The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-07-19
HENRY CLAY'S SPEECH AT LEXINGTO

We have read this effort with no ordinary atten-
ton. 1t may be considered programme of Wing
principles for the canvass of 1874 Mr. Clay is al
ready in the field as the Wing candidate for the Pre-
sidency hence his sentiments not those of Henry
Clay only but of the great Wing party of the Union
and, as such every word that falls from his lips,
should be carefully needed by the American People
His filings at the President are contemplate, un-
worthy of an American Senator; and the more re-
prehensibe on the part of Henry Clay, because ne
deems John Tyler his rival This is not the magma
nmity of true greatness.
MIR. Clay seems to have learned nothing by expe-
rence. He still rides the old hobbies, which the
People have so oft condemned.
A Bank, high Protective Tariff, and the Land
Distribution still his remedies for all disorders IN
the body polite. An " old fashioned Bank or as
General Root well termed it at the Clay meeting in
the city of New York, like the one vetoed by Cen
era Jackson is evidently MIR. Cs dearest nursing
In d, Tending that Bank, and vfyng Jackson, Mr.
Clay makes omissions the more remarkable, and the
more unworthy, because he affects to state history.
He is too sensible to deny that our pre- ent de-
preston and embarrassments arise from Bank expan
sions and the consequent mania for speculaton but
after acknowledging this he AYERS that the predls-
posing cause sprang from the Veto and the removal
of the deposites.
But we charge that this predisposition to specula-
ton, which Mr.. Clay wisely insists has worked all
our present ruin, sprung from that institution which
he eulogises high and which he is now trying to
persuade the People to create anew.
We will supply some of Mr.. Clay's omissions, and
then People can determine whether the Bank Cen
eral Jackson has sown the seeds of our present
I misery
MIR. Clay forgcts to tell that, after the Veto the
Bank led off in mighty expansion, SO that, in july
1888 one year thereafter its discounts swelled
to sEvENTy-THREE MILLIONS DOLLARS.
There was no necessity for this expansion after
the Vcto-nay it was criminal on the part of the
Directors The Bank only was at fault The Veto
would have caused contraction, rather than an ex-
pansion, but policy then demanded that the Bank
should expand in order to wind as many as possible
in the meshes of its golden web. 1t thus tried to Sc
duce recharter; but in this, it failed The People
sustained the Veto.
Mr.. Clay next insists that the removal Of the depo-
sites was one of the leading of the specializing
mania.
To show the absurdity of such an assertion, we
have but to recite history.
The deposies were removed in October, 1888
the Bank Immediately commenced CONFERENCE.-The
screws turning and turning for ten months, UNI
til, in November, 1884, the discounts were reduced
to forty-seven millions of dollars.
Can MIR. Clay have forgotten the panic of "a, when
he acted so conspicuous part, in the Senate Cham
ber in amenting the ruin of his country, in exciting
dstrus in our local Banks and IN lauding the United
States Bank while it was holding the whole country
in the grippe Gas its subsequent course proved) OF a
| wANToN contraction
Surely he cannot have forgotten these things. And
yet he studiousy omts all mention of that panic IN
his speech. Did he intend, by suppressng all no.