Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-09-10

| Calhoun asserts. and TO certain extent We sgre
with him in opinion, that the specie feature of tn
ubTreasu,y project is vital principle dives
ted u which the whole scheme becomes " solemn
mockery"-and as, under this impression. he voted
against the Bill when this feature was stricken from
II in the Senaie,-Mr. McDuiie enpha,icalIy re-
jects this Vital principle" as alike absurd. i'm
practicable aud mischeynus. lie says: AS Ia
1.-The requirement that all dues to the Governmen nj
" shall be paid in specie exclusively, ! have been
opposed TO it from the beginning SO that Mr..
McDntfe, II he is in favor of the Sub-Treasury
system al ALL is in favor only OF that portion oil II
which relates TO the details connected with the col
lection safe keeping aud disbursement Of the public
funds, TO the medium in which those collections
aud disbursements shall be made. lie IS IN favor OF
individual instead OF bank agencieshe sales, vaults
and hytlrosatic balances of Mr. Gouge but of the
" hard money humbug" Of Mr. Calhoun lie is
in favor of receiving the notes OF specie-payiug
banks for poynrnment Dues which Mr. Calhoun
pronounces TO be uaconstitutionat-and, which, ac
co,ding 10 Mr.. Cahouu's celebrated argument, that
whatever the Government receives as money ii is
bound to regulate" renders National Bank NOT
only constitutional, blu. of indispensable necessity !
Instead, therefore, of sustaining Mr.. Calhoun, as,
from superficial reading OF his letter, seems TO
be the case, and he evidently endeayots to do as
far as he can, Mr. MeDuliie absolutely compels
Mr.. Calhoun TO fall back upon the position which
he occupied in 1916 and 1884, and to take The field
once more us the champion OF National Bank-ior,
rs the Charleston Courier observes, " Mr.. Cal
houn is soemnly pledged to support National
Bank il the specie feature is rejected. lie voted
70 ains the bill in the Senate because that clause
was stricken out lie asserted, without AIRY qualifi-
cation, in the of his against the bill with
out that clause that he consider ed that clause the
grand principle which preserved the whole system
from unmited co17Upton and from more disastrous
union Of Bank and STATE than The country had erer
been risitcd teih. lie denounced the bill without
that feature as mec mockcry OF telora--as iarci-
ca-as treachery to all heir principles and probes
sons" And yet who will be surprised to see Mr..
Calhoun support the Sub Treasury bill, al the
next session, even without the specie ieaure-and
in the teeth of his recent speeches and votes,
proudly proclamng that he has changed no opinion
abandoned no principle -
There are some other positions assumed by Mr..
Mr.. McDutfie, upon which we DESIGNED to submit
few renec,ions-such as his proposition to issue
Treasury Notes, eorcrnmem currency, which,
would be tie only currency in the country aud
would generate a system of extravaganza and pro-
neacy before unknown IN our Lslory-lle aSsnmp-
Ion that a new National Bank would necessarily
possess fifty millions Of capital, and that !, would If
course be located in New York. &c. &c. but
want froom compels TO close remarks.