scarcely a possibility of establishing one, and his too steadfast
opposition to the harmless expedient of the Sub-treasury. The
Sub-treasury system has now been in operation for a quarter of a
century. Call it a bungling and antiquated system, if you will; it has
nevertheless answered its purpose. The public money is taken out of
politics. If the few millions lying idle in the "Strong Box" do no
good, they at least do no harm; and we have no overshadowing national
bank to compete with private capital, and to furnish, every few years;
a theme for demagogues. Mr. Clay saw in the Sub-treasury the ruin of
the Republic. In his great speech of 1838, in opposition to it, he
uttered, in his most solemn and impressive manner, the following
words:--

"Mr. President, a great, novel, and untried measure is
perseveringly urged upon the acceptance of Congress. That it
is pregnant with tremendous consequences, for good or evil,
is undeniable, and admitted by all. We firmly believe that
it will be _fatal to the best interests of this country, and
ultimately subversive of its liberties_."

No one acquainted with Mr. Clay, and no man, himself sincere, who
reads this eloquent and most labored speech, can doubt Mr. Clay's
sincerity. Observe the awful solemnity of his first sentences:--

"I have seen some public service, passed through many
troubled times, and often addressed public assemblies, in
this Capitol and elsewhere; but never before have I risen in
a deliberative body under more oppressed feelings, or with a
deeper sense of awful responsibility. Never before have I
risen to express my opinions upon any public measure fraught