The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-11-13

10 hear the speech Of eloquent Representative re
came fully prepared bringing ios o. go ,h;an;ng
shrewd person. OF that maturity OF Judgment which
i impossible TO impose upon, and himself by the BY,
rsrate debaier told me, after we broke up, thai hr
Flams discourse that evening on the banking system
AT large and on the safety Of the banks in particular
was one Of the cose pieces Of reasoning he had ever
listened 10 in his life regret that have preserved
80 imperfect an outline OF this speech but such as
| is offer II TO my reader
i'rhe orator commenced very appropriately BY re-
marking how impossible was the nature OF things,
10 satisfy the Wings any point he said there were
| three parties in Congress First, the Whigs-who
still croaked about National Bank-and his descrlP-
ton Of their croakng TO the last degree humorous
il produced peas Of laughter Second the thorough
going Quodlibetarian Whole Hogs, who were stead
fast and immoyable for the State Banks and hird
party small IN numbers, attenuafed-as he remarked
with irresstibly comic effect and gaunt feeble,
shr and like crckets who might scarcely be seen IN
| daytime and who, when the bill to Regulate the
Deposiles up presented what in his opinion, was
the most alarming if il had not been the most rdicu
lous scheme in relation TO the public money that had
ever Matched in the hot-bed of faction These men,
| he said called themselves Conservatives. And what
think YOU Mr.. President, he asked, vas their pro-
leci1 II was sir to separate the Government from
the Banks Here Mr.. Flam was interrupted by
loud laugh A Mr.. Gordon, he said, was at the
head Of this little troop. He proposed BILL TWO ses'
sons ago to place the revenue and public moneys In
the hands of receiyersthe moneys to be paid to
these Receivers in and SILVER and NO bank was
to be entrusted with dollar i And this, exclaimed
Mr. Plam with tone of inimtable irony, was TO be
done for the SAFETY Of the public Treasure Your
money not safe in the hands OF the Banks, but perfect
IN secure in the keeping of these honest Receivers who
were to be furnished with vaults and iron chests 10
lock il up in Il Oh rare Conservatives Oh, wise
| Conservatives oh, honest Conseiva
I'VE all thought the ceiling of the Town Hall
| would have toppled down en- our heads from the
laughter occasioned by this sally In this admirable
strain he continued for several minutes At length
taking himself up and falling into tone Of grave e1-
postulaiion, he pulled out copy OF the Giobe from
his pocket, and proceeded;
80 Admirably sir, has this paper which ! hold In
my hand descanted on this most wicked project
These well-timed remarks beg leave TO read Hear
the incompatible Blair Had such suggestion
says he, come from General Jackson, it would have
been rung through the Old Dominion as conclusive
proof of all the aspirations which may have been charg
ed to the Hero Of New Orleans. See here, they would
say he wishes TO put the public money directly into
the palms of his friends and patzans, instead Of keep
ing it on deposite in Banks, whence il cannot be
drawn for other than public purposes without certain
detection. In such case, we should feel that the
people had just for ALARM and ought to give their
most watchful attention to such an effort to enlarge
Executive power and to put its hands the Of
corruption Most admirably again continued Mr.
Flam, has this same incompatible Blair said, The
scheme is dsorgr nizng and revolutionary subveIslve
of the fundamental principles of Government,
you freemen Of Quodlibet, gentlemen OF the New
Light exclai ed Mr. Flam, if faction should 60
far put this odious disorganzing and revolution
airy yoke upon the country, will you freemen of Quod
Tibet, submit to II
"'Nor shouted the ready response of sixty-four
voices
- Gentlemen listen to the words Of the old Hero
continued Mr.. Flam with gratuatory smile playing
his face presenting at the same time printed docu
ment, which he carefully unfolded, listen to that
old man eloquent whose mouth is never opened but
to breathe the pIecepts of wisdom and patriotism
read you from his last message In remarking upon
this absurd project the President, in this able paPfI
Revenue in the Treasury unemployed in any way is
impractcabe. 1t is considered against the genius Of
our free institutions TO lock up in vaults the treasure
of the Nation. Such treasure would doubtless be
employed at some time, it has in other countries,
when opportunity tempted ambition Now, are You
willing, Men of Quodlbet, again calculated our elo-
quent representative, he slapped the document upon
the table, are you willing, can you consent to tole-
rate proposition which is against the genius
~ Mop Numbered forth sixty -four New Lights
again, before our orator had finished the sentence"
Mr.. Flam illustrates the safety Of the depo-
sites by reading the following extract from Mr..
Secretary WooDBunY's report of December IL,
1884:
1t is gratifying to reflect however that the credit
given by the Government whether TO bank paper or
bank agents, has been accompanied by SMALLER LOSS
in this country at their periods and under their
s:verest caamtes than any other kind of credit the
Government has given in relation to its pecuniary
transactions" Again" he continued, turning to
another page, It is singular fact in praise Of this
description of public debtors--the selected banks
that there is not due, deposte in the whole of
them which have stopped payment, from the es-
tablishment of the Constitution to the present mo
ment, sum much beyond what is now due TO the
United States from mercantile firm, that stopped
payment in 1925 or 1926, and of whom ample secuT-
ty was required and supposed to be taken under the
responsibility Of an oath. IL we include the whole
present dues to the Government from dscedted banks
at all times and of all kinds whether depositaries
not and embrace counterfeit bills, and every
other species of unavailable funds in the Treasury,
they will exceed what is due from two such firms.
Of almost hundred banks, not repositories, which,
during all our wars and commercial embarr assmens,
have heretofore failed in any part of the Union, in
debt to the Government their bills otherwise it
will be seen by the above table, Ito which Mr. Fam
referred annexed TO the report) that the whole Of
them, except seventeen, have adjusted every thing
which they owed and that the balance due from them,
without interest, is less than S32 600"
There, gentlemen New Lights Of Quodlibet"
said Mr. Flam, when he had finished reading these
extracts g what can be added beyond this certificate
from the Secretary Of the value of State banks
Even the lips of whigism sealed before it, and no
thing is left but the confession that in all their
less clamor against favorite and ongtried State
bank system, the of its enemies has been but
the ebullition OF disappointed ambition and peevish
discomfort. Are you willing ask to this glori
system Frustrated to the earth ~
MOI" was again the general cry
Are you content to your cherished banks strip
ped of the confidence of the Government z"
No--never- never W shouted the New Lights, to a
man.
"Then, gentlemen Quodibetarians, rad of the
New Lights, you have justified all my hopes Your
applause rewards all my toils-your support and
fidcnce enlists all my gratitude. With emotions of
ealtfelI satisfaction, bid you each good nightm
With these words, this remarkable man gathered up
his documents, and, with countenance full Of smiles
retired from the midst of this circle Of his devoted
yes may say, his idolzing friends.