The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-02-04
GO ri G. Eg " 8 s.
Correspondence IF lie Portland .adptrtiser.

DTOUgHT
great attraction has been speech from HENRY
CLAY. i will not call IT one Of his greatest e.
forts, but perhaps 1t was eqnai 10 any Oh tnem'
will give yon brief synopsis OF ~ the speech.
Mr. Clay contcnded lhat the Bill before the Sen
ate afo, ded not one CLEAN Of life and hope to tho
Iaboring dependent classes Of the community
Prices, lie sad must go down still further unless
1.-The French war IN Africa or tho continued bad
crops Of Europe, both accidental circumstances,
kept them up. All tho staples Of the country
would still further be depressed under tho opera
tons of the Sub Treasury Schome. Bad as tho
times were, and they were never worse they were
likely to become worse under the operations of the
Bill before the Senate. "Evory part Of the coun-
try" said Mr. Clay, "is bleeding The physician
of the White House is the only man who locks on
without sympathy and without feeling. Tic who
ought to be our common father folds himself in his
India rubber cloak and is alone Indifferent to the
wide spread calamity which is TO result itom his
Experiments,
Mr. Clay next considered The Of the pres
eBt distress They too were from the Experiments
of the present Executive and his illustrious prede-
cessor. They be gan in tie Removal Of the De-
posites, which led to the establishment oftoo many
Banks Speculation the effect Of these causes,
with tho instruction gwen To the Banks 10 discount
freely and to supply the place Of tho Bank which
hand been destroyed And what, said Mr. Clay is
remedy Tor the pree,"t disrIess. The Sub
Treasury Bill 1t is not measure to restore con.
fidence, to revive the dropping hopes Of the com
inunity. But in its simplest element it is meas.
to take the gold and silver from the pockets Of
Tie people. This is the substance Of the scheme.
1t is manifest that Tins is remedy for the disease
The only object is to make specie taxed and spe-
eis-payiug people, and all this is 10 be done not
with any desire design to roliuve the community
but merely for the pun pose of beneftting the Gov
eminent. Pa it propose c"mn'"n currency
ment. Mott contemplated no such thing. In
creating "A rayenous demand for specie, 1t but ag-
gravaed the general distress. Instead of remedies
the Administration gave homilles upon State
Debs,-upon Credit, and upon the greater ad.
vantages of Government like that of Cuba for the
iaborer as now administered than our own Govern.
ment. We heard chapters upon Banks, -phIlipics
against ,he United States Bank Examples for our
imitation drawn from Spain.
What said Mr. Clay, is the first duty Of IA States.
then try to relieve them What will your denun,
Citations avail against Corporations AS long
there is State and so long as the State is ndepen
dent of the General Government,so long will there
be Banks and other corporations You may iniure
but sn cannot destroy by your drnunciations. In
spite o: your opposition the Institutions Of the
States viii live.
Suppose, continued Mr. Clay, you could get IA
currency than thus you propose to establish for the
Government, what would be the effect Plead
and pray where, when, and how YOU may you
cannot destroy State corporations. They are fixed
as immo, ably as the rocks. An American states.
Should this and see the government as il
II was n reflection like this, That made me feel
the value of well conducted National Bank. l
have said upon n former occasion that meant not
to propose National Bank. | mean not to do so
now. All / wish 10 say is what have before said
that forty years experience has prov ed the necess
ty Of such Rank. In time The people will see tins,
and have Bank. TIL then it is not best 90 press
the scheme.
But Whist will your Bill do continued MIR
Clay. 1t will separate tho Government from tho
people, and leave them to take Of themselves
while you, in selfish security, take care OF your.
SELF
have heard continued MIR Clay, some extraor-
in, in Ilnr lrI
years ago from the resident of the Hermitage
similar to these. 1t is lha,the rich should be no
nicher, and the poor no poorer But how has II
been maintained Here, upon the floor Of tho
Senate the doctrine is advanced that n reduc-
ton Of wages is designed, and it is believed, or
proessed to be believed, tina, reduction of wages
so, continued Mr. Clay, That is the most prosper
country where the poor arc receiving the
highest wages.
Sir, continued MI Clay, thank God that day
of reckoning is not very far Oft. II is at hand and
will come in March 1871, when the President of
the United States and This Senate will have 10 be
tried by the people, and the result of its NAL adj
sninlstIation proved
Mr. Clay then examined the argument Of the
President Of the overgrown money power which
had sprang up in London And why Did you
heal anything of this before the destruction of the
National Bank No, sir. You ran down the
Bank-you destroyed that which maintained our
credit, aud you responsible. l say yon, for
the Stuarts still upon the throne-tbe Charles
the Second OF Charles the frsi-Alarn Van Blu.
of Andrew Jackson.
Mr. Clay then commented upon the present OPP
position OF the Administration to Banks and their
former friendship to the Stale Banks. The exam
pie showed what all history proved that coun-
try should be aware of those who spoke of their
apprehension of the objects of an opponent. We
were now told to beware of tho Bank of England.
1t is true that this Bank exeris a power over US
and to an extent that every American should be
ashamed of. But why 1t /? Your fatal policy
the policy which has led TO the buying of too
much from England, and the selling of TOO little to
England had caused it.
Mr. Clay enllrged upon The subject of depen-
proved that the Administration responsible for
it.
In conclusion, Mr. Clay spoke Of the hard mon
ey clause and other restrictions contained in the
Bill. The conveniences of the Government if not
the public necessities would ere long do away with
these restrictions. You have destroyed the only
common and the only sound currency we have
had and you cannot restore II bv YOUR Sinh Trans.