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(May 12, 1856.
defended, is an excellent station for the navy. It is also which cannot fail to check and restrain private entervaluable as a shelter for vessels bound out or home, and prise, and curtail the operations of every kind of busidesirous of avoiding a blockading squadron off Sandy How long the pressure may continue, and to Hook. In the plan of defence, the present Forts Trum what extent the reaction may go, no one can determine; bull and Griswold give place to more efficient works, of but it would by no means be surprising if these causes which the expense is estimated at $314,515."
now in operation should so diminish the demand for The port of New London has probably as strong labor, as to occasion a surplus of this most useful comclaims as any other; yet I feel no particular solicitude modity, and occasion distress among the laboring classes, concerning it, or any other fortifications for my own for want of employment. When the embarrassments of Siate, as the events of the late war proved that the in- business become such as to essentially diminish the detrepidity of our citizens is some security against attacks, mand for labor, a reduction in the price must take place, even without fortifications. The inhabitants of Ston- and a portion of the working class must be thrown out ington, with a single gun upon the beach, successfully of employment, and of course will be deprived of the repelled and drove off the enemy's barges. And as re means of subsistence. Should this be the result of pre. spects any advantages of local expenditures, I do not sent causes, which there is some reason to fear, the regard them as deserving of any consideration; the num usual demand which the Government might afford for ber of persons who may be benefited by such expendi. labor would be extremely fortunate, by supplying the tures is too small to be of any general advantage to the deficiency which might be occasioned by the curtail. contiguous population. Neither the workmen nor mate. ments in individual enterprise. It can be, no object for rials are necessarily to be procured on the spot, and a the Government to desire to cheapen labor, or diminish small portion of the disbursements only may in any way the profits of industry. It is the policy of a wise and benefit our citizens.
just Government to increase, rather than to weaken, Mr. President, I will now notice some of the objec- the stimulus to industry; and whether we pay a few tions which have been urged against the bill before ihe thousand dollars more or less for that portion of labor Senate. It is contended that one million is all that can which the Government may have occasion to employ, is be expended the present year; and that this ought to be of little consequence. So far as the measures of the applied in completing the present forts. It is believed Government are to be influenced at all by considerations that a much larger sum 'may be advantageously and of this kind, it should rather be our object to keep the economically expended the present year; but if it should prices of labor up to their maximum, than to reduce not be disbursed, the appropriation can do no harm. As ihem to their minimum standard. regards confining the action of the Government to the Another very novel, and, as it appears to me, strange old works, and neglecting the commencement of others argument, was urged by the Senator from New Jersey, for the defence of points equally exposed, and having (Mr. SOUTHARD.] It was, that the necessity for fortificaequal claims on us for protection, that would be very tions was not so great now, as when our seaports were unjust, and a very partial dispensation of the blessings small, and less able to defend themselves. i had supof the Government. The existing forts are, most of posed that the reverse was the case, and that the necesthem, already in a condition to afford protection to the sity of fortifications was in proportion to the population, places they are intended to defend, whilst many of the commerce, and wealth of our cities, which might stimuplaces designed to be protected by the new forts are late the cupidity of an enemy. wholly defenceless. Protection, like justice, should, as [Here Mr. SOUTHARD explained, and said he had far as practicable, be extended to all, and with an equal used no such language, and no argument of the kind.) hand.
Mr. N. said he did not profess to give the gentleman's Another objection which bas been urged is, that such language, but thought he had stated the substance of large appropriations for public works would derange his argument correctly; it struck him very forcibly at the the business of the country; that it would withdraw from lime, as he thought it a very extraordinary argument, and other pursuits so large a number of persons as to occa he noted it down. But if the Senator saw fit to disclaim sion serious inconvenience, if not actual embarrassment. it, he would not pursue his remarks upon it. The price of labor is said now to be unusually high, and He would advert to another objection urged by the it is contended that the price would be greatly augment. Senator from New Jersey; but as be found it difficult ed by the demands of the Government on the labor of to state the gentleman's arguments in a manner to satisfy the country, should so large appropriations be expended bim, he desired the gentleman to say whelber bis reon fortifications; and that it would be unwise to enlarge marks were correctly stated in this instance. The obthis branch of the public service at a time when labor is servation of the Senator to which he referred was this: at an advanced price. Whatever force there may be in that the development of the powers of steam, and the these arguments, they come with an ill grace from the improvements in its application, were such, that it might advocates of a measure to which they will apply with soon change the system of defence, and fortifications be much more weight. How is it tbat gentlemen propose superseded by steam batteries. to apply thirty-six millions the current year to works of (Mr. SOUTHARD said that his remarks were not internal improvement, and yet are alarmed at appropri- stated exactly correct.] ating three millions to objects of defence? If there are Mr. N. said he only professed to give the substance any grounds for apprehension that our legislation in of the gentleman's argument, which he thought rather the latter case should make too large a drain upon the an extraordinary one, and he did not understand the industry of the country, would not the same objection Senator to deny that he was so far correct. Are we to apply with much more force to the distribution schemes? neglect to put the country in a state of defence, and If the expenditure of three millions on fortifications is wait to see if the progress of science and experiments to derange the productive industry of the country, what may not develop some better system? If we had unwould be the effect of the sudden application of more foriunately become involved in a war with France, and than thirty millions to works of internal improvement? any of our defenceless towns had been destroyed, would
But the present demand for labor, and the high prices they have been satisfied with this reason for our neglec!consequent on that demand, can bardly be expecied to ing to provide the means of their defence? How will continue. This has been the result of the overaction in this argument hold, when applied to the common conevery kind of business the past year; and that has al cerns of life? What would be thought of the husbandready occasioned a reaction and a pressure for money, man who should neglect to cultivate the soil, from an
Mar 12, 1836.]
expectation that a better system of cultivation might secret of the opposition to this measure to be discovered after a while be discovered, which would entirely in the apprehension that it may interfere with the distrisupersede the present? Would not this argument ap: bution schemes? Sir, I fear we are already gathering ply with much more propriety of force to canals and the first-fruits of that dangerous and mischievous measrailroads, which are comparatively of recent origin, par ure; a scheme which comes in direct conflict with our ticularly the laller? Fortifications for the defence of entire legislation; and, by arraying the interests of the towns are almost as ancient, and their utility and neces States against those of the Union, its corrupting influsity as well established, as the common arts of life---as ence tends to embarrass all our deliberations, and to de. the art of tilling the earth, by which we are supplied feat the wisest measures which the interest and safety of with food, or those mechanical arts by which some of its the country may demand. products are wrought into fabrics for the clothing of Mr. CALHOUN observed, that the Senator from man. In the progress of discovery and improvement, Maine put these large appropriations on the ground that the present plan of fortifications may be superseded, the Secretary would make the contracts to run through and so may all the arts of life; but if we were to neg- the whole time. Now he had had some little experience in lect to avail ourselves of those now known and in use, these matters, and well knew the disadvantages attendfrom an expectation that they might be superseded by ing the making long contracts. If they were made when better systems, we should not be acting very wisely, or prices were high, the profit consequent on the fall of bardly consistent with the instinct of self-preservation. prices enured to the contractor; and if they were made
Mr. President, whence comes the opposition to this when prices were low, the contractor was sure to viobill? I have witnessed it with some surprise, after what late bis contract, when he found himself losing by the bas occurred the present session. How many times are fall of prices; so that in either case the Government must we to fight our battles over? An English author gives be a great loser. One great objection that he had to the character of an old veteran soldier, who in his latter the large appropriations in this bill was, that they were days was employed in fighting over the battles of bis calculated to empty the public purse and fill the pockyoulb; but our battles have to be fought over again and ets of the contractors. again, and then remain undecided. During the early The Senator from Connecticut said that labor is part of the session, five or six weeks were spent in de now falling. Well, what would be the result? Why, bating a resolution offered by the Senator from Missou- the fall in the price of labor would put thousands into ri, which declared that the public revenue ought to be the pockets of individuals, for no earthly benefit to the applied to the defence of the country. As the resolu-public. There never was a time better fitted to make tion was introduced, it directed that the arplus revenue fortunes for contractors than the present. He underwas to be thus applied; but, on motion, I think, of the stood this thing very well. He would not attribute moSenator from Massachuselts, [M". WEBSTER,] the word tives to any gentleman; but it had been almost openly " surplus” was stricken out, and the Senaie, after a avowed on that floor, that the design was to retain the protracted and elaborate debate, decided by a unani public money where it is, and prevent it from going mous vote that the entire revenue should be applied for back to the people, to whom it rightfully belonged. the defence of the country. But what did this resolu. There were powerful combinations interested in this tion amount to? We seem now to bave, on the part of matter. Millions were deposited in these deposite banks, some gentlemen, a practical construction of their votes. who paid no interest on it, and were, therefore, deeply It seems that in this deliberate decision, made after so interested in retaining this money; a vast number of in. protracted a debate, that to appropriate the revenue of dividuals who were indebted to them, were equally in. the country to its defence, meant nothing more than that terested in the same object; and this powerful combina: they were willing to vote the ordinary annual appro tion would make every effort to prevent the withdrawal priations for fortifications. Did gentlemen mean this, of this money. If this bill was a question of fortifications, and this only, at the time! or has any thing since occur there would be no difficulty; it would be passed at once; red which has changed their views? It is true at ibat but these were not the real objects in view. The questime there was some apprehension of a rupture with a tion now was not for furtifications, for they were not powerful nation; but it is not the less true that the mo. even dreamed of; but how to prevent this immense ver of that resolution repeatedly declared that it was not amount of public money from being withdrawn from the offered in conscquence of the impending danger, and deposite banks. With respect to these appropriations, the That if he bad the bond of fate for peace, he should press passing them at this time, and in the absence of surveys its adoption with the same earnestness. It was advoca- and sufficient information, would be a departure from ted as a settled policy, and upon general considerations, the long settled practice of the Government, for which and not as a measure dictated by any immediate prospect no sufficient reason could be given. Their custom had of war. It is not for me to reconcile the votes of Senators been, to wait for the action of the other House, and to for that resolution with their determined hostility to this pass such fortification bills as came from that body. bill, which appropriates less than a million and a half for There was a fortification bill now in progress there, and new fortifications; neither will I charge them with incon- there was no danger of its not being sent to the Senate sistency; I leave it for the gentlemen themselves to rec in time to be acted on. It was not expected to expend oncile their speeches and votes on that resolution, with this money this year, for the Secretary, would have tou their speeches and votes on this bill. When another much discretion to make contracts at this time. subject was under discussion, (the bill for the distri There never was a time when there was so little use bution of the proceeds of the public lands,) it was de in expending money on new fortifications as the preclared by the Senator from Missouri that it was a measure There were only two nations in the world against in direct conflict with the defence bills; which was de whose attacks they would be wanted, and these were nied by the Senators to whom I have referred, who in. France and Great Britain. Our difficulties with France sisted that, after appropriating all that could be possibly were, thanks to Providence, happily settled; and with disbursed for purposes of defence, which they professed Great Britain there was not the slightest expectation of to be willing to do, the surplus from the sales of the pub. our coming in conflict. Her magnanimous interference lic lands would remain to be distributed. Has the pas to settle our foolish and wicked quarrel with France, sage of that will changed the sentiments of gentlemen? plainly showed her friendly intentions towards this coun. Alter the strong declarations to the contrary, are they try, and her strong desire to maintain her friendly relanow alarmed ibat the surplus will be diminished? Is the lions with us.
Our danger (said Mr. C.) lies nut on
Florida Banks- Stockton and Stokes.
(Mar 14, 1836.
the seacoast; it lies in another way—in the southwest. that other moneyed institutions had been previously es. Let me tell you, (said Mr. C.,) that every dollar of our tablished at Pensacola, and in other paris of the Terrisurplus may be wanted, and that soon, They knew not tory. All this (as he had remarked before) may be even what the next mail might bring them. Wait then right, necessary, and proper; the condition, the state, of (said Mr. C.) a few days, and watch the progress of the commercial business may demand this most extraorevents; let this bill lie, and rest until the Senate has time dinary, if not alarming, increase of the moneyed instilu. to consider and reflect upon it. They were proceeding tions of the Territory. But it may be wrong; it may with too much precipitation on idle schemes to prevent proceed, it may spring, from that uncontrollable spirit for the surplus money from going back to the people, from speculation which is abroad in the land. Ile would not whom it was derived. He was anxious to have the bill presume to pass judgment upon these transactions. The to provide for the safety of the public money taken up account given båd made a strong impression upon bis and considered; it being, in his opinion, a more import- mind, and he felt it to be his duty to bring the matter to ant matter than any that could be brought before them; the notice of the Senate. He bad prepared a resolution and he had hoped ihat the Senator from New York (Mr. instructing the Committee on the Judiciary to inquire Wright] would have called it up before this. He now into the character, condition, and the amount of capital gave notice that he would himself call up that bill on of the several moneyed institutions exercising banking Saturday next, if the Senator from New York did not powers, which have been chartered within the last three call it up before that day.
years by the Territorial Government of Florida, and to Mr. WRIGHT expressed a wish to address the Senate report to the Senate whether in their opinion any proon the subject; but it being late in the day, he moved an ceeding on the part of the Senate, or any legislation on adjournment, which was carried; and
the part of Congress, is necessary. The Senate adjourned.
He could not doubt but that Congress possessed
supervisory authority over Territorial legislation;" FRIDAY, MAY 13.
that Congress possessed the power to disapprove of
and to annul the laws which might be enacted by the There appearing to be no quorum present at the usual proper authority of this Territory. This was his impreshour of meeting
sion; and he believed that our own statutes would show Mr. GRUNDY moved that the Senate adjourn--Ayes that we had disapproved and declared null and void" 14, noes 8. The Senate thep adjourned.
a legislative act of Florida, years after the act had been approved. At any event, he believed it was competent
for the Senate to express its own opinion, its own views, SATURDAY, MAY 14.
upon the legislative proceedings of Florida to which he FLORIDA BANKS.
had referred. He would, therefore, àsk leave to pre
sent the resolution he had prepared, and he hoped the Mr. HUBBARD remarked, that he had that morning Senate would adopt it, and that the Committee on the received, through the medium of one of the public jour- Judiciary would investigate this whole matter, and make nals of the country, information, which bad created in report whether the business of the Territory called for his mind no inconsiderable degree of astonishment, and this increase of her moneyed institutions. For himsell, which information, he presumed, would produce a like he most conscientiously believed that there was imminent effect upon the mind of every individual who should be danger that the credulous, the thoughtless, the conmade acquainted with the facts. He had noticed that fiding portion of our community, may be overwhelmed the Legislative Council of Florida had recently establish in this deluge of speculation which is now spreading ed “banking institutions,” the maximum of whose capi over our beloved country. tal amounted to at least twelve millions of dollars. This, Mr. H. then submitted the following resolution, which said he, may be all necessary for the “fair business lies on the table one day: transactions" of the Territory; but it was, however, an Resolved, that the Committee on the Judiciary be inamount of banking capital quadruple the amount of structed to inquire into the character, condition, and the banking capital employed in his own State, with a popu- amount of capital of the several “ banking institutions" lation of nearly three hundred thousand white male in which have been chartered within the last three years habitants, while there was not at this time within the by the Territorial Government of Florida; and that they Territory a sufficient while population to entitle Florida report to the Senate whether in their opinion any legisto a place among the States of this Union. There bad
lation of Congress is necessary to disaffirm the establish. been established a “ Life Insurance and Trust Com. ment of said charters. pany," with banking powers, to be located at St. Augustine, its maximum capital amounting to four millions of
STOCKTON AND STOKES. dollars. The charter of this company extends for the Mr. CLAYTON, from the Committee on the Judiciary, term of fisty years, and it possesses the power of estab- reported a bill for the relief of Richard C. Stockton, lishing branches in any part of the Territory. Be William B. Stokes, and others. side this Trust Company, “there are in Florida,” as lie Mr. C. explained the object of this bill, which was to learned, "several other moneyed institutions; the Union refer the case of those gentlemen 10 the Solicitor of the and Central Banks at Tallahassee-one with three, the Treasury, who, after examining all the evidence on the other with two millions of capital;” and he believed that subject, should decide according to the principles of it would appear, if an examination should take place into equity and justice. this subject, that in the course of the last winter ihe Terri The committee (Mr. C. said) were unanimous in torial Government of Florida had established " banking favor of this bill, believing that these gentlemen were companies” at Pensacola and at St. Joseph, the maximum justly entitled to relief. capital of each consisting of three millions of dollars. Mr. BUCHANAN advocated the bill in a speech of From what he had stated, it would result that moneyed some length, observing that this case was, early in the institutions had been recently chartered in Florida, whose session, submitted to the committee, and there was not maximum capital amounted to the enormous sum of a member of it who was not of the opinion that these twelve millions of dollars. This is, however, not the persons were entitled to compensation for the services whole story.
they had rendered. Mr. B. spoke of the fidelity with It will be found, upon examination, le had no doubt, which the contracts had been performed; and observed
Mar 14, 1836.]
District of Columbia.
that he had had no communication on this subject with the repayment of the money. He confessed that he had these gentlemen at all; but he knew them to be bighly not attended sufficiently to this amendment to undermeritorious contractors, who, in order to sustain them stand its purport when he gave his vote; indeed, he was selves thus far, had made great exertions, and had | under the impression that the question then taken had a stretched their credit to the utmost.
different import from the one it really had. He did not After being amended, the bill was ordered to be en consider that he had a right to vote to give this money grossed for a third reading, without a division.
to the city of Washington, or to any body else, without DISTRICT OF COLUMBIA.
security for reimbursement; and he therefore moved for
a reconsideration of the vote. Mr. KING of Alabama, from the Committee for the Mr. KING of Alabama thought that he had stated the District of Columbia, to which had been referred the simple question before the Senate as plainly as language amendments of the House of Representatives to the could make it. If they struck out the second section, they bill for the relief of the several corporations of the Dis- gave up the stock and advanced the money without any trict of Columbia, made a report thereon, recommending pledge whatever; if they retained the section, there that the Senate agree to the first amendment, and sub. I would be a transfer of this stock to the Government. He mitting an amendment to the second.
did not mean to mislead a single individual in the explaMr. K. then proceeded to explaine the bearing of the nation he had given. He wished further to state, that if amendments of the House of Representatives upon the the object was to take from these corporations the stock bill as it had passed the Senate. One of the amendments for which they had paid $650,000, it would leave them of the House had reduced the appropriation $600,000, without any resources to rid themselves from the heavy in which he supposed the Senate would concur. The embarrassments under wbich they were laboring. other amendment proposed to take the stock in the canal Mr. LEIGH did not doubt that the honorable Senator absolutely; whereas the Senate bad only proposed to [Mr. King of Alabama) had made the explanation as take it as a security. For his part, he was opposed to stated, and he confessed it was his own fault for not untaking the stock absolutely, and hoped the amendment derstanding it; but his mind, at that moment, had been of the House authorizing it would he stricken out; and abstracted from the subject. If he had understood the if the House of Representatives should not concur in the question, he should have voted directly contrary to the amendment to strike it out, perhaps some arrangement vote he gave. He agreed with the Senator from Mississippi could be made in committee of conference upon the [Mr. WALKER] that the Government had no right to beamendment, which would meet the views of both bran come a joint stockholder, but would not enter into a disches. If, however, the Senate should not think proper cussion of that question at that time. He would prefer to strike it out, he had an amendment prepared to offer, the amendment proposed to be offered by the Senator which would make the section more acceptable to him, from Alabama, (Mr. Kixg,) in case this amendment to and he thought it would make it more so to others. He strike out failed, to the section as it now stood. wished the Senate to understand distinctly the principles The reconsideration was then ordered, and the ques. on which they were voting. If they struck out the sec tion recurred on striking out the second section. ond section, it would be relinquishing entirely the stock Mr. GRUNDY wished to know from the chairman to these corporations, and making the appropriations in of the committee whether, if this amendment were the bill without taking any security for reimbursement; adopted, these corporations would remain in debt to the if they retained this second section, it would be taking Government, or whether the appropriation in the bill this stock as the absolute property of the Government, was to be considered as a free gift. and depriving the tbree cities of the resources by which Mr. KING replied, that there was no obligation ubat. they might relieve themselves from their great pecuniary ever on the part of these corporations to refund this embarrassments. He had insuperable objections to the money. The object (Mr. K. said) was to relieve these Government owning this stock, and he would there- corporations from their embarrassment, and to get rid fore be glad to see this section stricken out.
of the whole matter. If gentlemen were not prepared Mr. WALKER said, that, being a member of the com to go this far, he was; for he believed that the exmittee which reported this bill
, it seemed vecessary that penses incurred by one of these corporations had greatly He should explain his reasons for agreeing to the report. (enbanced the value of the Government's property, the He never could have voted for the bill in the shape that taxes on which alone would amount to the sum granted. it came from the House, as it proposed to make the He hoped this bill would be sent to the other House unGovernment the purchasers of stock in this canal com embarrassed by any stock transactions whatever. pany, in the same manner as if it had originally subscrib Mr. WEBSTER could not see any difference in the ed to the same amount. He bad strong objections to principle between lending these corporations money on tbe Government becoming joint stockholders in any com security, and giving it to them as a donation. He was pany; and he should therefore vote for the amendment here when the loan was contracted, and, foreseeing the io sirike out the second section; believing it better for difficulties that would be created by it, bad remonstrated the United States to have no security at all for the against it; and, in fact, none protested more loudly against advances they were to make, than to be secured in so it than the good people of Washington themselves. It objectionable a way.
was well known that the corporations (the city of WashOn taking the question, the first amendment of the ington in particular) pretended to bave claims against House was concurred in without a division; and the
the Government, on account of expenditures, which bad amendment to the second amendment reported by the bad the effect of raising the value of its property. This committee, striking out the second section, which pro was no doubt true, to some extent; and he thought the vides tbat the stock held by the three corporations shall money granted by this bill would be a very liberal way be relinquished to the Government, was agreed to--Ayes of paying all claims they might have of that nature.
He 21, noes 9.
was willing to give them this money, and to have the Mr. LEIGH, who had voted with the majority, moved debt considered as cancelled. a reconsideration of the vote striking out the second Mr. CALHOUN said the chairman of the Committee section of the bill for the relief of the corporate cities of for the District of Columbia (Mr. King of Alabama) had the District of Columbia, as amended by the House. avowed this appropriation to be a donation. He (Mr. This vote, he said, gave to these cities a large sum of C.) doubted the propriety and also the constitutionality money, without taking any consideration whatever for 1 of making it. Ile would much rather support the bill
District of Columbia.
[May 14, 1836.
as sent from the Senate. He believed, when the canal be taken by the bill, as it originally passed the Senate; was extended to the mineral regions, the stock would and to strike out the amendment of the House requiring rise above par. He would much rather the bill would the transfer of the stock to the United States. be sent back to the House of Representatives as it had Mr. W. said he should vote for the amendment pro. originally passed the Senate. He doubted the right of posed by the committee of the Senate, simply because Congress to vole away the money of the people, without he considered the bill in that shape much more favorable making provision to have it returned to their Treasury to the public Treasury than in the shape in which it oriagain.
ginally passed the Senate, and because he could not conMr. NILES said it was a very ungracious task in any sent to the principle contained in the amendment of one to oppose this bill, containing a donation to these the House, requiring a positive transfer of the stock corporations, which a high sense of public duty required to the United States. He did not consider the intrinsic bim to do. Congress, in his opinion, had no right to value of the stock worth the six or seven hundred thouinterfere in this matter, except as the local Legislature sand dollars stricken from the bill as the consideration of the District of Columbia. These people had involved | for a release of all claim upon the canal stock. He themselves in this great work, and, for his part, he could would not now vote for an appropriation of that amount see no foundation for this claim either in law or equity of money from the Treasury for the purchase of the So far as the Government had stepped in as an endorser, stock, as a mere financial measure, without any objection they ought to see the debt paid. If they paid the debt of principle to such a use of the public money. He in the capacity of an endorser, they ought, as an endor-therefore thought we should make a more profitable ser, to secure themselves for the reimbursement of it. bargain for the public Treasury by passing the bill in He believed conscientiously that to relieve these people this shape, than in the shape in which it had been first from these improvident acis, would be to encourage im- put by the Senate. He must be most distinctly underprovidence. The value of this stock at this time was stood as entirely opposed to the whole appropriation in not worth one-sixth of the amount of the debl, and the any shape; and his present object was, having seen that very property which the money appropriated by Con. a majority of the Senate were favorable to the bill in gress had purchased might not be worth $10,000; but some shape, to make the best bargain for the Treasury whether worth much or little, they ought to take security, in his power. It seemed to liim that some gentlemen not as a hard creditor on the whole property of the were treating rather with matters of form than matters of District, but on this canal properly, on account of which substance. They were insisting upon the form of security the debt bad been incurred.
for the entire amount of liability assumed by the Govern. Mr. WRIGHT said, as he had opposed this bill origine ment; while no man did contend, and he was sure no ally, he owed it to himself to explain the views which many would contend, that the real value of the security would govern his vote upon the question now presented. proposed to be taken was not equal to the actual pay. It seemed to him to be simple, and to rest within a very ment of money from which we propose to relieve the narrow compass. The Senate passed this bill assuming Treasury, in consideration of yielding our mortgage upon the Holland debt, amounting, as he understood, to one the stock, which is all the security offered, or proposed and a half million of dollars, and also appropriating to be taken. from the public Treasury from six to seven hundred Mr. W. said, entertaining these views, he should thousand dollars, to pay to the several cities of Washing vote for the amendment recommended by the committee, ton, Georgetown, and Alexandria, the interest and though he should at all times, and in any shape, while charges they bad respectively paid on account of their his feelings remained as they now were, vote against respective portions of the loan from Holland; and, as a the bill. show of security to the Government for those payments, Mr. BLACK had always voted against bills similar to the bill provided for a pledge or mortgage to the United this. In the first place, he was opposed to the claim; States of the stock held by each city respectively in the and in the second place, he was opposed to taking Chesapeake and Ohio Canal Company.
nominal security, which was, in fact, no security at all, The bill went to the House in this shape, where it and which he was opposed to having any thing to do was amended by striking out the appropriation of from with. le concurred in opinion with the Senator from six to seven hundred thousand dollars for interest and Alabama, (Mr. Kino,] that it was better to give it as a cxpenses, and by striking out also the provision for the donation, ihan to have any thing to do with the stock. pledge or mortgage of the stock, and inserling, in lieu He could not see the difference in the power of Conthereof, a provision for a positive transfer of the stock to gress between loaning the money on the security of a the United States, in consideration of the assumption transfer of the stock, and giving it as a donation without by the Government of an equal amount of the Holland security. debt.
Mr. CLAYTON said that he could vote to grant relief The committee of the Senate, as he thought most to the city of Washington, because, had the Government wisely, had disagreed to the amendment of the House paid taxes on ils property in the same manner that the providing for a positive transfer of the stock, because citizens bad, the sum would have amounted to more he considereil that provision entirely objectionable in than was given to it by this bill; but this principle did principle, as in effect making the United States a pur not apply to the towns of Georgetown and Alexandria, chaser of this amount of the stock of the canal company and lie must therefore vote against the bill. He could at par, for money advanced, or for an equal liability, vote for it, if it applied to Washington alone; but as he less advantageous to the public Treasury than an advance could not vote for Washington unconnected with the of money. He was unable to discover any difference in other towns, he must oppose the whole bill. principle between this proposition and a proposition to The question was then taken on striking out the subscribe, on the part of the Government, to an equal second section, and it was decided in the negative-Yeas amount of the stock of this canal company.
13, nay's 26, as follows: The committee of the Senate now recommend to us YEAS— Messrs. Black, Ewing of Illinois, Kent, King to concur in the first amendment of the House to strike of Alabama, Nicholas, Porter, Preston, Southard, Tall. out the appropriation for interest and expenses, amount madge, Walker, Wall, Webster, Wright-13. ing to between six and seven hundred thousand dollars; NaYs -- Messrs. Benton, Brown, Buchanan, Calhoun, and, in consideration of this, to give up to the cities the Clayton, Crittenden, Cuthbert, Davis, Ewing of Ohio, pledge, or mortgage, upon the canal stock proposed to l Grundy, Hill, Hubbard, King of Georgia, Knight, Leigli,