Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-01-30
MR.. CLAY'S SPEECH,
on THE REMOVAL OF THE DEPosITES.
rConcluded from our ast.1

IL
,be Secretary thinks, to remain in
the Bank until the last moment of the
existence of the charter. But that was
no, the question which he had to de-
eide on the 26th September last. The
real question then was, could he not
wait sixty days for the meeting Of Con-
gfess' There were many last mo-
ments, near two years and a half,
between the Goth of September and
the day of the expiration of the char.
ter. But why not let the public mo.
n.y remain in the Bank until the last
day, of the charter7 1t is part of
the charter that it shall so remain; and
Congress having SO ordered it, the Sc
crstary ought to have so acquiesced
in the will of Congress, unless the ex-
gencv had arisen on which alone it
vas supposed his power over the deposies
would be exercised. The Secretary is
greatly mistaken, in believing that the
Bank will be less secure in the last hour Of
its existence than previously. II will then
The immediate payment OF its notes. and
the ultimate division among the stockhold-
ers of their capital; and at no period Of its
existence will it be so strong and able to
pay oil demands upon it. As to the de-
probation in the value Of its notes in the
Interior, at that time, why, sir. is the Sc
eretary possessed of the least knowledge
Of the course of the trade Of the interior;
and especially Of the Western States? If
he had any, he could not have made such
asuggestion. When the Bank itself is
not drawing, its notes form the best me-
dunn. Of remittance from the interior 10
the Atlantic capitals. They are sought
after BY merchants and traders with avid
ity. are never below par, and in the alb
sence Of bank drafts may command pre-
MUM. This will continue to be the case
as long as the charter endures, and espe-
caly during the last moments Of its ex-
istence, when its ability will be unques-
tionable, Philadelphia being the place of
the redemption; whilst the notes them
selves will be receivable in all the large
cities in payment Of duties.
5, The Secretary asserts that sit is
heretofore enjoyed by the notes Of the
Bank Of the United States, was moi found
ed on any particular confidence in its
management or soiidity. twas occasion
ed altogether by the agreement on be-
half Of the public, in the act Of incorpora-
lion, to receive them in all payments to
the United States" | have rarely seen
any State paper characterized by SO little
gravity, dignity, and circumspection. as
the Report displays. The Secretary is
perfectly reckless in his assertions OF mat
tiers Of fact, and culpably loose in his rea-
soning. Can he believe the assertion which
he has made? Can he believe. for exam
pie, that il the notes Of the Bank Of the
Metropolis were made receivable in all
payments to the Government, they would
ever acquire, at home and abroad, the
credit and confidence which are attached
to those OF the Bank Of the United Statesi
lfhe had stated that the faculty mention
ed, was one of the elements of the great
credit of those notes, the statement woult
have been true; but who can agree with
him, that is the sole cause? The credit o.
the Bank Of the United States result.
from the large amount of its capital, from
the great ability and integrity with which
has been administered, from the pariici
patton of the Government in its affairs
from IFS advantageous location; from IL
being the place Of deposite Of the public
moneys, and its notes being receivable II
all payments TO the Government; and from
lis being empha,ically the Bank Of tn
TIn;fol Tie 10 10
arraugcs it with the Banks of England
France, Amsterdam, Genoa, &c.
6. The expansion and contraction o
the accommodations Of the Bank 10 IFS in
dirdual customers, are held up by tn
Secretary, in bold relief, as evidences o
misconduct, which justified his withdraw
al Of the deposites. He represents To
Bank as endeavoring to operate on tn
pnblic, By alternate bribery and oppres
sion. with the same object, in both cases
OF influencing the election or the admin
istratlon of the President Why this per
petual reference Of all the operations O
The Institution TO the Executive2 VIII
does The Executive think of nothing bu
itselfp 1t is II II is II 1t is |, that
meant, appears TO be the constant excls
nation. Christianity aud charity enjoi
US never TO ascribe bad motive, if "
can suppose good one. The Bank is
moneyed corporation, whose profits resu
from its business. If that be extensive.
makes better; if limited, less profit. |
interest is TO make the greatest amour
of dividends which it can safely. And a
its actions may be more certainly ascribe
10 that than any other principle. The al
mlnistration must have a poor opinion
the virtue and intelligence of the peop
OF the United States, If il supposes th
their judgments are to be warped, ar
their opinions controlled, by any scale
graduated bank accommodations. I'll
An MI k...- A !.