Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-11-21

Ilngs entirely in unison with yours But al
these considerations make me only the NOR,
keenly feel and depiore the utter inability II
make suitable return for your favor, by speak
ing up to the height Of the great argumen
which must be presented to every patriotic
mind, in such an assembly, in such a city, a
such crisis. as the present.
The eloquent gentleman proceeded to ex
press how much he wished he could trans(usC
into the minds OF every one Of his auditors
the earnest interest in passing events whict
filled his own; the deep, settled, most solemn
conviction that no juncture had ever occurred
Pin the whole course of our history, at which
every man was more imperatiyely called upor
TO exert his best energies in defence Of the
Never was there contest upon which more
important issues depended, Nothing less than
a Revolution Of the Governmental practical
revoutlon-had to take place. This was moi
commonplace dccamation--no rhetorical ex
travagance. 1t was the cool, deliberate dicis,
ion of his Judgment, adopted after long and
mature observation and reflection. He knew
no dfinition of Monarchicdl POlcer, within
which The practical administration Of our Gov.
eminent now might not be brought Forms
were nothing. Executive Pocer (he sadly oucr.
shattered all the other Departments Of Gorera,
mcnt; and that, in his opinion, was the very de-
scrption Of a MOnarchy whether the purple,
and sceptre, and other insignia and gewgaws
we're there or not. This alarming growth OF
authority and patronage had been brought a.
bout by different causes; but not the least pro-
Iductive and important was the re-eligibiLty Of
the President.
Mr.. Legare dwelt with great power on this
topic. He truly said that, however moment
Gus was the issue now before the people, in a
financial point of view, the political aspect of
it was by far the greatest matter that had ever
been presented to the American people. 1t
was, with him, a secondary question whether
the Sub-Treasury Bill should be passed or not ::
it might be, that The people would be driven to
such system. But, even if it were possible
| that the banks would SO misbehave as 10 rem
der its establishment necessary, 1t would not
follow that the very men whose mal-admnls-
tration has produced the arrangement Of the
whole fiscal system Of the country, should be
trusted with the management of that Sub.treas-
ury Scheme If such an engine was neces-
sarily to be put in the hands of the Govern
ment, then, in his opinion, that was the very
reason why the Government ought to be plac.
ed in the hands Of others. This was one OF
the best of all reasons for a change of admin
istraton
Mr.. Legare then drew the attention OF his
hearers to another view Of the matter, by far
too urgent TO be passed over by any one who
is alive to the true character of the present
state Of things. We are in the midst of cri-
Of hot boe no /
institution OF a neighborng state is still howl.
ing in our ears. There is instruction, mont
ton, solemn warning brought home to US by it,
Mr.. Legarb declared he had never trembled in
this storm. He always had thought we stood
in need Of the experience by which it was al
tended
He eulogized in the warmest terms the course
of the banks of New York. and when he ex-
claimed, "honor to those who have had control
of them!" the cheers were mostlcordal and en-
thusiastic. He said he was proud to offer his
tribute OF appreciation to the general applause
They had acted with courage, fidelity, and
wisdom. Charged with the guardianship of
the currency, they had taken true care of their
ward-looked to its permanent wellare-not
any temporary wishes. He thought they were
entitled TO the thanks of every patriot. As
conservative, he felt himself under peculiar
obligations to them. They had made him their
debtor without discountng his note! They
hadimposed on him greater debt, that felt by
the grateful mind, which owing, owes not, at
once indebted and discharged.
One of the most powerful and ably reasoned
part Of Mr.. Legare's discourse was that in
which he noticed the course Of the administra
ton against the credit system, and its wretch
ed attempts 10 establish currency Of specie
alone. He showed most clearly that this coun-
try never had specie sufficient to do its busi.
ness The only period when the currency was
confined TO specie, was just between the revoI-
luton and the establishment Of the present
government. The country was then in the
greatest embarrassment. 1t was at this time
that some OF the nobles youth Of New Eng
land rose in arms, (he referred TO Snay's Re-
belion,) claiming the right to get living, and
demanding Of the government, that as they
had no specie, they should have a paper cur
rency wherewih to carry on their business
Mr.. Legare spoke in NEST interesting ard
instructive manner Of the state bank system,
which was established 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
10 characterize very properly the financial
qualifications of Mr.. Woodbury., especially his
prodigous imbecity, and his super human ca
pacity Of laundering With such miracle of
stupidity and awkwardness to direct the ad-
mristration Of the system, it was no wonder
that the banks were Frustrated.
Mr. Legare said he did not permit himself to
be frightened into any extreme course by the
confusion of that period. On the contrary, he
had maintained that if fair chance had been
given to the banks-if the Government instead