SENATE.

Intercourse with the Enemy.

ANDERSON, and THOMPSON, were appointed the committee.

The bill, entitled "An act for the relief of Barrington Barkelow, administrator of Mary Rappleyea," was read a third time, and passed.

The bill, entitled "An act for the relief of John Brahany." was read a third time, and passed. The bill, entitled "An act for the relief of William Arnold," was read a third time, and passed. The bill concerning field officers of the militia was read a third time, and passed.

The amendments to the bill, entitled "An act supplementary to the act, entitled 'An act laying duties on licenses to retailers of wines, spirituous liquors, and foreign merchandise, and for other purposes," was read a third time as amended. Resolved, That this bill pass with amendments. On motion, by Mr. TAYLOR, it was agreed to amend the title, by inserting, in the first line, after the word "act," and before "laying," "to amend the act."

The Senate resumed the consideration of the report of the committee to whom were referred the petitions of numerous citizens of the States of New Hampshire, Massachusetts, Connnecticut, North Carolina, and Ohio, praying Congress to prohibit the transportation and opening of the mail on the Sabbath. Whereupon,

Resolved, That at this time it is inexpedient to interfere and pass any laws on the subject-matter of the several petitions praying the prohibition of transportation and opening of the mail on the Sabbath.

JANUARY, 1815.

"customs," in the 4th line, the following words: and for whose acts and doings in their office the collector so appointing them shall be answerable to any person thereby injured:" it was determined in the negative-yeas 11, nays 18, as follows:

YEAS-Messrs. Daggett, Fromentin, German, Goldsborough, Gore, Horsey, Hunter, King, Lambert, Mason, and Thompson.

NAYS-Messrs. Anderson, Barbour, Bibb, Chace, Condit, Gaillard, Giles, Kerr, Lacock, Morrow, Robinson, Smith, Tait, Taylor, Turner, Varnum, Walker, and Wharton.

And the amendments reported by the select committee having been agreed to, the President reported the bill to the House accordingly.

On the question, Shall the amendments be engrossed, and the bill read a third time as amended? it was determined in the affirmative.

MONDAY, January 30.

The Senate resumed, as in Committee of the Whole, the consideration of the bill, entitled "An act giving further time to purchasers of public lands to complete their payments ;" and, no amendment having been proposed, it passed to a third reading.

The Senate resumed, as in Committee of the Whole, the consideration of the bill, entitled "An act attaching to the Canton district, in the State of Ohio, the tract of land lying between the foot of the rapids of the Miami of Lake Erie, and the Connecticut Western Reserve;" and, no amendment having been proposed, it passed to a third

The Senate resumed the bill making appropriations for repairing or rebuilding the public build-reading. ings within the City of Washington; and on motion, by Mr. SMITH, the consideration thereof was further postponed to Monday next.

The Senate resumed, as in Committee of the Whole, the consideration of the bill in addition to the act to regulate the laying out and making a road from Cumberland, in the State of of Maryland, to the State of Ohio; and, no amendment having been proposed, the bill was ordered to be engrossed and read a third time.

INTERCOURSE WITH THE ENEMY. Mr. GILES, from the committee to whom was referred the bill, entitled "An act to prohibit intercourse with the enemy, and for other purposes," reported it with amendments; which were read, and considered as in Committee of the Whole.

On the question to agree to the amendment proposed by the select committee, "to strike out of the amendments the proviso to the end of the 5th section of the bill," it was determined in the affirmative-yeas 17, nays 12, as follows:

YEAS-Messrs. Anderson, Barbour, Bibb, Chace, Condit, Gaillard, Giles, Kerr, Lacock, Morrow, Robinson, Tait, Taylor, Turner, Varnum, Walker, and Wharton.

NAYS-Messrs. Daggett, Fromentin, German, Goldsborough, Gore, Horsey, Hunter, King, Lambert, Mason, Smith, and Thompson.

On motion, by Mr. MASON, to amend the 5th section of the bill, by inserting, after the word

Mr. HORSEY, from the committee to whom the subject was referred, reported a bill to allow a drawback of duties on spirits distilled, and certain goods, wares, and merchandise, manufactured within the United States; and the bill was read, and passed to the second reading.

The Senate resumed, as in Committee of the Whole, the consideration of the bill, entitled "An' act to alter and amend the several acts for establishing a Navy Department, by adding thereto a Board of Commissioners, together with the amendments reported thereto by the select committee; and, on motion by Mr. SMITH, the further consideration thereof was postponed until to-morrow.

On motion, by Mr. LACOCK, the consideration of the bill making appropriations for repairing or rebuilding the public buildings within the City of Washington was postponed to, and made the order of the day for, Wednesday next.

The amendments to the bill, entitled "An act to prohibit intercourse with the enemy, and for other purposes," was read a third time, as amended.

Resolved, That this bill pass with amendments.

The bill in addition to the act to regulate the laying out and making a road from Cumberland, in the State of Maryland, to the State of Ohio, was read a third time; and on motion, by Mr. SMITH, to fill the blank with "one hundred thou sand," it was determined in the affirmative, as follows:

YEAS-Messrs. Bibb, Brown, Chace, Condit, Fro

mentin, Gaillard, Goldsborough, Horsey, Kerr, Morrow, Smith, Tait, Taylor, Turner, Varnum, Walker, and Wharton.

NAYS-Messrs. Barbour, King, Lambert, Mason, Robinson, Thompson, and Wells.

Resolved, That this bill pass, and that the title thereof be "An act in addition to the act to regulate the laying out and making a road from Cumberland, in the State of Maryland, to the State of Ohio."

Mr. GILES, from the Committee on Military Affairs, to whom was referred the bill. entitled "An act for the better regulation of the Ordnance department," reported it with amendments.

Mr. GILES, from the same committee, to whom was referred the bill, entitled "An act to authorize the purchase of a tract of land for the use of the United States," reported it with an amend

ment.

BANK OF THE UNITED STATES.

SENATE.

Public credit might indeed be expected to derive advantage from the establishment of a National Bank, without regard to the formation of its capital, if the full aid and co-operation of the institution were secured to the Government during the war, and during the period of its fiscal embarrassments. But, the bank proposed the public measures; and whatever might be the pawill be free from all legal obligation to co-operate with triotic disposition of its directors to contribute to the removal of those embarrassments, and to invigorate the general interest of the institution, according to their prosecution of the war, fidelity to the pecuniary and estimate of it, might oblige them to decline a connexion of their operations with those of the National Treasury, during the continuance of the war and the diffi culties incident to it. Temporary sacrifices of interest, though overbalanced by the future and permanent profits of the charter, not being requirable of right in behalf of the public, might not be gratuitously made, and the bank would reap the full benefit of the grant, whilst the public would lose the equivalent expected inducement to such a grant, on the part of the public, would be the prospect of substantial aids to its pecuniary means at the present crisis, and during the sequel of the war. It is evident that the stock of the bank will, on the return of peace, if not sooner, rise in the market to a value which, if the bank were established in a period of peace, would authorize and obtain for the public a bonus to a very large amount. In lieu of such a bonus the Government is fairly entitled to, and ought not to relinquish or risk, the needful services of the bank, under the pressing circumstances of war.

The following Message was received from the from it. For it must be kept in view, that the sole PRESIDENT OF THE UNITED STATES: To the Senate of the United States:

Having bestowed on the bill, entitled "An act to incorporate the subscribers to the Bank of the United States of America," that full consideration which is due to the great importance of the subject, and dictated by the respect which I feel for the two Houses of Congress, I am constrained, by a deep and solemn conviction that the bill ought not to become a law, to return it to the Senate, in which it originated, with my objections to the same.

Waiving the question of the Constitutional authority of the Legislature to establish an incorporated bank, as being precluded, in my judgment, by repeated recognitions, under varied circumstances, of the validity of such an institution, in acts of the Legislative, Executive, and Judicial branches of the Government, accompanied by indications, in different modes, of a concurrence of the general will of the nation; the proposed bank does not appear to be calculated to answer the purposes of reviving the public credit, of providing a national medium of circulation, and of aiding the Treasury by facilitating the indispensable anticipations of the revenue, and by affording to the public more durable loans.

1. The capital of the bank is to be compounded of specie, of public stock, and of Treasury notes convertible into stock, with a certain proportion of each of which every subscriber is to furnish himself.

The amount of the stock to be subscribed will not, it is believed, be sufficient to produce, in favor of the public credit, any considerable or lasting elevation of the market price, whilst this may be occasionally depressed by the bank itself, if it should carry into the market the allowed proportion of its capital consisting of public stock, in order to procure specie, which it may find its account in procuring, with some sacrifice on that part of its capital.

Nor will any adequate advantage arise to the public credit from the subscription of Treasury notes. The actual issue of these notes nearly equals at present, and will soon exceed, the amount to be subscribed to the bank. The direct effect of this operation is simply to convert fifteen millions of Treasury notes into fifteen millions of six per cent. stock, with the collateral effect of promoting an additional demand for Treasury notes, beyond what might otherwise be negotiable.

2. The bank, as proposed to be constituted, cannot be relied on during the war, to provide a circulating medium, nor to furnish loans, or anticipations of the public revenue.

Without a medium, the taxes cannot be collected; and, in the absence of specie, the medium understood to be the best substitute is that of notes issued by a National Bank. The proposed bank will commence and conduct its operations under an obligation to pay its notes in specie, or be subject to the loss of its charter. Without such an obligation, the notes of the bank, though not exchangeable for specie, yet resting on good pledges, and performing the uses of specie, in the payment of taxes, and in other public transactions, would, as experience has ascertained, qualify the bank to supply at once a circulating medium, and pecuniary aids to the Government. Under the fetters imposed by the bill, it is manifest that, during the actual state of things, and probably during the war, the period particularly requiring such a medium and such a resource for loans and advances to the Government, notes for which the bank would be compellable to give specie in exchange could not be kept in circulation. The most the bank could effect, and the most it could be expected to aim at, would be to keep the institution alive by limited and local transactions, which, with the interest on the public stock in the bank, might yield a dividend sufficient for the purpose, until a change from war to peace should enable it, by a flow of specie into its vaults, and a removal of the external demand for it, to derive its contemplated emoluments from a safe and full extension of its operations.

On the whole, when it is considered that the proposed establishment will enjoy a monopoly of the profits of a National bank for a period of twenty years; that the monopolized profits will be continually growing, with the progress of the national population and

wealth; that the nation will, during the same period, be dependent on the notes of the bank for that species of circulating medium, whenever the precious metals may be wanted, and at all times for so much thereof as may be an eligible substitute for a specie medium; and that the extensive employment of the notes in the collection of the augmented taxes will, moreover, enable the bank greatly to extend its profitable issues of them, without the expense of specie capital to support their circulation; it is as reasonable as it is requisite, that the Government, in return for these extraordinary concessions to the bank, should have a greater security for attaining the public objects of the institution than is presented in the bill, and particularly for every practicable accommodation, both in the temporary advances necessary to anticipate the taxes, and in those more durable loans which are equally necessary to diminish the resort to taxes.

In discharging this painful duty of stating objections to a measure which has undergone the deliberations and received the sanction of the two Houses of the National Legislature, I console myself with the reflection that, if they have not the weight which I attach to them, they can be constitutionally overruled; and with a confidence that, in a contrary event, the wisdom of Congress will hasten to substitute a more commensurate and certain provision for the public exigencies. JAMES MADISON.

JANUARY, 1815.

23d instant, and returned by the President on the
30th instant, with objections.

The said bill was read, and is as follows:
An Act to incorporate the subscribers to the Bank of

the United States of America.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a Bank of the United States of America shall be established, the capital stock of which shall be thirty millions of dollars, divided into three hundred thousand shares, of one hundred dollars each share; and that subscriptions for thirty millions of dollars, towards constituting the said capital stock, shall be opened, on the last Monday of February next, at the following places, viz: at Portland, in Maine, Portsmouth, in New Hampshire, Windsor, in Vermont, Boston, Providence, New Haven, New York, New Brunswick, in New Jersey, Philadelphia, Baltimore, the City of Washington, Richmond, Raleigh, Charleston, Savannab, Lexington, in Kentucky, Nashville, in Tennessee, Chillicothe, in Ohio, and New Orleans, under the superintendence of the following persons, as commissioners to receive the same: at Portland, Matthew Cob, Isaac Isley, Joshua Wingate, junior; at Portsmouth, John Goddard, Nathan'l A. Haven, Henry S. Langdon; at Windsor, Elias Lyman, William Leveret, Eleazer May; at Boston, Israel Thorndike, Thos. H. Perkins, William Gray, Aaron Hill, Samuel Brown; at Providence, Seth Wheaton, Ebenezer K. Dexter, Henry Smith; at New Haven, Abraham Bishop, William W. Woolsey, Henry Jones; at New York, Robert Troup, William Paulding, junior, Robert Lenox, John Jacob Astor, Samuel Tooker, Isaac Bronson, Henry A. Coster; at New Brunswick, James Vanderpool, John Bray, Peter Gordon; at Philadelphia, Jared Ingersoll, Thomas M. Willing, Stephen Girard, Chandler Price, Anthony Taylor, John Sergeant, Cadwallader Evans; at Baltimore, James A. Buchanan, Henry Payson, William Wilson; at the City of Washington, John Mason, Robert Brent, John P. Van Ness; at Richmond, Benjamin Hatcher, John Brockenborough, John Preston; at Raleigh, Sherwood Haywood, Bev erly Daniel, William Peace; at Charleston, John C. Faber, Thomas Jones, Stephen Elliot, Charles B. Cochran, Thomas Blackwood; at Savannah, John Bolton, Charles Harris, James Johnson; at Lexington, On motion, by Mr. ANDERSON, the considera- in Kentucky, Charles Wilkins, Lewis Sanders, John tion of the amendments of the House of Repre- H. Morton; at Nashville, Robert Weakly, Felix Grunsentatives to the bill, entitled "An act to extend dy, John R. Bedford; at Chillicothe, Samuel Finley, the time of Oliver Evans's patent for his im- Thomas James, William McFarland; at New Orleans, provement on steam engines," was further post-Dominick H. Hall, Benjamin Morgan, Paul Lanuse, poned until to-morrow.

WASHINGTON, January 30, 1815.
The Message was read, and on motion, by Mr.
Bibb,

Ordered, That it be printed for the use of the Senate, and that to-morrow, at twelve o'clock, the Senate will proceed to consider the bill, entitled "An act to incorporate the subscribers to the Bank of the United States of America," which has been returned by the President of the United States, with objections.

TUESDAY, January 31.

Mr. TAIT, from the Committee on Naval Affairs, to whom was referred the bill, entitled "An act concerning Weston Jenkins and others," reported it without amendment.

The bill, entitled "An act giving further time to the purchasers of public lands to complete their payments," was read a third time, and passed.

The bill, entitled "An act attaching to the Canton district, in the State of Ohio, the tract of land lying between the foot of the rapids of the Miami of Lake Erie, and the Connecticut Western Reserve," was read a third time, and passed.

BANK OF THE UNITED STATES.

Agreeably to order, the Senate proceeded to reconsider the bill passed by the two Houses, entitled "An act to incorporate the subscribers to the Bank of the United States of America," which was presented for approbation on Monday, the

Thomas L. Harman, and William Flood; which subscriptions shall continue open every day, from the time of opening the same, from ten o'clock in the forenoon, until four o'clock in the afternoon, until the Saturday following, at four o'clock in the afternoon, when the same shall be closed; and immediately thereafter, the commissioners, or any two of them, at the respective places aforesaid, shall cause two transcripts or fair copies of such subscriptions to be made; one of which they shall send to the Secretary of the Treasury, one they shall retain, and the original shall, within three days from the closing of the same, be by the said commissioners transmitted to the said commissioners at

Philadelphia, or to one of them: and, on the receipt thereof, the said commissioners at Philadelphia, or any three of them, shall immediately thereafter convene and proceed to take an account of the said subscrip tions; and if more than the amount of thirty millions

JANUARY, 1815.

Bank of the United States.

SENATE.

of dollars shall have been subscribed, then the said last mentioned commissioners shall apportion the same among the several subscribers, according to their several and respective subscriptions; Provided, however, That such commissioners shall, by such apportionment, allow and apportion to each subscriber at least one share; and, in case the aggregate amount of the said subscriptions shall exceed thirty millions of dollars, the said commissioners, after having apportioned the same as aforesaid, shall cause lists of the said apportioned subscriptions to be made out, including in each list the apportioned subscription for the place where the original subscription was made, one of which lists shall be transmitted to the commissioners, or to one of the commissioners, under whose superintendence such subscriptions were originally made, that the subscribers may ascertain from them the number of shares apportioned to such subscribers respectively; and, if the amount of thirty millions of dollars shall not be sub-months from the time of subscribing there shall be paid scribed during the period aforesaid, at all the places aforesaid, the subscription to complete the said sum shall afterwards be and remain open at Philadelphia, under the superintendence of the said commissioners appointed at that place, and the subscription may be then made by any corporation, copartnership, or person, for any number of shares not exceeding the amount required to complete the said sum of thirty millions of dollars. And, in case of the death, or refusal to serve, of any of the commissioners aforesaid, it shall be lawful for the President of the United States to supply the vacancy or vacancies thus created, by appointing some suitable person or persons.

aforesaid; and thirteen dollars thirty-three cents and one-third of a cent in the public debt of the United States, contracted or to be contracted, as aforesaid: at the expiration of four calendar months after the time of subscribing there shall be paid the further sum of three dollars thirty-three cents and one third of a cent on each share, in gold or silver coin; ten dollars in the Treasury notes aforesaid; and six dollars sixtysix cents and two-thirds of a cent in the public debt of the United States, contracted or to be contracted as aforesaid: at the expiration of six calendar months from the time of subscribing there shall be paid the further sum of three dollars thirty-three cents and one third of a cent on each share, in gold or silver coin; ten dollars in the Treasury notes aforesaid; and six dollars sixty-six cents and two-thirds of a cent in the public debt of the United States, contracted, or to be contracted, as aforesaid: at the expiration of eight calendar the further sum of three dollars thirty-three cents and one-third of a cent, in gold or silver coin; ten dollars in the Treasury notes aforesaid; and six dollars sixtysix cents and two-thirds of a cent in the public debt of the United States, contracted, or to be contracted, as aforesaid. And the subscriptions in public stock and Treasury notes, as aforesaid, shall be taken and credited for the principal and so much of the interest thereof, respectively, as shall have accrued on the day of subscribing the same. And, at the time of subscribing to the capital stock of the said bank, as aforesaid, each and every subscriber shall deliver to the commissioners, at the place of subscribing, as well the specie amount SEC. 2. And be it further enacted, That it shall be stock for the stock proportion of their subscriptions, reof their subscriptions, respectively, as the certificates of lawful for any person, copartnership, or body politic, to subscribe for so many shares of the said capital stock zing the said commissioners, or a majority of them, to spectively, together with a power of attorney authoriof the said bank, as he or they shall think fit, not exceeding three thousand shares, except as is hereinafter transfer the said stock, in due form of law, to "The provided for the subscription on behalf of the United of the United States of America," as soon as the said President, Directors, and Company, of the said Bank States, and the sums respectively subscribed, except bank shall be organized; and, also, Treasury notes for on behalf of the United States, as is hereinafter the proportion of the subscriptions, respectively, payprovided, shall be payable in the manner following, able in Treasury notes as aforesaid: Provided, always, that is to say: five millions of dollars thereof in gold That if, in consequence of the apportionment of shares or silver coin of the United States, or of foreign coin in the said bank among the subscribers, in the case at the value heretofore established by the act of Con- and in the manner herein before prescribed, any subgress, entitled "An act regulating the currency of for-scriber shall have delivered to the commissioners, at eign coins," passed the 10th day of April, one thou- the time of subscribing, a greater amount of specie, sand eight hundred and six; ten millions of dollars thereof in gold or silver coin, as aforesaid, or in the stock, and Treasury notes, than shall be necessary to public debt of the United States, contracted by virtue complete the payments for the share or shares to such of the act of Congress, entitled "An act authorizing subscriber, apportioned as aforesaid, the commissiona loan for a sum not exceeding eleven millions of dol- and Treasury notes, as shall be necessary to complete ers shall only retain so much of the said money, stock, lars," passed the fourteenth day of March one thousand such payments, and shall forthwith return, on applicaeight hundred and twelve, or contracted, or to be contracted, by virtue of any subsequent act and acts of tion for the same, the surplus thereof to the subscriber Congress heretofore passed, authorizing a loan or loans; lawfully entitled thereto. And the commissioners reand fifteen millions of dollars thereof in gold and silver spectively shall deposite the gold and silver, certificates coin, or in Treasury notes, issued under the act of Con-ceived, as aforesaid, from the subscribers to the said of stock, and Treasury notes, by them respectively regress, entitled "An act to authorize the issuing notes," passed the thirtieth day of June, one thousand eight hundred and twelve, or issued under the authority of any subsequent act or acts of Congress, authorizing, or which shall authorize, Treasury notes to be issued, previously to the final closing of the subscriptions to the said bank. And the said payment shall be made and completed in the sums and at the times hereinafter declared, that is to say: at the time of subscribing there shall be paid six dollars and sixty-six cents and two thirds of a cent on each share, in gold or silver coin; twenty dollars in the Treasury notes 13th CoN. 3d SESS.-7

the same may and shall be specifically delivered and
bank, in some place of secure and safe keeping, so that
transferred, as the same were by them respectively re-
ceived, to the said President, Directors, and Company,
of the said Bank of the United States of America, or
organization of the said bank.
to their order, as soon as shall be required after the

SEC. 3. And be it further enacted, That the United
States may, at any time before the expiration of this
act, in pursuance of any law which may be passed by
Congress for that purpose, cause to be subscribed, for