The Whig standard. [volume] (Washington, D.C.) 1843-1844, 1844-06-17


paid or received from the Government, paid Or re-
ceived as much less than he ought to have done as
was the difference between the medium in which
the payment was effected and specie. Taxes
were no longer uniform. In New England, where
specie payments have not been suspended, the
people were called upon to pay larger contribu-
tons than where they were suspended. In Ken
lucky as much more was paid by the peoplerin
their taxes than was paid, for example, in the
State Of Ohio, as Kentucky paper was worth more
than Ohio paper
1t appeared to Mr. Clay that, in this condition
OF things, the General Government could depend
no longer upon these local institutions, multiplied
and multiplying daily; coming into existence by
the breath of eighteen State sovereigniies, some
of which by single act OF voliton had created
twenty or thirty at a time. Even if the resump-
ton of specie payments could have been antici-
pated, the General Government remaining pas
slve, 1t did not seem to him that the Gen
eral Government ought longer to depend upon
these local institutions exclusively for aid in its
operations. But he did not believe it could be
justly anticipated. 1t was not the interest of
all of them that the renewal of specie payments
should take place, and yet, without concert be-
tween all or most of them, it could not be effect
ed. With regard to those disposed to return 10
regular state of things, great difficulties might
arise as to the time of its commencement.
Considering, then, that the state of the curren-
cy was such that no thinking man could con-
template it without the most serious alarm
that it threatened general distress, if it did not
ultimately lead to CONFUSION and subverson of
the Government--it appeared to him TO be the
duty of Congress to apply remedy, if a remedy
could be devised. national bank, with other
auxiliary measures, was proposed as that remedy.
Mr.. Clay said he determined to examine the ques-
ton with as little prejudice as possible arising
from his former opinion He knew that the
safest course to him, if he pursued cold, calcu-
latng prudence, was to adhere to that opinion,
right or wrong. He was perfectly aware that if
he changed, or seemed to change it, he should
expose himself to some censure. But, looking
at the subject with the light shed upon it by
events happening since the commencement of
the war, he could no longer doubt. A bank APP
peared to him not only necessary, but indispensa-
ply necessary, in connexlon with another mea-
sure, to remedy the evils Of which all were but
too sensible. He preferred, to the suggestions of
the pride of consistency, the evident interests of
the community, and determined TO throw himself
upon their candor and justice. That which ap-
peared to him in 1911, under the state of things
then existing, not to be necessary to the General
Government, seemed now to be necessary, under
the present state of things. Had he then fore
seen what now exists, and no objection had lain
against the renewal of the charter other than
that derived from the Constitution, he should
have voted for the renewal.
Other provisions of the Constitution, but little
noticed, it. noticed at all, on the discussions in
Congress in 1911, would seem to urge that body
to exert all its powers to restore to sound state
the money of the country. That instrument con-
lers upon Congress the power to coin money, and
to regulate the value of foreign coins; and the
States are prohibited to coin money, to emit bills
OF credit, or to make any thing but gold and sill
yer coin tender in payment Of debts. The plain
inference is that the subject of the general cur
rency was intended to be submitted exclusively
to the General Government In point of fact,
however, the regulation of the general currency
is in the hands Of the State Governments, or,
which is the same thing, of the banks created by
them. Their paper has every quality of money,
except that of being made a lender, and even this
is impaired to it by some States, in the law by
which a creditor must receive it, or submit to a
rulrous suspension of the aynent Of Ills debit
1t was incumbent upon Congress to recover the
control which it had lost over the general curren-
cy. The remedy called for, was one of caution
and moderation, but of firmness. Whether re-
medy directly acting upon the banks and their
paper thrown INTO circulation, was IN the power
OF the General Government or not, neither Con-
gress nor the community were prepared for the
application Of such remedy An indirect remedy,
of mIlder character, seemed to be furnished by
National Bank, Going into operation, with the
powerful aid of the Treasury of the United States,
ne believed it would be highly instrumental in
the renewal of specie payments. Coupled with
the other measure adopted by Congress for that
object, he believed the remedy etfectual. The
local banks must follow the example which the
National Bank would set them, of rcdeeming
their notes by the payment of specie, or their
notes will be dIscredited and put down.
fufI f,o, ,toAt J,, ok
llshnent OF bank, other considerations, besides
those already mentioned, strongly urged it. The
want OF a general medium is everywhere felt.
Exchange varies continually, not only between
different parts of tho Union, but between differ.
ent parts OF the same CITY, Ii the paper of Ma
tlona Bank were not redeemed in specie, it would
be much better than the current paper, since, al
though Its value in comparison with specie might
t1ucuate it would afford an uniform standard.
II political power be incidental to banking cor
pora'Ions' there ought, perhaps to be in the Gen
n hat