tErTER FRoM MR. CLAY.
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LETTER FROM MIR. CLAY.

 The following interesting letter from Mir. Clay to Hon. JOHN M CLAYTON was read by the latter gentleman during his speech at Lancaster, Pa, on the 5th inst.

 BLUE LIcKs, Aug. 22d, 1S44.

 .Ay DeGr. ST,-Your supposition is right as to the oppressive extent of my correspondence. It IS utterly impossible to answer all the letters which receive l am afraid that 1 cannot reply to many that deseIveit. MT. Madison once remarked to me that Mir. Jeferson's correspondents were killing him; but they were furnished by population of about ten millions. Mine are supplied by popu- laton os near twenty millions. can feel and conceive the possibility of homicide, committed in the mode which Mir. Madison suggested.

 request you to attribute to the above cause, my omission to express to you before, the satsfacton derived from the perusal of your admirable speech on the Compromise law. No man knew better the motives and considerations which prompted its passage than you did, and you have ably and truly exposed them. We were upon terms of the most confidential intimacy and friendship You daily, Tn the Senate, sat near me. You knew of my con- sultations with the practical manufacturers, and their coincidence in opinion with us. believe 1t was upon your invitation, that the lamented Du- pont came from Delaware and conferred with us.- Upon more occasions than one, whilst gazing upon the care-worn conferences and haggard looks of some of the delegation in Congress from South Car olina, you said to me, 'Clay, these are fine fellows It won't do to let old Jackson hang them, We must save them' You lived in mess of some seven or eight Senators, and it your mess that insisted upon the Home valuation, as S1lae qua 7l0n. MT. Calhoun opposed it. Your mess persevered. The fate of the bill threatened but he, at the last moment, withdrew his opposition, and the bill fi- | nally passed.

 have again and again asserted, on the floor of the Senate, that two principal objects were aimed to be accomplished. One was to avert civil war. The other to preserve the policy of protection. It was threatened by Mir. Verplanck's bill, with to- tai subversion; and believed then, and believe now, that, if the Compromise had not passed, at the next session of Congress, all tracks of that pol icy would have been efaced from the statute book.

 You and I both maintained that the measure of protection preserved by the Compromise would be sufficient until about 1S42. But we were taunted by our opponents, to know what would be its con- dition when that period arrived. We replied, there were the home valuation, cash duties, long list of free articles SSc. But sad also let us take care of ourselves now; the people of 1S42 may be trus- ted to take care of themselves. Public opinion, in the mean time, may become more enlightened, and the wisdom of the protective policy may be dem | onstrated. I have not been disappointed. My predictions have been fulfilled. The people of 1942, the Wings, at least, every where, and many of the Democrats, now fully persuaded that the industry of this great country ought not to be pros trated at the feet of foreign powers. Every where lne cry Is TOT larlll TOT ReVellue Wlln ulSCril- nations for protection. Every where the preserva- tion of the Tariff of 1S42, which has worked so well, and is delivering from endorsements, is loudly demanded.

 The circumstances which led to, or attended, the enactment of the Compromise, may be curious and interesting matters of history; but, in re- spect to the policy of protection, the great pract cal, absorbing question is, shall the Tariff of 1S42 be preserved or repealed That question is to be solved in November next. have repeatedly ex- pressed my opinion UNEQUIVOCALLY IN FA- VOR OF IT.

 Thought we achieved great triumph in placing the Protective policy, by the Compromise act with out the reach and beyond the term of Gen. Jack sons administration. And we availed ourselves of the fact that the South Carolina delegation were much more anxious that the difficulty should be l settled by Us than by Gen. Jackson.

 You tell me that am accused of having aban- doned the protective policy. That would distress me exceedingly, if not accused of all sorts of crimes and misdemeanors. I believe have been charged with every crime enumerated in the Deca- | logue laugh at the straights to which my oppo- nents are driven. They are to be pitied. Shrink ing from all the issues, arising out of the great questions of national policy, which have hitherto divided the country they have no other refuge let but in personal abuse, detraction and defamation. l have lived down these attacks heretofore, and with the blessing of Providence, hope to survive I those which they are now directing against me- Most certainly my surprise at the attempt to make me out friend of free trade with foreign countries, and an opponent of the Protective policy ought not

 to be greater than that of my competitor at the ef- fort to establish his friendship to the Protective policy. I remain, always,

 Truly and faithfully, your friend, 1 H, CLAY. l I