Bank of the United States.

Prentiss, Robinson, Seymour, Sprague, Tazewell, Tom. He thought it desirable to avoid any constitutional allulinson, Tyler, White.--20.

Mr. BUCKNER said he hoped the amendment would be stricken out. He would oppose the proposition either now or in a separate bill. If he ever voted for such a proYEAS.-Messrs. Bell, Benton, Dickerson, Ellis, For- position, it would be on the principle of an equal distrisyth, Grundy, Hill, Kane, King, Knight, Mangum, Marcy,bution, and not on the ground of federal numbers. An Prentiss, Robinson, Seymour, Sprague, Tazewell, Tom-equal distribution would benefit the States which had most linson, Tyler, White.--20. need of the aid. This mode of distribution would be destructive to the new States. The West was so satisfied of the injustice done to that part of the country by this mode of distribution, that they could not, would not, dared not, vote for it. He wished the questions of the bank and the tariff to be kept disentangled from any questions which could bring the West into opposition to them: and that must be the case if injustice were to be shown towards them in the arrangement.

JUNE 6, 1832.]

Bank of the United States.

[SENATE.

the amendment to meet the views of the Senate, in refer- bill had been drawn or revised there; and that upon ence to the prohibition of the circulation of branch or ders. The amendment of Mr. WEBSTER was withdrawn, to make room for one, to attain the same object, moved by Mr. TAZEWELL.

The amendment was agreed to.

Mr. FORSYTH moved to amend the bill by adding a section, providing that the bank shall not take more than five per cent. on its loans or discounts.

Mr. CHAMBERS made a few remarks in opposition to the motion, and read the opinions of some experienced cashiers against the reduction of interest.

The question was then taken, and the motion negatived as follows:

YEAS.-Messrs. Benton, Brown, Dickerson, Dudley, Ellis, Forsyth, Grundy, Hayne, Hendricks, Hill, Kane, King, Mangum, Marcy, Moore, Robinson, Tazewell, Tipton, Troup, Tyler, White.-21.

the plainest principle of propriety, that the bank being intended to aid the treasury, it was for the Secretary of the Treasury to give his opinion upon the fitness and sufficiency of the aid to be given him. How, then, can the present Secretary be overlooked? How can he be passed by? Why should he receive a slight which has been put upon none of his predecessors His individual sentiments are known to be favorable to a national bank; his public station gives him a right to be heard on the provisions of this one; the public service, we have a right to presume, would be promoted by the communication of his opinions. Who can assume to say that he can impart no useful information? Even if gentlemen thought so, it would be a breach of decorum to express, or imply, the sentiment. Yet a refusal to make this reference must imply it.

The circumstances of the country are wholly changed from what they were sixteen years ago. It does not fol NAYS.-Messrs. Bell, Buckner, Chambers, Clay, Clay-low that the same bank would be approved now, which ton, Dallas, Ewing, Foot, Frelinghuysen, Holmes, John- was approved then. The public debt, then great, is now ston, Knight, Miller, Naudain, Poindexter, Prentiss, Rob- nothing; the annual revenue, then immense, must now be bins, Ruggles, Seymour, Silsbee, Smith, Sprague, Tomlin- reduced more than one-half. The necessity and the uses son, Waggaman, Webster, Wilkins.--26. for the bank are greatly diminished, if not entirely re

Mr. TAZEWELL moved an amendment providing that moved. Even upon the admission that the Secretary was the president and directors shall, on or before the first in favor of a bank, and of this bank, it does not follow that day of the next session of Congress, signify their accept- he would be in favor of all its present features. He might ance of the terms and conditions of this act. not say that the necessities of the treasury required the

Mr. FORSYTH said this proposition would tie up the present capital, and the present organization. He might hands of the next Congress, and prevent them from amend-think that the altered circumstances of the country reing the bill. He called for the yeas and nays; which were quired an alteration in the constitution of the bank. Wheordered. ther he would so think, or not, he [Mr. B.] would neither The question being taken, the amendment was agreed say nor insinuate; but he would say that no one had a to, as follows. right to say or insinuate the contrary; that the Secretary YEAS.--Messrs. Bell, Benton, Brown, Buckner, Cham-had a right to speak for himself; and that it would be a viobers, Clay, Clayton, Dallas, Dickerson, Dudley, Ellis, lation of all precedent-a departure from all that was due Ewing, Foot, Frelinghuysen, Grundy, Hayne, Hendricks, to that gentleman, as the head of the treasury, and from all Holmes, Johnston, Knight, Mangum, Miller, Moore, that was due to the country, whose officer he was--to push Naudain, Poindexter, Prentiss, Robbins, Robinson, this bill through without a reference to him. The course Ruggles, Seymour, Silsbee, Smith, Sprague, Tazewell, of the two Houses and of their committees is uniform; Tipton, Tomlinson, Tyler, Troup, Waggaman, Webster, all bills of a public nature are communicated to the heads

Wilkins.--41.

NAYS.--Messrs. Forsyth, Hill, Kane, King, Marcy,

White.--6.

Mr. WHITE moved to amend the bill by providing that whenever the average amount of the public deposites shall exceed a million of dollars, an interest of three per cent. shall be allowed.

The

of departments whose administration they concern. benefit of their opinions, and the information to be derived from their counsel and experience, is always sought for. At this very session, the identical Secretary in question, the self-same Mr. McLane, who has not been called upon for a single opinion about the bank-a subject which belongs to his department--has been called upon for an enThis motion was negatived, as follows: tire bill and full report upon the tariff--a subject not beYEAS.-Messrs. Benton, Brown, Dickerson, Dudley, longing to his department; and now, if this reference is Ellis, Forsyth, Grundy, Hayne, Hendricks, Hill, Kane, refused, how can such discrepance of action be accounted King, Mangum, Marcy, Moore, Seymour, Sprague, Taze- for? The tariff was a delicate subject; and, frame his bill well, Tipton, Tyler, Troup, Waggaman, White.-23. as he might, the Secretary might see a storm excited NAYS.-Messrs. Bell, Buckner, Chambers, Clay, against him, and, through him, against the President: the Clayton, Dallas, Ewing, Foot, Frelinghuysen, Holmes, bank charter has some odious features in it, and the SecreJohnston, Knight, Miller, Naudain, Prentiss, Poindexter, tary might gain applause by recommending the abscission Robbins, Robinson, Ruggles, Silsbee, Smith, Tomlinson, of these features, or recommending a postponement of the Webster, Wilkins.--24. whole subject until the people were fully represented unMr. BENTON said the time had now arrived for making der the new census. If he is thus to be made responsible a motion which he had previously announced, namely, for a-tariff bill, why not for the bank bill? If we needed the reference of this bill to the head of the Treasury De- his advice in one case, why not call for it in the other? partment, for his consideration and report. The bill had If there is any one measure, in the whole circle of legishow received all the amendments which its friends would lation, which, above all others, deserves to be referred to admit it was perfect, according to their conception; it an administration, it is the measure of creating, or continuwas, therefore, in a proper state to undergo the revision ing, a national bank. The whole argument for such an of the officer with whose department it was so intimately institution-its entire constitutional vindication-rests connected. He said that this was a motion of legislative upon the assumption that it is necessary to the financial propriety, of official courtesy, and public advantage; a operations of the Government. Now, of this necessity, motion which could not be refused without a seeming dis- the persons chosen by the people to administer the Govern respect to the officer at the head of the treasury-an ap- ment must be admitted to be, in some degree, judges. parent disregard to the Executive administration-and a Some may deem it unnecessary, as did Mr. Jefferson all possible detriment to the public service. Every bank his life, and as did Mr. Madison before the capitol was charter ever yet granted, or proposed to be granted, had burnt. Some may think one kind of bank necessary, and its origin in the Treasury Department. Every bank some another. Then why not consult the persons to whom

SENATE.]

Colonial Trade.--Bank of the United States.

(JUNE 7, 1832.

BANK OF THE UNITED STATES. The Senate then resumed the bill to modify and con tinue the act to incorporate the subscribers to the Bank of the United States.

this institution is assumed to be necessary? Why not con- Mr. SPRAGUE, in reply, referred to the answer he sult the present Government? The people have put them had given a few days since to Mr. SMITH, that he had in power; they are responsible to the people for the opera- himself occupied as much time on the subject as he had a tions of the Government; then why not allow them a voice right to ask, but that, if any other gentleman desired to in the selection of their means? Instead of that, we have address the Senate, he was very willing to give him the opseen this measure taken up by the adversaries of the ad-portunity, and would call up his resolutions. ministration, conducted along without any reference to the Mr. FORSYTH stated that he had not been in the Senate administration, and now proposed to be put upon its third when that conversation took place. He expressed his satis. reading without even their knowledge! It is easy to con- faction with the reply. ceive that the bank may be an impediment to some administrations; it may join their adversaries, lend them the benefit of its vast moneyed power, and exert its machinery in all the States in promoting the election of opposition candidates. This very bank may be an enemy to the present administration, and, uniting with all the elements of oppoMr. WHITE, of Tennessee, rose, and addressed the sition in Congress, may now be exerting its tremendous Senate at great length. He expressed himself as much influence to keep up a system of double taxation and enor- pleased with the manner in which this important topic had mous expenditure, to supply itself with immense deposites been discussed throughout the period it had been before of public money. It may be the most formidable enemy the Senate-in a manner that showed that no party had to the present administration, and, instead of aiding, may struggled for victory, but each and all for the public good. be paralyzing all their measures, even the payment of the It was his object to speak his sentiments on the subject; public debt, in order to keep the public money for its own the trust he filled required it at his hands. He would lay use. It may be in favor of a new administration which before the Senate what his opinions were, and, in doing so, would keep up taxes, multiply expenditures, and gorge he hoped he would not interrupt the feeling which had it with public money. These things may, or may not, be so far prevailed. His opinion was adverse to the bill on so; but why not let the administration speak for itself? the table. In the view that he had taken of the subject, Why force this aid upon them? Why compel them to receive help of the bank? Certainly it is a long time that

he thought that, of all people who could be presumed capable of carrying on banking business, and would advance their claims for the franchise, the present cored by the enemy! This bank is the only favor offered to poration ought to be among the last whose claims would this administration by its opponents; and this favor they be received. He held that Government, nevertheless, require it to take without examination, and without inspection. They avow their determination to pull down to the letter, according to the original charter; but, doing were strictly bound to fulfil every engagement with them this administration; and they propose to give them this this, they would owe the bank no obligation whatever, bank as a friendly present! Since the days of the wooden horse, has any present ever come forward in a more ques-made by Government to create a bank, they had no indi no gratitude or debt. When the original proposition was tionable shape? And this kind aid comes on the eve of a vidual interests to look to: it was open to all the country who life and death contest between the giver and receiver! chose to subscribe; and such portion of the public as failSome have said this push for a new charter is not a party ed to do so, the fault rested with themselves; they had no measure, but thus far it has been characterized by every cir- cause so far for complaint; they could not charge any cumstance that defines a party measure; and this determi- violation of their rights. But let us suppose we are now nation to carry it through, without a reference to the admi-about to create a substitute for the bank of 1816. Do we nistration, seems to complete the evidence of that character. Mr. SMITH said, in high party times, when a motion was made to refer from Congress to the Secretaries, the democratic party resisted it, and he had never heard of

the world has been admonished to beware of favors offer

similar motion since.

a

The question was then taken on Mr. B.'s motion, and

decided as follows:

give the public the same right, or are we not excluding them by the present measure? If we were called on to designate what portion of the public should not be autho rized to subscribe, if any were to be excluded, it should be those individuals alone that should be excepted, who, for twenty years, had the monopoly from which the rest regarded even those who are our own citizens; how much of the public were shut out. Such should be the case as NAYS.-Messrs. Bell, Buckner, Chambers, Clay, Clay-held no less than eight millions of that stock? And it was more strongly, then, should it apply to foreigners, who ton, Dallas, Dickerson, Ewing, Foot, Frelinghuysen, the opinion of many that more than this was held by them, Hayne, Hendricks, Holmes, Johnston, King, Knight, probably in others' names. He would not say that, if we Mangum, Marcy, Miller, Moore, Naudain, Poindexter, Prentiss, Robbins, Robinson, Ruggles, Seymour, Silsbee, but he could not see why foreigners now concerned were to organize a new bank, they should be excluded; Smith, Sprague, Tazewell, Tipton, Tomlinson, Tyler, Waggaman, Webster, Wilkins.--37.

YEAS.-Messrs. Benton, Brown, Dudley, Ellis, Forsyth, Grundy, Hill, Kane, Troup, White.--10.

The question then being on the engrossment of the bill for a third reading,

Mr. WHITE rose to give his views in opposition to the bill; when

Mr. GRUNDY moved that the Senate now adjourn; and it being understood that no further amendments were to be offered,

The Senate, at 20 minutes before 6 o'clock,
Adjourned.

in the bank should have the preference over our own citi. zens. Would it be asserted that those foreign capitalists invested their money for the benefit of the country? No a safe investment, and it served their own interests. Let such thing. They had done so because they knew it was to them, but get rid of them, and give the preference to us then, sir, discharge faithfully all the rights belonging our own citizens. Perhaps it would be said that we could not find a sufficient number of capitalists within ourselves. Surely, surely, said Mr. W., it would be found we had enough, and to spare, to come forward and take the stock. It was his opinion we had numbers of citizens hav ing capital they knew not how to invest; and it would be recollected the different channels in which our capital was employed, from the commencement of the last war--then, in various commerce, till the restoration of peace, and the period which succeeded. After the peace it could not all

JUNE 7, 1832.]

Bank of the United States.

[SENATE.

be employed; it was necessary to seek another channel, That such an enactment was not in the original charter, in which it might prove equally productive. It was in- he thought, was a fault. It was also a fault in the present vested in manufacturing establishments, and, in his opi- one; for it was his opinion, when the sum in their hands nion, out of this had grown up the tariff. With capitalists equalled a million, the United States were entitled to an who had thus invested their money, the cry, consequently, equivalent; and this deficiency in the bill under considerawas, "our capital is invested in manufactures; if you do not tion was with him a solid objection to it. give us protection, we lose our all, we are ruined, the na- This company had now been doing business for sixteen tion will be ruined." And the same process of investment years. It extended over the Union. Its ramifications was daily going on; and does this show any want of capital? were every where spread; and it was now necessary to He was confident there was abundance of capital, which take some steps to ascertain whether that business was or would be invested in banking business if the opportunity was not safe. All the world knew what the difference offered, and if it could be so done at six or seven per cent. was between giving out and receiving back. Who could Mr. W. expressed himself as radically opposed to the tell what the operations of the bank were--its discounts, United States holding any stock as stockholders in the or its debts? It was necessary, for itself, that a final day bank. He would prefer that Government should not of settlement should come: till then, it could not be ascerpossess a single dollar in it; that it should be left to the tained whether its debts were bad or good. The bank operation of private individuals alone. The United States ought to desire it, in order to know the state of their held but a small portion of the capital--but seven millions affairs. He would appeal to the man of business, if he, at out of the thirty-five; and for the Government to be in certain periods, did not find it necessary to bring his books partnership with its own citizens, he considered to be a to a close, to know the true state of his affairs. Many violation of the fundamental principles of the constitution; prudent men thought it wise to even change the name of for thus Government was giving its aid, through its partner- their firms-to open new accounts, (dealing honorably ship, to the private individuals thus associated with them-- with the old,) in order to reject, in the new firm, what operating as a monopoly in favor of one part of its citizens they knew, by past experience, were unsafe. If it were against another. In this respect, he held that the old necessary for private individuals thus to act, how much charter was radically wrong. more was it incumbent on those who transacted business

What was the reason given by the friends of the mea-with the whole country. No one, no matter how honest sure for the recharter? That the bank had extensive busi- soever the managers or those concerned in the bank ness in operation; that many years would be required to might be, could tell, till its affairs were finally wound up, wind it up; and that it was necessary, for the public inte- how safe the United States were in entrusting it with rest, to recharter the same corporation. Now, he held their business. that, if the present charter were allowed to expire, the The bank had, say, several millions in specie in its vaults; affairs of the country would suffer nothing, but go on as the engagements of other banks, and the paper on diswell at the moment of its expiration. Again: that, being count of individuals, enough probably, as honest men, to so long in operation, having brought its dealings to a re-pay all their own engagements: but could the Governgular system, it would be unfair now to do away with it. ment, as stockholders, say how much of this paper was But if this argument be good for any thing, at the end of good, till finally paid? This, with him, [Mr. W.] would fifteen years it will be so much stronger; it will then have be a strong reason against renewing the charter at the a thirty-five years' claim; now it has but twenty. The present time. Even if Congress were disposed to act afargument, with him, [Mr. W.] had no weight. It only terwards in its favor, they should allow its operations to showed they had acted wrong at the beginning, in grant-be suspended for a time. But to renew it at the present ing so long a charter.

period, when it had four years to run, and it might be It was contended that they had claims for the benefits said two years more to wind up its affairs, was particu they conferred on the Government and the country by larly objectionable. Was it desirable to do so now? Who their agency. But the very name of having the Govern- could tell what the state of its affairs would be at the exment as partners was more than tantamount to all the acts piration of three years, or the course of dealing between they conferred. From this, alone, they had the best of it and the United States? In this period much additional the bargain; and they only did what any other banking es- light might be acquired; and were we to deprive ourselves tablishment would be glad to be allowed to do. They of this by rechartering so long in anticipation? If the bank had the use of the Government money, deposited with were not thus assured of a new charter, the winding up them as it was collected, till again called on to pay it out. of their affairs would commence, and the public would see They were able to calculate the average of their depo- their way.

sites monthly; thence to make use of it, as so much of He had always understood that the purpose of the bank their own capital, as the medium of exchanges-to draw was to do real business, on bona fide paper, and not on and redraw on this amount. Their paying all the pen- paper of mere accommodation. The only reason given, sions was mentioned as an important service by the Sena- as far as he had heard, for this early decision on a rechar tor from Maryland, [Mr. SMITH.] But they only paid out ter, was that of the Senator from Pennsylvania, [Mr. DALthe money deposited with them; and any other bank LAS,] that it was necessary to have so long to wind up the would do the same thing on the same terms. They had affairs of the bank. But if the engagements due to the now, since 1816, the use of all these current deposites. bank were real business transactions, every man who had It could not well be calculated their average amount; but, a bill coming due, knew the precise time when it would for a few years, they might be assumed as equal to eight occur, and would be prepared to pay it on the day. If millions yearly. On this, knowing how much they could such were the business transactions of the bank, he saw rely on as generally in their possession, they were able to not why they should feel difficulty in winding up their acissue notes far beyond their capital. They were able to counts at any time, nor why they should ask for years to calculate on it, with certainty, as equal to their own stock, do so. Mr. W. proceeded to argue that, if the bank and to do business to double their capital; for, if even they were doing accommodation business, it was only an injury exceeded their limits, they knew that so many notes would to the nation, and we would be better without it. Acnot return on them at the same time as to inconvenience commodation, inducing a man to engage in business beyond them. And for this were their services to the Govern- his means, in the end, was always a real loss, both to himment an equivalent? If they were to make a return to the United States of one-half of the interest thus made on its own money, it would be but a moderate compensation.

self and to the public. It would be seen, at the expiration of the charter, if not thus prevented by the renewal, whether the bank was doing a real business or not; and

SENATE.]

Bank of the United States.--Alexandria Aqueduct.

(JUNE 8, 1832.

this, with him, was also a great objection to the present not the fault of the office or institution itself, he denied renewal. Their difficulty in winding up, it was to be the analogy; for, where there was maladministration, it feared, was owing to the extent of their accommodation was a duty, at least, to remove the persons who abused paper; notes were not paid when due, and were lifted the trust, to substitute another body in their place. Was and continued by substituting other paper. it wise or just to give up all control over this corporation We had some specifications of the bank transactions in so long in advance? If we now renew the charter, we the reports of the other House. They might be called put them beyond our power for nineteen years. Was not common business transactions. He would not say there, this too long? It was a settled principle, sacred in all our was any breach of moral rule; yet, to him it appears ex-institutions, the judiciary, from its particular nature, alone traordinary, their lending money to be paid in instal-excepted, to have frequent recurrence to the will of the ments; some of those instalments not falling due for six people, to deliver up to them the trusts delegated; here months after the expiration of their charter; in one instance, to the amount of twenty-five thousand dollars to one individual. It could not be known how many of such transactions they were engaged in; every day would give more time to throw more light on it.

ness paper.

we give assurance to the bank that it shall be exempt; and, than this abandonment of principle in its favor, what can be worse? The conduct of this corporation had been spoken of, he thought, too highly; gentlemen were too liberal in their praises, if its former transactions Domestic bills of exchange were another subject of im- were to be referred to. Than of this corporation, the portance. It would appear, from their own statements, affairs of none other had been so badly conducted at its that their transactions in this species of business were ex- commencement. Nothing could be worse until Congress tensive. In April, 1831, they were upwards of fourteen was forced to institute an inquiry, to change and better million seven hundred thousand dollars; in April, 1832, their mode of proceeding. Their chairmen, committees, more than fourteen million eight hundred thousand dol- directors, and all, had been bankrupt, and were only thus lars. It was strange to him if all this could be real busi- saved, as well by the after management of Mr. Cleves, Much of it, it was to be found, was accom- whose ability, high and honorable character, and direcmodation paper, of little value, under the form of bills of tion saved the credit of the country, and prevented the exchange. If so, in the end it would prove ruinous to the bank from utter destruction. He might grant that for people, and to the bank itself. How stood the case in the last fifteen years it had been well conducted; but what respect to accommodation? He knew its operation in his security had we that it should continue so? For the diown State; probably similar elsewhere. A man has no rection might be changed at any time; though the present capital; he does not choose to apply himself to industrious managers might be discreet and honest, their successors habits--to work; he can get accommodation at the bank might not; it was always safest to leave nothing to contingento enter into business, provided he can obtain endorsers. cies, and it behooved us, in doing justice to the corporation, He gets endorsers; and to them, for thus guarantying him, to take care also that the community should not be sufferers. he gives two per cent.; he pays the bank for its discount Mr. W. then alluded to the system of branch drafts six per cent. At the end of six months he has to do the which had got into practice. In chartering the bank, the same. He still wants money to pay off this; he must have object of the Government was to preserve a certain standrecourse to the medium of some respectable house in New ard and uniformity in the currency. By means of branch Orleans to accept his drafts; this commission house must drafts, this object was defeated, the charter evaded, be paid; so must the endorsers; so must the bank. He and notes put into circulation without the signature of the again goes through the same process. The commission president. Before this bank was incorporated, two difficulhouse is to be taken care of-he wishes to keep his cre- ties were of frequent occurrence; the public could never dit-goes into the country to purchase produce for the be certain what notes of that day were genuine, or what New Orleans market-it is shipped-he draws on New were spurious. To remedy this, local issues without the Orleans. These are drafts in return; and as the bank will president's signature, under a certain amount, were pro not act for nothing, it charges six per cent. exchange hibited; but, in lieu of notes under fifty dollars, they had both ways. With these and other charges heaped upon put into circulation those branch orders of small amount. it, it would be a miracle if the produce thus exported it was contended that this practice was rendered necesleft any thing for the dealer. In the end, he is unable to sary by the multiplication of branches, in order to meet go on longer. He brings ruin on himself, and injures the demand; but when called on for any sum under fifty those with whom he has originally traded. Much of this dollars, they had it in their power, had it been their object, exchange business, to which he had alluded, he [Mr. W.] to give the person applying specie; and specie less than feared, was of this stamp. The same applied to those en- fifty dollars would have been no great incumbrance to any gaged in agricultural pursuits. If the farmer made use one, it was to be supposed. The fact of their having been of the facilities thus held out to him, in anticipation of the refused this privilege, when they had, on two occasions, sale of his crop, his crop probably, as was frequently the applied for leave to have special officers appointed with case, turned out a failure--he was thus involved in debt.liberty to sign such notes, and the advice of counsel He had, to be sure, the honor of dealing with the bank, against its legality, left them no room to doubt on the and, in the end, to seek for himself a new shelter and subject; and, with such knowledge before them, their another home. Of all modes to render men useless to following it up was decidedly an evasion of their charter. their country, who might otherwise remain solvent and Therefore, he contended, those who had thus evaded its valuable citizens, this of putting the debtor to new sacri- enactments, should not be trusted with its renewal. After fices, which followed accommodations as a matter of some further remarks on the effects of these branch orders course, was the readiest of all.

It was a delicate affair, Mr. W. admitted, to interfere with the charter when granted; but who on that floor, he asked, if disclosures in the interim should be made, that would not regret his vote for a recharter thus in advance? If disclosures should hereafter be made of its injurious tendency, where was the remedy? Or, would any one say, in such a case, that it was not repealable like any other act of Congress? While he agreed to the principle of the Senator from Pennsylvania, [Mr. DALLAS,] that the maladministration of individuals in any oflice was

in drawing the money from the Western States, and transferring it to the Eastern, and its operation in exhausting the specie, and, in lieu, creating a paper currency in the West, Mr. W., having spoken two hours, gave way, without haying concluded, to a motion by Mr. GRUNDY to adjourn. The Senate then adjourned.

FRIDAY, JUNE 8.

ALEXANDRIA AQUEDUCT.

Mr. CHAMBERS presented a memorial from the citi