It is not specified which speech by Calhoun is being referred to in the question, but I can provide the main claims from several of his notable speeches:
[I] In the speech "Slavery a Positive Good" delivered in 1837, Calhoun argues that slavery is a beneficial institution for both the slave and the slaveholder, and that attempts to abolish it would lead to disastrous consequences.
[II] In the speech "A Disquisition on Government" delivered in 1849, Calhoun claims that the best way to prevent tyranny is to divide power among different levels of government and to create a system of checks and balances.
[III] In the speech "The Concurrent Majority" delivered in 1850, Calhoun argues that the only way to prevent conflict between different sections of the country is to give each section a veto power over federal legislation that affects their interests.
Without more information on which specific speech is being referred to, it is difficult to provide a more precise answer to the question...