The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-03

democratic as heretofore they have been es-
ieemed, are now held up as odious monopo-
hes-patterns OF aristocracy, and the like,
because FgDERALAUTHoRTTY has been pleased
TO assail them in HE name Of democracy!
| What a lesson FEDERAL power-always
the funniest removed from the people, and the
least responsible to the people Of any political
power existing in the United States-de-
nounces State institutions with which the peo-
pie are indaily communion, and overwhich the
people hold perpetual and instantaneous cor
troll and this is called Democracy Those
who dare TO break this unexpected blow, and
not in defence OF the abuses made Of them by
the men whom the Patriot eulogizes, or their
like, however honest--and to resist this cru
sadie of federal authority. are called federal-
ISIS How must the common sense Of en-
lightened men revolt at such a misuse OF
phrases, and rebuke the men who thus cndea-
vor to screen such anti-republican measures
behind the old prejudices of party names.
The Patriots article is as follows:
THE COMMONWEALTH BANK.-We have not learned
what is the precise state and condition OF the Com
monwealth Bank at the time il was closed on Friday
seven-night There is good reason 10 believe that
of the funds Of the government deposited in thai
bank not dollar will be lost. The holders OF its
bills will probably realize their full value in specie
if they keep them until The Boston banks resume spe-
Gle payments; at all events they ought not to part
with them at present for less than the paper par
value.
The imprudencc ofihe Directors Of the Common
wealth Bank has probably been great although not
greater than that of ninely-nine in every hundred
men who have been engaged in speculatons. Theirs
was deposile bank, and the money Of the govern
ment flowed abundantly into their Golfers. They
were generous not only in loanng this surplus in
dvdaals that they considered responsible, but they
accommodated the neighboring banks with large b.
llnceS
Firm was their health--their day was bright
And they presumed ,would ncer be night"
The rise Of real estate TO ten times twenty times,
an hundred times the amount Of first purchase,
tempted some one more TO dip into that specula-
ton, two yearsago; the improvements at South Bos-
ton, the erection Of the splendid Washington House,
come out of this. A steamboat project on Mcrri-
mack river TO one whose perseverance never tired,
and who never engaged in any enterprise but with a
unsuitable motive, was one among the inducements
10 another TO overSep the bounds OF prudence Oilers
were INDUCED with loans for other objects and in
this condition the distribution Of the surplus 70 the
struggling with the difficulties like men for more
than year the lamented death of one of the num-
Der overwhelms the whole Board, and they yield 10
that Sern necessity which more wealthy men per-
haps could not have wilhsiood The mer compos-
ing the directors and managers of the Common.
wealth Bank have long stood in the very first rank
Of enterprisng, prudent and cautious merchants;
they were of that class who most of all leave
terprise uncertain so long as human effort can con-
tribute 10 It's Some of them have done more
good to their kind than will compensate for total
loss of all their obligations left in the bdnk-they
are all, we believe, scf-made men who have in
dulged in no undue extravaganza or intemperancc
of living who have never neglected their proper
business and who have taken advantage of the ne
cesses OF no man to take his property, but on the
contrary have invariably extended generous hand
to all Young men who were following in their foot
steps. a..
Such men may have been impruden;; bnt under
the circumstances shall they be condemned (! Their
fault has been that OF almost the whole country.
" From this time hcEceforih and forever" tet ne
connection 6et,ceca the funds Of ts gorerRNsnt aud he
banks be diSotred so the Of them deposited as the
basis of discounts shall never again tempt TO specu-
lations runous TO individuals and highly injurious
to the whole country. This is the true " conserva-
tive doctrine" and We have good reason TO believe
that the misfortune which has overaken the Coin-
monweahh Bank will have convinced some oil our
friends in the cities who with the whole body OF fe-
deralSts are disposed cling 10 the union OF Bank
and State that they have been in an error.