The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-01-28

Is 10 DC one dollar oil specie IN the Treasury OF the
United States, they are TO issue three dollars Of
paper money in the place of it, Then it is to be
bank OF issue-a bank of discount. Can any one
doubt that it is to be a bank' that it is to be my
honorable fiend's Treasury Bank taken from the
contributions Of private individuals, and transferred
to the Treasury of the United States, to loan out
on Observation-Disclosures, whether you buy or sell
exchanges, is all the same thing. 1t is un accom-
mediation loan, and it is subjecling the U. States
TO all the risks which bankers, brokers' and specu-
latoIs subject it to; and such as no honest man
would be willing To place in their hands.
Then, sir, suppose It will not be denied that
this is Bank. But there is another appendage Of
u bank--it is a bank precisely on the Alabama prin-
cIple-wiihout meaning 10 cast any reflection on
the State represented by my honorable friend, MIR
King.] IL il should run down. there is provis-
ion in the bill that the United States shall advance
five millions, to he raised by loan, at any price, at
any sacrifice, (for there is no II limit in the bill, ITO
wind up again. That five millions may be sold at
any depreciation whatever. Aud whenever the
Government turns banker, feel confident that the
sane fate will attend il that has attended State
banks. find by the public papers that the Ala
bama banks have already got through five millions
of their capital stock; and, from what can learn,
they are in fair way of getting through the res,
1t will be governed in the same way that State
banks have been governcd-by individual interests
and for individual speculalions. Now, sir, a few
more cursory objections TO this system, and then
shall have done,
In the first place, the Wing party have ever re-
garded the curlaiIment Of Executive influence us
the great polar star by which all their movements
have been directed Ever Wing Senator who has
made speech on this floor, has deprecated the I'M
limited extent of Executive influence. The dis,n-
guishcd Senator from Kentucky has this morning
repeated what he formerly said on this subject over
and over ugain and, sir, our poor Independent
Treasury was assaied on this ground, through the
only extension Of Executive patronage which is
n,cd was the addition Of four Receivers General
The increase of Executive patronage was all the
cry against the Independent Treasury because these
four Receivers General were created. And yet
what have we here Five commissioners Of n
Board Of Exchcqucr ut Washington so agencies
throughout the country agency requiring at
least three principal oihccrs and here is corps Of
at least two hundred officers, principal and subor-
dnute--two hundred places, sir! II will be very
convcnen, for the friends Of any Administration
that ' ay desire their services. utter nothing per-
sona as to the present Chief Magistrate, because
believe he would not abuse the trust. Public lib
crty is not in danger from him. What have said
is without the sghtcs, reference to tina, distinguish
cd gentleman.
We'll, sir, this Executive patronage in the small
est part of The objections TO this bill, bccase it
tblishcs concentration Of the political and money
powers in the hand orthe Government. How could
it be supposed that any Senator, acting the par,
which am proud TO act, could ever adopt this
plan We have always, ard at all times, made
the most strenuous eSerions to prevent this con-
centraiion of the political and money power; and
have, on this principle, always acted in opposition
TO the Bank of the United States; because HE L..
States were TO subscribe largely to It's slock-be-
cause the directors were to be elected at Washing
ton, and 10 be under the influence Of the Govern
ment and the moneyed power. But here the mask
is completely torn oil, That which was before II
matter ofaigumcnt, il now n natter Of fact And
yet, we are presented with Government Bank
controlled by Governmental the officers TO BE-
appointed by Governments; und yet we IRE told
that this Is mn intermediate Measure, on which all
parties can unite. Why, sir, with single excep-
l,n-ihat it can be repcalcd-i, Is an extreme ami
not mean. |, goes far beyond National Bank
In the same proportion as the Bank was 10 be con-
necled with the Government, in the same proper
ton did our hostility increase Bu, here, when it
is not Il connection at all-when 1t is exclusively
GoycrnmeE, Dnnk--wc are told that il u II COM
mon platform, on which all parties ought to unite,
and can unite ! wish il were. My habits and my
feelings would induce me to wish il were meas
urc on which all parties could unite. would be
one of the first 10 rush into the union.
Sir, ! remember very woll-indced, never
shall iorgct--he speech made by the honorable and
distinguished Senator from Kentucky on this sub
jet. have i, before me. Tho title page will
no, rcnd rs il is very long
Mr. Clay, "Rcad it; read it,"
Mr. Buchanan, Gin coninuation.) As my honor
able friend from Kentucky requests that sh,ll
read it., | will do so The poet says the world is u
title page. 1t would not be just TO say so Of this
Speech for there Is great deal Of reading in it.
Speech OF the Hon. Henry Clay Of Kentucky,
establishing deliberate design, on the part of the
of the late and present Executive Of the uuiicd
states, to break down the whole banking system Of
the United States, terminating with the State
banks, and 10 create on their ruins Government
Treasury Bank, under the exclusive control ofthe
Executive; and in reply TO the speech Of the Hon.
John &. Calhoun of South Carolina. supporting
that Treasury lIank. Delivered in the Senate Of
the United States Febuar, 10, 1885,"
There is title for you, sir. (Grcnt augh,ei.)
Sir, on what principal does the honorable Senator
contend that we propose 10 establish great Gov
erlIment Bank We did not propose TO lend mon
ey. We did not propose 10 Tissue paper cnrren-
cy-as the Senator was confident in his remark that
we intended TO establish hank o!issuc. And what
was the issue' The drafts drawn on the Govern
rneni for the payment of its dues practice exis
ting from the commencement Of the Government,
and must exist 10 the end. Debts due by the
Government have always thus been paid By drafts,
and vet the honorable Senator contcnded that these
Treasury drafts were to be the paper currency Of
this trenenderous bank. And although we inscr-
ted provision in the bill that these drafts should
be paid in gold and silver within thirty days, still
the Imagination Of the Senator raised it up TO n
great Treasury Bank. What does he think Of his
own political ficnds' Most certainly we have in
their plan the whole Of the system he unjusty
charged upon us. We have ever more than that;
we have this Treasury Bank for issuing paper
currencv-ihrec to one for the specie in its vaults
and we have y complete system Of exchanges, as
was proposed in the Bank bill vetoed at the extra
session. Now, sir, what i, becomes of the Prcsi-
dent! He is the fountain Of authority. lie Is at
the head of this great banking institution; and
spectators and politicians--if this Bank shall go
into operation-will come here to court the Presi-
r II e. Loo, sI,.,I