Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-11-04

tive aud important WAS tie re- eligibility oil the Ere
sidcnt.
Mr.. begare dwell with grcnt power on this topic
lie rul, said HAT however momentous WAS the rs
SUE now before the people, IN financial point o
view. the political aspect oil bs lar e greatest
matter thai had ever been presented 10 the American
people. 1t wan, with him. secondary question
whether III, Sub Treasury II should be passed of
not II might be that tho people would be driven tn
such system. Buf. even II II were possible thai Inc
banks would so msbrhave 10 render lis establish
ment necessary. il would not follow that The very
men whose NAL administration has produced the de
engagement OF the whole fiscal system of The country,
should be trusted with the management OF the enb
treasury scheme. isuoh an engine was neccssarl'
~ In be put in the hands Of governments then, in his
opinion, that MAS the why the Cover nj
ought 10 be placed IN The hands of others, This was
one of the hes, of all reasons for change ofadmin-
IIsttation,
Mr.. Logare then drew the attention Of hs hearers
TO another view OF the matter. by lar 100 urgent To
be passed aver by any who ~ alive To the true
character OF The present state oilhugs. We are ~
the mlst at edsis. The tempest that has blown
down the colossal institution Of ncighbn,,ng state
Is still ho"lng in our ears. There IA instruction,
monitor, solemn warning brought home In by
III. Mr.. Legare dcclarcd that he had never ucn
BLEED in Tina storm.-lle always had thought We
stood ia need Of the experience by which VAS at
tended.
lie culoezedn the warmcst terms the course Of
the banks OF New York, aud when he exclaimed
"llonor those who have had the contiol OF thcmi'
the cheers were most cordial and enthusiastic. He
said lac proud 10 offer his tfibulc ol appreciation
10 the general applause. They hadaesd wlth conr.
age, fidelity and wisdom. Charged with tho guar
dlanshp oil the currency. they had mhentrnc care
Of their ward-loohed 10 liz permanent wellaro-not
,ny temporary wishes. lie thought they en-
titled the thanks of every patrot. Asa eonscrva.
tive, lac felt hcmaelf under peculiar oblieai"na To
ihem.-fhey had made hun their debtor without
dlscouning his paper They had imposed on INN
a greater drbt--ihat fe by the grateful mind,
which, owing owes not--at once Indebted aud dis
ehargedi
Ono of the most powerful and ably reasoned parts
of Mr. Legare's div ennrsa was that in which he no
iiccd the course Of the administration against the
credit system. and its wretehed attempt to establish
a currency ofspeeie alone. lie showed most clear
" hat this country had specie sufficient 10 do
it's business. Tho only period when tho currency
was confined to specie just between the rcvoln-
lion aud the establishment ofthc present governments
The country WAS then IN the greatest emhhfrass-
mcnt 1t was NJ this time that some oi the hoblesi
youth of New England rose III aims (lhe referred 10
Shay's rebelIionlolaming tho right Ia get living.
aud demanding Of the envolnnen, that ~ they had
no specie, they should have paper currency TO car.
~ their business.
MI Legarc spoke IN most Interesting and in
sruct,ye manner Of the state bank ,vstsm, which was
established aitcf the destruction OF the United States
Bank and OF that period ol confusion when n genof-
II suspension Of specie payments took place. lie
here took occasion 10 chaactctize very properly the
financial qualifications of Mr.. Woodbury.. especially
his prodlpious mbccility, and his supe human Capa
city of blundefing. With such miracle OF stupid
~ and Of ankwardnoss direct the administration OF
Tie system ii wonder thai the banks were pros
iraied.
Mr.. Leparc said he did not permit himself TO be
frightened into uny extreme course by The confusion
Of thai peiiod Ga the contrary. he had maintained
that # far chance had been gwen To the banksh
the Governments, instead Of isiug oamor against the
banks, and assalling them with every tenn Of disrnsf.
misrepresentation, abuse, aud calnmny. had stood b.
them as WAS its duiy, all would have gone right.
The honorable gentleman here referred IN \ most
impressive manner 10 HE anxiees he had fell al
that period, aud declared II was necessary to hava
experienced those heart thobbings N order know
how great was the Triumph lie now enjoyed, when
The banks OF New Yo,k were practically verifying the
language he and his friend tlrn employed.
Mr.. Legare said nniy that the administration had
been treated, in lecnd 10 this question. with tho NJ
most dcllcaey. lie did not expect them TO swallow
At once what They had gwen out. lilo had only ask
al thom not 10 make parry question oi II aud
appealed 10 themto gyo time Ion longer expert
What wac their answer! They talked ofthc cor
rnItnn Of The banks; They talked of aaccnt insan-
ccs; iron money aud black broth Of Lacednmon;
they talked of hard money couniIins; they spoke ol
Cuba-hey bad not then talked oi China; they had
not the hardhoodIo compare tbs young and beauil-
ul country, "full Of life, aud sp. ndor aud oy. ~
the painted vanished corse, the shrivelled mummy
OF the East they did dare insult the American
people with that comparison.
Nh. Lcgaie said that he thought II one Of he
strongest proofs Of The nnconqueiabe gravity Of Ion
ATTAIN that such things should be read without laugh
ler II these men had auy Wit or humor he would
think the whole intended as a joke. Dean Swift.
when hc called upon people 10 conform Their habit
udcs Of eio the modes OF the sage horses, described
Of the voyages Of Gulliyor. never urged any
hng more droll than is daily published ~ Mr.. Van
Buren's ofgau--the Globe. In sober earnest, II
would be alelrogression--aaAnglo love 10 darkness
10 60 back 10 those hard money countries. In A
meiica paper money is thoroughly understood. Il
Is one Of the proofs Of superior advanccmentO
the two signs OF value, specie aud paper prefer
the atter and il the exclusive specie system could
be established here, the American people would
tolerate it practically. They would sell laeir spo.
Gle, as lhcy have done before, for a convenient
medium.
Mr.. Legatc tben returned to the political aspec
Of the question. Tho eligibility Of the President
he said, was the banner under winch This battle
be fought. The people ought notlo allow then chief
ma gisrac TO play thai odious and most danger
Gus OF charactets-a dcmagogue in purple-workiug
fu his own election rcoud term. Nor ought they
Ia permit az the is NOW, the election Of every
candidate for office to be made dependent upon the
question: Nv hom you in favor Of Tor the Presi-
dency Pup the question, "Aru you ready To SINK
or SWIM with Mr. Van Buren, 7" any other can
dldae.
Ifsuch we've the case, Congress would become a
mere phantom, without substance; aud not at all
what was intended by oar republican fathers.
Nor ought The people 10 submit to that most terri
BILE Of all crafts party craft, than which there is moi
any more icailnl source danger. Mr.. Legare';
description of tins species Of craft was one Of III,