The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1844-10-04
BANKS UNCONSTITUTIONAL.
Mr.. Clay said f:

Mr.. Clay said
81 conceive, then, sir, that aCe are not enpOlU.
cred By the constitution, nor bound by any practice
under it, to renew the charter of this bank; and
might here rest The argument
| This constitutional difficulty is removed, ex-
tracted, undoubtedly, by some ingenious process,
familiar to those skilled in the arts of banking.
BANKITES RAISED FALSE CLAMOR IN
1911 AS THEY DO NOW.
He said:
"That some temporary inconvenience win arise
| shall not deny; but most groundiessly have the
recent failures in New York been attributed to the
discontinuance of the bank. As well might you
| ascribe the cause Of the failure of amsterdam and
flamburgh, of London and Liverpool. Yes, sir;
the protest of the notaries of London not those OF
New York, have occasioned these bankruptcies !"
The alarm, the clamor, the pretences which
were used more than thirty years since in favor OF
a national bank, and which Mr.. Clay in his great
speech most trumphantIy demolished, are now
the arguments and the instruments used to entrap
the people in the meShes of another bank-aad Gy
this same Henry clay.
MONEY is POWER.
Says Mr. Clay: ..
"The power of nation, it is said, consists in
the sword and the purse Perhaps, at last, all
power is resovabie into that of the purse; for with
1t you may command almost ereTy thing else"
Sir, it is by no means strange that Mr.. Clay
entertained the opinion that call power is in the
purse, should wish to concentrate fifty millions in
the hands Of few men who would submit to his
control, and yield to him the power and the purse
in his opinion, call power" and with which he
believes he scan command almost everything
Is it too much to say that his ambition, his love
Of power, and influence, effaCed his constitutional
objections, his party principles, and his political
integrity? Once he held that such bank was
dangerous to our libertes'' He now seeks its
establishment to subject the business, the property,
and the people to his control.
CLAY OUT FOR A BANK IN 1916.
"The constructive powers being auxiliary to
the specifically granted powers, and depending for
their sanction and existence upon necessity to
give effect to the latter which necessity is to be
sought for and ascertalned by a sound and honest
discretion, it is manifest that THIS necessitv man
net be perceived at one time under one state Of
things, when it is perceived at another time under
different state of things. The constitution, ii is
true, neCer changes; ii is Arrays fhe same; but
the force Of circumstances, and the HgHts of
experience, may evolve to faliible persons charged
with the administration, the fitness and necessity
OF a particular exercise of constructive power
to-day which they did not see at former period"
"Mr. c. proceeded to remark, that when the
application was made TO renew the old charter of
the bank of the United States, such an Institution
did not appear to him to be so necessary to the
fulhlment of any of the objects specifically emu
ntol; -, ~, ~,
in assuming, by construction, power 10 establish
it; it was supported manly upon the ground that
it was indispensable to the treasury operations
But the local institutions in the several States were
at that time in prosperous existence contided in
by the community, having confidence in each
other, and maintaining an intercourse and connec-
lion the most intimate. Many of them were
actually employed By the treasury, to aid that
department in part of its fiscal arrangements;
and they appeared to him to be fully capable of
afordlng to 1t all the facility that it ought to desire
in all of them. They superseded, IN his judgment, |
the necessity of a national institution. But how
stood the cause in 1916, when he was called upon
again to examine the power of the general govern
nent to incorporate a national bank? A tota! |
change OF circumstances presented; events of |
The utmost magnitude had interviewed A general |
suspension OF specie payments had taken place,
and this had led to train of conseq uences of the
most alarming nature. Considering, then, that
he state of the currency was such that no thinking
nan could contemplate it without the most serious |
llarm-that it threatened general distress. if it did
lot ultimately lead to CONFUSION and subverson
'f the goyernment,-it appeared to him to be the |
iuty OF Congress to apply remedy, if remedy |
,ould be devised. A national bank, with other
AUXILIARY measures, was proposed as that remedy.
"lhat which appeared to him in 1871, under the
tate oil things then existing, not to be necessary
o the general government, seemed now to be
necessary under the present state of things
The constitution had not changed, but he iusti-
led himself on the ground that the banks had
necessity Of the case. Sir, where is
he necessity of the case now' If it was uncon-
itional to charter bank in 1871, because the
State banks were sound, and business prosperous,
low can it be constitutional now, when the State
'anks are more sound and business. as gentlemen
ell us, never more prosperous than at this moment2
The necessity which effected the change in the
constitution does not exist now. Money, we are
old, is plenty Exchanges, we know, are regular
nd cheap. Then sir, Mr.. Clay is thrown back
pon his old honest, powerful argument of 1911
pon the constitution which he so ably defended.
Iut he has fallen from that high estate. He leaped
Oddly from the ramparts of the constitution,
There he stood its proudest champion, into the
anks of its assailans. An immortality of fame
acrfced at the shrine of ambition.
The constructive powers of the constitution
ad expanded, in his judgment, sufficiently in five
ears, ''to fasten" that ''vagrant power" which in
Sll "was wandering through the constitution in
earch of location, "Vnder the grant to coin
loney!" where 1t had rested temporarily in 1911,
nd whence he dragged 1t. like guilty thief, sent
in lis naked deformity, into the world, to roam
ke a troubled spirit until he took it under his
rejection and nestled it snugly under the broken
agments of the constitution in 1916. {
HE is FOR PROTECTION.
March 10, 1888, he said |,
There is protection from one end to the other of {
lis compromise act; modified, and limited it is
ue, but protection, nevertheless"
And again on the 23d of February, 1888, while
rr Claws compromise hill was under discussion |