The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-13

people. am utterly aslonished 70 hear il from such
1 quarter knew that the Official organ here, and
other Loeo-foco prints, had, in this way, attempted
10 account for this overwhelming result IN New
/ Workout also knew thai this charge, from such
sources had been indignantly repelled BY The Demo
cratic press Of the siate--and notwithstanding all
this the President IN the OF The SublreaSury,
adopts the repudiated explanation Of the Globe, and
! ushers II forth tolhe world.
Sir have said that there no pretence OF foun-
dalton for this charge. ! will demonstrate by Stats
ties and by figures cearas any proposition - Eu-
4 cid, the truth Of my assertion. New YORK has %
| counies-all, except IL, b We one or more blnks-of
those thirteen fve opposition, and etsh are adj
! ministraion counties. These eight counties gave
the administration majority al the Presidential
election in 1886, of6 7Si. In 1887 they gave 26lI
making an opposition gain Of l64 in net vote OF
| less than $4,000 These are counties where there
are no banks. II Is another remarkable fact that The
opposition gain in these eight counties Is nearly dOa
hs what the other counties in the state averaged IN
their gains. Now, sir, II the banks influenced the
results Of The election, why do we lind the adminisra-
ton losing more, nproporon, in counties where there
are no banks, than in those where there are banks
The truth Is, the influence fthe banks, as SUCH was
exerted on neither sidebut so far as there was an
influence exerted by their officers or those connected
with them II was greater on the part OF the admins
tration than the other. There never was a charge
made which is so entirely destitute OF any one cir
cumstance 10 justify H. and which so entirely fails
Coming from such source, Il Is an assault upon our
free institutions. II is impeaching the principle OF
selEgoyernment What becomes Of our boasted lib
ery ii the petty interpretations OF the states can so
| far influence the exercise OF the elective franchise
that the expression of the ballot box Is TO be taken
for what il is intended 10 represent What will be
our character abroad The eyes Of all Europe are
turned to our experiment Of self-government, and
are confidently expecting failure OF the system,
which we have predicted would regeneraic the civil
ized world. What will they now think, when they
have the authority Of the Chief Magistrate oil this
nation, that in The great State of New York, the
Empire State, the influence of her local banks has
/ Hal hpra IhufI hair
be relied on as any evidence of the popular will 2
Sir, under such an imputation as this, citizen OF the
United States in a foreign land would blush for his
country, And should he repel il, he would be con-
| fronled with the Presidents Message, conclusive
evidence in support OF the charge. As 10 my own
state so far as my action will go, will endeavor TO
wipe out the blot from the fair escuicheon Of her
fame.
| Mr. President having shown that the election in ~
York in way controlled by the interference or
influence Of the Banks, il may be amiss 10 inquire
what causes produced those results which were SO
| astounding TO the whole Union? Sir, IL was the
principles UNDERSTOOD be entertained by the admin
stration and its prom nen friends, and the measures
which they were pursuing 10 carry out those princi
pies. What were they They are TO be found in
the creed of faction, which had its origin in the
! city of New York in 1929. ! do not say they EN-
| braced the whole creed, but do say, they were
part of il. And if any man, al that day, had pre-
dicted that Democratic Republican administration
would have countenanced any portion OF the princi
pies OF this faction, he would have gained no more
credence, nor much, as he now would, il he pre-
dicted that in an equal period, the administration
would adopt the other part of the same creed.
Sir, il will hardly be believed by the people of
other states that any portion Of those doctrines have
been adopted by the administration and It's promi-
nen friends do not say that they have been-bul
say their course Of measures has been such to inn
press upon the people the belief of their adoption.
will not undertake 10 go into the documentary evil
dence at this time, as The ground of thai belief al
though may deem i not inappropriate on some
other occasion. This faction was the origin OF that
party which is now termed Loeo-toeo and which, in
the pure days of the Democratic Republican party,
was turned out of Taminany Hall, and held their
meetings in the open air. whenever il was necessary
TO take measures TO reduce the price Of -four, carry
out any other great principle in political economy!
After their principles received the countenance ofthe
administration they again returned to the old Wig
icant, displaced the ancient sachems, and there they
now illustrate their ideas of freedom of speech and
free discussion by violent inroadS and orcible inter-
ruption of the assemblages of quiet and orderly citi
zens who happen to entertain opinions on matters of
public policy, contrary to their own. They
the leaders OF The parity and the prominent candi-
dates for Executive favor
The leading feature of their creed was THE DE-
sTRucTioN or THE WHOLE BANKING SYSTEM or THE
Countrywide REPEAL OF CHARTERS AND THE AFRO
CATION OF VESTED RIGHTS This was part of their
doctrines, and understood by the people to be the
policy of the administration
Why was it so understood / will endeavor 10
answer the question.
ceased, more ruthless and unrelenng warfare was
commenced and carried on against the State Banks,
The success which had attended the former embold-
ened the assailants and they supposed they could
make an easy conquest of the latter 1t never oc-
Cured TO them that they might not be able to bring
the force into the field in the in The
other. They never stopped to inquire whether the
people entertained any different views in regard TO
the State Institutions and a National Bank They
seemed to have forgotten that during the progress of
the first war, they had persuaded the people that there
were monstrous evils connected with the one, and
equal benefits to be enjoyed with the others They
left out of view all their promises of a sound cur
rency, and equalization of the domestic ex-
changes of the country by means of the State Banks
They forgot the oft repeated pledges and assurances
that the State Institutions could perform, equally
well, all the duties which The Bank of the United
States had performed for the Government. In short,
they had recollection that those institutions
10 give better currency" than had enjoyed
under National Bank
But sir, although they had overlooked all these
things, the people had not forgotten them. Those
who opposed the recharter ofthe Bank of the United
States were honest in their opposition. The pre-
sent generation has principally grown up and come
on TO the political stage since The incorporation of
the Bank of the United States in 1916 They have
enjoyed its benefls-and that it possessed great be-
nefts no rational man has ever denied-but they
were not able fully TO appreciate them, whilst in the
full fruon Of them. They could see what seemed
10 them TO be its dangerous powers, and with the
surance that the State Banks could perform all its
duties 10 the government ana confer all us DenentS
on the people, without possessing those powers they
were content that it should go down, and that the
State Banks should be substituted in It's place. An
other consideration which influenced their action
was the popularity of Gen. Jackson, who led the
forces in this contest. Many believed in his saga
city in this matter, and pinned their faith upon him.
| and others, although they doubted the policy Of the
measure still believed in his honesty Of purpose and
therefore went with him "rigM or srrong." But
they had no idea of breaking down the State Inst-
tutions, SO intimately connected, as they believed