The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-30

description Of monarchy, whether the purple, and
scspire. and other insignia and gewgsws there
This slsrming growth OF authority and patronage
had been brought about by different causes BIO, not
the least productive and important the reehgbiiiy
Of The PresideHf
\ Mr. LEoARE dwelt with great power on this topic
He truly said that, however momentous the issue
before the people, in financial point Of view, the po-
lical aspect Of by far the greses matter that
had ever been presented TO the American people. u
VAS with him, secondary question whether the Sub
treasury bill should be passed not might be- that
the people would be driven TO such Q system. But
even IL II were possible that the banks would 90 mis-
behave 10 render it's establishment necessary, IL
would not follow that the very whose mali admins
Iallon has produced the arrangement Of the whole
fiscal system OF the country. should be trusted with the
management Of that Sub-tressury scheme. II such
an engine was necessarily to DO put in the hands OF
Government, then, in his opinion. that was the very
reason why the Government ought to be placed IN The
hands Of others. This one OF the best OF all
for a change of administration.
Mr. Legare then drew the attention OF his hearers to
another view Of the matter by far too urgent to be
passed by any who is alive TO the true charsc
ter Of the present state Of things. We are in the
midst OF crisis. The tempest that has blown down
the colossal institution Of neghboring State Is still
bowling in our ears There is instruction, monition
solemn warning brought home to US by it, Mr.. Legsre
declared he had lrembled in this storm He al
ways hac thought stood n need Of the experience by
which il was attended
He euogized ia the wsrmest terms the Of the
Banks Of New York. and when he exclaimed, "honor
to those who have had control Of ,hemi" the cheers
were most cordial and enthusiastic. He said he was
proud 10 offer his tribute Of appreciation the general
applause. They bad acted with courage fidelity and
wisdom. Charged with the guardianship Of the cur
rency, they had taken true Of the rd.--ooked
to its permanent welfaIe-no, any temporary wishes
He thought they entitled the thanks Of every
patriot As q Conservative he felt himself under Pc
culiar obligations to them. They had made him their
debtor without discounting his note They had i'm
posed on him greater debt that felt by the grateful
mind, which owing, owes not, at once indebted and
discharged
Mr.. Legares discourse was that in which he noticed
the course OF the administration against the Credit
System and its wretched attempts establish cur
rency Of specie alone He showed most clearly that
this country had specie sufficient to do its bust
ness. The only period when the currency con-
fined TO specie Just between the revolution and the
establishment OF the present Government The coun-
Try was then in the greatest embarrassment II
this time that Of the nobles youth Of New Eng
land rose in arms-(he referred to Shsy's Rcbelon)
claiming the right to get living, and demanding of the
Government, that they had specie they should
have paper currency wheewh to carry their BUSH
ness.
Mr. Legare spoke in a most interesting and instruc-
tive manner Of the State Bank System, which was
tabshed after the destruction Of the United States
Bank and Of that period Of confusion when general
suspension OF specie payments took place. He here
took occasion to characterize very properly the financial
qualifications Of Mr. Woodbury., especially his prodi-
gious imbeclty, and has snperhuman capacity Of bun
dcring. With such miracle Of stupidity and awk-
wardness to direct the administration of tho SYSTEM it
was no wonder thar the banks were Frustrated
Mr. Legsre said he did not permit himself to be
frightened into any extreme by the confusion Of
that period On the contrary, he had maintained that
if fair chance had been given to the banks-if the
IpRfp nT ri, shc
banks, and sssaing them with every OF disrust,
misrepresentation abuse, and calumny, had stood by
them, as was its duty, all would have gone right The
honorable gentleman here referred in most impressive
manner to the anxeties he had felt at that PERIOD and
declared il necessary to have experienced those
heart throbbings in order know how great the
triumph he enjoyed, when the Banks Of New York
were practically verifying the language he and his friends
| then employed
M ss ay ssef us as with the
decscy. He did no, expect them to swallow at once
what they had given out He had only asked them no,
to make party question Of il and appealed to them
to give time for longer experience.
What their snsweri They talked Of the cor
rupton Of the banks they talked Of ancient instances
iron money and black broth Of Lacedamon they talk
ed OF hard money countries they spoke of Cuba ~
they had not then talked Of China they had not the
hardwood to compare this yourg and beautiful country.
full Of life, and splendor, and Joy" the painted
vanished corse, the shrvelled mummy Of the East
they did not dare 10 insult the American people with
that comparison. %.
Mr.. Legare said that he thought it one of the strong
est proofs Of the unconquerabc gravity Of Jonathan.
that such things should be read without laughter If
these men had any wit or humor, he would think the
whole intended Joke Dean Swift when he called
upon people TO conform their habitudes Of life to the
modes Of the sage Horses, described in Of the yoy
ages of CULVER, urged any thing droll than
is daily published in Mr.. Van Buren's organ-the
Globe. In sober earnest, it would be retrogression
making love to darknessto go back to those hard mo-
ney countries In America paper money is thoroughly
understood II is Of the proofs OF superior adj
vancement OF the two signs OF value specie and pa
per- we prefer the latter; and II the exclusive specie
system could be established here, the American people
would not tolerate practically They would sell their
SPECIE as they have done before for more convenient
medium.
Mr. Legare then returned to the political aspect Of
the question. The re-egiblity of the President, he
said the banner under which this battle TO be
fought The people ought not to allow their chief ma
gslfae to play that most odous and most dangerous OF
characters demagoeue in purpc-working for his
election second term. Nor ought they permit,
is the now, the election Of every candidate for Of
flee to be made dependent upon the question, Whom
are you in favor of for the Presidency !"-upon the
question, Are you ready to sink swim with Mr..
Van Buren, !" or any other candidate.
il such were the case, Congress would become
mere phantom, without substance; and not at all what
was intended by our republican fathers
Nor ought the people TO submit to that most terrible
OF all crafts, party craft, than which there any
more fearful source Of danger Mr. Legares descrip-
ton Of this species Of craft Of the most power
full parts Of his speech.
We regret TO be compelled, by want of room, to de-
fer notice Of this and many other interesting topics
of his speech until tomorrow. His remarks or the
spos system; the a,rocous declaration of Ex-Go-
vernon Marcy that "to the vlcors belong the sbois"
called out repeated bursts of applause.
Mr. Legsre concluded with most anmsng and ef-
fective appeal to his friends and fellow citizens Of New
York. to be active and energetic in the coming ccotest
/" You can beat your adversaries said he and none
Of you who concur in the sentiments have underworld