Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-10-06
CONGR 5 s..

money on certain officers
MIR Clay then addressed the Senate. He
said that after the most calm and dispassion-
ate reflection ON the condition of the coun-
try, and the measures Of relief suggested, he
had come TO the conclusion that the bill I'M
der consideration, would only be an aggra-
walton efthe evil When distress was the
resultofth the measures Of the Government, it
was doubly imperative on the Government
TO find a remedy The universally Of the
feeling Of suffering which prevuiledthrough-
ssrFis tire Union. Distinguished il from any for
met period in which distress and difficulty
had arisen among us.
This universal suffering ought to lead to
united counsels aud common He
hoped all past discord would be forgotten
and that all would fix their eyes on the con-
dtion OF the country and unite in deyising
the best means of relief He took view OF
the state ofthe currency before the removal
Of the depostes, which he considered the
great cause Of the present misery. He adj
verted TO the predictions which had been
made at the time of the removal of the de-
posites and the ful6ment Of these predc-
lions he regarded as evidence that such was
the cause. He did not concur in the analo-
gy drawn by the President between the sit
uation OF Great Britain and this county
In both countries the question Of re-chaIter
ing the N. Bank was simultaneous. In
Great Britain the Bank was re-chartered,
and the credit and currency Of the country
are restored; here we refused to re.charter
the Bank, and our currency is disturbed, and
our credit is overthrown. He took view
Of the issues Of paper money in Great Brit
ain. showing that the President had fallen
into error in reference TO the expansion Of
paper money in Great Britain; considered
that the embarrassmenis of Great Britain
were in proportion to her connection with
this country and so also in France, so that
the suferings Of Europe have been caused
by the course Of measures adopted by our
own government, or by the misconduct OF
our own people. He considered the refu-
sal TO re-charter the United States Bank as
producing an effect on the currency He
compared it to the effect produced on ship
by cutting away her mainmast Thus the
removal Of the deposites, the Bill relative TO
Foreign Gold. and the Specie Circular,
were allthe causes which operated to pro-
duce the present state OF things. No one
doubted. if the late Bank had been re-char-
tered, that the deposites would have been
safe, the embarrassmcnts Of the country in
great measure prevented. because the cur
rency would have been undisturbed, and
the exchanges regulated. The distribution
of the depostes among forty banks, in the
first instance, and afterwards to seventy or
eighty banks. led all those institutions TO
land out large sums for speculation. In re-
ference to the remarks Of the Message on the
= Pennsnlue MIA IL S--RerS vf assigning 10 a
State Institution. the same or a greater now
er to check the local institutions than were
conferred on the U. s. Bank as chartered
by Congress The depcsite law had been
charged as one Of the causes Of the present
state ofthings
What was intended to have been done
with the depositcs2 Were they not to have
been Withdrawn from the Banks2 Were
they intended 10 remain there for cver2 The
deposiie law only drew this revenue from the
banks by degrees. and placed il with the
States. He considered this bill as having a
salutary effect in checking the ruinous
course and tendency Of the Pet Bank Sys-
tenn. lie stated that the amount of specie
which reached the Land Offices under the
Specie Circular, showed that il did not pro
dnce the effect assigned to it. The effec, j,
did produce was to depreciate the Bank ma.
per, causing the boarding of specie, and pro-
duclng an expansion in the issues, and the
multiplication Of the paper circulation.
Among the evils resulting from the refu.
sal TO recharter the United States Bank was
the establishment OF a system of local banks
IN the State Of Kentucky. The policy oil
the late administration in reference TO the
Compromise Act, should be ranked among
the causes of the distress The Southern
gentlemen, particular the Senators from
South Carolina, were entitled to great respect |
Tor the efforts they made 10 preserve the pro-
visions oithat Act; but the administration
had taken course the most injurious in its
character to the manufacturer because IL
convinced him that there could be no reli.
ance on the policy of the government. how.
eyer solemn the pledge which may be given.
IL The government had adhered to the poli-
cy 10 the Compromise Act, there would be-
no excess oil importatons, because our man.
ulacturers would have kept up the stock off
domestic goods The Senator from Son,h
Carolina had adverted to the Tariff of Is36
That Tariff was the work of the open enc.
mics 10 the protective system, concocted
with the secret enemies Of the policy. but
unpopular as was this Tariff, il would no,
nave produced the evil which was apprehen.
ded bty i, 1.-THE Compromise had not been
carried into effect.
The veto Of the Land Bill was one Of The
causes OF the present distress. Another