The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1844-04-19
From the Glvbe.
MIR. CLAY AND THE BANK.

18NM MR. CLAY AND ne DAMN.
That there may be no mistake in the approach
ing pre-. .idential. canvass, we extract from the
Savannah Georgian the subioined paragraph from
recent speech Of Mr.. Clay:
He enlarged somewhat upon the necessity oi
a national bank Go into Wall street. in New
York, where British capital is most abundant, and
you will find the strongest opponents OF bank, be-
cause its existence would leopard their interests
The large emporiums of the North did not want a
bank, but it was wanted by the South aud West.
Ii exchanges were now in good condition, expe-
rience had shown that they would not continue so.
If the State banks now paid specie, facts had shown
that, with revival ofprosperty, the initiation Of
of paper currency would recommence, because
there national regulator to check these spuri-
Gus issues. The S. banks, as we all know, were al
so poweress to furnish national currency with
which citizen of this great country can travel
from one end of it to the other The practice Of
the most enlightened European governments has
shown that national currency was necessary, the
national government could alone ordain it, and it
was just as important to the national interests to
have it, as it was to regulate commerce, to provide
| a navy or an army.
II will be that this gentleman is still in favor
OF national bank and for the same fallacious rea
sons by which Mr.. Biddle's exploded corporation
was sustained and justified. 1t is amazing that
man. versed so long and so much in public affairs.
should profit so little by the lessons of expert
ence.
If Mr. Clay means to assert that national bank
is not popular in the city of New York; he is right
bat if he intends by "Wall street, to convey the
that the brokers and spectators or peculators
adverse to such an institution, the declaration is
contradicted by notorious facts. When Mr.. Bid
die made his appearance in Wall street few years
ago, to borrow money under the pretence of lend
ing, who received him with servile adulation, and
paid him almost divine honors? Did not the wor-
shippers of Mammon throng around his steps, as if
anxious to touch the hem of his robe' Mr.. Bidde's
popularity with that portion Of the community des-
ignated here as s'Wall street," was even greater
than that of Mr.. Clay; for we question whether e.
ven he would receive SO flattering reception as
was bestowed upon the money-king by the devo-
tees of what is sometimes called the "almghty
dollar"
Mr. Clay also informs the people of Georgia that
a bank is more wanted by the South and West than
by the North. We think he will find it hard to
convince the people of the South Of proposition
so absurd low can they be benefited by that
Capitalization of capital in the northern emporium,
which renders the planting States absolutely ribu-
tary TO great financial power upon whose move
ments aud behests the prosperity of the whole
country is made to depend! Injurious as has been |
the policy of the United States Bank TO the great |
interests of the North, its pernicous influences
tern States. From the wounds il inflicted on
their character and well-being, these States are
now happily recovering, and we question much
whether even the eoquence of Mr. Clay will in
duce them again TO incur similar dangers and dsas.
ters.
We are happy to observe that Mr.. Clay is con-
strained TO admit the present favorable state of the
exchanges in spite of the repeated predictions that
they would remain in ineXtricahle confusion with
out national bank TO regulate them. Nothing is
more provoking to the advocates ofa great central
than this convalescence of the finan-
cial and commercial condition of the country, with
out resort having been had to their exploded
luackery. Their disappointment puts us in mind
of the unfortunate doctor who complained that his
patients died on purpose to bring his treatment into
iiscredit In like manner Mr.. Clay and his friends
complain that the country is getting well, for the
Express purpose of bringing their financial system
nto disrepute. This patriotic gentleman, howev.
r. consoles himself with the idea that "if the ex
;hanges are now in good condition, they will not
continue So" Not, we admit, if he shall be per-
nitted to try his dscredted remedies upon the
,ody polite One of the worst effects to be appre-
,ended from the restoration ofa whig dynasty will
,e the inevitable revival those pernicious schemes
md projects, from the effect of which the country
$ now happily recovering. Nobody wants ma
iona bank now but few ncurable politicians and
desperate spectators, who never thrive SO much
is when the country is suffering.
We do not think, with Mr. Clay, that the State
ranks which have been strong enough to survive
he recent calamities, will "inhate the paper cur
'ency' again for the want Of "national regulator
o check these spurious issues" Should they not
,e disposed to profit by past experience, it is not
mother national bank, with another Bddle at its
,ead, which will keep them in the path ofprudence
md propriety. We think they will hardly go for
essons of prudence or morality to bank modelled
lpon the favorite institution of Mr. Clay, which
Mr.. Rves told him to his face, in the Senate, was
, "bawdy house."
The only shadow of an argument employed by
Mr.. Clay, is that of the convenience afforded to
travellers by paper circulation of general char
lcter, possessing an "odor of nationality" as Mr.
Webster would say This slight convenience,
however, which is very much overrated, and which
not peculiar to Mr.. CIay's favorite system, is too
riAing compensation for the many and great e.
wills and dangers resulting from the establishment Of
great federal corporation, in violation OF the con-
titution, the financial objections to which are