Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-03-17
TWENTY-FIFTH CONGRESS,
FIRST REGULAR SESSION.
MIR. CLAWS SPEECH,


United States, to break dosrn tie ,ciolc bankin
system Of the United States, commencing srit, tn
Bank Of the United States fcrmisasing NTH ii
State Banks, and to create their ruins a gorcrn
, naent Treasury Bank, under tie ercIusire confro
of the Executive; and n reply to the Spcec. Q
Hon. j. C. Calhoun. Of South Carolina.
Mn. CLAY rose and addressed the Senate a
follows: have seen some public service, passe'
through many troubled times, and often addressed
public assemblies, in this Capitol and elsewhere
but never before have risen in a delibcrative DO
dy, under more oppressed feelings, or with deep
er sense Of awful responsibility. Never before
have risen to express my opinions upon any put
lie measure, fraught with such tremendous con
sequences to the welfare and prosperity of the
country, end so perilous to the liberties OF the
people, as ! solcmnlv believe the bill under con
siceration viii be. 1t YOU knew, sir, what sleep
less hours reflection upon IT has cost me, Il you
| knew with what tervor and sincerity have I'm
plored Divine assistance to strengthen and sus-
tain me liz nv opposition to 1t, should have cred
it with YOU, at least. for the sincerity of
vicious, If shall be unfortunate not to have
your concurrence TO the dangerous character OF
the measure. And have thanked my God that
he has prolonged my life until the present time,
10 enable to exert myself III the servI e OF my
country, against biect far ,ransccnding in per-
nicous tendency any that have ever had occa-
sion to consider. thank Him fer the health am
permitted to enjoy; thank Him for the soft and
sweet reposc which l experienced last night l
thank Him tor the bright and glorious which
shines upon US this day.
1t is not my purpose, at this time, Mr.. President,
to 90 at large INTO consideration of the causes
which have led to the present disastrous state
of public affairs. That duty was performed by
others, and myself, at the extra session Of Con
gress. Ii was then clearly shown that 1t sprung
from the I!l-advIscd and unfortunate measures OF
executive admins IA ion. | now will content
myself with saving that, on the 4th da Of March.
1929, Andrew Jackson, not by the blessing of God,
was made President OF these United States that
the country then was cm!ncntlv prosperous; that
its currency was sound and as safe as any that
people were ever blessed with; throughout the
wide extent of this whole Union, it possessed IL
uniform value; and that exchanges were conduct
ed with such regularity and perfection, that funds
could be transmitted from one extremity OF the
Union to the other, with the least possible risk
loss. In this encouraging condition Of the bust
OF the country, remained for several years.
until after the war; wantonlv waged against the
late Bank of the United States, completely
successful, by the overthrow Of that invaluable
institution. What present situation is. ii is
needless to describe is painful to template.
First felt in great commercial rn1rts, distress
and embarrassment have penetrated into the lntc-
rior, and now pervadc almost the entire Union.
1t has been Justly remarked by of the sound
est and most practicable writers that have had
occasion to consult, that ''aIl commissions in the
circua. ion and commerce of every country must
originate in the operations Of the Government.
Or in the mistaken views and erroneous measures
Of those possessing the power ofinfluenciny cred
it and circulation; for they arc not otherwise sus
ceptib!e of CONFUSION, and if left to themselves,
hey will find their level, and flow nearly in
onc uniform strcam'
Yes, Mr.. President, all have but too mcan
cholv consciousness Of the unhappy condition
Of our country. We all too well know, that our
noble and gallant ship lies helpless and inmove-
,blc upon breakers, dsmasted, the surge beating
over her venerable sides, and the crew threaten
I'd with instantaneous destruction. How came
the there? Who was the pilot at the helm when
The stranded? the party in power! The pilot
vas aided by all the science and skill, by all the
;harts and instruments ofsuch distinguished nav
gators Washington, the Adamscs, Jefferson,
Madison and Monroe; and yet he did not or could
lot save the vessel. She placed in her pres
mt miserable condition by his bungling naviga-
ion, by his want of skill and judgment 1t is
impossible for him to escape from one or the other
orn Of the dilemma. l leave him at liberty to
hoose between them.
I shall endeavor, Mr.. President, in the course
{ the address am about making, TO establish GER
ain propositions, which believe to be incontes- ,
able; and for the sake of perspicuity will state
hem severay to the Senate. shall contend
lst That il was the deliberate purpose and fix
design of the late administration TO establish
oy ernmen ut Bank-a Treasury Bank-to be ad-
and controlled by the Executive de- /,
artment. s
I'd. That, with that view, and to that end, j:
'as its ain, and intention to overthrow the whole
anking system, as existing in the United States.
'hen that administration came into power, be- !
inning with the Bank Of the United States, and
nding with the State Banks.
Sd. That the attack first confined, from ,
considerations Of policy. to the Bank of the Uni- r
ed States; but that. after its overthrow was ac :
emphasized. it was then directed, and has since
cen continued, against the State Banks. e
4th. That the presen. administration. by its ar I
owledgemen,s, ernana;ing from the highest and
,os, authentic source, has succeeded TO the prn-
iples. plans. and policy, of the preceding admin
s:ra;ion, and stands soIeuaniy pledged to con-
le.e and perfect them.
5th Tha. the bill under consideration is ia
ended to execute the pledge. by establishing up
n the ruins OF the late Bank of the United States,
nd the State Banks, Gov eminent Bank, to be
Damaged and controlled by the Treasury Depart
nent &C ting under the commands Of the Pfesi-
ent Of the United States.
believe. soemnIv believe, the truth OF every