people. They now would buy as much as specie could have commanded at the period of suspension. They could be disturbed by the government. And finally, the measure would be temporary.

But the true and only efficacious and permanent remedy, I solemnly believe, is to be found in a Bank of the United States, properly organized and constituted. We are told that such a bank is fraught with indescribable danger, and that the government must, in the sequel, get possession of the bank, or the bank of the government. I oppose to these imaginary terrors the practical experience of forty years. I oppose to them the issue of the memorable contest, commenced by the late President of the United States, against the late Bank of the United States. The administration of that bank had been without serious fault. It had given no just offence to government, towards which it had faithfully performed every financial duty. Under its able and enlightened President, it had fulfilled every anticipation which had been formed by those who created it; President Jackson pronounced the edict that it must fall, and it did fall, against the wishes of an immense majority of the people of the United States; against the convictions of its utility entertained by a large majority of the States; and to the prejudice of the best interests of the whole country. If an innocent, unoffending and highly beneficial institution could be thus easily destroyed by the power of one man, where would be the difficulty of crushing it, if it had given any real cause for just animadversion? Finally, I oppose to these imaginary terrors the example deducible from English history. There a bank has existed since the year 1694, and neither has the bank got possession of the government, nor the government of the bank. They have existed in harmony together, both conducing to the prosperity of that great country; and they have so existed, and so contributed, because each has avoided cherishing towards the other that wanton and unnecessary spirit of hostility which was unfortunately engendered in the late President of the United States.

I am admonished, sir, by my exhausted strength, and by, I fear, your more exhausted patience, to hasten to a close. Mr. President, a great, novel, and untried measure is perseveringly urged upon the acceptance of Congress. That it is pregnant with tremendous consequences, for good or evil, is undeniable, and admitted by all. We firmly believe that it will be fatal to the best interests of this country,

and ultimately subversive of its liberties. You, who have been greatly disappointed in other measures of equal promise, can only hope, in the doubtful and uncertain future, that its operation may prove salutary. Since it was first proposed at the extra session, the whole people have not had an opportunity of passing in judgment upon it at their elections. As far as they have, they have expressed their unqualified disapprobation. From Maine to the State of Mississippi, its condemnation has been loudly thundered forth. In every intervening election, the administration has been defeated, or its former majorities neutralized. Maine has spoken; New York, Pennsylvania, Maryland, Ohio, Rhode Island, Mississippi and Michigan; all these States, in tones and terms not to be misunderstood, have denounced the measure. The key-stone State (God bless her) has twice proclaimed her rejection of it, once at the polls, and once through her legislature. Friends and foes of the administration have united in condemning it. And, at the very moment when I am addressing you, a large meeting of the late supporters of the administration, headed by the distinguished gentleman who presided in the electoral college which gave the vote of that patriotic State to President Van Buren, are assembling in Philadelphia, to protest solemnly against the passage of this bill. Is it right that, under such circumstances, it should be forced upon a reluctant but free and intelligent people? Is it right that this Senate, constituted as it now is, should give its sanction to the measure? I say it in no disrespectful or taunting sense, but we are entitled, according to the latest expressions of the popular will, and in virtue of manifestations of opinion deliberately expressed by State Legislatures, to a vote of thirty-five against the bill; and I am ready to enter, with any Senator friendly to the administration, into details to prove the assertion. Will the Senate, then, bring upon itself the odium of passing this bill? I implore it to forbear, forbear, forbear! I appeal to the instructed Senators. Is this government made for us, or for the people and the States, whose agents we are? Are we not bound so to administer it as to advance their welfare, promote their prosperity, and give general satisfaction? Will that sacred trust be fulfilled, if the known sentiments of large and respectable communities are despised and condemned by those whom they have sent here? I call upon the honorable Senator from Alabama, (Mr. King) with whom I have so long stood in the public councils, shoulder to shoulder, bearing up the honor and the glory of this great people, to come now to their rescue.

I call upon all the Senators; let us bury, deep and for ever, the character of the partisan, rise up patriots and statesmen, break the vile chains of party, throw the fragments to the winds, and feel the proud satisfaction that we have made but a small sacrifice to the paramount obligations which we owe our common country.

[This bill again failed, the Specie exaction having been first struck out in the Senate, (31 to 21) when Mr. CALHOUN voted against it, but it passed nevertheless, by 25 to 17. On reaching the House, however, it was instantly met by Mr. PATTON, of Virginia, with a motion that it do lie on the table, which prevailed: Yeas 106; Nays 98. It was likewise defcated at the next session, and only became a law on the fourth trial, July, 1840, after the illegal admission of the sub-treasury claimants from New Jersey to seats in the House.]

472

33*

OUTLINE OF A NATIONAL BANK.

IN THE SENATE OF THE UNITED STATES, MAY 21, 1838.

[Mr. CLAY, on presenting a petition asking Congress to establish a Bank of the United States, spoke briefly as follows:]

I WISH to present a petition, confided to my care, signed by a number of persons, praying for the establishment of a Bank of the United States. It is similar to several other petitions which have been presented to the Senate or to the House, during the present session, praying for the same object. They afford evidence of a deep and returning conviction among the people of the utility of such an institution.

While I am up, with the permission of the Senate, I beg leave to submit a few observations upon this subject. There is reason to believe that much honest misconception, and some misrepresentation prevail in regard to it, which I wish to correct. It has been supposed that those who are desirous of seeing a Bank of the United States established, are anxious that a charter should be granted to an existing State institution, which has an eminent individual at its head, and that this was the sole object of all their exertions. Now, I wish for one to say, that I have no such purpose in view. I entertain for that gentleman very high respect. I believe him uncommonly able, profoundly skilled in finance, and truly patriotic. There is but one other person connected with the banking institutions of the country, in whose administration of a Bank of the United States I should have equal confidence with Mr. Biddle, and that is Albert Gallatin, who, I am glad to learn, at an advanced age, retains in full vigor the faculties of his extraordinary mind. There may be other citizens equally competent with those two gentlemen, but I do not know them, or am not acquainted with their particular qualifications.

But it is not for any existing State Bank, or any particular indi

vidual at its head, that I am contending. I believe the establishment of a Bank of the United States is required by the common good of the whole country; and although I might be willing, if it were practicable, to adopt an existing bank as the basis of such an institution, under all circumstances, I think it most expedient that a new bank with power to establish branches, be created and chartered under the authority of Congress. My friends (as far as I know their opinions,) and I, are not particularly attached to this or that individual, to this or that existing bank, but to principles, to the thing itself, to the institution, to a well organized Bank of the United States, under the salutary operation of which, the business of the country had so greatly ` prospered, and we had every reason to hope, would again revive and prosper. And, presuming upon the indulgence of the Senate, I will now take the liberty to suggest for public consideration, some of those suitable conditions and restrictions under which it appears to me that it would be desirable to establish a new bank.

1. The capital not to be extravagantly large, but at the same time, amply sufficient to enable it to perform the needful financial duties for the government; to supply a general currency of uniform value throughout the Union, and to facilitate as nigh as practicable, the equalization of domestic exchange. I suppose that about fifty millions would answer all those purposes. The stock might be divided between the general government, the States according to their federal population and individual subscribers. The portion assigned to the latter, to be distributed at auction, or by private subscription.

2. The corporation, in the spirit of a resolution, recently adopted by the General Assembly of the State, one of whose Senators I have the honor to be, to receive such an organization as to blend, in fair proportions, public and private control, and combining public and private interests. And, in order to exclude the possibility of the exercise of all foreign influence, non-resident foreigners to be prohibited not only from any share in the administration of the corporation, but from holding, directly, or indirectly, any portion of its stock. Although I do not myself think this latter restriction necessary, I would make it, in deference to honest prejudices, sincerely entertained, and which no practical statesman ought entirely to disregard. The bank would thus be, in its origin, and continue, through its whole existence, a genuine American institution.