The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-04-07
MR.. CLAY'S MANIFESTO.

Mr. Clay says: 60 Our county brought to the
verge of ruin by long mal-admnistration of the
General Government, the sad effects of which
rervade every section of the Union, and are
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
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 reasonable man expected, or could
expect, from a 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 a National
B ink. 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
its 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 a fea
ture wholly nadmissible Mr.. Clay, as
Chairman of the Committee on Finance,
called for Mr.. Ewings bill, and it was sent to
the Senate, and referred to the Committee on
Finance and from that Committee MIR. Clay,
instead of reporting MIR. Ewing's plan, reported
bill of his own, which he perfectly well knew
the President could not sanction, and after dis
cussing the subject month six weeks, he
found he could not even carry Through the Sc
nate! This policy, this course of public IN
duct was fatal to the interest of the country, so
far as that interest required the establishment
of Bank. If Mr.. Clay would have taken Mr.
Ewngs 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 sesson-a Bank with large
capital and with Offices in the different States,
and without the least danger Of practical ncon-
yenience, arising from the right of any one Stale
to dissent to having branch within its limits.
And at that moment, if Mr.. Ewing's 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, 1t furnish
ed the best chance, perhaps the only chance OF
making a 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 crcum-
stances to contend with, but difficulties, also,
arising from difference of opinion Did he
accommodate, did he concliate 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.
MIR. CLAW, therefore, is responsible chiefly re-
snonsble, for all the disappointment which the
country has experienced, from the miscarriage
of the attempts at the last session to establish
hank The motives which led to the adoption
of this line of policy, though deep and dis
guised, are not inscrutable, and they VIII be ex-
posed and understood.