Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-05-24
MIR. MENEFEE'S SPEECH.

We publish with pleasure, the subJoined sketch of
the eloquent speech made by that gallant and high
minded kentucklan, Mr.. Ncnclecc. on the Treasury
tote Bin, in reply to Mr.. Rhett, of S. Carollua.
The sketch was prepared by the Washington Cor
respondent of the Baltimore Patriot. Mr.. Rhett is
used up
He did not rise, he said, to debate then the merits
of the question; but on the first instant TO relieve 1t.
simply and III a few words, from the Late false posi-
ton IN which the gentleman from >. G.. MI.
RhetD had, IN the speech just delivered sought TO
place II.
Sir, said he, that was a most surprising speech.
What does the gentleman mean ! Does he intend
meaa1e lie must have so intended. Sir, does
he forget that that ingredient has been SO freely and
iudiscriuinatcly employed IN the same quarter
whence it now proceeds, that. though clothed IN It's
accustomed thunder, 1t no longer inspires terror =
scarcely cxciIes notice. 1t is al length become, sir,
a regular exhibition, which all expect, none regard.
But, sin, whence this present volcanic eruption
whose fame AID smoke SO sublinely mlDgIe with the
thunder and lightning OF this new menace ! The
cause that produces It IS about rs potent as the eff
feet. What IS II, sr
The Governments, By a series oil financial dlsas-
tiers, which popular OPINION asc1bes TO a series OF
financial cnormitics Of the Administration has M
formed the House (wIat it knew bclore,) that the
Treasury i in much %eXlgcncy, and recommended
the early adoption ofmcasurcs for It's relief. Well,
sir, ths House, whose peculiar province it's TO on
ginate measures OF tins kind, is satisfied that such ext
gcncy does exist 3ud, without distinction OF par
lies. proclaims a readiness and determination 10 fur
uisa the supplies required, and TO proceed, at once,
to the consideration Of the most proper manner OF
raising them. That they must be raised IN some
manner, is admitted on all sides; the most appfopri-
late manner Of dong il Is the only question.
The Executive, sir, as II was his right To do, has
recommended, as most appropriate, q i0an OF ten mi
lions of dollars.-lle House IS Of the ame opinion.
The Executive, however, proposes an indirect loan
By an issue OF Treasury notes. Gentlemen i'll the
opposition suggest a direct loan, in the Ordinary
form. They resist the loan which the President
proposes, on the ground that, in the view OF the
Constitution, it is no loan !; that the proposed notes
are meant for circulation, are paper money, are bills
Of credit that in employing the credit Of The Gov
eminent TO raise money, Congress IS limited by the
Constitution to : borrowing SIMPLY, no qualnty o
which exists nthe proposed issues, which is bat the
rommOn instance OF a creditor applying for payment
and the debtor, for want OF money, llquidaies the
debt by a note on time, and and that tor these and o
ther iusurmountable objections, that manner OF rFs
ing supplies should not be rcsorted 10. In all sInct
certainly agree. a PLAN man think would DIS
cover nothing very Objectionable IN all tins. But
sir, how does the gentleman from South CaroIl"
regard it!
Why, Sir, that gentleman looks not to these, or a
/. ny conceivable objections, Lessns not 10 meet then