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MARCH 18, 1834.]

The Public Deposites.

[H. OF R.

ing out of further conversation. One of our committee, all these points, Andrew Jackson never would restore the with a hope of appeasing his extreme irritation, said to deposites to the bank-Andrew Jackson would never him, in the kindest manner, "May it please the President, recharter that monster of corruption; that neither perwe have been particularly instructed by those whom we suasion or coercion, not the opinions of the people, nor represent, not only to present our memorial to both the voice of the legislature, could shake his fixed deterHouses of Congress, but to state, personally, to the Exe- mination; that sooner than consent to restore the decutive our grievances, and ask the wisdom of the Govern-posites or recharter the bank, he would undergo the torment to devise some method for our relief." But the Pre-tures of ten Spanish inquisitions; that sooner than live in sident continued, "Why am I teased with committees? a country where such a power prevailed, he would seek Here I am receiving two or three anonymous letters every an asylum in the wilds of Arabia.

day, threatening me with assassination if I don't restore 5. It was announced by the President that he meant to the deposites, and recharter the bank; the abominable continue the present system of collecting the revenue by institution-the monster that has grown up out of circum- the State banks until the experiment had been fully tried, stances, and has attempted to control the Government; and at all events, until the expiration of the charter of the I've got my foot upon it, and I'll crush it." (The Globe United States Bank; that he had no doubt of the success lay before him on the table, containing some of the letters of the experiment, nor that the State banks would answer referred to.) He continued: "Am I to violate my consti- all the purposes of the country; that he would furnish the tutional oath? Is it to be expected that I am to be turned country with as good, nay, a better and more solvent curfrom my purpose? Is Andrew Jackson to bow the knee rency than that of the national bank; that he had early to the golden calf, as did the Israelites of old? I tell you, foreseen and provided against the inclination of the Bank if you want relief, go to Nicholas Biddle." We replied, of the United States to crush the State banks, and that "Nicholas Biddle will tell us that he is but following the his interposition alone had saved them from ruin; that he recommendations of the Executive in winding up the would continue to protect the State banks by all the affairs of the bank, by curtailing its discounts." The means in his power. rage of the President now increased, if possible, to a degree which we shall not attempt to describe. He continued, "Did I advise him to interfere with elections, and corrupt the morals of the people? Did I advise him to withdraw thirty-five millions from the purchase of inland bills of exchange in the Western country? I tell you, I am opposed to all banks and banking operations, from the South Sea bubble to the present time. BALTIMORE COMMITTEE'S REPORT. The Israelites, during the absence of Moses to the mount, made a golden "General, you are, no doubt, aware that this commitcalf, and fell down and worshipped it; and they sorely tee has the honor to be delegated by the citizens of Baltisuffered for their idolatry. The people of this country more, without regard to party, to come to you, sir-the may yet be punished for their idolatry. Let the United fountain head-to make known the distressing situation States Bank relieve the community by issuing their notes, of the currency of this country, and respectfully to ask, and I pledge myself that the State banks shall not oppress from you, relief"

it."

6. The President admitted that considerable distress had followed the action of the Government in relation to the deposites. He had never doubted that brokers and stock speculators, and all who were doing business on a borrowed capital, would suffer severely under the effects of the measure, and that all such people ought to break.

"Relief, sir!"-interrupted the President, in a tone of excitement-"Come not to me, sir!-go to the monster! Did not Nicholas Biddle come here, sir, and, on his oath, swear before a committee, that, with six millions in his vaults, he could meet the wants of the whole people? And now-when he has wrung more than ten millions from the people-he sends you to me for relief! It is folly, sir, to talk to Andrew Jackson. The Government will not bow to the monster!"

PHILADELPHIA COMMITTEE'S REPORT. He told the committee of delegates from Philadelphia: 1. That application for relief must be made to the Bank of the United States and not to him; that whatever distress existed in the community (and he believed there was some distress) had been caused by the bank, which was hoarding its specie and curtailing its discounts in or der to crush the State banks and compel the Government "Sir," said the chairman, the "currency of the country to abandon its policy. That the Executive had no power is in a dreadful situation. The State banks have not conto relieve the distresses of the community, but that the fidence in each other; they cannot give trade the facili stockholders of the bank might effect that object by ties required. I have recently travelled to and from the electing directors who would conduct its affairs honestly Falls of Ohio to Baltimore, and can assure you, sir, I have and on principles of Christian benevolence.

heard but one opinion on this subject. We are your friends--not politicians. I have always been, up to the present moment, a decided friend of your administration." Here the President, in a very angry tone of voice, interrupted the chairman, by saying

2. That the present directors of the bank had violated its charter by giving to the president the whole power of the bank; a power to use its funds without voucher or receipt. That such a power in the hands of one man was dangerous to the liberties of the country, and had "Sir, you keep one-sided company. Andrew Jackbeen used to destroy the elective franchise. That the son has fifty letters from persons of all parties daily on president of the bank, if an honest man, would not have this subject. Sir, he has more and better information accepted a trust so unlawful. That for these reasons he than you, sir-or any of you. Andrew Jackson publishregarded the bank as a monster of corruption, which he ed his opinion in September last. I am surprised that was determined to put down. That a bank so using its you should thus talk to me, sir! It is folly: you would powers ought (as he repeatedly expressed it) to be have us, like the people of Ireland, paying tribute to robbed of those powers. London, that already gets a large amount annually from 3. That the law creating the Bank of the United this country, extorted from the laboring part of the comStates, was, in his opinion, unconstitutional. That no power to create a national bank was conferred, or intended to be conferred, by the constitution. That the provision by which Congress was authorized to regulate the currency, had reference only to domestic and foreign coin, and not to paper of any description.

4. That, having made up his mind irrevocably upon

VOL. X.-193

munity. The failures that are now taking place are amongst the stock-jobbers, brokers, and gamblers, and would to God, they were all swept from the land!-it would be a happy thing for the country.'

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"Sir," said the chairman, "all my experience goes to show that there is no money more cheerfully paid by the merchants and people of this country, than interest

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bank interest-not such interest as they now pay-say two and a half per cent. to collect a sight draft drawn in Baltimore or Pittsburg."

[MARCH 18, 183

BANK OF THE UNITED STATES, ?
March 5, 1834.

At a a meeting of the board of directors held this da Mr. Eyre, from the committee on the offices, present the following report, which was read:

experience of several months, the progress in the reductions The committee on the offices having now ascertained, by the business of the bank, ordered by the board on the eighth October last, avail themselves of the monthly returns from t bank, and all its offices, made up for the month of March, present a statement of those reductions.

"Sir," replied the President, "I had, last night, any amount of money offered me on good security, by a gentleman from New York, at six per cent. They are, sir, men who have overtraded that are now pressed. The real capitalists of the country felt the pressure last September and October, when the monster first put the screw down. Did not the monster draw from the South and West, last fall, thirty-five millions? For what, sir? To oppress the State banks in your city, Philadelphia, The design of the board in directing them, was to protect t New York, and Boston. But Andrew Jackson foresaw institution, and to provide the means of paying the deposites the Government, so as to press with as little injury as possible what they were about, and met them. Sir, I could have the community. How far that purpose has been accomplishe destroyed the monster in thirty days-but the President will be seen from the following statement of the amount of lea would not do it. Not wishing to bring distress upon the deposites, specie, and circulation of the bank from the 1st people, Andrew Jackson invited a compromise with the October, 1833, to the 1st March, 1834. mammoth-they would have nothing to do with me, and now, sir, I will have nothing to do with them. The restoration of the deposites is virtually a renewal of the charter-one and the same thing."

The chairman answered-"The people, sir, have not understood the character of the President, if he is unwilling to hear their calls and demands."

Here, in a vehement manner, the President exclaimed, "The people! talk to Andrew Jackson, sir, about the people! the people, sir, are with me. I have undergone much peril for the liberties of this people; and Andrew Jackson yet lives, to put his foot upon the head of the monster, and crush him to the dust."

"Sir," interrupted the chairman, again, "the country has tried your measures; they will not do-they will ruin two-thirds of the good trading men of the country. You haev bled us-we are sick, fainting, and dying, one after another."

"The mammoth, sir," replied the President, in a violent. rage, has bled you! When I put him down, sir, the other moneyed institutions will meet all the wants of the people. It is folly in the extreme to talk to me thus, sir. I would rather undergo the tortures of ten Spanish inquisitions than that the deposites should be restored, or the monster be rechartered."

"Sir," said the chairman, "as there is no general relief to be had, direct the public money now in the State bank, in our city, back to the branch of the Bank of the United States and they will at once give Baltimore relief."

"Talk not to me, sir, about your branch!" exclaimed the President-"Did they not send in nine thousand dollars of their illegal bills or checks to the bank, the first day? Let them make another move on the board, and Andrew Jackson will check-mate them. Let them turn the screw again, and I will make them feel the power of the Executive, by returning on them ten millions of dollars of their illegal checks now in circulation."

"I hope, sir," said the chairman, "you will be able to demonstrate howthe country is to pay upwards of 50,000,000 of discounted paper, now due to the Bank of the United States, with a metallic currency but little over 20,000,000." The answer was-"Go, go to the monster! and only the other day, sir, what did the monster do? Disputed with the Executive the right to the pension fund!" At this time the President had grown into such a rage, that no object was to be gained by attempting to prolong the discussion, and as several of the delegation had already manifested their wish and their impatience to close the conference, the members of the delegation withdrew.

C.

REDUCTIONS OF THE UNITED STATES BANK. We subjoin a statement, to which we ask particular attention. After the outcry which has been made at Washington, we confess that we did not think that the United States Bank had made a reduction of discounts so small in proportion to the public and private withdrawal | of deposites.-U. S. Gazette.

Specie.

10,663,441 51
10,342,160 46
9,818,529 25

Circulation.

19,128,189 57

8,008,862 78
7,285,041 88
6,827,173 10
Public Depos. Private Depos.

Total.

From this statement, it will be perceived, that from the 1st October to the 1st March, the total reduction in the line of local discounts'

Domestic Bills.

Oct. 1
Nov. 1.

42,226,275 42
41.062,813 94

17,867,927 51

16,147,790 44

60,094,202 93
57,210,604 38

9,868.435 53 8,232,311 18

Dec. 1.

38,780,567 49

15,672,537 18

54,453,104 67

5,162,260 63

17,877,298 36
15,517,353 06
11,989,433 73

18,518,000 57
18,650,912 90

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Total.

Discounts.

1833.

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The comparison of the two periods will be more obvious from the following tabular statement:

Circulation.
19,128,189 57
18,523,189 00

Deposites. 17,877,298 36

Loans. 60,094,202 93

9,947,363 54

7.920.934 82

56,167,829 86

3.926.373 07

was

While there has been an increase in the domestic bills of

Making the total reduction of loans

During the same period, the reduction of the public deposites was
And of private deposites

During the same time, the specie of the bank has diminished
Making a total reduction of deposites -

And the circulation of the bank

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MARCH 18, 1834.]

The Public Deposites.

[H. of R.

The general result of the operation of the bank, dur-sition to me, and, as I desired to understand matters so ing the last five months, have been

1st. That the reduction of the loans has not been, by upwards of four millions of dollars, as great as the reduction of the deposites; and

2d. That the withdrawal of nearly eight millions of dollars of those funds on which the bank had based its accommodations to the community, has not yet been followed by a reduction of accommodations equal to onehalf of the amount of funds thus withdrawn.

3d. That, from the 1st of January to the 1st of March, the increase in the line of domestic bills amounted to nearly two millions and a half of dollars.

4th. That, during the same period, there has been an actual increase in the total loans of the bank of $1,256. 368 16.

important, and so singularly presented to me, I asked him to leave the paper with me, which he accordingly did. He also read to me divers letters, from individuals connected with State banks. The drift of his further observations was to satisfy me that the Executive arm, alone, could be relied on to prevent a renewal of the United States Bank charter."

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"On the next evening, (Sunday,) Mr. Whitney again called upon me, in company with a stranger, whom he introduced as Mr. Amos Kendall, a gentleman in the President's confidence, and who would give me any further explanation that I might desire, as to what was meditated in relation to the United States Bank, and who then called on me because he was about to proceed to Baltimore. I did not The committee cannot regret the smallness of this re-invite or check communication. Very little was said, duction during the last five months, nor even the actual and perhaps because I did not wholly conceal my mortiincrease of its loans since the 1st of January; because fication at an attempt, apparently with the sanction of the both have arisen from the strong desire of the bank to President, to reduce me to a mere cipher in the adminisgive every relief to the community consistent with its own tration." safety. But they cannot forbear to express their delibe- The next morning, (June 3d,) I waited upon the Prerate conviction that these reductions are much less than sident, and, as I had been apprized by Mr. Whitney would are required for its security during the present unsettled be the case, he soon introduced the subject of the bank. state of the currency, and that it has now become the I stated that Mr. Whitney had made known to me what duty of the bank gently, but steadily, to diminish the had been done, and what was intended, and had intimaamount of the claims upon it, by continuing to lessen its ted that his communication was made at the President's business. desire. The President replied, in a tone of dissatisfac

Whereupon, on motion of Mr. Newkirk, the following tion, that it was true he had conferred with Mr. Whitney, resolution was unanimously adopted: and obtained information from him as to the bank, but Resolved, That, as much apprehension appears to exist that he was not his confidant, nor had he told him to call throughout the country in regard to the reduction of the on me. Ienumerated the representations which Mr. Whitloans of the bank since the removal of the public de-ney had made, and their correctness was admitted. I said I posites, the foregoing report be published for general information.

Extract from the minutes.

D.

S JAUDON, Cashier.

Extracts from the letters of Mr. Duane, late Secretary of the Treasury.

feared that I should not be able to see the subject in the light in which the President viewed it; to which he remarked that he liked frankness, that my predecessor and himself had sometimes differed in opinion, but it had made no difference in feeling, and should not in my case; that the matter under consideration was of vast consequence to the country; that, unless the bank was broken down, it would break us down; that, if the last Congress had remained a week longer in session, two-thirds would have been secured for the bank by corrupt means; and that the like result might be apprehended at the next Congress; that such a State Bank agency must be put in operation, before the meeting of Congress, as would show that the United States Bank was not necessary; and thus some members would have no excuse for voting for it.

My commission bore the date of May 29th, 1833, and, on the 30th, I reached Washington. After waiting upon the President, on the next day, I went to the Treasury Department, and took the oath of office, on the 1st of June. On the evening of that day, Mr. Reuben M. Whitney called upon me at my lodgings, at the desire, as he said, of the President, to make known to me what had been done, and what was to be done, in relation to "My suggestions as to an inquiry by Congress, as in the United States Bank. He stated that the President December, 1832, or a recourse to the Judiciary, the Prehad concluded to take upon himself the responsibility of sident repelled, saying it would be idle to rely upon either; directing the Secretary of the Treasury to remove the referring, as to the Judiciary, to decisions already made, public deposites from that bank, and to transfer them to as indications of what would be the effect of an appeal to State Banks; that he had asked the members of the cabi- them in future. After mentioning that he would speak net to give him their opinions on the subject; that the to me again, before he departed to the eastward, he said President had said, "Mr. Taney and Mr. Barry had come he meant to take the opinions of the members of the cabiaut like men for the removal," that Mr. McLane had net with him, but would send them to me from New York, given a long opinion against it; that Mr. Cass was sup- together with his views, and would expect me, on his reposed to be against it, but had given no written opinion; turn, to give him my sentiments frankly and fully. and that Mr. Woodbury had given an opinion, which was "On the 5th of June, I had a brief conversation with "yes" and "no," that the President would make the act the President, in the course of which, as at all other times, h's own, by addressing a paper or order to the Secretary I do him the justice to say, he emphatically declared that of the Treasury; that Mr. Amos Kendall, who was high his views were altogether public-spirited. He concluded in the President's confidence, was now preparing that by saying-Remember, I'do not wish any body to conpaper; that there had been delay, owing to the affair at ceal his sentiments; I give you my views, you give me Alexandria, but, no doubt, the President would soon yours; all I ask is, that you will reflect with a view to the speak to me on the subject; that the paper referred to public good.' would be put forth as the proclamation had been, and "The President left Washington on the 6th of June. would be made a rallying point; that he (Mr. Whitney) During his absence, further circumstances came to my had, at the desire of the President, drawn a memoir, or knowledge, which induced me to believe that the removal exposition, showing that the measure might be safely adopt-of the deposites was not advocated with any view to pubed, and that the State banks would be fully adequate to lic utility, but urged to accomplish selfish, if not factious, all the purposes of Government. He then read the expo- purposes. I sought no intercourse with those who, I felt

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VERMONT.

NEW JERSEY.

satisfied, had an undue influence over the President, at
least in relation to the grave questions connected with the Bank of St. Alban's,
removal of the deposites. Whenever any of them call- All other banks in the State,
ed on me, there was no hesitation in urging me to ac-
cord in the proposed measure. It was contended that the
removal of the deposites would be made a rallying point,
at the opening of Congress, or a flag up, for the new mem-
bers. Whenever I urged a recourse, in the first instance,
to Congress, or the Judiciary, such a step was scouted,
and delay represented as hazardous."

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Newark Banks, $5 and over,
Trenton Banking Company, under $5,
State Bank at Camden,
Cumberland Bank, Bridgeton,
Mount Holly Bank, -
Sussex Bank, under $10,
State Bank at Morris, under $5,
Morris Canal and Banking Company,
Union Bank, Dover,-

Mechanics' Bank, Paterson,

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People's Bank, Paterson,

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Par. Commercial Bank, under $10,

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PENNSYLVANIA.

14 dis.

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14 dis.

Erie Bank,

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Bank of Chester County, Chester,
Bank of Delaware County, Chester,

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Farmers' Bank, Lancaster,

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Harrisburg Bank,

Norristown Bank,

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dis. Germantown Bank,

1 dis. Northampton Bank,

1 dis. Lancaster Bank,

dis. Farmers' Bank, Bucks County,

14 dis. York Bank, Little York,

14 dis. Gettysburg Bank,

14 dis. Chambersburg Bank,

14 dis. Carlisle Bank,

14 dis.

Bank of Pittsburg,

14 dis. Reading Bank,

14 dis. Brownsville Bank,

1 dis. Newhope Bank,

14 dis.

DELAWARE.

1 dis. All banks in the State,

14 dis.

1 dis.

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DISTRICT OF COLUMBIA.

CANADA.

5 dis.

Montreal and Quebec banks,

4 a 5 dis.

CONNECTICUT.

Bank of Columbia,
All other banks in the District,
Merchants' Bank of Alexandria,
Franklin Bank of Alexandria,

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MARYLAND.

dis.

Baltimore banks,

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New London Bank, New London

Norwich Bank, under $5,

Fairfield County Bank,

East Haddam, Windham, and Jewit City
Banks,

All other banks in the State,

Eagle Bank, New Haven,

Derby Bank,

RHODE ISLAND.

Citizens' Union Bank, Scituate,

dis. Port Deposite Bank,

All other banks in the State,

dis.
VIRGINIA.
dis. Bank of Virginia and branches,

Farmers' Bank of Virginia and branches,
dis. Bank of the Valley and branches,
dis. N. W. Bank of Virginia, Wheeling,
NORTH CAROLINA.

Broken.

Broken.

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State Bank and branches,
Newbern and Cape Fear Bank,

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2 dis. Bank of Augusta,

5 dis. State Bank, Savannahı,

a 1 dis. Planters' Bank, Savannah,
Broken. Bank of Darien,

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Farmers and Mechanics' Bank of Steuben-
ville,

a 1 dis.
a 1 dis. Lancaster Bank,

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The Public Deposites.

6 a 7 dis.
6 a 7 dis.

6 a 7 dis.
14 dis.

5 a 6 dis.
50 dis.

- 3 a 4 dis.

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NEW ORLEANS PRICES-OCTOBER and FEBRUARY.

[H. OF R.

measure as was proposed, would relieve the committee from an oppressive load of business, and would lead to a just decision between the Government and the claimants. The resolution was agreed to.

PUBLIC DEPOSITES.

The consideration of Mr. MARDIS's resolution on the deposites, being the unfinished business of the morning, Mr. BURGES resumed the floor, and continued the course of his remarks in opposition to the resolution until one o'clock, when they were again cut short by the expiration of the morning hour.

The House then proceeded to the order of the day, which was the report of the Committee of Ways and Means on the letter of Mr. Taney, when

Mr. WILDE again took the floor, and continued and concluded his speech in support of the amendment he had offered to the committee's report, declaring the reasons given by the Secretary insufficient and unsatisfactory. The whole of which is given entire in the preceding pages. The House, then, on motion of Mr. PINCKNEY, adjourned.

THURSDAY, MARCH 20.

"On the 1st day of October, cotton varied in value from 164 to 183 cents; on this day ranges from 8 to 13 cents. On the 12th of October, a sale of sugar was made by auction at 84 cents; and this day it is quoted, notwithstanding a crop diminished one-third under the crop of last year, at 5 to 74 cents. Molasses, same day, was sold at 27 cents per gallon; this day it is quoted at 23 cents. Flour, on the 1st day of October, was about $6 per bar- Mr. CLAY, from the Committee of Public Lands, rerel; now, $4. Whiskey, then at 32 cents; and now, ported a bill to authorize the construction of railroads and at 26 to 27 cents. New Orleans stocks have suffered a canals through lands of the United States. The bill was like, or a greater, depreciation. In New York, on the read twice. Mr. C. said he did not desire to have this 28th of September, New Orleans Canal Bank sold $114; bill committed; he desired only to have it printed and laid City Bank, $111; Commercial Bank, (10th of December,) on the table for the present. Agreed to." $106; Mechanics and Traders' (10th of December,) $106. Mr. C. also reported a bill making grants of land to In New York, at our last dates, New Orleans Canal disbanded officers and others, for services during the late Bank stock was sold at $944; City Bank, $974; Commer-war; which was read twice; and he then moved to have cial Bank, $944; and of the Mechanics and Traders' there it committed to the Committee of the Whole on the state were no sales. On the 28th September, bills on London of the Union. were at 7 per cent. premium, and have since been reduced to one per cent. below par."

WEDNESDAY, MARCH 19.

Mr. MASON, of Virginia, objected to its commitment to any but the usual committee for such subjects--the Committee of the Whole House.

Mr. WILLIAMS said that bills as interesting as this had been referred to the Committee of the Whole House.

Mr. CLAY said the bill had been reported at the instance of various Legislatures of the Union. He wished to have its consideration insured during this session; for which purpose he moved its reference to the Committee of the Whole on the state of the Union.

Mr. MASON considered that this was in its nature a

Mr. ELISHA WHITTLESEY, from the Committee of Claims, reported the following resolution, viz: Resolved, That the Committee of Claims be instructed to inquire into the expediency of providing, by law, for referring all claims for buildings burnt and destroyed by the enemy during the late war, because they were in the military occupation of the United States, by the order of an officer, or agent of the United States, as places of de-private bill; he could not, therefore, see any reason why posite, or as barracks, to the Third Auditor of the Treas- precedent should be given to it over all others. He moved ury Department, on principles that have been heretofore its commitment to the Committee of the Whole. prescribed in the settlement of such claims; and that they further inquire into the expediency of providing, by law, for the settlement of all claims arising from the loss of property in the military service of the United States, by contract or employment, and for horses lost during the late war; also, during the war with the Seminole Indians; and the late war with the Indians, commanded by Black Hawk, on such principles as have heretofore been prescribed in such cases.

Mr. CLAY remarked that although the bill should be sent to the committee which he desired, yet it did not fol low that it would have any preference given to it, unless it should be the pleasure of the House to take it up.

After a desultory conversation, in which Messrs. WILLIAMS, MILLER, and CHILTON participated,

The bill was referred to the Committee of the Whole House.

PUBLIC DEPOSITES.

Mr. W. stated, in support of the resolution, that it was the opinion of the committee that its adoption would es sentially conduce to the promotion of the ends of public justice. He adverted to an appropriation, which had been made in 1826, of $250,000, to pay for buildings owned by private individuals, which had been destroyed by the enemy, in consequence of their occupation by troops of the United States as barracks, or as depositories The House then proceeded, at one o'clock, to the orof arms and military stores. He explained the reason ders of the day, viz: the consideration of the report of the why the Commissioner of Claims had not acted on these Committee of Ways and Means; when cases, which was understood to be a limitation as to time in their presentation. Mr. W. contended that no such limitation should be interposed, but that the claims ought to be acted on without delay. The adoption of such a

The House then took up the unfinished business of the morning, which was the consideration of Mr. MARDIS'S resolution on the deposites; when

Mr. BURGES once more addressed the House in opposition to the resolution, and held the floor until the expiration of the morning hour, when his remarks were suspended.

Mr. PINCKNEY, of South Carolina, rose and addressed the House: He began by asking the permission of the House to address it in relation to the subjects now before it. Other gentlemen have been permitted to occupy the floor

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