Again the two parties found themselves reversed in position: the Federalists were now opposing the bank, — some of them, like Webster, because the capital was too large; while the Republicans, with some exceptions, were favoring it as a necessity. But how did Clay perform his somersault? He made a speech which his contemporary friends praised as very able. It was not reported, but he reproduced its main propositions in an address subsequently delivered before his constituents for the purpose of defending himself against that charge which has such terrors for public men, — the charge of inconsistency. This was his argument: In 1811 the legislature of his state had instructed him to oppose the re-chartering of the bank, while now the people of his district, as far as he had been able to ascertain their minds by conversation with them, were in favor of a new bank. Secondly, the old bank had abused its powers for political purposes, while the new bank would be deterred from doing so by the fate of its predecessor. This was making an audacious draft upon the credulity of his audience. Thirdly, the bank had been unconstitutional in 1811, but it was constitutional in 1816, owing to a change of circumstances. We remember that magnificent passage in Clay's speech of 1811 in which he arrayed in parade the monster corporations of history, arguing that so tremendous a power as the authority to charter such companies could not possibly have been given to the federal government by mere inference and implica-
