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the United States, which had been unequivocally and emphatically
demanded by the people, and of which measure, therefore, Mr. Clay
was the most prominent advocate?the exciting debate upon the
President's extraordinary and unprecedented Protest; ? in the
discussion of all these, and many other questions of minor
importance, did this indefatigable and able Statesman participate
with his accustomed eloquence and ability, establishing new claims
to the respect and admiration of his countrymen, and laying still
more broadly the firm foundations of an enduring and overshadowing
fame. As an instance of remarkable prescience, displayed by him in
1835, we give a short extract from a speech delivered at this time
in the Senate. How truly did he then predict the policy of the
administration towards the catastrophe now so widely felt and
deplored " There being," said he, " no longer any sentinel at the
head of our banking establishments, to warn them, by its
information and operations, of approaching danger, the local
institutions, already multiplied to an alarming extent, and almost
daily multiplying in seasons of prosperity, will make free and
unrestrained emissions. All the channels of circulation will be
gorged. Property will rise extravagantly high, and, constantly
looking up, the temptation to purchase will be irresistible.
Inordinate speculation will ensue, debts will be freely contracted,
and when the season of adversity comes, as come it must, the banks,
acting without concert and without guide, obeying the law of
self-preservation, will all at the same time, call in their issues:
the vast number will exaggerate the alarm, and general distress,
wide-spread ruin, and an explosion of the general banking system,
or the establishment of a new Bank of the United States, will be
the u...
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