The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-08-28
MR.. CLAY AND AN OLD-FASHlONED
RANK

One of the frst measures of the Wing Congress
at the extra session in lS4l led on by Mr.. Clay, was
10 pass an act to create old fashioned Bank This
too, notw outstanding, in the campaign Of 1910, they
dared not refer TO the subject of Bank, and had
lust elected President and Vice President, who had
both, uniformly been opposed to National Bank on
constitutional grounds II was well known that a
great ma orty of the People were strongly opposed
to a Bank and had given evidence of II by their
votes Nevertheless, Mr. Clay, by his despotic ac-
ton and threats, dashed majority of the peoples
Representatives into voting for his measure an old
fashioned Bank which was TO have power to plant
itself wherever ii chose, in defiance OF State oppos-
ton or State authority. The contamination Of the
establishing Of such hydra power was arrested by
the exercise of tho veto PoroI by tue EAeoulrr--
Deslues having through all time pronounced the
Bank to be unconstitutional President Tyler well
knew the swindlngs the corruption, and the aspira-
tons to the exercise Of sovereign power which were
perpetrated by the last National Rank As carly as
1879 the second year of the existence of The Bank
Mr.. Tyler member of a committee Of the
House of Representatives, appointed to investigate
the corrupt and neiarious conduct of those whom
its management had been entrusted, which in that
incredible short space Of time had brought the nsti-
tuition to the verge Of bankruptcy and ruin. Mr..
Tyler at that time, had ocular demonstration of the
punderings Of the Bank and some of its branches by
the officers who bad been appointed TO guard and pro-
tect the interests Of the stockholders and Of the un-
fsthfulness Of directors whose cupidy and ayarice
overcame prize ipe, in their approgr atng m lions Of
the funds Of the Bank 10 their individual purposes,
inHctng losses which required the earnings Of Year,
to repair Mr. Tyler witnessed, too, the daring at
tempt of the Bank in 1889 TO postpone the pa, ment
Of the public debt, continue the liability of
the Government, aud hold Tor lis own use the
money which had been provided for its pay
ment MIR. Tyler, too, witnessed the final down
fall Of the Bank which pfecipitatcd thousands
from state Of comparative a9uence to one Of utter
ruin and desjtution. The concise and graphic man
ner in which Mr.. Tyler, in bis recent address, aud-
ed TO and combined these events is as worthy Of adj
miraiion as it is difficult Of imitation. After submit
ting the question whether the principles of the Re-
publican party have sot been closely observed in all
that has been done " Mr. Tyler puts the nterrogaory
whether these prnci les require that we should re-
commence a new cycle Of twenty years the prede.
cessor of which a Bank Of the United States ha.
fulfilled in 1896 Beginning by increasing The derangc
mems Of busns for years, attending in It's mid career
phh comparative prosperity, then resorng 10 Efforts b.
all 1t, large means 10 force areeharir, and ending is
isienet amid The and foundations Of The manv
had ru,nsd.p In these few lines portrayed the ca
Of the Bank, from its commencement to IL
downfall which are worthy Of being sent to ever,
village, town, and hamlet in the Republic.
1t such Bank whose career is here described
that Mr. Clay would have succeeded in fastening OF
the country, but for the noble interposton of Presi
dent Tyler, aud it is such Bank Mr. Clay has de
clared it his purpose TO have established if he cal
reach the Presidential chair. Are the freemen o
these United States prepared to fall down and wor
ship, and have their destinies again controlled b,
such Monster We say never, never