Litchfield enquirer., 1837-10-05


 another cause of the pressure. Its effect wns to hoard specie--to lose confidence in paper money-to injure local banks. It began a war upon the Banks-a proclamation against them by the Executive, and it's consequence was ruinous to the country-and finally, it's effects were felt in Europe, where it injured American credit.
 chartered, many local banks, said Mr. Clay, would not have been re-chartered. Local banking would have been diminished, and excessive issues avoided. The effect of not re-chartering that institution in Kentucky, was to create local banks, and greatly in crease the banking capital of the States. MT. Clay then referred to the Tariff con- promise and the remarks made, week since, by Mir. Calhoun, in reference to the Tariff Laws of 1924 and 1928. Mir. Calhoun said, that at these two periods begun the first eau ses of the pressure. The Tariff had created the Surplus Revenue and the Surplus Reve- nue the distress of the community.
 MT. Clay denies this in toto. He commen- ded Mir. Preston's and Mir. Calhoun's consis. tent and honorable course of conduct, in re- lation to the Compromise Act They had not disturbed it. The administration had dis turbed it time and again-threatening to re- ducc it, denying its legality, and intimating that they had no faith in it. These threats and the power of the Administration had cre- ated distrust, fearfulness, and alarm among the manufacturing interests throughout the country. They were stopped, paralysed, de- stroyed almost, in consequence of these threats and breach of faith.
 The revenue of the countryside Surplus Revenue-was not created by the tariff of re- venues upon foreign goods, but by the re- ceipts from the sales of Public Lands-re- ceipts which were enormous, from specula- tions in the public lands, and the large a. mounts of which no man did or could dream of. The surplus, then, arose out of the sales oflands, and not in consequence of the tariff. l Mir. Clay then gave an able and lucid view of the Administration of Gen. Jackson, which have not time to send you by Express Mail. He is still upon the floor, and has spoken nearly three hours.
 Monday Evening, Sept. 9.
 After adverting to the war made upon the Compromise Act by the friends of the Ad- ministration, MT. Clay said, that if the Land Bill, passed by Congress in 1888, had not have been no surplus revenue.
 Mir. Clay said, that during the last four years, we have not had Free Government. We had lived under a despotisnl-under Despotic Administration and a Despotic Ey- ccutive. The Jackson party had not govern ed the country, but the Executive had gov erned the Jackson party, and with them the whole people. If the Jackson party had been firm, said Mr. Clay-it' they had been independent, Gen. Jackson would never have assumed the authority of them which he did assume. The Jackson party opposed the measures, he advocated them--voted against them-spoke against them-and yet when Jackson supported them and commended | AL d. former opinions and voting against the very measures they had advocated. He illustra- ted this portion of his subject by referring to the support given in Congress to the re-char- ter of the United States Bank, which Gener- al Jackson, at Q late day, vetoed-to the re- moval of the Deposits which Gen. Jackson nffe--rortau sSos~is1od against the will nf Con gress-to the repeal of the Treasury Circu- lar which Congress repealed, and which Ge- neral Jackson pocketed at the very moment he left the Executive office. The President had assumed the power of despot, and had governed his party and the country us des- pot would have governed them.
 In another part of his speech AIr. Clay gave playful portrait of the Executive, which equally amused the friends and ene- mics of the Administration. Our President, said he, is five feet and some inches, sandy complexion. blue eyes, little given to bald. ness, with . downcast look It was this man who was President of the United States, who was elected to the Executive office, though an endorser more authoritative, more potent than is even the Executive himscli.-an en- dorser who though now but simple citizen of the United States, sends his messages to the House with degree of authority which even the President himself does not answer.
 In relation to United States Bank, Mir. Clay said that if the question could be fairly presented to the people" United States Bank or no United States Bank," he did not believe there would be an opposition 10 the Institution of q majority of the people. More than this, Mr. Clay said he believed the ma- jority were never opposed to a United States Bank. Mir. Clay said that he considered the {. United States Bank question, a question of immense importance-if sound curre ncy or the disunion of the States" was the question MT. Clay repeated with great emphasis-"A A sound currency or the disunion ofthe States" : "We must" said he, "have Bank of the . United States-nothing more, nor nothing less. than Bank of the United States-a Re- gulator of the National Currency"
 Mir. Clay said that Mir. Van Buren was too much of Democat-too great friend of . the Democracy of numbers, too good a friend of the people, too much an admirer of the majority not to conform to the will of the people. when that will is fully known! Be- coming more serious, however, Mr. Clay said that if the Rulers did not change their opin- ions. the people would change their Rulers. MT. Clay said. towards the conclusion af : re-charter a National Bank. requiring the , Bank to keep $2,OO0,OO0 of specie in its vaults-if Congress would re-charter such an institution, the result would be glorious to the whole country. In referring to the situ- Afinn nf ,n ffn :,~. :,s 1QIN ~OA rT0.y