Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-07-08
SPEECH or HENRY CLAY.
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have traced the principal causes OF the preseo
embarrassed condition OF the country, hone, will
esndor and fairness, and without giving offence q
any OF my fellow citizens, who may have difere'
IN political opinion from me. II would have bee
FAR more agreeable to my feelings TO have dwell, a
DID In tS32 during the third year OF the hrst tern
of President Jaekson's administration, upon brieh
and cheering prospects OF general prosperity.
thought useful TO contrast that period with th
present one, and to inquire into the causes whici
have brought upon us such n sad and dismal
verse. A much more important object remains 4
mo TO attempt, and that is to point remedies 70
existing evils and disorders.
And the first would suggest requires the CO
operation oil the Government and the people-ii Is
economy and rugality. strict and perseverne ceono
my, both in public aud private affairs. Govern
Inent should incur or continue expense that cat
be Justly and honorah,y avoided. and individual
should do the same. The prosperity OF the countr,
has been impaired by causes operating Throughout
several years. and IL will not be restored IN day
or year, perhaps not in period less than u mas
taken 10 destroy il. But must no, only DC
economical, we must be industrious, indeiaugao
industrious An immense amount OF capital mas
been wasted and squandercd IN visionary or unpro>
htable enterprises, public and private IL can only
be reproduced by labor and saving.
The second remedy which would suggest and
that without which all o hers must prove aoor'lve
or Intellectual, is sound currency, oil rniorm value
thrOug bout the Union, ana reoeemnnlc w Specio
upon the demand OF the holder i know OF but one
mode IN which that object be accomplished, and
that has stood the test OF time and practical expert
cnce. Ii any other can be devised than Bank OF
the United States, which should be ssie and GER
tain. and free fsom the influence OF Government,
md especially not under the control of the Execu
tive department, should, for one, gladly see II EN-
braced | am not exclusively welded to Bank oi
the United States, nor do desire TO see one esao.
lished against the will and without the consent Of
D,,, Ill Ot,s n
have served TO strengthen and confirm my convle
tion, that such institution, emanaung from the
authority of the General Government, properly re-
stricted and guarded, with such improvements rs
experience has pointed out, can alone supply re-
liable currency.
Accordingly, at the Extra Session, bill passed
both houses OF Congress, which. in my opinion, con
taiued an excellent charter, with one or two slight
defects which it was intended TO euro by supple
mental bill, il the Veto had not been exercised.
That charter contained two new and, think, adj
mirabe features: one was 10 separate the operation
Of issuing ejaculation from that OF banking, con-
filling these faculties 10 difercnt boards; and the
other was TO limit the dividends of the Bank, bring
ire the excess, beyond the prescribed amount into
the public treasury. In the preparation of the char
ter every sacrifice made that could be made, TO
accommodate H. especially IN regard 10 The oTanch-
ing power to the reputed opinions of the President.
But instead of meeting us IN mutual spirit a. con-
citation, he fired, as was apply said by a Vfen,an
editor, upon the flag OF truce sent from the Capt.
toll
Congress anxious to fulfil the expectations Of the
people, another bank bill prepared. in contor-
nifty with the plan OF a bank sketehed by the act
ing President in his Veto message, after previous
consultation between him and some distinguished
Member OF Congress, and two leading members OF
his Cabinet. The bill was shaped in precise con
fprmity to his views, communicated by those
members of the Cabinet, and as communicated to
Others, and submitted to his inspection after
so prepared and he gave assurance that he
would approve such bill | party TO the
transaction, bot do not entertain a doubt OF what
state. The bill passed both Houses OF Congress
without any alteration amendment whatever, and
the Veto was nevertheless again employed.
1t IS painful for me TO advert 10 grave occurrence
marked by such dishonor and bad faith. Although
the President through his recognized organ derides
and 6onOunces the wings, and dsowns being one
although ne administers the Executive branch Of the
Government in contempt of their feelings and in vio-
laton OF their principles; and although all whom he
chooses TO have denomlnated as ultra Wings, that
Is TO say the great body OF the Whig party, have
under his ban, and those Of them in Office are
threatened with his expulsi n wish not TO say Of
him one word that is not due TO truth and 10 the
country. | will, however, say that, in my opinion the
Wings cannot be Justly held responsible for his
administration OF the Executive department, for the
measures he may recommend, or his failure 10 re
commend others, nor especially for the manner in
which he distributes the public patronage. Thew
~ II do their duty, hope, towards the country and
EcuOcT 1OOu HDu proper support 10 dONcrnmcnt.
but they ought not 10 be held accountable for his
conduct They elected him, it is true, but for an
other office, and he came into the present one by
lamenable visitation OF Providence. There had been
no such instance occurring under the Government.
the Wings were bound to scruiinze his opinions in
reference an office which no one ever ANTICIPATED
he weud I'll, he was bound in honor and good faith
10 decline the Harrisburg nomination, ii he could moi
conscientiously cooperate with the principles that
brought him into office. Had the President who
xraQ ala cd lfvsA had hat
on whose face, in that picture, We now gaze, been
spared, feel perfectly confident that all the mea
sures which the principles of the Wings authorized
the country TO expect including a Bank Of the
United States, would have carried.
But il may be said that sound currency such
as have described. is unatiainabe during the ad
InnisTotion Of Mr. t ur. IL will De- II itcan only
be obtained through the instrumenality Of Bank
of the United States, unless he changes his opinion
as he did in regard TO the land bill.
Unfortunately, our Chief Magistrate possesses
more powers, IN some respects, than a King or
Queen Of England. The Crown is never separated
from the nation, but is obliged to conform to its
will. 1.-THE ministry holds opinions adverse the
nation, and is thrown into the minority in the
House Of Commons, the Gown is constrained to
dismiss the ministry, and appoint whose
opinions coincide with the nation. This, Queen
Victoria has recently been Obliged 10 do; and not
merely to change her ministry, but to dismiss the
official attendants upon her person. But here If the
President holds on opinion adverse to that Of Con-
grSes and the nation upon important public mea
sures, there is no remedy but upon the period cal
return Of the rights Of the ballot box.
Another remedy, powerfully demanded by the
necessities OF the times, and requisite maintaining
che currency in sound state, is rarf which
will lessen importatons from abroad. and tend to
increase supplies Of home from domestic industry
have so often expressed my views on this subject
and so recently in the Senate Of the United States
that do not think there IS any occasion for nv en-
largpg upon it at this time. do not think that
exhorbitant or very high tariff is necessary; but
ono that shall insure ado qua,e revenue and rea
sonabe protection; and il ppens that the inter
est Of The Treasury and thu wants of the people
now perfectly coincide. Union is our highest
md greatest interest. No ono can look beyond
the dissolution without horror md dlsmay. Har-
nony is essential 10 the preservation Of the L mon
1t was a leading, although rot the only motive in
proposing the compromise act, TO preserve that bar
nony. The power Of protecting The Interests OF
our own country, can never be oband oned or sur.
rendered TO foreign nations. without cuipabe
dsreciion Of uuiy. OF this truth all pirts OF the
nation ore every day becoming more and more sen
siblc In the meantime, this indispensable power
should be exercised with n discretion ind nodera-
don, and m form, least calculated 10 revive pr,in
does orio check the progress Of reform now going
on in public opinion.
In connection with system Of remedial measures
shall only nllude without oppng 70 dwell on The
distribution bhl, thu, just and equrab C s.t'iemen,
oia gteal national question, which sprung up d.
ring the Revolutionary War which has serious Iy
egitsted the county, ono which IL IS deeplv IN he
regretted had MOI been settled len years ago as then
proposed. Independent Of m other considerations
the hlciuston IN the receipts lrl, sBles OF tho NH
lc lands IS great and constant than IL rssop,c,
On which the General Government ought not W ,eiv
on revenue. IL is far better That me ndviceof q