, 1840-04-11
SPEECH OF Mr.. CLAY,
OF KENTUCKY,
On the Sub Treasury Bill.
Is SENATE-January 90, 1910.

Mr.. CLAY rose and said have been de-
sirous, Mr.. President, before the passage
oc this bill, not 10 make Il speech. bu; to say
n few words about it. have come TO the
Senate to-day unafTectedIy ~indisposed, from
a serious cold. and am in no condition TO
address this body bu, ! regard this bill as
S, pregnant with Injurious. and dangerous.
and direlul consequences. that | ann re-
conci!e il TO 4 sense Of duty to allow it final
IL to pass without one last. although una
vaiIing, effort against it. / am aware that
the decree for It's passage has gone forth-a
decree Of urgency. too, urgent that 4 short
pos:ponement Of The consideration of the
measure, 10 admit Of the filing OF VI
cant seats in tho Senate by legislative
bodies now in sessi0n-seats which have re-
manned vacant. not BY the fault OF the pco-
pie. bat from the inability Of those bodies 70
agree in the choice of Senators. has been
refused BY the vote Of the Senate-Te!uscd.
sco-nfuliv refused. although. whether the
I'LL be transmitted two or three weeks soon
er or later to the House OF Representa-
lives, owing TO lis u~nnr-1niZPd condition. AMI
lis known habits Of business, will NOT cXpc-
dite its passage 4 single hour Refused by
the concurrence Of Senators vino. not rep
~resentin- on this subject The present senta-
ments and opinions Of their respective States.
seem unwilling to allow the arrival of those
who would fully and f4i:ly represent them !!
Il is remarkable sir. that, judging from
the vote on the enCroSSment OF the bill Tor
4 third reading. it is tn be hurried through the
Senate oy less ;han 4 minority Of the body.
AID If the two Senators from Tennessee
hld cluuG TO their seats with the same tena-
city with which other Senators adhere 10
theirs. who have been instructed TO vote
against the bill. and are violating their ins;ruc-
tons and if the Senate were full, the VA
can't seats being filed. as we have every rea-
son TO believe they will be filed, there would
be a clear majority against the passage OF
the bill. Thus is The momentous measure.
which both lis friends and foes unite in think
ing will exert a tremendous, If not revolution
aiy, influence upon the business and con-
Germs of the countrv-a measure which has
so long and so greatly distracted and divided
our councils, and against which the people
have 50 often and signaIIy pronounced their
judgement. TO be forced through the Senate
OF the United States.
Mr.. President, if is no less the duty OF the
statesman than the physician 10 ascertain the
exact state of the body to which he is to min
lister before he ventures to prescribe any heal
ing remedy. 1t is with no pleasure, bat with
profound regret, that ! survey the present con-
dition Of our country. have rarely, | think
never, known 4 period Of such universal and
intense distress. The general government is
ia debt, and its existing revenue is inadequate
to meet its ordinary expenditure. The
states are in debt, some of them largely in
debt, insomuch that they have been compell-
ed to resort to the rulnous eXpedIent OF con-
tracing new loans to meet the interest upon
prior loans, and the people are surrounded
with difficulties, generally embarrassed, and
involved in debt. Whilst this is, ~unfortu-
nately, the general rtate of the country, the
means Of ~extinguishing this vast mass Of
debt are in constant dimenution. Property
is falling in value-all the great staples OF
the country are declining in price. and des-
tined, | fear, to further decline. The certain
tendency OF this very measure is TO reduce
prices. The banks are rapidly decreasing
the amount Of their circulation. About one
half ofthem, extending from New jersey to
the extreme Southwest, have suspended spe-
Gle payments, presenting an image OF a para
lytic, one moiety of whose body is stricken
with palsy. The banks are without a head;
and, instead ofunion, concert, and %co-opera-
ton between them, we behold jealousy, dis
trust, and enmity. We have no currency
whatever possessing uniform value through
out the whole country. That which we
hare, consisting almost entirely Of the issues
Of banks, is in a state of the utmost disorder.
;nsomuch that it varies, in comparison with
he sprcie standard, from par to fifty per cen,
d%lscount. Exchanges, too, are in the great