MIR. Observation-Disclosures.
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The following extract from Speech of Mr.,
Calhoun during thelast session Of Congress, shows
the entire confidence of that sagacous politician
and eminent statesman IN the final adoption of the
sub-treasury system.


"The Senator regards the defeat of the Consti-
Iutional Treasury bill in the other House, COM
pete overthrow, and raises the shout of victory
He greatly mistakes. 1t is but skirmish at the
commencement of conflict, which is destined to
last for years. The cause of the struggle is too
deep terminate with the first onset; ; and so far
from Being discouraged by the slight defeat which
some half dozen of votes would have turned into
victory feel a renewed assurance OF hnal and
complete triumph, if we but stand fast What
always dreaded, as l have said, the first shock.
never doubted, if it could be resisted hnal and
glorious triumph awaited the cause advocated.
We have now met the first shock; and, so far from
being overwhelmed, we have been defeated by only
a few votes. Time is now working for us. The
discussion is gone to the community. Truth and
reason are on our side. Our arguments neither
have, nor can be, answered; and time and rehec-
ton only wanting to give them their full effect
The people are reused; and their attention IS in
tenseIy directed to the subject, which will not fail
10 tell hereafter.


"In the mean time, the difficulties on the oppo-
site side will soon begin to present themselves
They have thus far had the easy task Of being the
assalants, but the very victory, of which they
boast so much, throws the responsibility on them,
and will compel them to move; and let me tell the
Senator, when he comes to bring forward his gi-
gantic scheme of blending into one the General
and State Governments, and uniting the two with
the great capitalists of the country in his fifty mil


lion bank, with the view of controlling the curren-
cy and industry of the country-When, in a word,
he comes to rear up his bank monarchy to govern
the country with despotic sway, he will begin to
find his trouble He will find it easy task to fix
on the seat of its empire, and place the despot
his throne; and whenever he attempts it let me
tell him, instead of slight defeat of few votes
we have experienced, he will be overwhelmed
with Waterloo overthrow, from which he and his
cause will never recover"