J. Madison with his best respects to Mr Clay thanks him for the Copy of his speech "In Defence of the American System &c" It is a very able, a very eloquent, and a very interesting one. If it does not establish all its positions, in all their extent, it demolishes not a few of those relied on by the opponents. J. M. feels a pleasure in offering this tribute to its merits. But he must be pardoned for expressing a regret that an effusion of personal feeling was, in one instance, admitted into the discussion.