Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-31
Cssrssps.dsnes Of fAe n. Y. Daily Express
wAsnrSsroS. Jan 20.
THE suB TREkspsY--A eRrAT SPEECH
rRnn Nh. CLAY.

ton QUESTION continued This morning where
4 y rlosrd on Saturday night MIR SIade. OF
Vesmons. wss entitled 10 the 6oor snd spoke
10 The close OF the session The speech wssl
b. g0d-srn 10 the sboIiionisi<. for. EHffEs
an pars0. It covers the Is hole ground from
the days OF istI,er Adam TO The pies-nI agr
Mr. Sl.de. bOwesrr. Is not pOln,csl aLro-
/ iHioni-i. aud rilI no, oppose any NAN be-
cause he does ros think as be- thinks upon
The subject NJ Shade concluded b,tUe-n
three and four o'clork. p IN Mr. Garland
has the floor tomorrow.
The Senate Chamber has been the most
auraciive spot shout the capitol to day,
found il throneed an hour before the op-n-
ing. and have never s-ru the body fuller
than il coniinurd for FIVE hours The con
course was immense. and the audience such
an one as Mr. Clay always draws The la
dirs' gallery was mostly filed With the
brunIy and fashion OF the metropolis. and the
Calcutta black hole opposite. better known
p-shzps as the -genilrnen's gallery" was
not less throBged with az Bnisixed male ere
alton Mr. Clay did not b~gin bis sp-ech ub-
I'll past two. For tao hoBIs and some min.
uies be chained the attention Of his hearers.
and made an argument against the Sub
Treasury Blllwhich bis friends all think
most conclusive one. Certain am. IL is the
best speech Mr. Clay has yet made upon this
Bill Of Ahominalions and those Who have
heard Mr. Clay every year for years. say it
is worthy ofhis very brs, efforts in younger
days. You will OF cou'sr publish Il. and
will not therefore give you much more than
the sketch ofthe Report have already Tor
wardrd
Upon two or three subjects be has adrsne-
ed arguments Of practical nature. which
will tell effectively with those tho will rvsd
what be says The QUESTION OF labor and
the wages Of labor wefe one Of those themes.
and he argues justly that the Sub Treasury
Bill will exert worse influence upon labor.
ing men than upon almost any class OF mrn
in the community. Prices. Le is convinced.
unless provId-nsialiy or accidentally KEEP, up.
must 60 down. Another srgumrn, OF his
is, that the wages Of the iaborer are The in.
deI Of prosperity and in proportion as they
increase or diminish. like The Thermometer
they show The rise OF depression OF the bosi.
ness and prosperity Of a country. The cause
OF our calamity be- attributes TO the Fas, and
prrsrn, Experiments Of the pas, and pre-.
sent ACKNOWLEDGEMENTS Of speculation 10
ovrrbanking. and that OF too much banking
20 the Removal Of the D-posiles. and the
instructions given TO the Opposite Banks
by the H-sd OF the Government He nd.
mIs that what the President SAYS is true in
regard TO our being Influenced BY the mon.
ry OF England. but the cause OF It be saws
is The destruction of,he Bank Of the Of Uni.
trd States which before Inaintsi ned our cred.
IL abroad
The hue aud cry raised ty the Admins.
truiIon against paper money. be SAYS. will
avail nothing for paper money. in spite OF
the Administration. i'll be issued Ly thu
States. The alarm may have the effect 10
lnJurr, but cannot destroy. He predirts that
in ten years. ifIhr sub-Tr-asury Bill goes
into fuil operation. the Rerci,cr GrntraI
will have snr-hsllIhe sp-ris Of the cosntry
locked up. Then he contends that the Exc.
cuIiyr from convenience TO the Government
and the People OF Necessity to themselves,
will drmsnd that the rcsiririion be- taken
from the Bill requiring nm exclusive metallic
currency The drafts OF the Government;
under The Sub Treasury Bill he conirnts
will be sought for IN England. and the Bar.
ings & Brothers. and Roihschiids. and 9th
rrs. will consider them Of great value to
them. He believes that in one year ten
millions OF The Government money will be
unavailable; the SECOND year three more.
and so Oh 10 the end.
The conclusion Of the speech. though part
" d~clauislory. was one Of the most effec-
tive instances Of parliamentary eloquence /
have ever listened 10. The subject was The
grea, increase OF Executive power under the
Sub Treasury Bill. He fell sure il would
increase the power OF the President and the |
burdens OF the People. aud had the latter
cried out for an augmentation oflheir burd.
ems. nothing would so effeetualiy have made
the increase as this same Bill. ALREADY the
Executive oyersbadowed the land. He had
a power which overbalancrd that ofthe Con-
siiiution,-a power Of pressing a measure
of so much importance ms the Bill before
the Senate through the Senate in indecent
haste. He had the power to say that so i'm
ponanl measure as this one before the SEN
ale should not originate in the House, where
all such Bills should come from He had
power TO create Office and TO expel from
Office, and now il was proposed 10 increase
that power by making him the President, the
Teller, the Cashier and the Board Of Difec-
tors Of Government Bank IT. said Mr.
Clay. God in his infinite mercy can aban
don Us TO an evil the scheme. proposed is the
grralrsi affection which can brfall us.
might coItinue. but will qnench the
desire You will have TO read the whole
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