Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-15
Speech or the Hon. Henry Clay,
of Kentucky.

4
present Executive OF the United break dswn the
whole Banking System, commencing with the Bank Of me
create on their ruins Treasury Bank under
ne e aon g South Carolina
porting Treasury Bank Delivered IN IVA senate Oh 'he
United STATES, February Is, 1883
MIR. Clay rose, and addressed the Senate as fol
| lows ~ have seen some public service, passed
through many troubled times, and often addressed
public assemblies iu this Capitol and elsewhere; bat
never before have risen in deiberatvs body under
more oppressed feelings or with deeper sense OF
| awful responsibility. Never before have risen 10
express nv opinions upon any public measure fraught
with such tremendous consequences 10 the welfare
and prosperity Of the country and so perlous 70 the
liberties of the people, as solemnly believe the bll
under consideration will be. If you knew, sir what
seepless hours reflection uyon it has cost me, If you
! knew with what fervour and sincerity have mplo-
red Divine assistance to strengthen and sustain me IN
my opposition to it, should have credit with you, at
least for the sincerity of my convictions, If shall be
unfortunate not to have your concurrence as to
| the dangerous character of the measure And have
thanked my God that he has prolonged nay LIE until
the present time, enable me to exert myself IN The
service of my country against prelecl ior trans
cendng in pernicious tendency any that have ever
| had occasion TO consider | thank hm tor the health
| am permitted TO enjoy; thank HIM for the soft and
| sweet repose which experienced last night thank
him for the bright AMI glorious sun which shines upon
US this day.
1t is no, my purpose at this time, Mr. President, to
| 90 at large into consideration of the which
have led 10 the present most disastrous state OF public
affairs That duty was performed by others, and my
SELF at the extra session OF Congress-: ii was then
clearly shown that It sprung from the ll-advsed and
unfortunate measures of executive administration |
now will content myself with saying that on the 4th
day of March, 1922 Andrew Jackson, not by the
blessing OF God was made President OF these United
States; that the country was then eminenty prosper
ous that its currency was as sound and safe as any
that people were ever blessed WITH that through
out the wide extent Of this whole Union, II possessed
a uniform value; and that exchanges were conducted
with such regularity and perfection that funds could
be transmitted from one extremity of the Union TO
the other, with the least possible risk or loss. In
this encouraging condition OF the business OF the coun-
try, remained for several years, until after the war
wanonly waged against the late Bank of the United
States, was completely successful by the overthrow
of that invaluable institution What our present stu
alton is is as needless to describe it is painful to
contemplate. First felt in our great commercial
int the Interior and pervade almost the entire
Union Ii has been justly remarked by one OF the
soundest and most practical writers that have had
occasion consult that all commissions in the cir
culation and commerce of every country must orgi-
nate in the operations Of the Government or in the
mistaken views and erroneous measures OF those pos
sessng the power of influencing credit and crcula-
ton; for they are otherwise susceptible OF convu
siop and il left to themselves they will find their
| level, and flow nearly in one uniform stream"
Yes, Mr. President we all have but too melancholy
Consciousness of the unhappy condition OF our coun-
try We all too well know that our noble and gallant
ship lies helpless and immovabe upon breakers dis
masted, the surge beating her venerable sides,
and the crew threatened with instantaneous destruc-
ton. How came she therel Who was the pilot at
the helm when she was stranded The party IN
power! The pilot was aided by all the science and
skill by ell the charts and INSTRUMENTS OF such as
tinguished navigators as Washington, the Adams
| Jefferson, Madison and Monroe; and vet he did not
or could not save the public vessel. She was placed
in her present miserable condition by his bunglne
navigation, or his want Of skill and judgment Ii Is
impossible for him TO escape from other horn
Of that dilemma leave him at liberty to choose be-
| tween them.
shall endeavour, Mr.. President, in the course OF
the address am about making TO establish certain
propositions which believe TO be incontestble; and
for the sake of pcrspicuty will stale them severally
| to the Senate. shall contend
lst That il was the deliberate purpose and fixed
design Of the late administration to establish Gov
eminent bank-a Treasury bank--to be administered
and controlled by the Executive department.
3D. That with that view, and to that end, il was its
aim and Intention TO overthrow the whole banking
system, as existing in the United States when that
| administration came into power, beginning with the
Bank of the United States, and ending with the State
banks.
I'D. That Inc attack was first confined from con-
sderatons OF policy to the Bank ofthc United States;
but that afterils overthrow was accomplished IT was
then directed, and has since been continued against
the State banks.
4th. That the present administration, by its &C.
acknowledgements emanatng from the highest and
most authentic source has succeeded 10 the prrnci-
PIES plans and policy, of the preceding adminstra-
uon and stands solemnly pledged to complete and
perfect them.
And, 9Th. That the bill under consideration is in
tended TO execute the pledge by establishing, upen
the ruins Of the late Bank OF the United States, and
the State Banks, Government Bank, TO be managed
and controlled by the Treasury Department acting
under the commands Of the President of the United
| States
believe, solemny believe the truth Of every one Of
these five propositions In the support OF them,
shall not rely upon any grauiIous surmses or vague
conectures but upon proofs clear. positive undcnla-
BILE and demonstrave. To establish the first four l
shall adduce evidence OF the highest possible anthem
ITCHY or facts admitted or undenabe, and fair rea-
i sonng founded on them. And as To the last the
| measure under consideration think the testimony
intrinsic and extrinsic on which depend, staraps
beyond all Doubt its true character as Government
bank and ought to carry TO the mind Of the senate
the conviction which entertain, and which feel
perfectly confident the whole country will share
|. My first propositionis that il was the deliberate
purpose and 6xed design Of the late administration TO
| establish a Government bank-a Treasury bank-'o
be administered and controlled by the Executive De
psrtent To establish it's truth, the first proof which
effr is the following extract from President Jack
sens annual message Of December lS2y;-"Fhe