressed his wish for an early adjournment, but suggested that the Senate was likely to be so far in advance of the other House, as to render it unnecessary for any immediate action on this resolution." Mr Clay hoped the Senate

ty without reference to the action of the other

iiouse. lie was willing in moor j :.

lain.

Mr ronton made a few remarks. He said

.... Ul ine executive nomin

ations sent as yet. The President hH :n,A

the Senate toscrutinize his nominations,which was as much as to say.I will send you a bad fellowif you let him pass through, it will be your own fault." The operation of this .SA.

lution would, cut offthe opportunity of such security.

Mr Bayard made some observation in de-

lence of the resolution. Mr Buchanan expressed his satisfaction to hear thnt the Bank met sure would be brought forward next week. That was the great measure of the session; and when it was brought forward the Senator would find that there was as much desire on one side as on the ether to get through the business. Mr King thought the resolution unnecesia-

branches in the States. &c. which was laid on

the table, and ordered to be printed.

FLAN OF A BANK. The President laid on the table a commu

nicalion from the Secretary of the Treasury,

on the subject of a Bank and Fiscal Agent,

whit h was read.

It proposes the establishment of a Bank in

the District of Columbia, to be railed Ihe

Fiscal Bank of Ihe United Stales, ' with a cap-

ital of Ihirly millions. The report is nccom-

n-,ni.i hv a hill. The reoort and Din were

ordered to be referred and printed.

Mr. Clay moved the printing ol I5W extra

cooies. which was agreed to.

' . . . . , ,

The unfinished business ol yesteraay

on motion ti iur. wiay, poeiuui.cu unm i

morrow.

The bill lo appropriate for a certain period

of time the proceeds of the Public Lands, &c

was read a second time and referren.

Ou motion of Mr. Buchanan the !en.i!c

proceeded to the election of a Chaplain.w hen

the following was declared as the resuu

For Mr. Tustin For Mr. Dai.forth 7 Scattering 4 The Senate then adjourned. IIOtrSK OF REPRESENTATIVE. "

On motion of Mr. Goggin, the ouestion be

fore the House yesterday, relative to a rcsolu

lion in which the rules of the last House had

been temporarily adopted, was postponed

un'il Mondav.

Mr G. stated as a reason, that his colleague,

Mr Wise, had not sufficiently recovered to

proceed.

Air Graham of ft. Y. in pirsuance ol prevt

ous notice, asked permission to introduce his

bill for the repeal of the Sub 1 reasury Law

obicclions being made.

Mr Graham said he should be compelled to

move a suspension of the rules. The House

refused to supend the rules yeas 56, nays

132.

Mr Clifford presented a memorial from citi

zens of Maine, asking the establishment of a

National Bankrupt Law when Mr C moved

they be referred to the Judiciary Committee

Mr liiggs presented certain memorials in favor of a General Bankrupt Law,and moved

their reference to the Judiciary Committee,

with instructions to report a bill to that cnect

at tlr.s session of Congress.

Mr Mattf cksf of Vermont, presented sever

al petitions relating to the Abolition of Slavery, and moved their referrence to a select committee.

Alter a considerable discourse, Mr Bolts asked leave to submit the follow.

ing resolution:

Resolved, That a Select Committee, con-

sisling of one member from each of the non slaveholding States be appointed to which

shall be referred all Abolition petition?, and

ihe said committee be instructed to report thereon at the next session of Congress.

Objections being mode, the resolution was

not received.

After much debate in relation lo what was ihe real slate of ihe question before the

House,! Mr Gilmer removed tv adjourn, and the yeas and nays being ordered,werc against the adjournment.. The Speaker said petitions were then in

order.

Mr Habersham of Georgia, presented a pe-

fuion signed bv several thousand, oraviner for

n Bankrupt Law.

bevtral other petitions presented and referred. Five o'clock House still in session. SENATE. Jonb 14th. Memorials in favor of (he enactment of a general bankrupt law, were pre

sented by Mr Evans from citizens from differ

ent parts of Maine, by? Mr Wright from cili

zens of New York, and by Mr Porter from

citizens Irom Michigan. Mr W right presen

ted also a remonstrance of the Chamber of!

Commerce of New York, against ihe passage

ofsuch a law. On motion of Mr Walker the

Senate

Resolved That the Committee on the Publie Lands, lo which was fieferred a bill to distribute the proceeds of (he public lands, be

instructed to inquire into the expediency of

reporting uie loiiowing amendments: 1st. To adopt a permanent prospective pre cmption system.

2d. A reduction and graduation of the

pure vi me puouc lands io favor cf actual settlers and cultivators. 3d. A provision granting to such of the new States n quantity of the public lands

sideration of the subject at the extra session,

when it could but "produce embarrassment,

and stating lhat it could much more propciiy

be taken up allhebrst regular session, "when

the whole matter would he probed to the

b ottom." The motion lo lay the resolution

on the table prevailed yeas 24, nays 22.

Mr Benton gave notice that he should more

to take it up again the next day.

Mr Kit es s motion lo refer so much of the

President's Message as relates to foreign affairs to the committee on that subject, came up as the regular order, and Mr Preston, who

was entitled to the floor, addressed the senate

alliouu hoped that l,e teJ. t to take it up. and .rniJ

lo insisting that they should do so. MrCl thought it was not worth while for lite Se tor to got into n passion, and Mr. Calhom said he was not in a passion, but wnnled n. :r : "..: . 1. - . .

I'.iioruiaiiuii vniicii iui in me resolution, tl thought it desirable that it should be laid h

fore the Senate, for the express purpose of assisting in the business of the extra settf

'Do not gag us!" exu he. We nre tnW

on to actio a matter which we believe to he eminently dangerous to the Country nnd it .

rAnsf il.il !vn ..! I -

. , T ... c CXCUF( for earnestness in making this call.11 v'u quote from the Modisonian in conclusion. Mr. Cl.iv. Sir, I am sure that there is i,0 disposition on thij side of the Senile to nii

hold any information requisite for legislative

action. But if gentlemen will make calls i.

distract and occupy the time and attention if ihe Department, can we be blamed for conn.

sing them. Senators on ihe other siJe, l3y

they nre in earnest in making the call tlmt they want the information. And arc net tr in earnest? And whose opinions are to prevail, if not those cf the majority t Mr. Clay then moved to priot the rciolution and amendment. For his part, he did nut know its full purport and exleut. It

might be primed ana taicen up to tnorron, when they could discuss it as the Setmtcnt

desired.

Cmrr$pondtnet of tht Rtpvblitn, WAsmxoTo.f, IGth June, 1841. Nothing has been done this week in either

House of Congress, except debating the McLeod case, nnd the rule in relation to the re

ception of abolition petitions. The Senile

concluded their debate on the McLccd cute

last evening. To day Mr. Woodbury has ct-

in reply to Messrs Buchanan and Calhoun, cupied the floor ii, on Secretary Ewir.g's ream! in'defcnre of Mr Webster and his views port: he is a dull prosing speaker, but he b-

of the Caroline Affair. Mr Benton replied, bored hard to vindicate himself and the last

reprobating the course of the Administration I administration from censure; histucccss will

upon this subject with great se verity, and Mr I about equal lhat of the other demagogues ho

Buchanan moved the adjournment and scrur- acted with him before the election. 1 presume

cd the Ucor for the next day.

HGCSE. June 11th. The House resumed the r on

sideration of the motion of Mr Fornance to

reconsider the vole by which it had adopted

the resolution appointing a committee to re

port rules for the government of the House,

and adopting temporarily the rules of the

last Congress, with the exception of that

which excluded the reception -f abolition

petitions. This, it will be recollected, is the

motion upon which Mr ise was spreaking

some one of the uhg members will reply to him to monow.

The House have again adopted mid iV

their government. Mr. Wise and a few ot

his saltelites have occupied the House the whole of this week. The Locos have been aiding thr-m, solely for the purpose preventing an organization. This evening, after s session of nearly seven hours, the rules of lUs

last Congress were adopted, with a resolution,

lhat they would receive no petitions at la.i

session except such as had referei.ee to tub-

on the 11th, when he was taken ill. He now Meets referred to in the President's mesigf

continued his remarks at great length, enter

ing into a minute history ol abolition petitions and the action of ihe House with reference lo

them at different times, and reviewing very

fully the course of Mr AHams upon the subject

When Mr Wise concluded, which he did

at six o'cloc k, there was a great struggle for dhwgreemeiit ought fo be sufficient to eon-

Ihe floor. The Speaker gave it to Mr Bolts, vmce any leasonaoie man mat ine secuwn

who said he would assure ihe House that he wa correct. Mr. Adams thought too much

or to a bankrupt law. 1 h.s was a comprom

ise measure, and was opposed both by the

Hotspur of the South, and the obstinate mi

mulish "gentleman from Massachusetts,"

was said by Mr. Marshall of Kentucky, iu t few elegant and caustic remarks to day. This

had no idea of discussing this question. "He

had too much regard for the duty which h

owed to his constituents and lo the country to

enter into debate at this time; and as the

question had been discussed at full length, to

say the least of it, he thought he could not be

thought hard of by any of his friends if he

moved the previous question." Mr Bolts

accordingly moved the previous question and

was sustained. The main question then being put, viz: "Shall the vote be reconsidered f '

was .determined iu the affirmative, by the

following vole: yeas IUb, nays 104.

SENATE. Jose I5lh. Petitions in favor of the enact

ment of a general Bankrupt Law, were pre

sented by Mr White from citizens of Indiana,

and Messrs Tallmadge and Wright from cili zens of New York.

Thomas Allen was elected Printer to the

Senate, by 27 votes. Three ballots took

piacc, ine upposiWon Senators not voting at

eitner.

I he Caroline Affair then came up, on Mr

Rives s motion to refer, &c, and the debate was continued by Messrs Buchanan .Clav-ind

Allen. Mr Clay sustained the Secretary of State fullj'. Mr Rives's motion prevailed, when the Senate went for a short time into

bxecutive business, and then adjourned.

IIOCSE. June I5th. Mr Lewis Williams proposed that the House meet hereafter at 10 o'clock, and moved a stispi ssion of the Rules that his resolution mighl at onre be acted upon. Mr Adams asked "What Rulesf Mr Rayner wished to know if he was entitled to t'ie floor.

Mr Barnard asked what wi.s the situation of

the House. The Speaker staled that it wns in precisely the situation in whichit stood iust

previous to the adoption of the resolotion of

Mr w ise with- the amendment of Mr Adams Mr Wise inquired if the Speaker has decided lhat the previou question was not exhausted. The Speaker said he had. Mr Wise then

took an appeal from the decision of the Chair,

and argued that the vote of yesterday ihrew the House bark to its original position, and the House must start de novo. The decision

of the Chair nullified the solemn decision of

the House the day before. Mr ProfEt called for the previous question on the appeal, which

was sustained, and the House decided against . L. l.r .am

me vvnair yeas iia, nays IUO. Senate. June 16th Mr. Clay presented a petition

numeioiisly signed by citizens of Rochester

ew xorlc, for the enactment of a General Bankrupt Law. Mr. Benton wished to call up his resolution calling on the Secretary of the Treasury for information as to the slate of accounts since March 4lh. ; Mr. Clav reminded Mr. R. that

that resolution bad. been laid on the table bj a Vole, and could not be taken op without at

WHsyielJcd, and Mr. Wise not enough. I do hope that the ranting aud laving of the

last two weeks will have something ol ine effect upon the House that fermentation It

upon a barrel ot new cider, and that ine; will now go to work with a determination to despatch the business for which they were convened. The Committee appointed by your citizens to remove the body of Gen. Harrison to

North Bend, arrived this morning, with the exception of Mr. J. C. Vaughn, Esq. and be

u expected tomorrow, I hey have not ccttrniined when they will start, but I present not under a week or ten dais. Many entertain doubt of the possibility of lemoving the body with safely at this warm season. One or two physicians have told mc they did tot

apprehend any difficulty. 1 presume us Committee will consult some eminent phy sicuns and chy mists before they deteim'uie upon any thing. From what I can gather, I am fearfuHW giess will not appropriate more than wis year's salary to the family of Gen. Harrison. They do not hesitate to remain here wrangling for weeks about a mere abstraction, and

putting thousands upon thousands of dollars in their own pockets for doing worse thsn nothing; but when the question comes up, a to how much should be appropriated to the family of the gallant old Etldier, to whem the countty owes a larger debt of gratitude thsn to any other since the days of Washington, you will hear them begin to talk about economy their duty fo their constituents, and bo liberal they would be if the money was "to be paid out of their own pockets." If 1 know any thing of the people of the West, no member from thai quarter would lose a single vste by voting for giving at least fifty thousand dollars. It is impossible to say when this ostler will be considered G.

Independent Waia Candidates. Ai'" here so wc find it in almoet every county throughout ihe State, from which we b heard. In most counties nominations have been made, and in almost every instance, I dependent Whigs have been brought into tb track!! How! by the instrumentality of the leaders of the Locofoco parly!!! What i their object! It is obvious! There is a Senator! to be elected. in in the room of C H. Smith. In the counties that have large Whig majorities, the locos have no hope ' success ouly 4by dividing the Whigs!! They have' discovered in many of the Whig?, an insatiable thirst for office!!! Taking advantage of this state of feeling, tools arc easy found!!!! Will the Whigs suffer themselves to thus imposed upon! Have, they not a sunicient acquaintance with the wiles of the loco fnin nari r fA lA o I all iiml An ihplT Uflrv

Gnemtburg Repo-