The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-15
sPEEcn or THE HON. HENRY CLAY,

SPEECH or THE HON. HENRY CLAY
or EENTucKY, e
Establishing deliberate design on the part Of the
late and present Executive Of the United States
10 break down the whole banking system of the
United States, commencing with the Bank OF the
United States, and terminating with the Stale
Banks, and 10 create on their ruins Government
treasury Bank, under the exclusive control OF
the Executive; and in reply TO the speech Of the
Hon J. 9. Calhoun, Of South Carolina, support
ing thai Treasury Bank. Delivered in the Senate
OF the United States, February 10, 1888.
Mr.. CLAYrose, aud addressed the Senate follows
have seen some public service, passed through many
troubled times, and often addressed public assemblies ia
this Capitol and elsewhere; but never before have
risen ~ delbcratye body, under more oppressed
feelings, or with deeper OF awful responsibility
Never before have risen TO express my opinions upon
any public measures raugh with such tremendous con
sequences to the welfare and prosperity OF the country
and perlous the liberties Of the people, solemn
~ believe the bill under consideration will be- IL you
knew, SIR, what sleepess hours reflection upon It has
cost me, you knew with what ferser and sincerity
nave lmPored Divine assistance 10 strengthen and sus
tain me III my opposition TO it, should have credit with
you, Of least, for the sincerity OF my CONVICTIONS
shall be unfortunate not TO have your
as TO the dangerous character Of the measure And
have thanked my God that he has prolonged my life
III the present time, 10 enable exert myself IN the
service OF my country, against project far transcend
cason to consider ! thank him for the health am
permitted TO enjoy thank him for the soft and
repose which experienced last night thank him for
the bright and glorious which shines upon US this
day.
1t is not my purpose at this time, Mr. President, to
60 into consideration of the which have led
the present most disastrous state Of public affairs That
duty performed by Others and myself at the extra
session Of Congress 1t was then clearly shown that il
sprung from the iladysed and unfortunate %
executive administration ! now will content myse
with saying that on the 4th day Of March, 1929 An
drew jackson, not by the blessing Of God was made
President of these United States; that the country
then was emnently prosperous that its currency
was as sound and safe any that people were ever
blessed with tha throughout the wide extent of this
whole Union, it possessed uniform value and that
exchanges conducted with such regularity and per-
ection that funds could be transmitted from one ex-
remity Of the Union to the other with the least posi-
bic risk loss In this encouraging condition Of the
business OF the country It remained for several years,
until after the war, wantonly waged against the late
Bank of the United States, was completely successful
by the overthrow OF that invaluable institution What
present situation is 1t is needless describe
il Is painful 10 contemplate First felt in great
commercial marts, distress and embarrassment have
penetrated into the interior and now pervade almost the
entire Union II has been Justly remarked by OF
the soundest and most practical writer's that have had
occasion to consult that all convulions in the circua
ton and commerce OF every country must originate in
the operations OF the Government IN the mistaken
views and measures Of those possessing the
power Of influencing credit and circulation for they
not otherwise susceptible Of convulsion and if left
TO themselves, they will find their level, and flow
nearly in 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 immoveable upon breakers, dis
nasted the surge beating over her venerable sides and
How came she there Who was the pilot at the helm
when she stranded ! The party in power! The
pilot aided by all the science and skill by all the
charts and instruments Of such distinguished navgators
Washington, tho Adamses, Jefferson, Madison, and
Monroe and yet he did not could not save the pub
lie vessel She placed IN her miserable condition
by his bungng navigation, by his want OF skill and
Judgment 1t is impossible for him to escape from
the other horn Of that dilemma leave him at
liberty to choose between thsm.
shall eudeavor, Mr. President in the course Of tho
address am about making, establish certain PROPOSE
tons, which believe to be incontestable; and for the
sake Of persplcuity, will state them severay to the
Senate ! shall contend
lst That it was the deliberate purpose and fixed de-
sign Of the late administration to establish Govern
ment bank-a Treasury bank-to be administered and
controlled by the Executive department
I'd That, with that view, and TO that end, II was It's
aim and intention overthrow the whole banking sys
tenn as existing in the United States when that admin
tratlon came INTO power, beginning with the Bank OF
the United States, and ending with the State banks
Sd That the attack first confined, from consde-
raiions Of policy, TO the Bank of the United States
but that, after its overthrow was accomplished twas
then directed and has since been continued against the
State banks.
4th That the present administration, by its acknow
Judgments, emanatlng from tho highest and most anthem
tic source has succeeded to the principles, plans and
policy OF the preceding administration, and stands
solemnly pledged to complete and perfect them.
And 5th That the bill under consideration is intend
ed to the pledge by establishing, upon the runs
of the late Bank Of the United States, and the State
banks Government bank, to be managed and control
led by the Treasury Department acting under the COM
mands oil the President Of the United States.
believe solemny believe, the truth Of every OF
these five propositions In the support OF them, shall
not rely upon graultous surmses or vague conecturcs,
but upon proofs, clear, positive undenabe, and de-
monsrative To establish the first four shall adduce
evidence Of the highest possible authenticity, or facts
admitted undenabe, and fair reasoning founded on
them And as to the last, the under consde-
ration, think the testimony, intrinsic and extrinsic on
which / depend, stamps, beyond all doubt, It's true
character as Government bank, and ought carry to
the mind Of the Senate the conviction which enter
TAIN and which feel perfectly confident the whole coun-
Try will share
My first proposition is, that it the deliberate
purpose and fixed design Of the late administration to
establish Government bank-a Treasury bank--to he
administered and controlled by the Executive depart
mcnt. To establish its truth, the first proof which
offer is the following extract from President Jacksons
annual message of December, 1929 " The charter OF
the Bank Of the United States expires IN 1870, and ls
stockholders viii most probably apply for renewal OF
their privileges In order avoid the evils resulting from
precipacy, in involving important prln.
cipes, and such deep pocuuiary interests, ieel mat
cannot in justice the parties Interested TOO soon pre-
sent it to the consideration Of the Legislature and the
people Both the constltuiionaty and the eSpedency
Of the law creating this bank ccV questioned by
urge portion Of Our iio,o ei.ens; and It must be adj
cd by all that it has failed the great end OF esab-
hshing uniform and sound currency.