The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-04-07
MR.. CLAY'S MANIFESTO.

Mr.. Clay says: /" Our country brought to the
verge of ruin by long mal-administraion of the
General Government, the sad effects of which
painfully visible in every leading interest, had
reason to hope after the glorious issue of the
ever memorable struggle of 1910, that misrule
would cease, and measures founded in wisdom
and experience, would be adopted, to restore
the prosperity Of the nation | need not say
how cruelty in some respects, all have been
disappointed"
Mr. Clay alludes here, without doubt, to Bank
OF the United States as one Of the important
measures, in regard to which all have been dis
appointed. Now, we aver, that Of all per
sons in the United States, Mr.. Clay him
self is infinitely =, the most responsible
for disappointments of that kind We
aver that Mr.. Clay himself prevented, by
his own conduct, and his own efforts all the
good that any rea sonabe man expected, or could
expect, from National Bank. Nay, we aver
that he himself prevented the establishment Of a
National Bank.
Soon after the commencement OF the extra
session, it was made known to Mr.. Clay that
Mr. Ewing had prepared bill for National
Bank. This Bank was TO have large capital
it was to have offices OF discount in the several
States and was to issue notes for circulation,
and to deal in exchange. In accommodation to
the Presidents constitutional opinions, no
branch was to be established in State against
lis consent, and this provision, which nobody
supposed would have any practical effect, the
moment it was found to be indispensable, in or
der to obtain the Presidents appreciation,
was Immediately seized on, as fea-
ture wholly inadmissible. MIR. Clay, as
Chairman of the Committee on Finance,
called for Mr. Ewing's bill, and it was sent to
the Senate, and referred to the Committee on
Finance; and from that Committee Mr.. Clay,
instead of reporting Mr.. Ewings plan. reported
bill of his own, which he perfectly well knew
the Pre- sident could not sanction, and after dis
cussing the subject month or six weeks he
found he could not even carry itthrough the Sc
nate This policy, thi, course OF public n
duct, was fatal to the interest of the country, so
far as that interest required the establishment
Ewing's bill, to which he was, as we have been
informed, urged and pressed by that gentleman,
his warm friend, with the greatest importantly,
a Bank would have been established, in the first
month Of the last session-a Bank with large
capital and with Offices in the different States,
and without the least danger Of practical ncon-
venience, arising from the right Of any one State
to dissent to having branch within its limits.
And at that moment if Mr.. Ewings bill had
been heartily adopted, and all hands had rallied
to its support, it is probable enough the capital
might have been taken. AT any rate, it furnish
ed the best chance, perhaps the only chance of
making capital by private subscriptions, which
has vet been presented. But what was Mr..
Claws conduct, in this great emergency Did
he act like wise and practical statesman, hav-
ing not only difficulties Of external circum-
stances to contend with, but difficulties, also,
arising from difference of opinions Did he
accommodate, did he conciliate, did he seek to
reconcile friends? Not at all, not at all. What
the President was willing to do, he would not
do; but he would do that, which he knew the
President would not and could not consent to.
Mr.. Clay, therefore, is responsible, chiefly re-
sponsble, for all the disappointment which the
country has experienced, from the miscarriage
of the attempts at the last session to establish
bank. The motives which led TO the adoption
of this line of policy. though deep and dis
gused, are not inscrutabe, and they will be ex-
posed and understood.