Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-07-07
SPEECH or HENRY CLAY

te on such an occasion MS this. when am address,
Inc hose to whom I am bound by 50 many intimai
and friendly ties.
In speaking Of the present state Of the country,
will bs necessary tor me to touch with freedom an
Independence upon the rast rs well as the presen
md upon the conduct, spitt md principles Of poi
ties In doing this, | assure my democratic breth
rem and fellow citizens, Of whom am tod ther
many here present, and tender them my cot
dial thanks Tor the honor done me by their atten
dance here this day, with as much sincerity an
attitude as II they agreed with me in political sen
ument, that no.hiHg is farther from my intenuo
than TO say one single word that ought TO woun
their feelings give offence to them. Bat surely
II thero ever were n period IN the progress Of aIl
People when all were called upon with eamnes
and csndor, to consider thoroughly the present pos
ture Of public and private atfiifs AVID deliberately
inquire into the causes and remedies o, this unpfo-
pious state Of things have arrived at that perol
in the United States. And, It ever People stooc
bound by the highest duties To themselves ana &c
their prosperity, sacrifice upon the altar OF .ue
country, cherished preiudces and party preoi'ee-
tions and nntpathies we are now called upon &c
m Ike that sacrifice II necessary.
What IS our actual condition IL is ono OF un'
exsmpled distress and embarrassment, rs universal
rs 1t is intense, petvadlng the whole community
and spring none. Property of all kinds and every
where, fallen and falling in value; agricultural pro
duce Of every description at the most reduced prices:
moaey unsound and at the same time scarce, and
becoming moro scarce by preparations, OF doubtful
and uncertain issue, TO increase its soundness; all
the departments OF business inactive and stagn'n';
exchanges eAtravagantly high and constantly huetu-
atng; credit, public and private. at the lowest ebb,
and confidence lost: and feeling of general dis
couagement and depression. And what darkens
the gloom which hangs over the country, no one can
discern any termination of this sad state OF things,
in the future any gmpses OF light or hope.
Is not this faithful although appalling picture
of the United States in 1927 appeal to all pre-
sent, wings and Democrats, Ladies and Gentle
men, To say il it be at all too high colored.
Now let US see what was our real condition only
tho short time Of ten years ago. had occasion. IN
February 1882 in the Senate of the u. States, when
I was defending the American System, against the
late Col. Hayne Of South Carolinn, 10 describe II;
md refer TO this description as erfdenee OF what
believed be the state OF the country at that lime
That il CONFIRMED to the truth OF the case, appeal
with confidence to those row present. On that oc'
casion, among other things | said:
I" have now TO perform the more pleasing task
OF exhibiting imperfect sketch Of the existing
state Of the unparalleled prosperity OF the country.
On a general survey, VIC behold cultivation extend
ed the arts Furnishing, the face Of the country I'M
proved our people fully and probably employed,
and the public counenance exhibiting tranquility,
contentment and happiness. And II We descend
INTO particulars, we have the agreeable contempla>
ton Of q people out of debt, land rising slowly in
value, but in q secure and sautary degree; ready
though extIavagant market for all the surplus pro
ductions of our industry; innumerable hocks and
herds browsing and gambolling on ten thousand
grasses; cities expanded, and whole villages
springins up, as it wsre, by enchantmen'; our ex-
pors and our imports increased and increasing; our
tonnage, foreign and coasiwise, swelling and FULLY
occupled the rivers Of our interior animated ny the
perpetual thunder and lightning of countless steam
boats; Tic currency sound and abundant; the public
debt Of two wars nearly redeemed; and 10 crown
all, the public treasury overhowing, embarrassing
Congress, not TO find objects OF taxation, but 10
select the objects which shall be liberated from the
impost. II the term Of seven years were TO be
selected, Of the greatest prosperity which this peo
pie have enjoyed since the establishment Of their
present Constitution would be exactly that period
Of years which Immediately followed the passage
of the Tariff OF 1924"
And that period embraced the whole term of The
Naturalization Of Mr. John q. Adams, which has
been so unjustly abusedl
The contrast IN the tjnte Of the couEiry, OF the
two periods OF 1882 and 1912, is most remarkable
and startling What has preciptated US from that
great height of envable prosperity down 70 the low
est depths Of pecuninry embarrass mentl What has
o,oasuned the wonderful chaneel No foreign foe
has invaded and desoated the country. We have
had neither famine nor earthquakes. That there
exists cause there can be no doubt, and think Il
equally clear that the cause, whatever It may be,
must be a general one; for nothing buia general
cause could have produced such wide spread ruin;
and every where we behold the same or similar ef-
feels everv interest affected, every section Of the
Union suffering, al descriptions ot produce and
property depressed IN value. And whilst encea-
10 hn0 That cause, ana 10 trace 10 their true
source the disastrous tffscs which We witness and
feel, and lament, ent'eat tho Democratic portion
OF my audience, especially, TO listen with patience
and candour, and, dlsmissng for a moment party
bilsses and prejLdices 10 decide with impar,ia.iiy
and in a spirit Of genuine patriotism.
d. has been said 10y those, in high authority, tkni
therPeopie are to blame and not the Government;
anf that the dsresses Of the country have proceed
ed from speculation and overtTadns. The people
have been even reproachod Tor expec ing too much
ff.ssU
their own eKerIon. And they have been reminded
that the highest duty OF the Government is 10 Ike
of Itself, leaving the People TO shift for them
selves as well as they can Accordingly we have
seen the Government retreating from the storm
which II will he seen, N the sequel, itself created,
and taking shelter under the Sub Treasury.
That there have been some speculation and over.
trading, ay be true but all have not speculated and
traded whilst the distress reaches. "o' In the
same degree the cautious and 'nc pruGcn', as well
Go the enterprislng AVID adventurous. The error Of
tie consists in mstakIng the effect for the
cause. What produced the over trading. What
was the cause Of speculation How were the peo-
pic tempted To abandon the industrious and secure
pursuits Of lie, and embark in doubtful aud peril
ous. hut sedueing enlerprisel This is the important
question
Now, fellow citizens, iuke upon myself to show
that the people have been far less TO blame than The
General Government and that Whatever OF error they
committed was the natural and inevitable conse-
queBce Of the unwise policy OF their rulers. To Tie
acton Of Government is m'inly 10 he nscribed the
disorders embarrassment and distress which all have
nov 30 much reason to deplorc And, to be yet
more specific, ! think they are 10 be fairly niiris
buted TO the action Of the Executive bronch OF the
FEDERAL Government.
Three facts or events. al happening about the
sam time, II their immediate tif-cts are duty consi
defed will nfJid a clear and satisfactory solution of
p the pecuniaTy evils which now unhappy fiiict
ths county.
The FIRST was the veto Of ,he recharer Of The Bank
~ the L. s. The 81 WINS the removal Of the deposes
o. the United States rom that Bank 10 local i,anks
And the third the refusal oflhe President Of the
United StLtes, by arbitrary stretch of power To
raucton The passage Of he Land Bill. These events
all occurred, in quick succession, IN 1928, and
each Of them deserves particular consideration.
]. When the Bank VI the United States had FOL-
ly recovered from the errors Of its early n1mInisra
ZION, and at the period when it proposed 10 re-
chattcr H. u furnished the best currency thtt ever
existed. possessing not merely unbound conf lcncc
N The United States, but throughout the whole com
Inerci1l world. No institution was ever more 20.
pular and the utility Of Bank Of the United States
was acknowledged by President Jackson in his Veto
message, in which no expressly stated that he could
have suggested 10 Congress the plan of an untNcCp-
fionoJe character, if app cation had been made to
him. And state os q ilct, what many, am sure
wiil here remember and susoin, th,t in the canvass
ihen going on Tor the Presidency, many olhis friends
10 this State gave assurance ttsf ~ the event Of
bis re- election, Bank Of lhe United States would
be established.
u was held out 10 tho people, that q better cur
rency should be supplied, md more safe md faith.
ful execution Of the fiscal duties towards the Gov.
eminent would be performed by the local Banks
than Ivy the Bank Of The United States.
What was the immediate effect Of the overthrow
hot ,ft.1 q