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Speech by Henry Clay on the Sub-Treasury Bill in 1840
Henry Clay attacks the Sub-Treasury plan, arguing it would create a government bank of issues. He warns it would concentrate control in the Treasury Secretary, risk specie drainage, and threaten liberty by replacing a broader United States Bank with centralized paper drafts. He cites England’s influence, calls for a mix of national and state banks, and argues public sentiment does not support the measure.
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Henry Clay
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Pennsylvania Bank
Pennsylvania
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London
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Europe
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Franklin
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Philadelphia
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the Treasury
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