The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-08-02
Mr.. C'lay's Speech.
TConcluded.1

means which were employed to break down the
Bank Of the United States, and to inhict the
country all the sad consequences which ensued. -
shall not stop to expose the motive OF thetssault
upon that institution, and to show thatit be
cause il refused make itself servilely and basely
instrumental to the promotion of political views and
objects
The Bank denounced monster, aim in q
as declared rob the people OF their liberties,
an to snbvert the Government of the county,
The Bank TO subvert the Government! Why how
could the Hank continue TO exist after the overs
throw of that Government to which it was ndebt.
ed Cor its existence and IN virtue of whose author
ty ii could alone successfully operate Convu
sons, revolutions, civil wars, the social
ditious most favorable 10 Bank prosperity but they
flourish most when order, law, regularity punctual
ily and successful business prevail.
Rob the people Of their liberties And pray
what would it do with them after the robbery was
perpetrated 1t could not put them in vaults, or
make interest profit them the Leading, if not
the sole object of Bank. And how could it de-
stroy The liberties oil the people, without at the
same time destroying the Liberties of all persons in
terested concerned in the Bank? What is
Bank 1t is corporation, the aggregate of whose
capital is contributed by individual shareholders
and employed in pecunary operations, under the
mana cement Of official agents, called President
Directors, Cashier, Teller and Clerks. Now all
these persons are usually citizens Of The United
States, Just as much interested in the preservation
Of the liberties of the country as any other citizens
What earthly motive could prompt them to seek
the destruction of the liberties Of their fellow ci-
Zens and it'll it their own.
The fate of the Bank OF the United States clear
" demonstrated where the real danger to the pub
lie liberty exists. 1t not in the Bank. It's pop
ularity had been great, and the conviction of its
utility strong and general, up to The period of the
Bank Veto Unbounded the influence Of
General Jackson, and undisguised his hos.
tiity TO the Bank, he could prevent the passage
through Congress of bill TO charter il In such
favor and esteem was II hald, that the Legislature
Of PenusyI vania in which his friends had uncon
frDt lad al II ad
the recharter, But is'Veto came he blow his
whistle for lis destruction; it was necessary 10
tain his party, which could only be done by sus-
tanning him, and instantly, and every where, down
with the Bank and huzza for the Veto, became the
watchwords aud rail- wing cry OF his partzans That
same Legislature of Pennsylvania, now with equal
nnaninity, approved the destruction of nstitu
lion which it had believed to be so Indispensable
to the public prosperity, and the deluded people
felt as if they had fortunately escaped great Ma
tiona calamity!
Tie Veto, Notwithstanding, the House Of Reps
resentatves, by large majority, resolved that the
public deposites we've in the custody of The
Bank of the United States where they were placed
under the sanction and by the command OF the law
and it we'll known Washington, that this
resolution passed in an ticipaton and TO pre-
vent the possibility of their removal. In the face
and in contempt of this decision of the Representa-
lives of the people, and in violation of positive
law, the removal was ordered by the President
lew months after, the Secretary of the Treasury
having been himself previously removed TO accom-
plish the object. And this brings consider
the effect produced upon the business and interests
Of the country, by the
Cd event to which have alluded. 1t is well
known TO be- the usage of Banks, TO act upon the
standing average amount OF their deposites,as upon
q permanent fund. The Bank of the United States
had regulated its transactions upon The depostes
of the United States and had granted accommo
dations and had extended facilities as far could
be safely done on that basis. The deposites
removed and dispersed among various local banks,
10 q
disregarded, especially when secondng, as 1t did,
their own pecunary inter ests, to discount aud
commodate freely orr them They did SO; and
thus these deposites performed double office, by
being the basis of Bank facilities first in the hands
of the Bank of the United States, and afterwards
in the possession of the local banks. vast add
ton 10 tho circulation of the country ensued adding
10 that already copousIy put forth, and putting
forth by the multitude of new banks, which were
springing up like mushrooms. That speculation
and overtrading should have followed were 10
have been naturally expected. j. is surprising
there were not more. Prices rose enormously as
another consequence; and thousands weretempted,
as is always the case IN advancing market, TO hold
on or to make purchases, under the hope of prices
rising still higher A rush of specu ators was
made upon the public lands, and the money inves
ted in their purchase, coming back to the deposlte
banks, was again and again loaned out to some or
other Spectators, TO make other and other Pur
chases.
Who was to blame for this artificial and explo
ded state of things? Who for the speculation
which was It's natural offspring? The policy OF
Government which produced it, or the people -
The seducer, or the seduced Tho people who ou
" used the means so abundantiy supplied IN Flr
tue of the public authority, ar our rulers whose
unwise policy tempted them into runous specula
items?
3D. There was a measure, the passage of which
would have greatly mitigated this unnatural state
of things was not difficult TO oresee, after the
Veto Of the Bank. some Of the consequences that
would follow. The multiplication OF Banks, sn
perabundant currency, rash and inordiaate speeuia
lion, and a probable ultimate suspension OF specie
vments And the public domain was too brill
ia nj and tempting prize not TO be among the first
objects that would attract speculation IN March,
1888, bill passed both houses of Congress, TO dis.
tribute among the States the proceeds and sales OF
the public lands. 1t was measure ct strict JUS |
lice to the States and of sound policy as respects
The revenue of the United States; but the Wow |
which { now propose TO take ofit, applies atogeth
err to the influences it would have exeried upon
circulation and speculation. 1t was the constitu
tional duty of the President TO have returned The
bill to Congress with bis objections i he opposed