Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-03-03
SPEECH OF MIR. CLAY OF KENTUCKY,
ON THE SPECIE CIRCULAR.

ny oeHate having again proceeded e
the order Of the day. which was the consid
Grafton Of the resolution heretofore moved
by Mr. Ewing Of Ohio, concerningthe Treas
ury circular, with the substitute therefore
proposed by Mr. Rives--
MIR CLAY said that be took great pleas
ure IN rendering 10 the Senate his respectful
thanks for the indulgence which had yester.
Day been accorded to him, at the instance Of
the Senator from North Carolina. And he
should esteem himself most happy. if on
me present occasion. he should be SO sue.
eessful as TO say what should occnsion no
regret 10 any for having conferred upon him
that indulgence 81 ~
IN the State (said MIR Clayl OF which /
am a citizen, had lately occasion 10 ex.
press my opinion in regard to that Treasury
order which II is proposed in the resolution
offered by my friend from Ohio (Mr EwinQ)
TO resclnd What said on that occasion
appeared 10 the prints OF the day, and de.
gree oil unexpected noiorieiy has since been
given TO 4 during the present session. What
uttered sincerely believed. | believed il
then, believe il now; and | re-affirm il.
with all sincerity, here in my place. as nv
settled opinion. Before, however. proceed
10 state the grounds on which il rests, shall
take some notice Of The able speech with
which we were yesterday favored BY the
honorable Senator from Virginia, (Mr.
hises.) Though that speech was any thing
but justification of the legality of the
Treasury order, il was ingenious, plausible.
often eloquent The speech. throughout its
whole tenor was indeed directly adverse TO
the order The Treasury order proceeds on
the principle Of requiring specie only in
payment for one of the most important
branches OF the public revenue; but The SEN
ator from Virginia is in favor of receiving
IN payment mixed currency. The order
proceeds on the principle OF exhibiting par-
'lality toward certain particular classes 10
their payment Of the public dues; the Sen.
alor from Virginia is for rule which shall
operate alike and equally on all, and shall
extend 10 every branch OF the public re-
venue. In a great deal, indeed, in most of
what was so well said by that Senator, / en-
tirely concur. There are. however, some
points Of difference which shall presently
notice. | regret that, while the country
generally. while the Senator himself. and
while we all are SO deeply interested in
knowing what sto be the real policy Of the
administration on the qaesiion Of the cuFren-
cy, we are left as much in the dark as ever
On one side Of the Senate, by one friend Of
the Administration. il is said that the pre-
cious metals alone are to form the currency,
and that all paper is TO be driven out of use /;
gradually, indeed, but surely. The Senator
from Virginia, on this side, says that the
policy about 10 prevail seeks to establish a
mixed currency, consisting in part Of specie
and in part OF the notes Of specie-paying
banks Which Of these friends Of the AID
minlsiration are we TO credii2 | must con-
less, that so far as past experience is 10 be
looked to on such subject. it seems to favor
a metallic system more than mixed cur
rency.
Al the last session of Congress, propo-
sition was introduced into The Senate, re-
quiring the payment Of specie in all cases,
by the purchasers Of our public lands
That proposition was, however, put down by
an almost unanimous vote. For, although
no call was made for the yeas and nays,
think am fully authorized in saying that
had such a call been made. there would not
have been more than one or two votes in IA
yor of the measure. Yet, on the lth Of
July, almost Immediately on the rising OF
Congress. we find this very proposition EN-.
bodied in Treasury order. which requires
the payment specie. in regard TO ouI most
important branch of the public revenue
This fact would seem TO intimate that the
policy Of mixed currency, for which the
Senator from Virginia has contended. was
not then the policy of the Administration,
and that not hes, but another's influence was
predominant in the cabinet In the pream.
bic TO this order, in which the reasons-for i,
are set forth, we find not only that specie is
required from all purchasers of the public
land, but that that other element oil the cur
rency, which the Senator would retain. is
denounced as paper money" And even in
regard oihe messages OF the President him
self did time permit, and were il necessary
TO do SO, it would be easy to show from all
of them, so far as they relate 10 this subject
OF currency. that although President Jack
son commenced his administration by recon-
mending mixed currency yet, that he
gradually departed more and more from that
ground, until, in the message of 1885, re-
ferred TO by the Senator from Virginia, he
speaks of getting back 10 the constitutional
medium" evidently abiding to an exclusive
specie circulation. You will therefore a.
gree, that the uncertainty of which have
spoken, is not leigned, but real and l en-
treat the two divisions Of the friends of the
Administration, speedily 10 settle between
themselves the controverted question. what
The policy 10 be pursued actually is, and
forthwith 10 state il 10 the country, so that all