The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1844-08-22
SPEECH OF MR.. TOD.

Mr. TOD ater expressing the profound Sratluue
which filled his bosom at the very hearty welcome with
which he had been houored by the democracy of Ross
referred to the occasion which had brought so large an
assemblage of the people together which he considered
one Of the most propitous omcns and augured we'll ior
the continuation OF our happy form of Government
He earnestly entreated them not 10 neglect the duty |
which they owe to themselves and their country by at
tending to the affairs of the government. He took
comprehensive and retrospective view of the formation
of our institutions under the Federal CONSTITUENCIES
hibing the contrast Of the Federal and Democratic par
ties in their incipiency- that the Federal party
considered the great of the people as unfit for sell
overnment-averring lhafhey would not devote that
attention to public affairs which was necessary to insure
efficiency and permauence in the government-tha they
would be needless and inaenve and become the dupe
of few unprinciped Federalists con-
tended that the government should be entrusted 10 the
control of the rich and well-born-tha the great mass
of the people were too careless and would never besow
the attention which the public affairs of the nation de-
manded. He therefore congratulated the audience that
the large coucourse oil people who had assembled at this
busy season OF the year, dssipated beyond all doubt
these haseless charges ofhe Federal patty against the
capacity of the people for self-governmen-and it was
truly gratifying 10 witness their zeal in behalf of our
common cOnntry-that it augurs well for the promotion
aud long continuance OF Democratic principles for years
and years to come He observed that they were assem-
bled for the investigation OF great prncpes-that those
who style themselves Democrats contend that the burh-
ems and blessings OF Government should be distributed
equally on ALL MIR. Tod maintained that the present
contest was contest for great cardinal principes-ha
it was unlike the campaign of 1910 when you could not
! bring Wing politician to make disclosure o. his
prncpes-but in lieu thereof whig songs, hard cider
drnkingand revelry were substituted. 1t was not SO
now Henry Clay cannot conceal his prncipes-he
marked all over with them-hey could not be hid by
a confidential committee, as was the case with the Fed
eral candidate in 1870 He now proposed to examine
few Of the leading principles of Mr. Clay, the cand
date of the Wing party for the Presidency
A MONSTER BANK.
1st. Mr.. Clay's first principle was United States
Bank If Mr.. Clay was placed in power the first great
object OF his ambition would be the establishment Of
National Bank. Mr.. Clay would urge that the COM
munily required an institution OF this kind to facilitate
the regulation OF exchanges. Mr. Tod then explained
The meaning Of exchange to be the difference of the val
ue OF money between two poins-and the epriee OF eX-
change to be equal TO the cost of transporting specie be-
tween those points for example, ipctween Chicothe
and New York. Why, asked thS speaker, could the
United States Bank transmit Specie betweenhose points
cheaper than our merchants coulf do it in the natural
course of trade9 Is not exchange much lower-eish;
or len per cent lower now than was during the cxis
tence of United States Bank? Since exchange has
been left to free and open competition, it has been bo
down to fair price. placed under the control ola
monopoly it would be kept up until competition should
arise and reduce it to its proper level. ...,..
ID. Mr. Clay declared in his Raleigh speech that
United States Bank %,pldbe required TO regulate the
currency of the local Banks whilst the Democratic plan
was to regulate our local banks by law, in The same
manner that our courts Of justice, our ues apd our
public Schools are regulated by law. Mr. Clays plan
is to establish mammoth Bank, which in effect would
repeal our State laws. Mr. Tod here illustrated this
part ofhis argument by humoroushnecdote-- said
he was moi in favor of initiating the whgsi in their jokes
but the present seemed so apt that he should venture 10
indulge in it, He compared Mr. Clays Bank to GER
tain quack doctor who called on to prescribe tor
sick child the disease of which he did not understand
he recommended four or five large doses of arsenic to be
taken during the daybens asked to explain his reason
for giving arsenic he replied that it would throw the
patient into lls-ani that he was great on fits I'm
mense laughter and cheers.] What grand arrange
ment resumed the speaker for regulating The currency
to build up an institution with power make money
plentiful or scarce at peasure-wih power TO raise or
deprcss the prices labor produce and lands For
that power which can raise prices at pleasure can also
lower them at will Would you place such remen-
dous power in the hands OF few Bank DirectOrsl He
had now examined some oil the whig arguments in ia
vor of National Bank-he would next adduce She De-
mocratic arguments against such an institution.
And LIST. Mr. Tod contended that the United States
Constitution contained no authority for the incorpora-
ton of National Bank He maintained that the grand
intent of the Constitution 10 set limits TO the power
Of Congress--not 10 ncreaseit. twas indeed to guard
the rights of the peopeo tie up the hands olCongress
lest its members should become corrupt and exceed their
authory-that the jealousy of the people against en-
trusting too much power with Congress was evnced by
the wise provision which was inserted in the Constu-
on, that all power not delegated to Congress was re-
served to the States the Pecpe-tha no power was
vested in Congress 10 charter United States Bank
proposition of the kind having been made in the Con
venton which framed the Constitution, and it was re-
ieced. ,'se'
Cd. The vast power which such an institution gave
to Nicholas Biddle and thirteen Directors, was an insu
perabe objection 10 the creation of National Bank
Nicholas BddIe, President of the late u S. Bank pos
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