. . y - - , TA ttnitncyof DoocracgttotirdthtlUorth4im&ttrtoucli,th$ tnorta si of tMr comfort, thts$Brtin oTthttr dignity, th titablUhmttnt of thHr potor.n BY ROBERT WILLIAMSON, Jr. BT. C.f JULY 23, 1841. VOLUME V, NO. 9. N E V T ERMS OF "THE LINCOLN REPUBLICAN TERMS OF PUBLICATION. Thi Liircoix RsroBLiCAir ia published every Wednesday at $2 50, if paid in advance, or $3 if payment bo delayed three months. No subscription received for a leas term than twelve months. No paper will be discontinued but at the optiuo ofthe Editor, until all arrearages are paid. A failure to order a discontinuance, will be con sidered a new engagement. TERMS OF ADVERTISING. Abtirtiiimisti will be inserted conspicuous ly for $1 01) per square for the first inseition, and 23 cents fur each continuance. Court and Judicial advertisements will be charged 25 per cent, more than the above prices. A deduction of 33 per cent, from the regular prices will be made to yearly advertisers. The number of insertions must be noted on the manuscript, or they will be charged until a discon tinuance is ordered. TO CORRESPOND? NTS. To insure prompt attention to Letters addressed to the Editor, the postage should in all cases be paid. Twenty-seYcnth Congress. From the Globe, of July 10. CONGRESSIONAL ANALYSIS. SENATE. Mr. Linn continued hi? remarks during a brief remnant of ihe morning hour, on Mr. Buchanan's call for the proscription lists. The Bank bill being taken up Mr. Woodbury proposed an amendment, prohibiting donations by directors out of the funds of the Bank. Mr. Clay objected, and proposed to amend the amendment, by restricting the prohioi lion to the making of donations to officers and directors. Mr. Henderson objected to the amend ment in any shape, ile said the Bank had no right to give away the money entrusted to it. Mr. Woodbury then consented to amend to as to prohibit donations either by the stockholders or directors. Mr. Clay urged his amendment, which would leave power to tlie board of directors to make dona tions to any body except directors and -officers. And this ameudment prevailed HQ to 21. Mr. Allen then proposed to provide that Tio part of any donations should be charged on the funds of the Government. Negatived 27 to 2 1. Messrs. Woodbury. Linn, Calhoun, Benton, Allen, and King, argued in favor of the amendments as proposed by Messrs. Woodbu ry and Allen. Mr. Clay of Ken tucky advocated successfully his provision against Mr. Woodbury's, which, instead of being such a limitation as would prevent the abuse which Mr. Woodbury sought to correct, was a license to the new Bank to continne'the old abuses, except in making gifts to officers ofthe institution. Mr. Woodbury's resolntion was intended to prevent the Bank from running into all the log-rolling schemes of improvement in which the late Bank indulged to purchase over neighborhoods and cities to its interests by douceurs to a railroad company here a canal company there to paving streets and contributing to charities by way of reaching the sympathies -of whole bodies of people to aid it in commanding the legis lation of the country, by assuming a seem ing generosity, humanity, and public spirit, when it was in fact bribing and corrupting upon cold political and pecuniary calcula tions. Mr. Woodbury read a whole catalogue of these douceurs, printed in the commit tee's report, and if he could have read the burnt vouchers which were recently called for by the meeting ol stockholders but which Mr. Biddle and his subordinates had carefully destroyed, lie might have ad led to his ratalogue.of donations the names fa great many distinguished politicians, who have rendered the corporation yeo man's service in the halls of State Legisla lures as well as those of Congress. Mr. Clay was very willing to cut off the officers ofthe Bank from their accustomed pen sions, but the railroad, canal, street and paved road pensioners the church pen sioners the editorial corps of pensioners, and the legislative pensioners, he would not -exclude from the benefit of the secrefser vice of the Grand Almoner's purse of the Bank. In a word, Mr. Clay was resolved not for a moment to check the hopes ofthe "Bank mercenaries and the popularity of the institution, with this class, by inserting a prohibitory clause, although, with the se crecv which is secured, it might, and doubtless would, be totally disregarded in practice. ... After the amendment offered by Mr. Woodbury was altered by Mr. Clay so as 10 iicenae gratuities to all but Bank officeis, ihe proposition became a Federal measure, and passed, of course: Its mover openly repudiated it, as no longer his progeny, and the Democrats gave it up. Mr. Allen then moved his proposition, which wss to prevent the appropriation of the funds cf the Treasury in this institution, to acb gratuities. He maintained that as the Bank was made the Treasury r the nation as all its funds as stockholder or depositor, was in the custody of this new Treasury Department, and are, to all intents and purposes, public money in the Treasu ry by the very terms ofthe charter, it was aclear violation of the Constitution which says that no money shall be drawn from the Treasury unless appropriated by law to permit gratuities to be made by order ofthe board of directors, and the money to.be drawn from the public coffers in virtue of such appropriations. Messrs. Calhoun and Benton, King, and others, strongly sup ported Mr. Allen's view of the question. Mr. Clay of Kentucky insisted that, as a partner in the corporation, the Government was bound, by the principles ofthe part nership, to submit to such disposition of its means, as the controlling majority of the corporation had the right to order. Mr. Calhoun, with great force, urged that tins complication of the affairs of Government with a company of bankers on the ground assumed, might subject the finances of the country to a control utterly at war with the real fiduciaries the representatives of the Slates and the people to whom the Con stitution committed this vital trust. lie said the case now before the Senate sim plified the matter, so that every man must see the danger of this odious connection of Government witii bankers- The charter committed the finances of the nation to the custody and management of the corpora tion. The amendment as modified by Mr. Clay distinctly put the funds of the Go vernment at the disposal of the Bank man agers, not merely to be applied to the pur poses specified in the charter as Govern ment or banking purposes, but to be given away in gratuities by the board of directors, provided the gift were not made to the officers of the Bank. Reasoning has now but very little effect upon the Bank cohort in the Senate. Mr. Allen's amendment was defeated by a vote of 27 to 21. Mr Tappan and Mr. Bucha nan were not in the Senate when the vote was taken. Mr. Wright moved to strike out the pro vision in the charter for the increase ofthe capital of the Bank, from thirty to fifty millions after 1851. Mr. Wright urged that the conditional creation of new shares in the Bank, at the end of ten years, wojld produce an influence in relation to the es tablishment, which would beany thing but conducive to the stability and uniformity which it seemed to be the great object of those in favor ofthe concern, to impart to the business of the country, with which it was connected. He said that if it was found profitable, the owners of the thirty millions, wielding a vast power, would oppose the increase of shares, which in bringing two-thirds of the same amount of capital to participate in, and diminish the profits, would be prone to resist the increase then there would be a great body of wealth struggling for investment in the Bank, which would bring another powerful private interest to agitate the country and Congress, by pressing for at; incorpora tion of additional capital, sufficient to make a new National Bank. Then if the holders of the thirty millions should find their es tablishment shaking its history being that ofthe late Bank they would be anxious to infuse new capital into its shrunken veins, and intrigues would be set afoot by the secret managers in the Baak parlor, to increase the capital, and bring in new associates, and influential allies. The ef fect of this conditional proviso for incor poration, at the end often years, we gath ered from Mr. Wright's remarks, (which we are notable to convey in detail or in his own clear language.) would be to gen erate a great and mischievous influence to shake the stability of the concern, and all the commercial and legislative action having reference to it. Mr. Clay replied with great impatience, and seemed quite incensed that those oppo sed to the bill should attempt to improve it. He said something about insidious amendments. Mr. Wright very coolly responded, but let Mr. Clay understand very distinctly that Senators would not be deterred from doing their duty to the public interest they supported, fro n any regard to the personal sensitiveness he evinced when the linea ments of his offspring were closely scan ned. It was losi ayes 22, nays 26. - Mr. Woodbury moved to strike out the thirty millions capital of the Bank, which, if the motion had prevailed, would have left it a mere Bank of deposite. On this Mr. Woodbury made an argument of con siderable length, replete with information and admirable views on the subject under discussion. Mr. Woodbury made the following points : - 1. That he preferred for a fiscal agent of the Government, a Bank, if any, of mere deposite, and not one of discount and circulation. It would be safer and sounder, and more appropriate for a Government machine. 2. That the pre?ent condition of public affairs did not rpnder a bank of discount- when the banking capital of the country was so large exnadjent ?vcn wera it eorsstliatioaai. 3. That such a Bank as this, so loosely guarded, and so badly located so ill-timed and unnecessary was not proper, how ever a Bank may have been in 1791, or 1818. The Supreme Court had only deci ded that a Bank was constitutional at any time, and in any form, if first found to be necessary and proper by Congress. 4. .That experience in the last seven years had shown that a National Bank was not necessary as a fiscal agent, because our ! fiscal operations had been safely and promptly conducted without such a i Bank. 5. That Government should not embark in trade or banking, and especially on bor rowed money. It was paltry and illjudged, and unprofitable. But it should make merely a fiscal agent, with no powers or functions not necessary to mere public objects. 6. That the community and the Govern ment were both safer, if the former . were not borrowers from the public Treasury; and the latter were not dependent for their deposites and daily means on the caprice and speculations of bank directors and stockholders. 7. That a National Bank of discount could not improve or equalize exchanges, without costing as much to the community in some way as exchanges did now. And that the exchanges were mercantile mat ters, and should be left to merchants, bro kers, and bankers; and were as cheap with them, as with the Bank; and if high, they , corrected our trading and our indebtedness, , and were, and should be, charged to the speculators, and would be, whether done with or without banks. 8. That a National Bank would not add to the currency beyond ten millions in one hundred millions of paper, and even that len no better than a State bank situated at New York, and its notes made receivable for public dues. 9. Tnat the capital was too large, if any was allowed, unless it was made sufficient to control and root out all State banks, or be 3p0,U00,000 instead of 30,000,000, and then nobody could check or manage it. Gallatin and Appietion say ten or fifteen millions are enough for a mere fiscal agent. 10. The Bank, as one of discont, is also premature, as it cannot check and control the bad banks till all resume or wind up. The Sutes must take hold of their own banks first, or there will be no permanent relief. The Sub-Treasury checks now, as much as this Bank would. 11. A National Bank, instead of giving relief by lessening debt, increases it sixteen millions J he Bank of England is in cap ital, all a Government debt. Debl increas ed and overwhelming, always follows in its train. 12. A National Bank of discount will not add to the repeal capital of the country, but increase our issues in one place and contractions in others, and consequent ag gravaiion of existing evils. 13. A National Bank abroad as well as in the United States, with power to dis count and circulate bills, is presumed to be, by the best writers - and the soundest reasoners, injurious to the people ruining more often than benefiting and should be scouted from the Government and its fiscal machinery. 14. He said a public Bank for a public Department, was like a Sub-Treasury aci, liable to repeul-, and he was thus instructed and should thus vole; this bein" such a Bank. This was legal and not seditious peace ful and not violent and let those who em bark capital in such a joint stock trading concern wan the Government lake war ning. 15. If such a mammoth Bank went into operation which he doubted it would and must be resisted by the Democrecy. It was an avowed parly Bank and must take the fate of party measures. The chairman preached repose, repose, as if we w?re to lick the hand that smites us, and were a Hindoo race to be overload ed with new taxes greatet expense and large national debts without resistance - 11 o woulJ find himself mistaken. THE HOUSE. Mr. Brown of Tennessee finished his hour, and Mr. Linn of New York commen ced hi3 maiden speech in favor of Daniel Webster, and his way of showing the dig nity, and preserving the honor of the na tion. Having a dry subject, Mr. Linn fin ished in thirty minutes. Mr. Brown of New York got the floor, but before he said any thing, the House re solved iiself into the Committee of the Whole House on the state of the Union, Mr. Brings in the chair. Mr. McKay of North Carolina then com menced a speech upon the loan bill, the question being, "Shall the enacting clanse be stricken out!' Mr. McKay said if there was a debt, he was for finding it at once; but he was opposed to borrowing money for current expense. - He alluded to the various mistakes in the President's message, and the Secretary's report. He says the Secretary has not only given cause for 'criticism in his report, but after it got ! into the hands of the Printer, a change of $1,000,000 was made in putting down the figures. Mr. Hunter of Virginia made one ofthe happiest speeches that has been made this year. He criticized the acts of the major ity ; and said that they were disposed, from the measures presented to the House, to reduce this Republic to thv situation of an cient Rome, when the simple and valiant Sabine ofthe Eternal City was reduced to the contemptible Iazaroui of modern Italy. He warned the majority against the war that they were encouraging, not between sections of the country, but between the classes the many and the few the rich and the poor the tax-payers and the tax consumers of the land. He said that a re volution would be the consequence blood less it might be, but still a revolution that would destroy the institutions of this coun try. He showed the errors of Mr. Ewing said there was no necessity for a called ses sion, and averred that if Mr. Ewing spent his money as every Secretary had save one from the beginning there would have been but a small deficit, even if Mr. Ewing was right in redeeming Treasury notes in this year, which would not be due until the next. He said that there would be, under a proper administration of the -Treasury, a balance of $3,000,000. Mr. Holmes of South Carolina then ob tained floor, and made an eloquent speech. He was very severe upon the old Federal party that had, with the exception of a spasm or two, lain dormant since 1800. He used up Mr. Ewing s figures, and made the majority amazing uneasy during his hour of delivery. Mr. Gilmer of Virginia now arose to op pose the bill. He was sarcastic and elo quent. IJe dented the necessity lor a loan, and opposed the measures of the majority. He showed that the Florida war was a war where no laurels could be gained. It was not a war for Epic, but for the dog-gere poet to sing. He alluded to the various splits in the Whig party, and asked what were the measures of the Administration was the chairman of the Committee of Ways and Means the Administration, and were his views the Administration, or was he under current ihe Whig party proper or improper, the Administration, lie would not undertake to 6ay, but he went for his country, and he was glad that there was no Administration party here. J he stockholders the people now would be attended to without regard to the President and directors. Mr. John Van Buren of New York made his maiden speech and opposed the bill with eloquence and earnestness. He said figures would not lie according to an old saying; but he was bound to say that bgurcs in different hands produce different results. He alluded to, the false preten tions of the Whigs and the solemn mocke ry of reform which meant none addition al taxes, squandering the-treasure ofthe country, and helping foreign bankers and Jew stockholders, instead of the good peo ple of the Republic. His remarks will be given at length hereafrer. Mr. Weller of Ohio arose with a Whig chart in his hand that had been used at the elections in Ohio, instead of reason. It was a map, with columns upon it of four millions of dollars to the inch, showing the expenditures of the Government from the days of Gen. Washington to the days of Mr. Van Buren. On one side, at the fifth inch, was the T mark, which was the max imum oi expenditure to be abided by in the future. Mr. Weller then proceeded to show that the present parly had gone two inches, or $8,000,000 above the T nark, and asked the majority how they dared to deceive the people in this barefaced manner. iMr. Weller said he never believed the promises ofthe Whigs, though ihe people had. He knew what the majority would go for, and when they lolJ toe people of Ohio that they wanted no National Bank he felt confident that the establishment of such a Bank would be one of their first measures. He said the people whom the gods de stroved, they first made mad, and he be lieved lhat the Whig party was mad. He said ihey had the ladle party, and the Char lev boys in the House, (alludtng to Mr. Clay's man Charles,) ihe Whig parly pro- ner and irnnrooer. the under current, lie wanted to have the bill limited to the ex istance of the present Administration, in stead of for the term of eight years, be cause he felt confident that in four years the Democracy would rout out the Vandals and leave the Eternal City to be bu ill up by the pure and the noble of eanh. Mr. Weller can'only do justice to him self, and we will leave his speech until be gives at length. Mr. Underwood of Kentucky now arose to criticize Mr. Pickens for giving him a slap about his ignorance, when, in fact, Mr. Pickens alluded, as we believe, to another member from Kentucky, who did call the Slate Rights party a humbug. The com mittee having been reduced to a baker's do zen, rose at half past four o'clock, and then the House adjourned to Monday at 10 a in. Monday. July 12, 1841. SENATE. -, We shall give in the Congressional col umns a sketch of the debate on the amend ments offered lo the Bank bill the en grossing special ' order. Tha discussion was drawn off by Mr. Clay to collateral matters, which produced a great deal of warmth and sensibility in the Senate. " Mr. Wright proposed to strikeout the subscription of the Government to the Bank, and enforced his views on this topic with his usual precision and clearness. The drift of his remarks will be given hereafter, under the Congressional head. Mr. Clay replied with a great deal of ani mation, and vhile intimating an unwilling ness to believe that the amendments were intended insidiously to procrastinate the measure, he deprecated the delay, and ex pressed so strongly his impatience under the course of proceeding in relation to the bill, thai, taken in connection with the gag recently imposed in the other House by his friends, (the Speaker at the head of them,) who act under his advice, it plainly indica ted a determination to crush the freedom of debate in the Senate, and vote his measures through without allowing the minority to be fully heard. This called up Mr. Cal houn, who reviewed the progress of the Bank bill in the Senate. He showed that from the commencement ofthe session un til now, when the complaint, the premoni tory to the imposition of the gag in the Senate, was made, the Democratic mem bers had only been employed four days in suggesting their views of the measure, and proposing modifications. The previous portion of the session had been taken by the friends of the measure in preparing their hill, and eight days occupied by them exclusively, in discussing amendments brought in by the friends of the Adminis tration after it was so prepared. During these eight davs, the whole discussion was carried on by the Federal side ofthe Senate, and now when the opponents of the bill had taken four days only in dissecting the scheme, it was plainly hinted that the ma jority intended to put down debate, and de ny the privilege to the minority of exposing the odious features and principles of the bill, and the bad designs of authors in re eling the salutary provisions by which the enemies of the measure would guard against "us fatal tendencies, and disarm it. to some extent, of its dangerous powers. Mr. Calhoun repelled the imputation that procrastination to harass the majority, was j the purpose of the minority. All wished to be at home, enjoying quiet and comfort, rather than in be involved in the heat and dust of the city at this unhealthy season of ihe year, and struggling to expose the dan gerous train of measures pressed into an extraordinary session, to be hurried through ina few weeks, which it cost Federalism forty years to build up, and Democracy the last twelve years to abate. Mr. Cal houn then demanded of Mr. Clay to de clare his purpose. Did he intend to impose the gag upon debate in the Senate, as it had been elsewhere? Did he intend to consummate the high-handed Federal mea sure, now in progress, without allowing the minority to bring all their views of what was proposed and rejected by the majority, before the country ? Mr. Clay answered with the utmost ve hemence, and avowed his readiness 6o to alter the course of proceeding hitherto ob served, as to give the majority complete command of the Senate. This avowal im plies, that the design is entertained of so altering the rules expressly framed lo se cure the rights of the minority, as to put it absolutely at ihe mercy of the majority, and introduce into Congress with more unlimited control than it was ever ventured on even in Great Britain the monstrous power of stifling the freedom of speech. The rules, as practised upon formerly in Congress, were drawn from the parliamen tary rules, which, with all their protection for the rights of a minority, guarantying a-nple freedom of speech, have stood for centuries respected by majorities headed by monarchs of despotic dispositions. W hat the omnipotent majority of Parlia ment, and despotic prinres, have not dared to violate, Mr. Clay of Kentucky and his ephemeral, fraud-begotten power in Con gress, threaten at once lo put down. Mr. Linn of Missouri replied to Mr. Clay's suggestion, of bringing his new tactics to suppress debate to bear on the Senate, in a very inipressive manner. He referred to ihe past, to point the eye of Senators to the series of outrages which the mercenary interests associated with this Bank question, had, urged its partisans to perpeirate. . He referred to the blood shed by the Bank myrmidons in Philadel phia with fire-arms, (with which the mar ble palace was filled,) to crush the right of suffrage in the ciiy of the Bank to the attempt to seize the public arsenal in New York to effect the same purposu there to the pollution of the elections every where, which -exhibited itself in the halls of Slate legislation as well as in Congress. He re ferred to the scenes of the former sessions of Congress, at one of which no less than six large volumes of execrations ofthe then existing Administration, were piled up in its archives in the shape of Bank memorials, and. which formed the staple of Feoeral speeches, filling six months of the time of Congress. Re . referred to the revolutionary movements cf the Bank re rruits, thrown into the Legislatures. Stale) and National, in breaking op quorums of the respective bodies to which they be longed, by setting the rules at defiance, and absenting themselves, and refusing to attend, when summoned by the officers of ihe representative bodies. He pointed to cases of the sort which had occurred in Congress, in the Legislatures of Alabama, Illinois, Pennsylvania, and some others, showing that the utter prostration of par hamentary rule now threatened in regard to the freedom of debate, was in perfect keeping with all these precursors, which originated in the unbridled, unprincipled spirit which the money poweri relying on the mercenary brute force which it csu rally round it, invariably begets. Mr. Linn' said he was ashamed of himself for thv lameness with - which he had heretofore submitted as a Senator, forgetful of the .in dependent and sturdy constituents he repre sented, to the arrogant presumption with which that sordid influence had swaggered in a Hall, which should be consecrated to calm and patriotic deliberation. He em- ::: phatically admonished Senators that he did not intend to cower to the shaking of tha mane and loud menaces, which were so frequently made to play a part in the scene of that body. He meant to do his duty there, and he would not be found wanting in any thing that became a man, whenever ihe attempt was made to choke down tha 1 rights of the country, in stifling the free dom of debate on the part of the minority of the Senate. Mr. Walker referred to the intimation of Mr. Clay, that amendments were offered by those opposed to the Bill, by showing lhat most of the amendments offered by him, and the most important ones, had been adopted by a majority; against the will of the Senator from Kentucky. This would seem to furnish a better objection to ihe amendments on the part of the Sena tor trom Kentucky, than his idea that they were mere captious, untenable propositions, thrown nut as impediments to the bill. Mr. Allen rose to correct an impression which might go abroad from a remark of Clay of Kentucky, lhat the Bank system would cure, among the other evils, such peculation as that of Swariwout, &c. Mr. Allen said it was while the banks were de positories, that the Swariwout defalcation and many others of the same kind occur red. Another point in Mr. Clay's argument in favor of the Bank, drawn from the profits the Government was to make out of the money borrowed, to put into it as slock, was worth nonce. These profits, Mr.- Allen said, were to be made by Go vernment out of its own citizens, and upon money drawn out of their pockets to pay the interest on the capital borrowed, and, in the end, the capital itself. The capital and profits of the Bank which the Govern ment was to get to distribute among favor ites, were both to come out of the products drawn out of the cold earth by the muscles of the laboring classes. Mr. Allen said that the blessings to be dispensed by the land bill among the States were of the same sort. Al! ihe money which the laud was to give the States, with the cost ofdls iribulirj it, was to come out of the peo ple. And the deficit occasioned by it in the Treasury was to be made up by new taxes levied on the people, lo which the cost of the collection of new sum required to be taken from the people, was to be added. The proposed benefit then was nothing more than new taxes lo pay the ; cost of distribution, and for the collection cf the new taxes which it made necessary. Mr. Wright's amendment waslostbya vote of 22 to 28. Mr. Wright next proposed to strike on the proviso by which the Government was engagpd to take one-third of the twenty millions reserved for private stockholders, if not taken by them. Mr. Wright said this proviso was calculated to secure the happening of the contingency, which, went to make the Government provide more than half the capital of the Bank, instead of the one-ihird (or len million,) to which it would seem to be the first intention of (he charier to limit it. lie said private stockholders would prefer that the Govern- -menl should furnish the major amount of the capital when they were to manage the . whole. The individual stockholders would, under such circumstances, be composed of adventurous speculators, who would, raise the wind to get the minor part of the stock in their hands, that they might get the Go-, vernmeni's sixteen millions in their con trol, with all the power it conferred. The sixteen millions would draw with it the reserved fund of four millions, if the views s of the Secretary ofthe Treasury in respect to it were adopted, with all ihe deposites To command this enormous fund of others, would be the object of the managers of this institution. The private fund of capital ists would always be at their own com mand, and they would not . push into the Bank to exclude them from ths manage ment of any portion of the vast amount which the proviso proposed to be stricken out, would givo to them from the Treau ry, if retaineJ. (Continued on fourth pep.) fa