Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1844-05-04


ton VI dvlIsn down 10 40 per cent, at al
glvgniime, aud amer that lof tho raising
of suoh revenue, by duties 90 Imports
exclusively. ~ WAS necessary fof an econ
ON zeal administration Of The government
llul tho principal Of the home valuation
was an essential and Indispensable lea'
lufo Of that compromise without that
feature ID could not have passed, nine
Senatorial votes having been dispensed
on that concession land although dis
lllngushod Senator from South Carolinu
al hfst strongly opposed II, hc afterwards
publicly and poIoIedly IL The Senate sur.
rendered the point, and tho passage Of
the measure was secured
Mr.. G, denied that The principle Of tho
compromise required the maximum rate
Of duty to DO fixed at 80 per ccn,--its
true principle was that no more revenue
should be raised than was necessary for
nn honest and economical administration
OF the government, aud within that limit
their might be discrimination in favor OF
domestic industry. lie was far from
concedng that larif'ol l842 was in VIC
lation OF this principle of the compro-
mise; but If il were, it equally violated
tho principle OF the home valuation, and
neither interest affected by it had more
right 10 complain than the other. A brief
vindication Of a moderate protective poll
cy next followed, MS necessary TO secdre
the independence of the country, and its
ability for defence in lime of war; and as
furnishing 10 the agricultural producer u
home market in addition TO the foreion
market--ln other words, two markets OF
sale and two markets OF purchase. Mr..
Clay concluded this branch Of his subject
by declaring himself in favor of a sys-
tenn oil protection, modera lie, reasonable,
certain and Misunderstanding no more
revenue than is necessary for an honest
and economical administration of the go
vernment, and within that limit, discrim-
inatiag in the imposition Of duties, be-
tween those articles which do and those
which do not enter into competition with
domestic MISUNDERSTANDING the heavier
duty on the former and the higher duty
on The latter. He said that on this basis
this great question mus be se;tled-.hat
we must live together, we cannot do 9TH
erwlse; and there must be some common
ground on which we should meet. That
the advocates of free trade and the adyo-
Gales of prohibitory or high duties, occu.
pied the two extremes; and safety and
peace could only be found by taking the
middle path, That neither interest or
section could expect to have il all their
own way--the matter must be adiu sted
by concession, comp romlse, conciliat ion
such concession, compromise and conciGa-
ton as led to the adoptionor the federal
cohsllt ution; and under the influence OF
which our political union would continue
10 fulfil its sacred trust and move forward
lin its high careera blessing to our race.
Each interest must concede something,
and thus a system of equivalents would
give satisfaction to all. And we should
be the more prompted to this result, as
the concession would not be TO foreigners
and foreign interests, but to domestic in
teresis, TO fellow citizens Of common
country, to brethren of the same family.
In relation to the currency, Mr.. Clay
pronounced the idea of an exclusive me
Italic circulation mere dclusion; assum
ed that banks and the banking system
would continue to exist under the auspi
ces Of the States; and thence inferred the
Necessity of national bank to regulat,
and control the system and keep it from
Explosion and mischief. He also insistet
on a National Bank as necessary TO Sc
cure national currency, which is as ne
, cessary TO nation as national laws, an
, as indispensable to prevent the monte
and commercial interests Of the countr
4 from being placed at the mercy of tn
S monied power of foreign States, That
i. was in Wall street, among foreign cap
i, talists, that the northern opposition to
d National Bank was most vigorous, an
' this spoke volumes Of its connexion wit
J. the true interests and welfare Of til
r, country.
is MT. Clay, in conclusion, apologized fc
a. his selection of topics He said that /
ID had set out on his present tour with ii
N Intention to keep his lips sealed; but
Of had been compelled to speak. That
ID was no preacher and could not give
sermon--no doctor, and could not delivt
I'd lecture on medicine-no poet, and coul
le not sing soft strains for the amusement
r the audience; but as he was obliged
or say something, he trusted he would
he pardoned, Tor being silent on subjects
K which he knew nothing, and for speaker
10 out freely on subjects with which hs pr
re fessed to be familiar.
After Mr.. Clay had finished speakin
y the meeting adjourned; and Mr. Cla
~ amid renewed cheers, re-entered the la
3 dau, and accompanied DR.. Porcher TO b
~ residence, he being the guest of that &c
= tleman during his sojourn among US.
~ The COMMITTEES Of Arrangements re
red 10 the Charleston Hotel, and par.oo