A Biography of Henry Clay, the Senator from Kentucky / Containing Also, a Complete Report of All His Speeches; Selections From His Private Correspondence; Eulogies in the Senate and House; and a Poem, by George D. Prentice, Esq.

by Unknown

In his message of 1830, speaking of the bank, the president says:

‘Nothing has occurred to lessen, in any degree, the dangers which many of our citizens apprehend from that institution, as at present organized. In the spirit of improvement and compromise, which distinguishes our country and its institutions, it becomes us to inquire whether it be not possible to secure the advantages afforded by the present bank through the agency of a bank of the United States, so modified in its principles and structure, as to obviate constitutional and other objections.’

Here, again, the president recites the apprehensions of ‘many of our citizens,’ rather than avows his own opinion. He admits, indeed, ‘the advantages afforded by the present bank,’ but suggests an inquiry whether it be possible, (of course doubting,) to secure them by a bank differently constructed. And towards the conclusion of that part of the message, his language fully justifies the implication, that it was not to the bank itself, but to ‘its present form,’ that he objected.

The message of 1831, when treating of the bank, was very brief. The president says:

‘Entertaining the opinions heretofore expressed in relation to the bank of the United States, as at present organized,’ (noncommittal once more: and what that means, Mr. President, nobody better knows than you and I,) ‘I felt it my duty, in my former messages, frankly to disclose them.’

Frank disclosures! Now, sir, I recollect perfectly well the impressions made on my mind, and on those of other senators with whom I conversed, immediately after the message was read. We thought and said to each other, the president has left a door open to pass out. It is not the bank; it is not any bank of the United States to which he is opposed, but it is to the particular organization of the existing bank. And we all concluded that, if amendments could be made to the charter satisfactory to the president, he would approve a bill for its renewal.

We come now to the famous message of July, 1832, negativing the bill to recharter the bank. Here, it may be expected, we shall certainly find clear opinions, unequivocally expressed. The president cannot elude the question. He must now be perfectly frank. We shall presently see. He says:

‘A bank of the United States is, in many respects, convenient to the government, and useful to the people. Entertaining this opinion, and deeply impressed with thebelief that some of the powers and privileges possessed by the existing bank, are unauthorized by the constitution.’ and so forth. * * * ‘I felt it my duty, at an early period of my administration, to call the attention of congress to the practicability of organizing an institution, combining all its advantages, and obviating these objections. I sincerely regret, that in the act before me I can perceive none of those modifications,’ and so forth. * * * ‘That a bank of the United States, competent to all the duties which may be required by the government, might be so organized as not to infringe on our own delegated powers, or the reserved rights of the states, I do not entertain a doubt. Had the executive been called on to furnish the project of such an institution, the duty would have been cheerfully performed.’

The message is principally employed in discussing the objections which the president entertained to the particular provisions of the charter, and not to the bank itself; such as the right of foreigners to hold stock in it; its exemption from state taxation; its capacity to hold real estate, and so forth, and so forth. Does the president, even in this message, array himself in opposition to any bank of the United States? Does he even oppose himself to the existing bank under every organization of which it is susceptible? On the contrary, does he not declare that he does not entertain a doubt that a bank may be constitutionally organized? Does he not even rebuke congress for not calling on him to furnish a project of a bank, which he would have cheerfully supplied? Is it not fairly deducible, from the message, that the charter of the present bank might have been so amended as to have secured the president’s approbation to the institution? So far was the message from being decisive against all banks of the United States, or against the existing bank, under any modification, that the president expressly declares that the question was adjourned. He says:

‘A general discussion will now take place, eliciting new light, and settling important principles; and a new congress, elected in the midst of such discussion, and furnishing an equal representation of the people, according to the last census, will bear to the capitol the verdict of public opinion, and I doubt not bring this important question to a satisfactory result.’