The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-23

whole furniture would have sold for, at the
time when Benton wrote the wicked and
odious lie about its splendor.
Again, we ask il the elite OF "the party"
(heasen save the lnark) was not present in
the evening, maugre oil the fatigue, with a
bank president and bank directors, for whom
MIR. Van Buren, Processes to have such pious
anipathy, when wooing to his embrace the
producing class. Has this man given love
powders to the working men, that they thus
suffer themselves to be made the dupes of
one who has no feeling in common with them,
aud who invariably after receiving their servi-
ces, turns and openly contemns theml If so,
we desire TO administer an aperient that may
serve to work off their effects, and open their
eyes to the decisions which surround them.
In proof Of what we assert, let their own pa
pers speak, we make the following extract
from The Reformer," an ultra democratic
print, but we believe an honest one, and from
which working men may expect to hear the
truth OF the man9uvrings Of their party
HAZARDOUS MIsAPPLIcATIoN OF THE
PUBLIC MONEY BY THE COLLECTOR.
| We published on Wednesday morning a notice. that
Jesse Hoyt Esq. ths collector Of this port deposited
from fifty to seventy thousand dollars Of the public mo-
ney, the Trust and Banking Company Of this city, 10
enable that institution to meet the drafts OF other banks
for specie" We supposed at the time, that this inte
| gence would be TO the public. But on taking up
the Morning Herald Of the date we fad itsta,ed
under the head Money Market" thing Of common
occurrence, that Of the weaker banks have already
experienced the efficient aid ofthe Government through
Mr. Hoyt to sustain them" And on inquiry Ia Wall
street found that the fact well known there be-
fore our publication made that the sum loaned to
the American Trust and Banking Company had been
understated in our notice It being hundred and fifty
thousand dollars, instead OF fifty or seventy and that
the stock OF that Banking Institution which was but
AZ cents the dollar when the deposite was made,
had in consequence already the stock market
eight per cent, and if Hoyfs depose allowed 10
remain, il was expected 10 rise twenty per So
that our democratic friends who expressed much
| alarm on "Wednesday morning, lest had been led
into error as TO the circumstances, may quiet their
apprehensions; the directors Of the bank who bor-
owed the public money OF Mr. Hoyt, make no secret Of
i the fact One other circumstance attending this par
cuar transaction 10, that Mr. Beers the President Of
the said bank, who borrowed the money Of Hoyt, is
well known Wing broker; with whom Hoyt has been
connected in stock speculaons, before he became a
"lame duck" in Wall street, and received The appoint
ment Of collector Of the port.
This is truly, refreshing and exhlira,ug run
ming commentary, upon the measures recommended by
the President This we suppose, is what must call
"a separation Of Bank and State" rather separa-
ton Of the State from it's money. probably for
This is not we suppose, mxing the public funds with
those Of individuals" which the President strongly
deprecated II is not presun,e applying the public
money to private uses" although il was sent to tot
tering bank to be used TO sustain It's credit What is
it then How are we TO view the transactionl Is it
the Sub Treasury, which that honest and sterling demo-
cra Cambreleng, said twas now in operation aud
would remain tl i34i, in spite OF lamentations here
or clsewherel" And is Mr. Hoyt the Sub Treasurer
| Is this then, the Sub. Treasury not with the specie
clause, bu, with the red back shnpaster clause,
which we have made issue with the Wings, and
to 90 trial at the next eeconi What stupid ass
was that Senator Wright, to spend whole day in
making speech, recommending receivers, vaults and
safes 10 the public funds when Mr., Hoyt has
found safe place ofdeposi,e, in brokers' shnpastcr
| shop; where the moment the money deposited II
was worth exactly forty-two cents the dollar All
Sub Treasnry-spece currency, :. to what base
have ye come last > How will Swartwout blush at
his stupidity when he hears Of this simple con,ri-
! vance Of his successor IN stock jobbing by which
Uncle Sam takes the responsibility alone, and the stock
holders of National Bank make profit Of eight per
cent on one and half Millions in week
But seriously this outrageous misaPplication OF the
public funds aud abuse Of trust, the part Of Hoyt,
has surprised nobody. There is not perhaps in this
city single individual in whom the democratic party
have less confidence in every respect The spectators
and STOCKHOLDERS gloat the idea, Of the fine picking
they will get out Of the public chest and the Wings
chuckle at the prospect Of being able to get up another
investigating committee. But it than what
the democracy have been looking for a long time.
And It will not Of course have the slightest effect upon
their proceedings or their exeons at the ensuing cleo
ton They have perfect confidence in the integrity
and consistency Of the President and his cabinet and
they will leave 10 them the time and manner Of cor
recting this error But If they had no confidence
IN the Government, it would make difference with
the Democracy of this city. They would still follow
up their principles, and pursue the tenor of their
way without alterng This city is the emporium OF
politics as well trade, and there within great
or number Of perfectly Independent and talented De-
nocrats than be found any where else among tho
| same number Of inhabitants.
We appeal to the honesty and the patriotism
of Mr.. Rudd and Mr.. Locke, how, after
pointing out these inconsistencies, they can
60 forward and sustain such party! They
tell US they have perfect confidence in the
President and his Cabinet, and will leave to
them the time and manner Of correcting the
error. Vain idea how many of the party
are left in ignorance Of what is transacted
here by the President and his Cabinet, and
who, if they could be made acquainted with
their gross derelictions, would abandon them
/ at once. We seriously assure those gentle
men that this whole matter Of which they com
plain, was just rs well known to the Presi-
dent and his Cabinet here, as It was to the
parties in Wall street, and we shall show them
in a little while facts that will astound them.
The President and his Cabinet becoming
semi conservatives at this time is to secure
certain interest for the coming election. and