Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-03-28
ELECTION OF SENATOR.

| Pa6iteahisn otHe Conservatives
MI, rtfroN said he was gratiiicd that the decis-
ION OF the House opened the way for INN as the
assault, which had been made upon the Conscrva-
yves ny the gentleman from Norfolk made IL desra-
o'e mat something should be said in yindicaion OF
Their position and principles. MIR F. said that ai-
Ter nominating Mr. Rwes he had determined not 10
participate even IN the guerilla warfare much less in
The extended and dscursive debate growing out of
'nseNch'ng controversy unless his political friends
were assaiied IN manner offensive proper self
respect and demanding reply, Otths character,
IN his conception said MI p. were the observations
OF the gentleman from Norfolk, (Mr LnnphorncD \
and MS such, required that they should be met full
IN the lace al The very instant, before thcy were for
cotton.
That gentleman. said Mr.. Pcytou, after carcerinp
through many visionary speculalons with strength
OF wing "orhhy OF the loltiest and subnest Ills hts
NJ last darIed with falcon rapacy upon his prey
Inc poor Conservaives,w who were gazing with unsus-
pecuns admiration upon the intellectual gy,ations of
the gentleman, were utterly amazed when they found
themselves the devoted victims of his wrath Not
content Mr. Speaker, with eonicmptuous illusions
10 their numerical weakness, he had impu gned their
integrity, IN charging that they were pretending to
favor Wing principles 10 secure Wing support in the
election OF Senator, when IN fact they had not the
slightest intention Of abandoning the Administration
or analGamating with this oppos,tion.-(II Here Mr..
icyton repealed, with great warmth, the imputaion
upon tho Conservaties.) lie assured The gentleman
from Norfolk that he had wholly mistaken the mo
lal as well as the political composition of this small
hand, II he supposed Them capable of pretending any
ihing winch they did not feel. afraid to avow any
thing which they approved. Mr.. =. said that their
position was disconnected with, aud independent Of
all pafes aud he felt that II due To candnur and
TO respect that he should dlsayow on their part
all the false motives and surcpious influences
which had been urged as controlling their conduct
IN this controversy.-We have neither, said Mr.. i.
deprecated the assaults OF our old political associates,
nor have we sought defence and protection under
Wing power and Wing alliances, against the renen-
dous avalanche of wrath and dsplcasuie with winch
II is SAID we are threatened. We stand, Sir erect
and undismayed, acting under a firm and abiding
confidence IN our consistency as Republicans, aud
der deep and thorough conviction that preservation
OF those principles depends upon the maintenance of
our position with ,esolule and uuilinching
firmness. We, Sir, said Mr.. Peytou, have
looked upon the financial questions which have
agiated The country for years past, ques.
tons Of vast magnitude and importance, aud in
yolv'ng in no small degree the prosperity and hap
plness OF this great nation. Entertaining these
sentiments, however strong may have been our
party attachments, and however ioath we may have
been TO separate from those by whose side we had
been battling 50 long and so suco ecsslnlly, we felt
that as patriots we had no alternative Occupying a
position which, IN the violence OF patty excitement,
had been denounced by the Wings, aud which is
now abandoned by much the larger portion of the
Administration who formerly supported IT, we must
have been blind NOT have appreciated the exposed
aud per'lous condition OF the position which had
undertaken to maintain. We did forsee all the dis
advantages and difficulties said Mr.. =. but, instead
OF being dlsheaftcned we felt nerved aud encouraged
ny me weight oil responsibility which rested upon
MIR. Peyton said, having accomplished the object
Tor which he rose, lie felt disposed to redeem his
pledge by taking his seat; but as some facts III
financial history, pressed themselves upon his mem
DRY al this time, which OF an interesting and
In In
Of the Assembly for few moments longer liz said,
that weafIed as he was, and AS he believed the
House to be, with discussion that seemed 10 be al
most intermnable, he would be as succlnt as was
consistent with peisplcuity.
A glance, SAID Mr.. Peyion, at our political histo-
ry will shew that the Conservatives IN advocating the
State Banks repositories of the Federal Revenue,
are acting III perfect accordance with the Republican
doctrines, as taught by their illustrous expounder,
Thomas Jefferson, when our Government was first
settling upon lis foundations, and in exact conior-
NIFTY with the practice OF his Administration 1t will
exhibit his beloved successor the virtuous and incor
fupuble Madison, maintaining the same doctrnes-
and. what with many persons, said Mr.. Peyton, wall
be still hgherauhoriy will present General Jackson
the bold and ardent and unco pfo msIng advocate
OF the principles and policy Of these distinguished
Republican administrations.
One Of the first questions Of interest and magn-
tude, said Mr.. T., which grew out OF the Consiu-
ton of 1857, the right claimed by The General
Government to incorporate Bank OF the United
States. From the time the Constitution was adopt
ed until 1891, when The scheme of great National
Institution was first seriously entertained, the public
treasure confded to the State Banks, whose Eff
cheney and fidelity had been in the slg hes de-
gree distrusted Under these circumstances, when
the constitutional question was referred by Gen.
Washington to his Cabinet for their advice, the
Secretary Of the Treasury, Gen. IIamllton,) the
great head Of the Federal party malntained with hls
accustomed ing enuiiy and ability, the right of the
Federal Government TO exercise the power In
question incident essary To the carrying out
effectively some OF the powers expressly conferred.
The Secretary OF State, Mr.. Jefferson, whom
the Republicans acknowledge as the highest and
most orthodox authority upon these matters, argued
that there was necessity for establishing Fede-
raj Bank, fiscal agent Of the Government, because
the State Banks would make satisfactory arrange
ments Tor that purpose and transact the business
wel-It seemed to be admitted all hands, that
Bank agency very important II not indispensaby
necessary-and The fact, that the State institutions
entirely adequate to complete and satisiacto-
ry uanag of the Federal finances was relied up
on as the strongest argument to overthrow the very
plausible and ingenious conclusion IN favor OF a Ma
ito nal Bank, deduced from The idea Of its being
cessary to proper management OF the National Ex-
cheauer. Mr.. Peyton said that he might remove
every suspicion that his political preJudces had
even unconsiously led him into the slightest per
version of their lei mate import he would read an
extract from the Cabinet Opinion TO which lie had
alluded. 1t is in these words:
THE existing Banks will. without doubt, enter
3" ARRANGEMENTS Tor lending their agency and the
" more lavorably, thefe will be "A competition a
i" mong them for 1t whereas, the bill delivers up
bound 10 the National Bank, who are free TO refuse
" all arrangement but their own terms, and The pub
+. lie not free on such refusal, to employ any other