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Washington, District Of Columbia
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U.S. Congress passed a resolution repealing the Specie Circular (Senate 34-9, House 154-29) and extended charters of Washington-area banks until 1840 with conditions on currency and specie payments. House debated Cherokee question, leading to altercation between Tennessee representatives.
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The joint resolution, offered by Mr. Webster as a substitute for Mr. Clay's, repealing the Treasury Order, known as the Specie Circular, passed the Senate on Tuesday last, by a vote of yeas 34, nays 9; and on Wednesday it passed the House of Representatives by a vote of yeas 154, nays 29. It is in the following form:
"Resolved by the Senate and House of Representatives, &c. That it shall not be lawful for the Secretary of the Treasury to make, or to continue in force, any general order which shall create any difference between the different branches of revenue, as to the money or medium of payment in which debts or dues accruing to the United States may be paid."
The bill to extend the charters of the District banks passed the House, as it was reported from the Senate, in the following form, by a vote of—yeas 131, nays 45.
Be it enacted, &c. That the charters of the Farmers' and Mechanics' Bank of Georgetown, the Bank of the Metropolis, Patriotic Bank of Washington, and Bank of Washington, in the city of Washington, and the Farmers' Bank of Alexandria, and Bank of Potomac, in the town of Alexandria, be, and the same are hereby, extended to the fourth day of July, in the year eighteen hundred and forty: Provided, The said banks, each for itself, shall conform to the following conditions:
First. To cease receiving or paying out all paper currency of less denomination than five dollars, on or before the day of the promulgation of this act.
Second. To redeem all their notes of the denomination of five dollars in gold or silver, from and after the first day of August, in the present year.
Third. To resume specie payments in full, on or before the first day of January, 1839, or sooner, if the principal banks of Baltimore and Richmond should sooner resume specie payments in full.
The House has since been warmly engaged in discussing the Cherokee question, which yesterday led to a very unpleasant scene between two of the Tennessee Representation, which we sincerely regret.
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Domestic News Details
Primary Location
Washington
Event Date
Tuesday Last And Wednesday
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Outcome
specie circular repeal passed senate 34-9, house 154-29. bank charter extension passed house 131-45 with conditions. cherokee debate led to unpleasant scene between tennessee representatives.
Event Details
Congress passed joint resolution by Mr. Webster repealing Specie Circular. Extended charters of specified Washington and Alexandria banks to July 4, 1840, requiring cessation of small notes, redemption in specie from August 1 current year, and full specie payments by January 1, 1839 or earlier if Baltimore and Richmond banks resume. House discussed Cherokee question, resulting in altercation between two Tennessee representatives.