Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-09
SPEECH OF MIR. CLAY,
UN PIE SUB-TKEASUH1 WILL
IN SENATE - JANUARY 81, 1910.

10 make a speech, but to say a few words about it,
| have come to the Senate to day unaffcctedly in
disposed, from u serious cold and am in no con
dtion TO address this body but regard this bill
as SO pregnant with injurious, and dangerous, and
drefuI consequences, that cannot reconcile it 10
u sense Of duty to allow it finally TO pass without
one last, although unavaling, effort against it.
am aware that the decree for its passage has gone
iorth--a decree of urgency, too, so urgent that
short posiponement of the consideration Of the
measure 10 admit Of the filling OF vacant seats in
the Senate 10y Legislative bodies now in session
seats which have remained vacant, not by the fault
of the People. but from the inability of those DO
dies TO agree in the choice of Senators, has been
refused 10y the vote of the Senate refused scorn-
fully refused, although, whether the bill be truns
niitted two or three weeks sooner or later TO the
House of Representatives, owing to its inorganic
zed condition, and lis known hahits of business,
will not expedite It's passage single hour! Re-
fused by the concurrence of Senators who, rot
representing on this subject the present sentiments
and opinions of their respective States, seem I'M
willing to allow the arrival OF those who would
fully aud fairly represent them
1t is remarkable, SIR, that, luding from the vote
OH the engrossneni of the bill for third reading,
il is to be hurried through the Senate by less than
Il majority of the body. And II the two Senators
from Tennessee had chung TO their seats with the
same tenacity with which other Senators adhere
to theirs, who have been instructed to vote against
if the Senate were FULL the vacant seats being fill
led, as we have every reason to believe they will
be filled, there would be a clear majority against
the passage of the bill. Thus is this momentous
measure, which both its friends and foes unite in
thinking will excite a tremendous, if not revolt
tonary, influence upon the business and concerns
of The country-a measure which has so long and
so greatly distracted ard divided our councils, and
against " hich the People have so often and so sig.
nally pronounced their Judgment, TO be forced
through the Senate of the United States.
Mr. President, it is no less the duty ofthe states
than the physcia to ascertain the exact state
Of the body to which he is TO minister before he
ventures 10 prescribe any healing remedy. 1t is
with no pleasure, but with profound regret, that
survey the present condition of our country.
have rarely, | think never known period of such
universal and intense distress. The General Gov
ernnent is in debt, and its existing revenue is in
adequate to meet its ordinary expenditure. The
States are in debit some of them largely in debt
insomuch that they have been compelled to resort
TO The ruinous expedeut of contracting new loans
to meet the interest upon prior loans; and the
People are surrounded with difficulties, greatly
embarrassed. and involved in debt. Whilst this
is, unfortunately, the general state of the coun-
try, the means of exngushing this vast mass of
debt are in constant diminuon Property is fall
ling in value all tho great staples OF the country
are declining in price, and destined, lear TO fur
Their decline. The certain tendency OF this very
measure is to reduce prices. The banks are rap
idly decreasing the amount of their circulation
About one half of them, extending from N. J. to
the extreme Southwest, have suspended specie
payments, presenting an image ofa paralytic, one
moiety OF whose body is stricken with palsy. The
banks are without head and Instead of union,
concert, and cooperation between them we behold
jealousy, distrusi, and enTiy. We lave no cur
rency whatever possessing uniform value through
out the whole country. That which we have,
tl.a
is in a state of the utmost disorder, inasmuch that
il varies, in comparison with the specie standard
from par to fifty per cent. discount. Exchanges
too, are in the greatest possible confusion, moi
merely between distant part of the Union, 5u
between cities and ploces in the same neighbor.
hood. That between our great cotnmercal marts
of New York and Philadelphia within five or six
hours of each other, vacillaliug between Sc zen and
ten per cent. Tie products of our agricultural
industry are unable 10 find their way to niarke
from the want OF means III the hands of traders tt
purchase them or from the want of confidence u
the stability of tngs Many of our manufacto
rles stopped or stopping, especially IA tie lihpor
tant branch of woollens and vast accumulation
of their fabrics on hand, owing to the destruction
Of confidence and the wretched state Of exchang,
between different sections OF the Union.
Such is the unexaggerated picture ofour presen
condition. And amidst the dark aud dense clou,
that surrounds us, perceive not one gleam o
lIgnt. IL gives the HOiiiIlS Dut pam 10 shSlCil III
picture. But duty and ruth require that existn,
diseases should I've feaslessly examined and probe
to the bottom We shall otherwise be utterly ia
capable of conceiving or applying appropriate
remedies. If The present unhappy state of on
country had been brought upon the People b
their folly and extravaganza, il ought to be born
with iorlitude, and without complaint, and whou
reproach. But it is my deliberate Judgment thu
it has not heel that the prople are not to blame
and that the principal causes OF existing embal
rassme,,ts are not 10 lie traced TO uIen. Sir, il
not any purpose 10 waste tie .ae excite III
feelings of members OF the Senate by dwellin
long ON what suppose 10 be those causes. NJ
object is a beter higher, aad hope more &C
cepable one-to consider ihe remedies propose
for the present exgency. Still, should hot flu
fl my whole duly il l did noi briefly say that, i
my conscience, believe our pecuniary dstresse
have MAINLY sprung from the refusal TO reclarte
late Bank Of the United States; the removal {
the public deposes from that institution; III
multiplication Of State banks in consequence :
aud the Treasury stimulus given 10 them TO ex
tend their operations; the buugling manner
which the law depositing the surplus treusul
with the States, was executed; the Treasury CT
'cuiar; and although last, perhaps not tie ieas
the exercise of the power of the veto on lhe b
for distributing among the States, the nett proceed
OF the sales Of the public lands.
What, Mr.. President is needed, al the .1,rese
crisis, TO restore the prosperity of the People
sound local currency mixed with a currency pc
.sessing uniform value throughout the whole cou
aryj a re' establishment of regular exchanges b.
tween different parts of the Union; and reviv
of general confidence. The People want, in sho
good government at Washington the abandon
ment OF rash and fiiinons experiments; The pra
tice here of economy and the pursuit OF the sa
light of experience. Give us these; and d
growth of our population, the enterprise OF o
People, and the abundance, variety, and rchn,
of the products of our soil and Of our iadusll
with the blessing of Providence, will carry us
umphanty through all our complicated enbarra
ments Deny these-perseyere in a Dal-adin
ialration Of gogerment and il is in vain that
bounties OF Heaven are proiusely scattered arou
AIS. ff'trt