The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-09-29

4 and exercised for It's own benefit. Was my con-
duct Ia Congress then such as to entitle me 70
the AMI citation of Federalisl7
i (Cries Of no, no, and cheerngJ ! naa me
honor as Chairman OF Comn,i. " =. ~ -
snatch from the grasp OF spectators, AL TINS
i olor;ous country which now teens with rich mar
vests under the hands of the honest, industrious
and v;r,nous busbandmen. Immense cheer
ing1 Was a Federalist then Ceres OF no.
no, MOI When was Governor Oh INDIANA ask
how the unlimited power bestowed upon me,
was exercsed-a power as hign as una. eAer,
/ was their sole monarch of the North West
| Territory, Iaughter.) Did | discharge my
duties as Governor OF that vast Ierritory Ia such
n wav as TO show that was IN love with the
tremendous powers invested invested IN me!
/ Here some 1000 persons In one quarter oi me
crowd raised their hats in the air, and rent II
with shouts of mono, no, no. They were the
federation from Indiana. This prompt response
! from so many persons produced great sensation)
| There is an essential difference between the
President of the United States and me. when
! he was in the Convention which remodeled the
| Constitution of New York, he was for investing
the Governor with the appointment oil the She
riffs. When | was Governor OF Indiana, and
possessed the power of appointing all officers,
and great cheering) | never appointed any OH
Ger whatever, while Governor OF Indiana, whe-
ther sheriff, coroner, Judge, justice OF the peace
or aught else, without first consulting and OBJ
tanning the wishes Of the people (Shouts OF ap-
plause) Was this an evidence that was
Federalist? mo, no, MOI
think have now shown you, fellow-citzens,
conclusivey that my actions do not constitute
me Federalist, and i is TO them proudly point
as the shield against which the arrows OF my
calumnators will fall in vain. Immense cheer
ngM .,hi0t. ! hear ! sof, voice askina-are you
in favor of paper money? AM. (Shouts OF
applause) Ifyou would know why am in favor
of the credit system, can only sayit is because
am democrat. Immense cheerlngl The
two systems are the only means, under Heaven,
by which poor industrious man may become
rich man without bowling TO colossal wealth,
(cheers.) But with all this am not Bank
man Once in my life | was, and then they
cheated me out Of every dollar placed in their
hands. (Shouts Of aughter) And shall ne
yer indulge in this way again for II is more than
probable that shall never again have money be
yond the days wants. But am in favor OF a
correct banking system, for the simple reason,
that the share of the precious metals, which, IN
the of trade, falls to our lot is much less
than the circulating medium which our internal
and external commerce demands, to raise our
prices to level with the prices of Europe, where
the credit system does prevail There must be
some plan to multiply the gold and silver which
our industry commands; and there is no other
way to do this, but by safe banking system
(Great applause.) | do not pretend to say that
a perfect system of banking can be Devised
There is nothing in the offspring OF the human
mind that does not SAVIOR OF lmperfection. NO
plan Of government finance can be devised
free from defect After long deliberation have
no hopes that this country can ever go on to
prosper under pure specie currency. Such
currency but makes the poor poorer, and the
rich richer properly devised banking sys-
TEN alone, possesses the capability of bringing
the poor to level with the rich. Tremendous
cheering.)
have peculiar notions of Government. Per
haps may err. am no statesman by protes-
sion, but as have already said, am half soldier
and half farmer, and il may be, that, If am
elected to the first office in your gift my fellow
citizens will be deceived in me, but can assure
them, that if, in carrying out their wishes, the
head shall err, the heart is true.-[ Great huzza-
ing; So - !, conn.... -
charter National Bank remains unchanged
There Is not in the Constitution any express
grant Of power for such purpose, and 1t could
never be constitutional to exercise that power,
save in the event, the powers granted to Con-
sorting to such an institution. (Appause
Mr.. Madison signed the law creating National
| Bank because he thought that the revenues OF
the country could not be collected or dlsbnrsed
to the best advantage without the lnterpositloh
of such an establishment said in my letter
to Sherrod Williams, that, if it was PLAIN that
! the revenues of the Union could only be colect-
ed and disbursed in the most etiectual way by
means of Bank and if was clearly OF OPT
mon that the majority of the people of the U. 5.
desired such an institution, then, and then only
would | sign bill going to charter Bank
| (Shouts of applause,) / have never regarded
the Office of Chief Magistrate as conierrlng upon
the incumbent the power of Mastery over the
popular will, but as granting him the power to
execute the properly expressed will OF the peo-
pie, and not to resist it. With my mothers
milk did suck in the principles on which the
Declaration of independence was founded
| (Cheering.) That declaration complained that
tie King would not let the people make such
laws as they wished. Shall President or an
executive officer undertake, at this late time OF
day, to control the people in the exercise OF their
Supreme will? No. The people are the best
guardian of their own rights, applause and it
is the duty of their executive to abstain from IN
terfering in or thwarting the sacred exercise OF
the law-making functions OF their government.
| In this view of the matter, defend my hav
ing signed a well known bill which passed the
Legislature while was Governor OF indiana.
1t is true, my opponents have attempted to cast
odum upon me for having done so, but while
they are engaged in such effort, they mpugn
the honor and honesty of the inmates of the
Log Cabins, who demanded the passage and
signature of that bill The men who now dare
to arragn the people of Indiana for having ex-
ercised their rights as they pleased, were in their
nurses arms when that bill passed the Leglsla-
ture. What do they know of the pioneers of
that vast Wilderness | tell them, that in the
Legislature which passed the bill exciting 50