[THE Bank of the United States, which was incorporated by an act
of congress, during the administration of general Washington, in
1791, having applied to congress for a renewal of its charter,
which was to expire, by limitation, in 1811; the question came
up first for decision in the senate. The renewal was advocated
by the federal members, and by Mr. Crawford, of Georgia, Mr.
Pope, the colleague of Mr. Clay, also by a few other democratic
senators; and the bill was finally defeated, by the casting
vote of the vice president (George Clinton). Mr. Clay, having
been instructed by the legislature of Kentucky to oppose the
renewal of the charter, acted in obedience to those instructions,
notwithstanding the opposite course of his colleague. His
argument against the bill, shows that he then believed the bank
charter unconstitutional――an opinion which subsequent reflection
and examination induced him to reverse, some years afterwards.
In this change of opinion, he was sustained by the example of
Mr. Madison, who signed the charter of the bank, incorporated in
1816, and other eminent statesmen. This being the only subject
of great importance on which Mr. Clay has been known to have
changed his views of national policy, during his long public
career, the following speech will be read with much interest.]