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ments under which the Secretary must la. Dor if Congress refused to do any thing. would not; said he, be Secretary of the Trea- sury for the wealth of the Indies, q was al. most going to say) unless there was some re- gulation provided by law. If the proposi-' ton of the gentleman from Massachusetts fails, and fail it will, what condition we will be in, until another Congress shall be elected, for from the present we can have no hope that the Sub Treasury Bill win pass.

 Mr. Clay expressed his regret that there should be such an unfortunate difference of opinion between tfe friends of the adminis- tration. One he considered as good friend as the other. Buts said he, they both profess a willingness to go before the people. So" are we; and l almost regret that we have such an advantage over them, for the people have already decided against their measures. The gentleman from South Carolina says, this proposition comes from the right quar- ter and we must take the responsibility. Why if you are broken up, as a party; if you feel that you are prostrated, as you re- ally are, resign your places go home leave the management of public affairs to US, and my word for it, in sixty days we will restore confidence, regulate the currency, and re- yive the business of the country. Let us4 have the power to adopt our own measures, ~ and such will be the fruits but so long asy& you refuse this, on what principle are we responsible!

 The proposition of the gentleman fron1sa Pennsylvania. said MT. Clay, is componnda of distrust and confidence. You are to re- ceive the bank notes, and this is an evidence of your confidence, but you are to convert them forthwith into specie; this shows a want of confidence. Then you are to make special deposte of the specie in the Bank,~ thus again confiding in their integrity. All this is not only useless, but preiudicial, be- cause it keeps up the excitement and distrust.

 We are told that we must not go home without doing something. Sir, said he, from the removal of the public deposites down to the present time, the fatal doctrine has pre- vailed that the Executive should control every thing. Suppose the bill of the Sena- tor from Pennsylvania passes, and the doc-- trines of the party are carried out, what is to be the state of the case! The banks are 10 be under the control and direction of the Treasurer, who is to keep the money. The Treasurer under the control of the Secre- tary, and the Secretary subject to the will and pleasure of the President, who is respon- sible for all his official acts. Sir, you have law enough if you will be governed by the law. The act of 1769, cautiously drawn, con- talns all the provisions that were deemed ne- cessary at that time. Let those provisions be complied with.

 What is the fact at this moment? AL though you have refused to repeal the laws respecting the receipt of certain Bank notes, yet those notes are received, notwithstand- ing the prohibition by law. Every officer receives or rejects such as he pleases-does as he pleases. Here is no law-no responsi- bility-no Government. As it respects the Sub- Treasury bill. there is no longer any hope for the Government. It is dead, dead, dead, and if this proposition shall fail-and the gentleman from Pennsylvania says it will the responsibility will rest where it ought.

 Mr. Calhoun denied that he was the friend of the administration. He stood, he said, where he had always stood He was with them on this question. He would support such measures as he approved. without re-, would not be misrepresented to the country. He then proceeded 10 denounce, what he termed the Monarchical Bank suggested by the Senator from Kentucky, {Mr. Clay) He believed, he said, that such Bank would be more dangerous to the liberties of the Country than the concentration of all pow CT in a single man. Bring forward your Bank now, said he. Exhibit your plan,'and there will be found THREE to ONE against it.

 MT. Clay said he had used no language but the gentleman's own. The Senator from

 

 us, and osr deteai. am willing that he shall be considered bctwixt and between these two great parties. But sometimes he talks of re- viving the party of 1927. and then of l796; and on more occasions than one, the party of the South, as if the South was not already a, part of the Union.

 know, Sir, said he, the sanguine tempe rament of the Senator. know how easily he deceives himself. He has prophesicd. Let me add prophecy as to the next House of representatives. We shall have about two thirds, or nearly so, of the whole number of Representatives. Aye, and there will be some changes here in this body, too. After some general remarks in relation toa Bank of the United States, Mir. Clay said, propose to follow the people on this subject. After they have expressed, fully and clearly. their wishes in favor of such an institutional am for it, and until they have done that, hope no proposition for Bank will be made. do not wish to follow the example set me of misrepresenting my constituents. .-s...

 Mir. Calhoun said, he belonged to the Southern party. and gave an explanation of their characteristics. He then made some allusons to Mir. Clay which was not heard by me, but which called him up.

 MT. Clay said, that any man or party, m the North or in the South, in the East or in the Vest that attempted to rally one portion of the country against another. was pursuing, in his opinion, that policy which must tend to- produce the most direful consequences to the: Union. Sir. said Mir. Clay, l state here in my place, that in my opinion, he the Senator from South Carolina) has done more to in-, crease abolitionisnn, than their own policy or conduct could have done. This excitement would die away; will die away, if not kepe up by those who wish to profit by it.

 MT. Strange followed MT. Clay, in opposl-> ton to the bill, and in favor of Mr. Bucflan-