The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1844-10-16
aoNEY 1a naMRR

- 49, NNA AN BAEG A<Ah~lNf ~ tN1 etAl
power Is resOlpable iafott2 oftiePVrse, for, with
II, you may eozzaad almost ererytkiHg else"
Sif, il is BY no neaas strange that Mr.. Clay,
entertaining the opinion that ''afi powef' is ia the
pursc, should wish TO concentrate fifty millions
in the hands of a few men Whe vosld submit TO
his control, and yield to him The power of the
purse-m his opinion Hall power" aud with
which he believes he "can command almost cv-
leything.r
Is toe much 70 say that his ambition, his love
Of Powersand influence, efaced his constitution.
al objections, his party principles, end his pOliti-
cal iniegriiyl Once he held that such a bank
was dangerous 10 our liberties.n He now seeks
It's establishment, 10 subject the business, the
property, and the people, 10 his control.
CLAY OUT FOR A BANK IN 1916.
EThe constructive powers being auxiliary to
The specifically granted powers, aud depending
Tor their sanction and existence upon a necessity
TO give effect TO the latter, which necessity is to
be sought for, and ascertained by a sound and
honest discretion, ii is manifest that this necsssi-
~ may not be perceived, at one time, under one
state OF things, when it IL perceived, at another
time, Under a different stale of fittings. The CON
~stttutton, 1t is true, neUFr changes, its lights of
~ tNHNN MAJ W ldlIIllC DGiSOlSs CtluN-
ged with the administration, the fitness and ne
cesslty OF n particular exercise Of constructive
power to-day, which they did not see at a former
period"
MIR. c. proceeded to remark, that, when the
application was made TO renew the old charter of
the Bank of the United States, such an institu-
lion lid not appear to him 10 be so necessary 10
the fulhIment of any of the objects specifically
enumerated in the constitution, as 10 justify Con-
gress IN assuming, by construction, a power 10 es-
tablishlt; it was supported mainly upon the ground
that il was Indispensable to the treasury opera
tons. But the local Institutions in the several
States were, at that time, in a prosperous exis-
fence, conhded in by the community, having a
confidence in each other, and maintaining an in
tercourse and connection the most intimate.
Many OF them were actually employed by the
treasury, 10 aid that department in a part of its
fiscal arrangements; and they appeared to him to
be fully capable of afFbrding to il all the facility
that it ought TO desire in all of them. They su.
perseded in his judgment, the necessity of ma
tional institution. But how stood the case in
1916, when he was called upon again to examine
the power of the ganeral government to incorpo.
rate a national bankl A total change of circum.
stances was presented; events of the utmost mag.
nltude had interviewed. A general suspension Of
specie payments had taken place, and this had
lead TO a tram of consequences of the most alar.
Enlng nature. Considering, then, that the state
OF the currency was such that no thinking man
could contemplate it without the most serious "a
'larm-that It threatened general distress, if it did
not ultimately lead 10 conVuls!on and subversion
OF the COVE rnment,--it appeared TO him TO be the
duty OF Congress to apply a remedy, if remedy
could be devised. A national bank, with Other
auxiliary measures, was proposed as that rene.
dy."
"Fhat which appeared to him in 1911, under
the state OF things then existing, not to be ne
cessary to the general government, seemed now
tobe necessary under the present state of fittings
The constitution had not changed, but he jus.
tilted himself on the ground HAT the b nis had
talled-thean necessity Of the case. Sir, where is
the necessity of the case now? lift was uncon.
Stitutional 10 charter a bank in 1911, because the
State banks were sound, and business prosperous
how can it be constitutional now, when the State
banks are more sound, and business, as gentle
men tell US, never more prosperous than at this
moment? The necessity which effected tht
change in the constitution does not exist now
Money, we are told, is plenty; exchanges, we
know, are regular and cheap. Then, sir, Mr.
Clay 10 thrown back upon his old, honest, power
full argument of lSll-upon the constitution
which he so ably defended. But be has fallen
from that high estate. He leaped boldly from
the ramparts Of the constitution, where he stooC
its proudest champion, into the ranks of lis assai
lants. An immortality of fame sacrificed at the
Shrine of ambition.
The constructive powersh of the constitution
had expanded, in bis Judgment, sufficiently il
five years 'to. ~fasten' that "vagrant power" which
in 1871, "was wandering through the constitu
ton" in search of a location, "under the grant Il
coin money! where it had rested temporarily il
1911, and whence he dragged it, like a guilt
thief, and sent il, in its naked deformity, into tn,
world, TO roam like a troubled spirit, until he tool
it under his protection, and nestled it snugly un
der the broken fragments of the constitution il
1916.
HE is FOR PROTECTION.
March 10, 1888, he said:
"There is protection from ore end TO The othe
of this compromise act; modified and limited,
is true, but protection nevertheless"
And again, on the 23d Of February, 1885
while Mr.. Clay's compromise bill was under dis
cussion in the Senate in reply 10 Mr.. Webster, h
said:
'iHis purpose pas protection and protection q
lone. He deeply regretted the course The sena
tor from Massachusetts [Mr. Webster had che
sen to adopt. who had opposed every thing, an
proposed nothing"
This declaration was made in reference 10
bill which was TO reduce the duties gradually
until in lS4l, when The highest rate o fduty woul
be twenty per cent. with determinations belo'
that rate. And this is what Mr.. Clay calls a bi
"for protection, and protection alone" Mr.. Wei
ster on the same day said of the bill:
"The gentleman from Kentucky [Mr. Clay
supports il for one motiye,3 others from auothe