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calism to men and principles having long

 before been subscribed to by the elder and

 better friends of the President and Executive

 Experimental upon the Wings and Whig

 policy. For example, he went 10 the Even

 ing Post, New Era, and Globe, and in the

 style and language of those unsophisticated

 journals, proclaimed that the late defaIca-

 tions in New York-the loss of hundreds of

 thousands of dollars 10 the Government

 were strong arguments in favor of the Inde-

 pendent Constitutional Treasury scheme pro-

 posed by the Executive, and stronger argu-

 ments still against Banking Institutions

 Mir. Calhoun made use of this argument-or

 rather opinion, for there was nothing but his

 declaration to support his fact-accompani-

 ed by matter aud manner that would have

 done honor to Wm. M. Price, of 1'ammany

 Hall and Sub- Treasury memory. The Sub-

 Treasury Scheme, he said, would have pre-

 vented these defalcations! and the Sub-

 Treasury Scheme, he added, will prevent de-

 falcations for all time to come! The di-

 vorce of the Government from Banks was

 necessary to Q sound currency The Sub-

 Treasury scheme will make you honest men.

 and you will have neither honest men in of-

 flee, nor an honest Government without the

 Sub Treasury! These are Mir. Calhoun's

 opinions as newly expressed, and from this

 new declaration of principles you know just

 where to find him-supporting the most ultra

 principles of the most ultra party ever in

 power in this country. Mir. Niles saiG ditto

 to Mir. Burke. He never said more-not be-

 cause he has not the will, but because he has

 not the capacity. say this with all defer ence to the man of the Globe, who contends that Senator Niles writes in the strong and nervous style of Benjamin Franklin" .

 But of Mr Rives. He has taken the high and nobler ground on which MT. Talmadge stands War to the knife now, and always to tho Sub.Treasury Scheme-an 5uncom- promising warfare against it.. In his speech to-day-the best think ever heard him make-he took up the Report of the Secre~ tary of the Treasury and the Message of the President for review-comparing the Mes sage and Report of 'S6, with the Messages and Reports of '37. The abandonment of the Specie. clause was shown! The use of the Banks The recommendation of the Banks! The mild and syren notes of the Presidents Message that is, with the hoarse and rough, and bold and spitefu Messages that were. The Executive, said Mr. RiveS. has abandoned all his strong points. Nay+ said he, he has abandoned his Sub. Treasury Scheme, although for party effect he keeps it before the people-wth the hopes of secret deception or open delusion.

 Mr. Rves spoke too, of the recent defal cations at New York--ot the oriental splen- dor in which that prince of republican sub reasurers-William M. Pricc-lived--nnd then alluded to the control which the EXccu- i've would have both over his officers anu he finances of the country, if the Sub. lry scheme should become the law of tho. and. Every thing would then be swept lnder the control of Executive power. Why hen, said Mr. Rives, is not that experiment abandoned when the judgment of the pco- ole is against it--when the Government in it's practices bellies its profcssions-when the President tells you of" the temptations which. human nature is not proof against, ,"-evcn although ten-feld temptation is thrown out 70 ensnare men by this scheme, for making honest men rogucs

 In alluding to the November Defalcations, Mr. Rivcs said he almost looked upon themas events--As warnings and admo- nitions sent upon us scasonably, and with a view to keep us from scheme which he veri-. y believed was one of the worst which had ever been invented of men or devils, for in- aicting wrongs upon the Government. Mr. Rives also alluded to the recent eren.s spoken of in the Presidents Message What werc hey, dcfalcutions orthe resumption of specie payments by the Banks The Banks m the act of paying their debts to the Government, md to the people The Government uniting with the monster Bank and receiving it's mo- ley and it's aid Here these, said MT. Rive's, he yeceat erents which made the Sub Treosu- " Bill necessary. A-5-AS

 It was here Mir. Wright made one of his replies to Mir. Rives, reproaching hlm for leaving the Administration, and insinuating he Presidents displeasure. . ,l...r. 3 z

 MT. Rives acted like man and states man. He acted, he said, on his own rcspon- sibility, and should moi hold himself accom- Eahle to the Executive or any power put me good old Commonwealth which he m parry As for the relations. saId ne. between the President of the United states and mysclf-Mr. Wright had spoken of these relations said MT. Rives, the Sen ator knows moro of them than do am under no obligations to the President. ls sneak as a man and the Senator from Vir- ginia in conforming the policy of the Ad. ministration. MT. Wright had also spoken of the Conservatives sneeringly as earned am, for one, said MT. Kives, m, " armed neutral" but as such | do not hoid myself under obligations to fold my arms and receive the rebukes and blows of all par. ties. It is the policy of armed ncutrals both to attack and defend. It was so in the case of Russia when she assumed the power of be-, ing m armed neutral. In conclusion, said MT. Riyes in his first rejoinder, closely eye- ing inc Chairman of Comm. of Finance e am an armed neutral, and no yassal ofthe, Presidents! The. gentleman from New York will understand that" MT. Wright might have understood. .i az.5.. .;

 Nr. Crittendcn closed the debate in one of those hum orous, ,pur gent and satlrical speech es for which he is so much distInguiSned. and inc resolutions before the Senate calling for information from the Secretary of the Treasury were adopted. The inquiry which relates to the U. S. Bank, the Bonds of inc Bank and the Government, is but the prelude to another debate. l. ,s.,,.l f!..E 1.ts- :