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It's often interesting to read reviews from when the time the film was originally released - and see how they bear up as to how the film is presently regarded.
Several movies that are now regarded as Classics were savagely ripped by reviewers of the day. But time often tells a different story. However ...
Wikipedia tells us (http://en.wikipedia.org/wiki/The_Man_Who_Shot_Liberty_Valance)
"The Man Who Shot Liberty Valance was an instant hit when released in April 1962, thanks to its classic story and popular stars John Wayne and James Stewart. Produced on a budget of $3.2 million, the film grossed $8,000,000 at the box office, making it the 16th highest grossing film of 1962. Edith Head's costumes for the film were nominated for the Academy Award for Best Costume Design, one of the few westerns to ever be nominated for the award. The Man Who Shot Liberty Valance has continued its popularity through repeated television broadcasts and the rental market. It is also widely considered to be one of director John Ford's best westerns and generally ranks alongside Red River, The Searchers, The Big Trail, and Stagecoach as one of John Wayne's best films."
The Critics liked - and the People liked it.
Below: A nice video presentation with a nice rendition of song The Man Who Shot Liberty Valance written by songsters Burt Bacharach and Hal Davis.
Warning: possible huge spoilers ... if you've never seen the movie.