Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-03-22
MR.. CLAY,S SpEECa.

MR.. CLAY'S SPEECH.
GGWe have read with pleasure the
mastery speech of Mr.. Clay in opposi-
ton to the Sub-Treasury bill. 1t has
been generally thought that President
Jackson was rather vacillating in his
policy in regard to. the currency-but
Mr.. Clay shows, we think most conclu-
sively, by extracts from his messages. that
there has been more Of method in his
course than has appeared to the casual
observer. He charges home to General
Jackson. from the first moment Of enter.
ing Office, deliberate design 10 over.
throw the whole Banking system Of the
country, and rear upon its ruins a great
Government bank, to be administered
and controlled by the Executive That
the attack was first confined from cons-
derations of policy, to the Bank OF the
United States; but that after its over
throw was accomplished, it was then d.
rected, and has since been continued a.
ganst the State Banks.-That the pre-
sent administration, by its acknowledge.
rnen,s. has succeeded to the principles,
plans and policy, Of the preceding admi-
nistra'ien, and stands solemnly pledged
10 complete and perfect them-And that
the Sub Treasury bill is intended to ex.
ecute the pledge. by establishing on the
RUNS Of the late United States Bank and
the State Banks, a Government Bank. to
be managed and controlled by the Trea-
sury Department. acting under the com
mands Of the President of the United
States. We regret that our limits forbid
Us from publishing the whole speech
that portion of it. however, containing
the argument against the Sub Treasury
bill, which we consider the most impor.
tant. will be found in our paper of to day.
The views which it presents of the ope-
ration OF that system are truly alarming,
and taken in connexion with the long
cherished and steaIthy design to fasten it
on the country. regardless of its wishes,
is wei! calculated to excite the fercest
indignation of an injured people. Had
the sly and insidious Recommendation
Of Bankrupt law BY President Van
Buren,. been adopted by Congress, it is
easy to see the conspiracy would have
been complete. The State Banks would
have been wound up at once, because.
by the suspension Of specie payments,
they had technically become bankrupt;
and then all hope of escape from the
snare. SO artiully contrived, would have
been efectually cut off. The per,inaci-
ty OF SIR. Van Buren, in this matter i.
really astonishing. Although he pro.
fessed, in his December message. to be,
lieve the political changes against him,
in the late elections, were owing TO other
causes than his Executive recommends
ton at the extra session, and vet seemed
so far to yield the point as to be willing
to surrender the measure TO the wisdomof
Congress. it is asserted that he is secretly
exertlDg every nerve to accomplish his
purpose. A correspondent Of the WING
says that 'the Sub Treasury bill will
probably pass the Senate by the casting
vote Of the Vice President" This. !,
Is obvious, could not be the case, if the
5Dhuence Of the President with members
was not stronger than that Of the people.
"In the house" the same writer remarks
tits late cannot be goretold. The an.
'PreheDsion is very general now, that
"enough Of the self,siyled Conservatives
shave been bought up by the Executive,
"or Intimidated, to carry it through"
Even the Richmond Enquirer is fore
ed to remark that "in this country the
Executive is too strong"--snd adds "If
"ihis Sub Treasury bill should unfor,u.
"nately pass,it would but strengthen our
"conyictton that the .Exso,t;v. ,nu~