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Richmond, Richmond County, Virginia
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U.S. Senate proceedings on March 22 and 25: Reported bills on D.C. bank specie payments and government salary increases. Financial committee reported Bank Bill without amendment. Debate on National Bank Bill amendment regarding specie payment, continued without decision.
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IN SENATE.
Friday, March 22.
Mr. Horsey, from a select committee, reported a bill to "provide more effectually for the payment of specie by the several banks within the District of Columbia."
[This bill provides that if any Bank or Banking Company in the District of Columbia shall refuse, after the first day of January next, to pay its notes or checks with specie, by summary process, judgment and execution may be obtained against them by the holder, with 12 per cent. interest from the time of such failure or refusal to pay such notes in specie, &c. But this remedy shall not be used by any Bank or Bank Agent, as a remedy against another Bank.]
Mr. FROMENTIN, from a select committee reported a bill "providing for the increase of the salaries of the officers of government therein mentioned."
[This bill provides to increase the salaries of all the principal officers of the government, Supreme Court and District Judges included, as also the territorial officers; at an average rate of increase of about fifty per cent. not on their present amounts, but on the rate at which they were fixed when the government first went into operation. Thus, the Secretary of State is now to receive 6,000 instead of 5,000 annually; the Chief Justice the same; Foreign Ministers 12,000 instead of 9,000, &c.]
Mr. Campbell, from the financial committee, reported the BANK BILL, without amendment. It was made the order of the day for Monday.
Tuesday, March 25.
Mr. Barbour presented the memorial of the superintendents of the manufactories of arms of the U. States at Harper's Ferry, &c. praying for an increase of their compensation.—Referred to the Military committee.
The Senate then proceeded to the order of the day, being
THE NATIONAL BANK BILL.
The bill from the House of Representatives to incorporate the subscribers to the Bank of the United States, was taken up as in committee of the whole. The first section having been read—
Mr. Campbell stated, as chairman of the committee of Finance, that whilst this bill was before that committee, amendments had been proposed to it, but, tho' a majority of the committee had been of opinion that the bill required amendment, as they did not entirely concur as to the nature of the amendments, they had determined to report the bill without amendment. He was one, he said, who considered the bill defective. It had been his intention to have this day submitted his views of the bill, and to have moved amendments to it accordingly; but the state of his health would not permit him at this time to perform that duty. He should therefore leave the bill to be disposed of by the Senate in such way as the Senate might think proper, reserving to himself the right at some future moment, to give his views of the bill, &c.
Mr. Mason of N. H. then moved to amend the bill so as to make the proportion of the first specie payment on each share ten dollars instead of five, as it now stands.
This motion gave rise to a wide debate; in which it was supported by the mover & by Mr. King and Mr. Sanford, and opposed by Mr. Bibb, Mr. Barbour, Mr. Taylor and Mr. Dana.
The two first of these gentlemen, tho they also opposed the amendment in principle, took the broad ground that it would be unadvisable to amend the detail of the bill in unessential particulars, unless it might appear to the Senate exceptionable in principle, which it did not to them, they being strongly in favor of it. The debate, therefore, covered the whole ground of the motives and the details of the bill.
The debate continued till 4 o'clock.
No decision took place on the motion of Mr. Mason before adjournment.
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Domestic News Details
Primary Location
District Of Columbia
Event Date
Friday, March 22; Tuesday, March 25
Key Persons
Outcome
bills reported without amendment; debate on national bank bill amendment continued without decision; memorial referred to committee.
Event Details
Senate reported bills on D.C. banks' specie payments and government salary increases. Financial committee reported Bank Bill without amendment. Presented memorial for armory superintendents' compensation increase, referred to Military committee. Debated amendment to National Bank Bill increasing initial specie payment per share from five to ten dollars.