Southern telegraph., 1837-10-10

lcOuntry, Is regarded II was P'oup N''''
nlment to him as public MAINLAND one
which was qnd 10 see Bestowed.
Wei, Mr,CALuauN has spoken. lie was
Irlear. fogciblc, AMI occasionally eloquent IN
the delivery OF his sentmon's--ihongh ne
meyer rose TO that power which he has so
rrcnucn,lv displayed when his voice was
raised AGAINST corruption and mlsrule--
AGAINST the extension ofEyecutve patronage.
II was the project he advocated that pre-
vented him from soaring--'hat took away
his winrs--ihat checked the full tide OF pat |
rioc emotions in his bosom.
listened to him attcniiyely. admired
his inaennnily--ho threw out some new
! ideas-but the greater part of his speech |
consisted of sentiments which experience
has refuted, but which were still pronounc |
ed by him with his sententious and rigorous
brevitv ms if they wore political aXloms ct
acknowledged truth and soundness. MrC.
! is inst the person TO heat and contound the
minds of ordinary men. ] have often FELT
his power in this way: but now, alter haV-
| ing heard an exposition of his views and
doctrine, having reflected upon them, trust
in Heaven they never will be admitted; or
be brought into action in this Government,
bv whatsoever recommended or advocat-
ed
Mr.. Calhoun said, the great question is
"Shall the Government again use the State
Banks as fiscal agents? as repositories OF
the public funds? Shall their notes be re-
ceived as spocc?n He took the ground that
both the interest of the Blnks and that of
the Government forbid such a reunion
He took for granted no Senators on either
side would be in favor OF a restoration of the
union, so long as the laws which compelled
the separation would he in force. Who
wished for it? he asked. Not the OPPOSE
ton. They were always adverse to It,
Not the supporters Of the administration, tor
they have upbraided and denounced the
! banks in the strongest terms. 1t may be
unsafe to subject the prosperity of the coun-
try to the chances attendant on an unricd
expodient But what name should be CIV
en- to the trial of an experiment that has al
ready sgnally fdIed? 1t is worse than fol
~ 1t is downright madness.
Bat, he proceeded TO argue, that II the
union should be restored, then National
Bank was indispensable. There must be
= such an institution. Whatever the Govern
9 ment should treat as money, ought to be
sound and uniform. And if the policy
the Government is settled to receive notes
in the payment of public dues, and to dis
' burse the same medium, then the Govern
D ment is BOUND TO have a National Bank.
Public opinion, however, he went on to
say, was decidedly against such an instltu-
J tion-(ths is perhaps qucsiionable9 The
1t executive is pledged against it. (fhls may
i be a reason with the train bands-but none
with the people) A Bank cannot be es
tablisocd without a political revolution
= Chat revolution is now in glorious and trl-
d umphqnt progress Loco focosm is near
to " defunct--and there are few men Of in
ot telligence among the people who have not
&c come to the conclusion that a National
Bank is Indispensable sucha country as
:. this.)
/ Mr.. Calhoun said he had insupcrabc Oh
iections 10 a National Bunk on grounds of
N expedlency. The recoil from the first ben
efcial effects would be tremendous and
n overwhelming. 1t would indeed compel the
resumption Of specie; but, in his opinion, it
would be destroyer, not relormer. The
Ut crials we have gone through would be no
Re thing to what would follow from its estab-
he lishmcnt He was opposed to it Of course
70 on grounds of constitutional construction
or Mr.. Calhoun waived his constitutional
= scruples in 1884, why noes he insist upon
Le them now? some of your readers may ask
e. His defence is that the Bank was then a
~ National lnsiiuiion--and he insisted that il
| tIo l.
- to exist at all, it should he with a National
Is Bank--but now is the proper time to dissolve
&c the Union altoCelhcr)
,e Another objection of Mr.. Calhoun to a
Bank the United States is, that it would
, enlarge executive power and patronage
n lis it possible that the distinguished Scna.
III tor overlooks the immense patronage thai
S would accrue TO the Executive from the
numbcrIess Suh-Troasuries scattered here
and there over this immense country, under
- his supervision and control, appointed and
lie removed at his pleasure?
e Mr.. Calhoun referred to the proposition
% to use the Pennsylvania Bank of the United
States as fiscal agent of the Government:
and said he would never give his consent to
such preference of one State over another
$ TO give such favor to one set of stock
c holders-to give snch a TRIUMPH TO an
g indiridual-Mr. BIDDLE--orcr the Gorern-
mem!
He expressed himself in the cIearest and
most decisive tones against any connection
l. between the Government and any Banking
n institution whatever. He attributed to the
G union of Bank and State all the commercial
Il
subjected; and to the same cause he ascrib-
+ ed the difficulties and cmbarrassments that
o have occurred in England.
; He concluded by bringing forward his
amendment, which is to this effect: That
after the list of Jan'y, 1858, three-fourths of
the public revenue may be paid in the notes