CONTENTS OF VOLUME II. 56 .106 SPEECH ON THE REMOVAL OF THE PUBLIC DEPOSITS FROM THE BANK SPEECH ON THE PRESIDENT'S MESSAGE RETURNING THE PUBLIC LAND . 139 141 .145 191 .. 257 . 260 264 279 SPEECH ON THE DOCTRINE OF INSTRUCTION, SPEECH ON PETITIONS FOR THE ABOLITION OF SLAVERY,. SPEECH ON THE REPEAL OF THE SUB-TREASURY LAW, . . 427 SPEECH ON THE TARIFF AND OTHER MEASURES OF PUBLIC POLICY,. SPEECHES. IN DEFENCE OF THE AMERICAN SYSTEM. IN THE SENATE OF THE UNITED STATES, FEB. 2D, 3D, AND 6TH, 1832. [DURING the session of congress in 1832, in consequence of the violent opposition to the protective tariff then in operation, by South Carolina and other southern states, various propositions were introduced for the reduction of duties on imported articles, which finally resulted in the passage of a new tariff law. in July, 1832. This bill, which was reported in the house of representatives by Mr. John Quincy Adams, although it was voted for by many southern members, on the ground of its being a reduction of the former scale of duties, was not satisfactory to them, and the controversy on the subject of the tariff was not settled until the following year, when Mr. Clay's compromise bill was adopted, providing for a gradual diminution of the tariff of 1832. In the following speech, Mr. Clay, in reply to Mr. Hayne, of South Carolina, and others, enters into a minute and careful examination of the American system, and its effects on the interests of the country; defending, with his usual skill and eloquence, the doctrine of protection to domestic industry. This effort adds another monument to his wisdom and fame, which will, we believe, be referred to by statesmen, who seek the true interests of the country, through all future ages of the republic. The resolution offered by Mr. Clay in January, proposing a reduction of duties on certain imported articles not coming in competition with our manufactures, which he had supported in the foregoing speech of January eleventh, was still under consideration.] IN In one sentiment, Mr. President, expressed by the honorable gentleman from South Carolina (general Hayne), though perhaps not in the sense intended by him, I entirely concur. I agree with him, that the decision on the system of policy embraced in this debate, involves the future destiny of this growing country. One way, I verily believe, it would lead to deep and general distress, general bankruptcy, and national ruin, without benefit to any part of the union; the other, the existing prosperity will be preserved and augmented, and the nation will continue rapidly to advance in wealth, power, and greatness, without prejudice to any section of the confederacy. Thus viewing the question, I stand here as the humble but zealous advocate, not of the interests of one state, or seven states only, but of the whole union. And never before have I felt, more intensely, the overpowering weight of that share of responsibility which belongs to me in these deliberations. Never before have I had more occasion than I now have, to lament my want of those intellectual powers, the possession of which might enable me to unfold to this senate and to illustrate to this people great truths, intimately connected with the lasting welfare of my country. should, indeed, sink overwhelmed and subdued beneath the appalling magnitude of the task which lies before me, if I did not feel myself sustained and fortified by a thorough consciousness of the justness of the cause which I have espoused, and by a persuasion, I hope not presumptuous, that it has the approbation of that Providence who has so often smiled upon these United States. Eight years ago, it was my painful duty to present to the other house of congress an unexaggerated picture of the general distress pervading the whole land. We must all yet remember some of its frightful features. We all know that the people were then oppressed, and borne down by an enormous load of debt; that the value of property was at the lowest point of depression; that ruinous sales and sacrifices were every where made of real estate; that stop laws, and relief laws, and paper money were adopted, to save the people from impending destruction; that a deficit in the public revenue existed, which compelled government to seize upon, and divert from its legitimate object, the appropriations to the sinking fund, to redeem the national debt; and that our commerce and navigation were threatened with a complete paralysis. In short, sir, if I were to select any term of seven years since the adoption of the present constitution which exhibited a scene of the most wide-spread dismay and desolation, it would be exactly that term of seven years which immediately preceded the establishment of the tariff of 1824. I have now to perform the more pleasing task of exhibiting an imperfect sketch of the existing state of the unparalleled prosperity of the country. On a general survey, we behold cultivation extended, the arts flourishing, the face of the country improved, our people fully and profitably employed, and the public countenance exhibiting tranquillity, contentment, and happiness. And if we descend into particulars, we have the agreeable contemplation of a people out of debt; land rising slowly in value, but in a secure and salutary degree; a ready though not extravagant market for all the surplus productions of our industry; innumerable flocks and herds browsing and gamboling on ten thousand hills and plains, covered with rich and verdant grasses; our cities expanded, and whole villages springing up, as it were, by enchantment; our exports and imports increased and increasing; our tonnage, foreign and coastwise, swelling and fully occupied; the rivers of our interior animated by the perpetual thunder and lightning of countless steamboats; the currency sound and abundant; the public debt of two wars nearly redeemed; and, to crown all, the public treasury overflowing, embarrassing congress, not to find subjects of taxation, but to select the objects which shall be liberated from the impost. If the term of seven years were to be selected, of the greatest prosperity which this people have enjoyed since the establishment of their present constitution, it would be exactly that period of seven years which immediately followed the passage of the tariff of 1824. This transformation of the condition of the country from gloom and distress to brightness and prosperity, has been mainly the work of American legislation, fostering American industry, instead of allowing it to be controlled by foreign legislation, cherishing foreign industry. The foes of the American system, in 1824, with great boldness and confidence, predicted, first, the ruin of the public revenue, and the creation of a necessity to resort to direct taxation; the gentleman from South Carolina (general Hayne), I believe, thought that the tariff of 1824 would operate a reduction of revenue to the large amount of eight millions of dollars; secondly, the destruction of our navigation; thirdly, the desolation of commercial cities; and, fourthly, the augmentation of the price of objects of consumption, and further decline in that of the articles of our exports. Every prediction which they made has failed, utterly failed. Instead of the ruin of the public revenue, with which they then sought to deter us from the adoption of the American system, we are now threatened with its subversion, by the vast amount of the public revenue produced by that system. Every branch of our navigation has increased. As to the desolation of our cities, let us take, as an example, the condition of the largest and most commercial of all of them, the great northern capital. I have, in my hands, the assessed value of real estate in the city of New York, from 1817 to 1831. This value is canvassed, contested, scrutinized, and adjudged, by the proper sworn authorities. It is, therefore, entitled to full credence. During the first term, commencing with 1817, and ending in the year of the passage of the tariff of 1824, the amount of the value of real estate was, the first year, fifty-seven million seven hundred and ninety-nine thousand four hundred and thirty-five dollars, and, after various fluctuations in the intermediate period, it settled down at fifty-two million nineteen thousand seven hundred and thirty dollars, exhibiting a decrease, in seven years, of five million seven hundred and seventy-nine thousand seven hundred and five dollars. During the first year, of 1825, after the passage of the tariff, it rose, and, gradually ascending throughout the whole of the latter period of seven years, it finally, in 1831, reached the astonishing height of ninety |