The Madisonian., 1840-02-22
CONGRESS.
DEBTS OF THE STATES.

Snecal T. 1ullntttce IcldtiNC W 'he N~oS
States
Mr. SEVER spoke al great length on the SUBJECT
Some of the views OF the honorable Senator, were
so lille 10 the taste Of the iunto OF assaan's OF state
credit that, although Mr.. SEWER will give his vote
forthese negative resolutions, the official organ OF
the Destructives has not a word 10 say IN favor OF
his speech The Globe covers with praises The empty
defamation of every shallow headed partisan IN
Congress, but has not line OF commentator 10 De-
stow ON Mr. Sewer, because he had the ndepen-
dence 10 declare the opinion that the proceeding was
unnecessary and ill-advsed
After Mr. Sewer finished his remarks, the ques-
lion was taken on Mr.. ClayS motion for the indeh-
nie postponemen, of the resolutions OF the commit
tee. and decided in the negative Ayes Is, noes 81,
as follows:
AYES-Messrs Belts, Clay, OF Kentucky, Clay
ton, Critenden Davis Dixon, Henderson, Mer-
rick Porter, Preniss, Rugges, Smith, Of Indiana,
Spencl Tallmadge, and While-l5
NOES-Messrs Allen Benton, Brown, Bucha-
nan Calhoun, Clay, of Alabama, Culhbert, Fulton,
Grpndy, Hubbard King, Linn, Lumpkn, Mouon,
Nicholas Pierce, Rlane Robinson, Sewer, Strange,
Sturgeon, Tappan, Walker Wall Williams, Wright,
and Young-27.
Mr. GRUNDY said that though he was very
anxious TO have the question taken on the repor, of
lUc NC was Hu ui>Poscu w PlcSS VIC COH-
sleration Of it more hastily than would comport
with the convenience Of the Senate. IT, therefore,
any Senator desrous Of addressing the Senate on
the subject he was willing that it should now be in
formally pissed over
On motion OF Mr.. CRlTTENDEN, the question
was stponed until Monday next, with the under
standing that it would be then taken ap and discuss
ed until disposed Of.
The miscellaneous business Of the S.nate, on
Thursday, was not important or OF any public in
terest.
SKETCH OF Mn. Claws SPEECH,
On The Report Of The Committee against STATE Credit
He began by referring 10 the distress pervadfns
every part OF the country, and the darkness of the
day without, suggested 10 him apt image OF that
cloud which encompasses now our whole land
Scarcely ray light penetrated the gloom of either
Mr. CLAY said he had come 10 the Senate under
feelings of griet and oppression caused by consd-
ering this wide spread suffering. Ithas now become
universal Gentlemen, said he, sometimes ascribe
It to The effect OF banking operatons-of fluctuations
IN Inc currency-of contractions and expansions
But The real causes were far otherwise; and they
were well known TO the country, and 10 the Sena tors
themselves lhey had their source in a general
maladministralion of the Government
The whole amount of bank circulation he main
tanned, did not now exceed the aedged amount of
specie-alleged by the exclusive hard d-money advo-
ca'eS-namey, eighy-fve millions OF dollars Eve
ry where throughout the Union, the Bank circula-
tion IS On The decline 1t is decreasing daily and
hourly. In proof of this, he referred with consider
able mnueness Of detail TO the state of the circua-
ton in New York, Massachusetts, Ohio, and Ken.
lucky.
The war on the Banks Continued Mr.. CLAY) has
been carried with all the success which those in
imcal tothe institutions could have expected in their
moS ardent imagnaiions; and If they can derive
any consolation from Witnessing the distresses they
have brought on the conn muny, they have ample
cause Tor Joy. But he did upbraid them with in
dnIsing in such feelings. No, far from it, He came
10 the S Snae in no spirit Of hostility to those in pow
err but with desire to conciliate for suffering
country, better counses and better courses from
them He would implore them, he would en,reat,
he would hnmbly supplicate them, that il they we're
resolved to do nothing To mitigate the accumulated
eEs uuder which the people are suffering al least
lhey would do nothing to increase and az yrayate
'oem Whatever might be their designs. the inevi-
tdole tendency of these measures was downward
aownward-to lower and still lower depih to
the utter ruin and destruction of every interest of The
Na'ion They had gone on from step 10 step in this
career OF mischief. He sincerely believed that If
the deposites had not been removed-ir the National
bdnK mad been Iecharered at the time when the
voice OF Congress and the People was decidedly in
''Eo' OF me measure-if the Bill for distributing
we proceeds OF the sales of the Public L,nds had
Ne'eu Tue signature of the President, after having
P''Tu oo'h Houses, by unexampled majoriiics. we
Nou'o now see prosperity and happiness throughout
vac 'ahd and activity and enterprise in every depart
ment of business.
"'' ,LAY, aher these preliminary remarks. which
"''e de'lYered with great animation and impress
mss turned TO the subject before the Senate
'' N6ea why these resolutions and this report had
vee" introduced He inquired-Wha good i to
= e"ected by these declarations7 Cni bono7 SUP.
to,e 'he resolutions are passed. what do thew
'''outl 10 Will not the Constitution remain the
S''c VIII you in,erpolate 7 Will YOU add
F>tength to ii whatcver7 II you are right, there
'ne Constitution, a guarantee, a safeguard,
dayl :" - W
", -" "hom viii these declarations be binding =
!ney oind any body but those who concur in
'' "uopt lhem7 Will they bind even Mem? Sup
''e states declare their Senator'S are mistaken
'pl'ose 'hey promulgate opinions in favor of the
'lonali'y of assumption-would not the au-
'N and advocates of these resolutions, especially
'Ne VINO hold 10 the doctrine of instructions feel
o'u,u 10 obey The mandates Of the States. and re-
w. and i called upon, support bill actually
y" a>'ome their obligations
"u continued Mr. CLAY, who has brough, far.
~ rl'g any proposition for assuming the payment of
'"' 0eos Of the States No one. Ii has been. ON