The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-24
DEBATE IN THE SENATE.
MIR. CLAY,s SPEECH.
(Conciudcd.)


Is practicable for the Federal Government to put
down the State Banks aud introduce exclusive metal
lie currency In the operations OF this Government,
should bear in mind that political power is distrbut
ed between il and the States, and that while duties
few and clearly Defined the great Of legislative
authority abides with the States Their banks exist
without us, and in spite OF We have no constitu
tonal power or right to put them down. Why then,
seek their destruction, openly secretly directly or in
directly, by discrcdltng their issues, and by bankrupt
laws, and bills Of pains and penalties What are these
banks so decrcd and dcnounced lnruders, aliens,
enemies that have found their way into the bosom Of
country against our will Reduced to their ele-
mens, and their analysis shows that they consist lst,
Of stockholders; 3D. debtors, and Sd, bill holders and
other creditors In some one Of these three relations,
large majority Of the people of the United States stand
In making upon the banks, therefore, you wage
upon the people of the United States II is not a mere
abstraction that you would kick and cuff and bankrupt
and destroy, but sensitive generous, conhdng people,
who are anxiousy turning their eyes toward you, and
implorng relief Every blow that YOU infct upon the
banks reaches them Press the banks, and you press
them
True wisdom seems to me, requires that we should
not seek after if could discover, uRsttanable abb
s,ract perfection but should look to what is practicable
in human affairs, and accommodate our legislation to
the ireversble condition Of things Since the states
and the people have their banks, and will have them,
and since we have constitutional authority to put
them down, duty is 10 come to their relief when In
embarrassment and to exert all our legitimate powers
to sustain and enable them TO perform, IN the most be-
netcia manner the purposes Of their institution. We
should embank, not destroy the ietzing stream which
sometimes threatens an inunda,ion
We are told that il is necessary to separate, divorce
the government from the banks. Let US not be deuded
by sounds Senators might as well talk OF separating
the government from the states from the people, or
from the country. We -people-sates-Uni
--banks-bound up and interviewer togetheH united in
fortune and in destiny, and oil, all entitled TO the pro-
tecting care Of parental government. You may as
well attempt make the government breathe different
air drink different water, be lit and warmed by diff
ferent sum- from the people! A hard-money govern
ment and paper-money people, government an
official corpshe servants Of the people gittcring In
gold and the people themselves their masters, buried
in ruin, and surrounded with rags
No prudent or practical government will IN its mea-
counter 10 the long settled habits and usages
OF the people Religion, language laws the established
currency and business Of whole community, cannot DC
easily suddenly uprooted After the denomination OF
our coin was changed dollars and cents many years
ELAPSED before the old method Of keeping accounts in
pounds shIings, and pence, was abandoned. And TO
this day there are probably men OF the last century
who adhere to it. II fundamental change becomes
necessary il should not be sudden, but conducted by
slow and cautious degrees The people Of the United
States have been always paper money people II was
naper money that carried us through the revolution,
established our liberties, and made us free and Inde-
pendent people And, if the experience OF the reyolu-
tonary war convinced our ancestors, as we are con-
WINGED OF the evils OF an iredcemable paper medium, It
was pot aside only to give place to that convertible pa.
per which has so powerfully contributed TO our rapid
advancement, prosperity, and greatness
The proposed substitution Of an exclusive metallic
currency 10 the mixed medium with which we have
been ~ long familiar is forbidden by the principles Of
eternal Justice Assuming the currency Of tho country
70 consist OF twohirds Of paper and Of specie and
assuming also that the money Of country, whatever
may be It's component parts regulates all values ana
expresses the true amount which the debtor mas py
ii, creditor the effect Of the change upon that relation,
aud upon the property OF the country, would De most
ruinoas All property would be reduced IN value 70 one
third rs present nominal amount and every debtor