The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-26
mit,es on Rin.nes the petition. relative to Bank

4 sbbTIhbAnChf
The Senate proceeded 70 eonsider the ball imposing
additional da,es, repositories Of public money on
certain officers
Mr. CLAY then addressed the Senate He said tina,
after the most calm aud dspsssonate reflection on the
condition Of the country aud the measures of reieC
suggested he had came to the conclusion that the bl
under consideration would only be sggrayaon OF the
evil When distress the result OF the measures of
the government il was doubly imperative the govern
ment 70 lind reiuedy The universally Of the feeling
OF suffering which prevailed throughout the Union dis
tnguishcd from any former period in which distress
and difficulty had arisen among This universal suf-
ierlng ought TO lead TO united counsels and common
measures lie hoped all party discords would be for
gotten and that all would fix their eyes the condition
Of the country, and unite in deyising the best Of
relief Hstook view Of the state Of the currency be-
orc the feAova Of the deposes, which he considered
the great cxnse Of the present emergency. He alluded
TO the predictions which had been made at the of
the removal Of the depostes, and the fu6nen Of those
predictions he regarded evidence that such the
cause. He did not consider the anslogy drawn by
the President, between the situation of Great Britain
and Of this country In both countries the question of
reehartering the National Banks simultaneous in
Great Britain the bank rechartered, and the credit
and currency Of the country restored while here,
refused TO recharcr U. s. Bank, and our credit
and currency destroyed. II the U. 3. Bank had
been rcchartered the currency would have been yet
good condition, and should have been free from
| barassment
Among the evils resulting from the refusal TO rechar-
ter the Uheu States Bdnk was tne ebtaDiiSnineht Oh
system of local banks in the State of Kentucky The
policy Of the late administration in reference TO the
promise act should be ranked among the causes OF the
distress The southern gentlemen, particularly the
Senators from South Carolina, were entitled 10 great
respect for the efforts they made 10 preserve the proy
sions Of that act but the administration had taken
the most injurious in its character 10 the
acturer, because convinced him that there could be
reliance on the policy Of the Government however
solemn the pledge which may be given. II the Govern
ment had adhered TO the pledge in the compromise act
there would be Of mnportarions because
manufacturers would have kept up the stock Of domes
| tic goods The Senator from South Carolina had ad-
| yerted TO the tariff OF 1928 That tariff the work
Of the open enemies Of the protective system concocted
with the secret OF the policy but unpopular
this tariff, il would not have produced the evil
which was apprehended by it, If the compromise had
not been carried into effect The veto Of the land bill
Of the Of the present distress Another
that for the last several years have not had
| the benefit of free government We have had the
form indeed but the spirit was not there. We have
been under despotism II the jackson party had
possessed rinness they would not have governed
the country i'll They had wisdom, but not fmness
There was majority Of that party against the refusal
to recharter the United States Bank against the
moval Of the depostes; against the continuance of the
specie circular but the despotisIn Of an individual over
powered the voice Of that majority. While legislative
bodies had turned round passing resolutions at one
session against bank, and at another in favor Of
bank. He referred also TO the Inconsistency OF Mr.
Dallas, who after carrying through the Senate bill to
recharter the United States Bank, heading popular
sembly in the state house yard Of 9hsdelphia, and
applauding the Of that very That individual
is at this moment filling splendid foreign mission He
left the world Judge Of the motives which influenced
such Of action He expressed himself as will
| ing to embrace every member brother who could
point out mode Of escaping from the gloom around
He than proceeded 10 examine, IN detail, the various
measures brought forward and proposed TO be submitted
| The Bankrupt law, recommended by the President
ha usax "a upcnps ftnnal
TO the States But in particular he denounced the bill
relative the Banks Of the District Of Columbia, which
made it ndctable offence for any individual to take
the only currency he could get He took view Of the
effect Of the bill to postpone the transfer of the fourth III
stalment Of the surplus revenue Suit was to be com
menced against Banks which did not meet the demands
OF the Treasury and thus the Banks in the south and
south he knew il would be SO in Kentucky
would be subjected 10 interest Of IL Is per cent
on the OF their debts, from the time OF the de-
mand In regard to the establishment Of currency Of
the precious metals he asked in the first place, it was
desirable He laid il down mat there sufficient
amount Of specie in the world to carry all the
mercia business Of the world nor this country
there sufficient for all the commercial business Of the
country. The sum required for the city Of New York
alone would be two millions q day. II would, there
FORE tend only to cripple and embarrass condition
Banks expand most when they have most specie, and
curtai when they have the least He expressed his
constituent that distinguished Senator should have de-
clared himself favorable to any issue Of paper which
rIeuecmaOle mere may De cases wnen small pOrtl0n
Of irredeemabe paper world be beneficial; but there
great danger to be apprehended il the Government
shall set example Of this character He adyerted to
the rredeemable issues Of the Commonwealth Of Ken
tncky Bank. That paper deprecated rapidly-the de-
probation being in proportion TO its amount but the
issues discontinued the depreciation also became
less, and il has now almost got up to par.
But if desirable to establish hard money currency
is il practicable! There was power in the General
Government to put down the local banks Of the States
| hat hov.lo hoco a. AL pnfp ed,
point out that shall moderate Legislation
conform to state Of things which il is not in power
to change
The attempt press the banks, woud produce pres
sure on the debtors Of the banks He considered that
4 the most dangerous experiments were then made
the established habits Of people, and predicted that
effort to destroy the banks would be productive OF
civil revolution He adverted to the insecurity Of the
system proposed In his own state two or three trea-
surcrs in succession became deauers, in consequence
Of lending the money Of the public to their personal
friends The Secretary Of the Treasury had thrown
discredit the system, when he required that these
Subtreasurers after having collected certain specified
sum, should deposite in the nearest bank. He
sdered the system Objectionable because it would add
TO the patronage Of the Executive. What had become
of the 100, 600 officers who according TO report made
two years ago, were welded by Executive will
! Where is the veto poweri Where the still more
alarming power Of retaining bills as in the case Of the
Land Bill, and the currency bill Where the expung-
ing power-the power Of creating and turning Off
cers--and the power Of administering the laws he
understands them! Has the chief magistrate come
forward with any disclaimer Of these points Has he
not rather followed in the footsteps Of his predecessor
Did he not retain the Treasury Circular against the
acts Of Congress and the people He hoped no
would fall into the error Of supposing that the opposl-
ton to the late administration of personal cha
racter opposition to the person Of General jackson
The arms taken from the coordinate departments
hung up trophies in the Executive mansion, ready
TO be used again, whenever favorable moment shall
arrive, against the liberties Of the people. There