We republish this speech now because it preceded Mr. Webster's great reply to Calhoun, and because its arguments are applicable to the present contest. This speech drew out Gen. Jackson's celebrated letter, heretofore published, in favor of Mr. Walker; and the speech received the cordial approval of ex-President Madison. By reference to the Washington city _Globe_ of the 12th August, 1836, it will be found that, in conversation with Mr. Ingersoll, 'Mr. Madison spoke very freely of nullification, which he altogether condemned, remarking that Mr. Walker, of the Senate, in a speech he had made on some occasion, was the _first person_ who had given to the public what he (Mr. Madison) considers the true view of Mr. Jefferson's language on that subject.' Mr. Webster gave the Whig arguments against nullification and secession, Mr. Walker the democratic; but they both arrived at the same conclusions: Never, fellow citizens, did I rise to address you with such deep and abiding impressions of the awful character of that crisis which involves the existence of the American Union. No mortal eye can pierce the veil which covers the events of the next few months, but we do know that the scales are now balancing in fearful equipoise, liberty and union in the one hand, anarchy or despotism in the other. Which shall preponderate, is the startling question to which we must all now answer. Already one bright, one kindred star is sinking from the banner of the American Union, the very fabric of our government is rocking on its foundations, one of its proudest pillars is now moving from beneath the glorious arch, and soon may we all stand amid the broken columns and upon the scattered fragments of the Constitution of our once united and happy country. Whilst then we may yet recede from the brink of that precipice on which we now stand, whilst we are once more convened as citizens of the American Union, and have still a common country, whilst we are yet fondly gazing, perhaps for the last time, upon that banner which floated over the army of Washington, and living beneath that Constitution which bears his sacred name, let us at least endeavor to transmit to posterity, unimpaired, that Union, cemented by the blood of our forefathers. The honorable gentleman who has preceded me, in opposition to the resolutions submitted for your consideration, tells us that he was nursed in the principles of '76 and '98--that these are the principles of Carolina, and that they ought to be maintained. Let me briefly answer, that the humble individual who now addresses you is the son of a soldier of the Revolution, and that from the dawning of manhood, from his first vote to his last, at all times, and upon all occasions, he has supported and will support the principles of democracy, and the doctrines of '76 and '98. But it was under the banner of the Union that the whigs of '76 and '98 achieved their glorious triumphs; and is that the standard now unfurled by the advocates of