The Madisonian., 1840-02-20

SPEECH or MR.. CLAY,
OF KENTUCKY,
ON THE SUBTREAS SURY BILL
IN SENATE january 20, 1910.

(coNTlSuED)
Mr. President, never have believed that
the local banks were competent TO supply
such general currency of uniform value, as
this People wants, or TO perform those fnan-
cial offices which are necessary to sue
cessful administration ofthis Government
pronounced them Incompetent at the period of
the removal of the deposites; and we fore
told the unfortunate state of things that now
exists But the party in power, which now
denounccs them, proclaimed their entire
ability not only to supply as good but better
currency than that which was furnished by
the Bank of the United States, and to per-
form all the financial duties which that insti-
tuition fulfilled. After tha, party had succeed
ed in putting down the Bank Of the United
States, and got their system OF State banks
into full operation, it continued, year after
year. to announce to the Public that all its ex-
pecsaGons had been fully realized
A Bank of the United States established
by this Government would not only furnish it
a currency in which il might safely coniide, in
all receipts and payments, and execute every
financial office, but it would serve as senti-
mel, a cement, and a regulator to the State
banks. The Senator from Pennsylvania has
urged that the present Bank of the United
States Of Pennsylvania has charter more
extensive than that Of the late Bank of the
United States /; that it is in fact the old bank
with new charter and that with all its vast
resources and means, il has been not only un
able to act as regulator Of the local banks,
but was recently the first to set the pernicious
example of a suspension of specie payments.
Mr.. President, can the distinguished Scna-
tor be serious in his description Of these at
tributes Of the Pennsy ylvania bank Surely
he must have intended that part Of his speech
for some other theatre. La the first place,
Pennsylvania, besides sundry other onerous
conditions of loans and subscriptions TO OBJ
Jects ot internal Improvements, levied upon
the present bank, in the form Of bonus, some
four or five millions Of dollars. Then, the
General Government has Withdrawn from it
the seven millions of stock which il held in
the old bank-a circumstance which | have
no doubt has tended to cripple its operations.
And ii is wholly vithout the deposites of the
Government, which the former bank possess
ed. Instead Of being am ally, the General
Government has been in the relation of an
enemy 10 il. And il has had 10 encounter all
the enmity of powerful party within the bo-
| SOlll VI tlt AuiiltiOUWedill. 90 iTui!i as
Stunning the office of regulator Of the local
banks, its late distinguished President, upon
whose authority the Senator relies for proof
of the extent and liberallty Of IFS new charter
4 expressly declared that il had ceased to be a
j general agent, and had retired within the circle
of its State duties. SO far from having de-
rived any strength from its connexion with the
late Bank of the U. States, there cannot be Q
doubt that that connexion rendered it far less
efficient than il would have been, if it hac
gone into operation with an unencumberec
capital, freshly subscribed, Of thirty mil
lions of dollars.
To guard against all misconception or mis-
representation, repeat, what said on for
mer occasion, that, although am convinced