True American. [volume] (New Orleans [La.]) 1835-18??, 1839-11-05


Va ana private bills from to per lower On Phia
derha the rates are ny! i2 and 70! baltimore dull at II
nn 0" new orleans ON 81 G. and on other a es no'
Treasury Notes sold the board yesterday at from .l per
cent discount" The sales OO9 at 99l 900 At 90
inc amount ofspece shipped England aud France by
lug packet ships was comparatively small The ship Garck
the Iowa which sailed for IIavre tho day benro SIS oos
iia'I uo,ats bear nominal quotation Of per A
oroker on FRIDAY last deposited in bank upwards of
WHO" SHOWS That specie cannot be sold ut premium.
| AL the request of many of our subscribers, we
have published the following account Of the speech
oftho Hon. S. Lcgarc, made before an immense
meeting of tho conservatives in New York, on the
23d October.
| Tho Hon. HuGu SwINroN IEGARE, tho distin-
| gushcd cx member OF Congress from Charleston
South Carolina, was then introduced TO tho meet
ing by the President. His appearance on tho plat
torn was signal for the most cordial and ANNA
| ted eSr rcsslons OF admiration and respect; and
three hearty cheers were given for this truly noble
minded and accomplished son of the South.
MIR. Lcgare spoke upwards of IN hour and a
hall; and during the whole of that time he sus.
tanned the closest and most earnest attention of his
audi ors. His address had all tho Charm of purely
cxtcmpora'leous clocution and his augmentation
was that OF a sound rcasoner, conveyed in the
powerful and cap waiting sly lie of most finished
rhetorician, and urged with all the geu,ne zeal
ana unforccd determination of purpose, which, at
nus homehsous crisis, ought to animate every pa
triot who, in the language of the ancient Augur,
would strike boldly for the great and good cause
| we will not attempt this morning to give an
adequate account this mastery and highly effec-
tive speech. We will, a. an early day, prcsont to
our readers il correct report At present we can
only notice Some of the principal points.
MIR. Lcgarc, it was manifest was greatly affected
| by tho cordial and enthusiastic rcception with
winch he was met; and in words, warm from his
heart, he expressed his thanks for suck Il welcome
IRON SO large and r spectacle asscmbagc in this
great commercial capital lie had felt extreme
rel 'ctancc to appear on this occason-a stranger,
as he regarded himscli-an intruder, as he might
be considered by others; and especially before such
an assemblugc as the present, accustomed to hoar
important truths from men moro capable of pro-
mitigating them, and giving them illustration
But said MIR. L., this greeting shows l am not
among strangers; the interesting and important
questions discussed in the report you have assem-
biod to hear, mako INC feel that am not surrouu-
dcd by Foreigners. We arc bound together,
trust, by lndissoublc tcs-wc belong to the same
body politic-we acknowledge and obey the same
laws; we call tho same great country Mother. l
meet you with feelings entirely in unision with
yours. But all these considerations make me only
tho moro kcenly feel and deploro my utter inability
to make suitable return for your favor, by speak
ing up to the height of the great argument which
must be presented to every patriotic mind, in such
all assembly, in such city, at such crisis, us tho
present.
The eloquent gentleman proceeded TO express
no" much lie Wished he could transfusc into the
minds of every OF ms auditors the earnest jns
tcrcst i" passing events Which filled his own; the
deep, settled, most solemn convctsn that no
Juncture had ever occurred in tho whole course of
onr history at which every man mo c impcru-
lively Called upon TO cXc.t his best energies II, de-
tcnco the Constitution, and the liberties OF his
/ rllIn Nav, ,
! more important ISSUES depended Nolnl less than
revolution OF the Govcrnncnt--a practical rcvo-
lulI"',--lild taken PLACE. This not common
place declanallon--no rhetorical cX'ravagancc.-
/ IL was the cool, deliberate decision of h,s i,ldp
tmcnt, ad pied after long and mature observation
ami affection. lie knew 10 definition of Monar,
chlcal Power within which the practical admin.
strution Of our Government now might be brought
Iorins we've nothing. Executive Power (hc saU
overs!'adowcd all the other Departments of Govern
| ment; and that, in his opinion, was the very de-
scrpton of Monarchy, whether the purple and
sccp;rc, and other insignia and gcwgaws wcro
there or not. This alarming growth Of authority
aud patronage had been brought about by different
causes; but not the least productive and important
was the re cligtbllity Of the President,
AIR. Leghrn dwclt with great power on This
topic. lie truly said that, however momYnuus was
E.the issue now before the people, in financial no;u,
OF View' The political aspect Of it by far the
lli,
American people. 1t was, with him, a secondary
question whether the Sub.Treasury Bill shouid hc
passed or not: 1t IN ght be that the pcopc would q
driven to such systan. But, if it'woro possible
that the banks would misbcIuvc as to render it,
ESTABLISHMENT, necessary, it would not follow that
the very men whose NAL administration has prodl
ccd the arrangement OF tho whole fiscal system of
the country. slouldbr trusted with the mauaremcnt
OF that Sub-il clsury Schcmc. If such an cuuinc
was necessarily to be put IN the hands Of Governs
incnt then, III his opinion, that was the very rca
son why the Government ought to tic placed in
The hands OF others. THIS was of the best of all
reasons Tor the change OF administration
Mr.. Lcgarc then drew the attention of his hear.
ers to another view ofllc matter by tar TOO urgent
10 be passed over by any one who is alive to the
true character OF the present state of things. We
arc IN the midst of crisis. The tempest that has
blown down the colossal institution of a neigh
boring state is still bowling in our ears There is
instruction, monitor, solemn warning brought
home to US by it. Mr.. Lcgarc declared he had
never trembird in this stom lie alway, had
, thought we stood Ill need oil tho experience BY
which it was attended.
ne cu1ogizcd IN tho warmcst terms the course
OF the banks Of New York, and when he cxclain-
CO. 'honor to those who have had control of
'heh INC cheers were most cord 4 and enthusi-
as>lr. lie SAID he was proud to otl.r his tribute of
| "Ppro"alloht 10 the general applause. They had
acted with courage, fidelity and WISDOM Charyed
with tho guardianship of the currency they had
taken true care THEIR ward,-lookcd to its perma-
neht wcltare-not any temporary wishes. He
thought they were entitled to the thanks of every
patriot. AS Il Conservative he felt himself undcr
peculiar obligations to them. They had made
nm Their debtor without discounting his note,
lhey had imposed on him greater debt, that
1cl ny the grateful mind, which owing, owes not,
at once indebted and discharged!
One OF the most powerful and ably reasoned
parts OF MI Lcgarc's discourse was that in which
lie noticed the course Of the Administration against
inc ctcat System; and its wretchcd attempts to
establish currency offs specie alone. He showed
most clearly that this country never had spccic suc
lic'eht 10 DO It's business The only period when
the currency was confined to specie was lust be.
tween the revolution and the establishment of
inc present Government The country was then
IN The greatest embarrassment. 1t was at this time
That some OF the nobest youth of New England
rose IN arIns-(he referred to Shays Rebellion),
claiming the right to get a living, and demanding
OF the Government, that they had no specie,
lhey Should have a paper currency whorewith to
carry on their business
MI Legarc spoke, in the most interesting and
instructive manner of the State Bank system
which was established after the destruction Of the
United States Bank; and of that period of confl
sion when general suspension ofspecio payments
LOOK place. lIere he took occasion TO character.
izo very properly the financial qualtica ions of Mr.
" oodbury, especially his prodigioHs inlbccility
ana his supcrhuman capacity of laundering.
" iti' SUCH mrac G of npidiiy and awkwardness
10 o'fcct the admin stratlon of the system, it was
no wonder that the banks were prostrated.
. Mr.. lcgarc SAID he did not permit himself to be
frightened INTO any extreme course by the contu-
SION OF tiial period On the contrary, he had main
,a'i'eu mat II iair chance had been given to the
oahks-if the government, instead OF raising ella.
nuun IN,