Southern telegraph., 1838-04-17
CONCLUSION OF MIR. CL.AY,S
SPEECH.

Iiie substitute meant is the bill offered hy
Mr.. Rives, in lieu of the Sub-Treasurv
Scheme.
"The substitute is not, think, what the
welfare of the country requires. Ii NAV
serve the purpose ofa good half way house
It's accommodations appear fair, and with
The feelings Of wcaried traveller. one NAV
be tempted to stop awhile and refresh him
self there. shall vote for it rs an amend
ment to the bill, because believe it the
least of two evils, if it should indeed inflict
any evil; or rather, because feel myself
IN the position of patient to whom the
! physician presents in one hand cup of ar
| scnic, and in the other cup of poison: re-
ject the first, because of the nstan. death
with which it is charged take the latter.
as being the most harmless, and depend up
on the pis n1edic0tr;.r natura It would
have been great Improvement, in my o.
pinion, if the mode of bringing about the
resumption Of specie payments, contained
IN the substitute were reversed: provided
that the notes OF a certain number Of safe.
sound, and unquestionabie banks to be Sc
lec,cd, should be forthwith received by the
General Government, IN payment of all
public dues; and that if the selected banks
did not resume by designated day, their
notes should cease to be taken. Several
immediate effects would follow: lst. The
Government would withdraw from the mar
ket as a competitor with the banks for spe-
eie. and they would be left undisurbed to
strengthen themselves. And, 2dlv, conf
dence would be restored by taking off the
ciscredit and discoun'enance thrown upon
all banks by the Government. And WHY
should these notes not be so received?-
They are as good as Treasury notes, if not
hetter. They answer all the purposes ofI
the State Governments and the people
They now would buy much as specie
could have commanded at the period of sus-
pension. They could be disbursed by the
Government. And, finally, the measure
would be temporary.
But the true and only eflicacious and per-
manent remedy, so!emnly believe, is to
he found in Bank of the United States.
properly organized and constituted. We
are told that such bank is fraught with in
describabie danger. aud that the Govern
mept must, in the sequel, get possession of
the bank, or the bank of'he government. |
oppose to these imaginary terrors the prac-
teal experience off"r'y years. oppose to
them the issue Of the memorable contest,
commenced by the late President Of the
United States against the Bank of the Unit
ed States. The administration OF that bank
had been without serious fault. 1t had g
ven no Just offence to the Government, to-
wards which it had faithfully performed ev-
cry financial duty. Under its able and en-
Iightencd President, it had fulfilled every
anticipation which had been formed by
those had created it; President Jackson
pronounced the edict that it must fall, a.
gainst the wishes of a vast majority of the
people Of The United States, against the
convictions OF its utility entertained by a
large majority Of the States, and to the pre-
judice of the best interest of the whole
country. Ifan innocent, unot!ending. and
highly beneficial institution could be thus
easily DESTROYED by the power of one man.
where could lie the difficulty of crushing It,
if i, had given any real cause for just amin
adversion7 Finally, | oppose to these I'M
aginary ferrors the example dcducible from
| English hisotry. There bank has existed
since the. year 1854, and neither has the
bank got possession of the Government,
nor the Government Of the Bank. They
have existed i'm harmony together, both
conducting TO the prosperity .f that great
country; and they have so existed, and so
contributed, because each has avoided
cherishing towards each other that wanton
and unnecessary spirit of hostility which
was unfortunately engende.ed in the bosom
of the late President of the U. States.
l am admonished, sir, by my exhausted
strength, and by, fear, your more exilans-
ted patience, to hasten to close. Mr..
President, great. novel. and untrlcd mea-
sure, is perseveringiy urged upon the ac-
ceptance Of Congress. That 1t is pregnant
with tremendous consequences, for good or
evil, is admitted by all. We, firmly believe
| that it will be fatal to the best interests OF
this country, and ultimately snbvers've oi
| its liberties You, who have been greatly
disappointed in other measures of equal
promise. can only hope, in the doubtful and
uncertain future, that its operation may
prove salusary. Since it was first proposed
at the extra session, the whole pcople have
not had an opportunity Of passing IN ]udg-
i ment upon it at their elections.
As Far as thev have. they have express
ed their unqualified disapprobation. From
Maine to the State Of Mississippi, It's con
demnation has been loudly thunGcred forth.
In every intervening election, the admins
tration h.s been defeated, or its former
majority neutralized Maine has spoken;
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