The Arkansas banner., 1843-10-14
-rNpy CLAY.-BuSINESS AND THE
 IBn" WHT(rS

! constantly anu Aeoious'y NSiehuod' LII
 ,,,, nromoted spirit of speculation, and
 U, powerfully contributed to produce that
 nle p pecriniary embarrassment which the
 rs @ for ten years past, have so unblush-
 E. ascribed to the democratic policy It
 ,ben that the canal and railway fever
 ~ to race. It was then tliat gambling
 .;t % beoan anew to infect the comparatively
 lbv channels of trade. It was then a
 of the "national repubiican''--now
 ;c@ooIicy to foster the credit system
 soote q banks by the hundreds-which, in S end. brought ruin alike upon the reckless s tbe prudent; upon the dishonest specu- 'Spu and inc honest merchant
 Svo have seen how much extravagance- k.,,nrirht madness--prevailed in England S,S25, Canals and railways, 1t was be-
 a ed would of themselves work out changes 'husiness which nothing short of miracles Il nd do. Like the fable touch of Midas, it
 s believed they possessed the virtue to $n every thing with winch they came in Sptact into gold. At length, new way, S] safe way, was believed to have opened become rich. The owners of canal or 1 Elvay stock, the community blessed with hal or railway privileges, were alike to in- ease in wealth. The managers of various bmpanies chartered continued, for short he. to make large dividends. The prices their shares rose rapidly in the market; bd the deceived holders of the stock were Il time blinded to the ruin that was des- he'd for them. No small share of all this [travagance and madness was diffused thro' Is country. What other result could have len expected, when we look back upon the Eluences set at work to bring it about J. fhen we behold the President of the United kes aiming to signaiize q new administra- Bu by constructing public works to vie with b magnifcence and splendor' of the Ro- bn republic When it was proclaimed in IciaI documents that the stock of canal en- {prises in some instances had increased in (ue sirhundred per centum2 and that thirty the canals in England yielded their fortu- ie proprietors an annual income of hirty f cenfum2 But we quote a few passages Inn the official documents of this admins |tion, to show how deeply it was infected fh the canal mania.
 John O. Adams, in his inaugural address. |rch 4, 1925, thus refers to a policy which, lefty through the exertions of Mr. Clay. ] been sanctioned only few months be- |e by Congress :-
 F It is that internal improvement from |ich am convinced that the unborn mil es GIT posterity, wlIo are in future ages people this continent. will derive their most Eent gratitude to the founders of the Un- !; that in which the benefcent action of government will be most deeply felt and The magniGcence and splen- ot their public works are among the im- fishable glories of the ancient republics |e xoads aad aqneducts of Rome hare been
 admiration of aH atier ages, and have 'cired tho@sands of years, qfier aH her quests hare been spalloaced up in despo- n, and become the spoil ot barbarians.n "Some diversity ofsopinion" prevailed as the powers of congress. But
 By friendly, patient, and persevering de- erailon, all constitutional objections will lmately be removed. The extent and limi lon of the powers of the general govern mt, Tn relation to this transcendentlv i'm 'ant interest, will De settled and acknowl- 'ed 10 the common satisfaction of al 1 leoery specalatiue scruple ,eiH 5e sozred ( practical public UeSsing.n
 5ut these high hopes of leaving, as me- nto oi his administration, public works tmlght vie with the s'aqueducts of Rome.D feiurther portrayed in the first annual mes of President Adams, delivered Decem-
 D, lo2o. He dwelt at length upon the edlency of establishing San astronomical with provision for the support Ill astronomer, to be in constant atten- zee upon the phenomena of the heavens''- loflng the existence of the fact, that while re were on the small surface of Europe e hundred and thirty of these lighthouses 'le skles,0 there was not one in ssthe pie American hemisphere , he mentioned le oi the various works already projected,
 then went on as follows :-
 The spirit of Improvement IS abroad upon earh- ltstimulates the hearts and sharp the faculties, not of our fellow citizens le' but of the nations of Europe and of T rulers. ue foreign nations, less blessed with that dom which is power than ourselves, are ancmg with gigantic strides in the career ubllc improvement, were we to slumber ndolence, or fold up our arms and pro- m to the world that we are palsied by Will oi our constituents, would 1t not be to
 away the bounties of Providence, and m ourselves to perpetual inieriority In course of the year now drawing to e, we have beheld, under the auspices
 expense of one state in our Union, a university unfolding its portals to the E of science, and holding up the torch human T, improvement to eyes that seek l'ght. We have seen under the perse- ns and enlightened enterprise of another $ 'he waters of other states mingle with st of the ocean. If undertakings like 'e nave been accomplished in the compass ',l lew years, by the authority of single noers oi our confederation, can we, the esen1a'lve !, authorities of the whole Un-
 iall behind our fellow servants in the 'Cise or the trust committed us for the sns , oi our common sovereign, by the ac- 'Piisilment of works important to the { ',t' tLo ana to which neither the authority,