The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-10-19


His fame rises shoys party the eagle scars Shove
the mist Whil4'ob8 authority Of no man should Be
recognized n republic ss precluding inquiry INTO |
its soundnesS fkvH Never believed that the Jadg-
ment Of Gen Washington or Of MIR. Madison ap-
proved the principle involved in charterIng nation
al bank. 1t is known that at Gen. Washingt0n's
request Mr. Madison prepared aveto OF the hrst bank
bill. That bill was ultimately signed more in defer
ence 10 the solicude Of Hamilton and Others, than
from his convictions, by the father Of bis cQun
try. Mt Hamiltonshad previously, without authori-
~, commenced the system Of receiving convertible pa
per instead Of specie under the act of 1885, rsspon
siby Of incalculable weight when reflect on the
consequences which have since been felt both by our
government and individuals The financial condition
Of the country in 1871 was in extreme embarrass-
ment from the debt of the revolution as it was in
1916, from the debt of the last war Mr.. Madison
not only wrote veto of the first bank at the request
OF Gen. Washington, and denounced the principle
which 1t involved in his report Of 49, which re-
garded as the declaration Of rights by the republican
patty in Mr. Jetierson's election aud ever since but
he subsequently, as President, vetoed bank BILL
he signed another, it is true, had been done in
1871, when the public mind intimidated by the EN-
barassed condition of the country aud the govern
ment impaired its panic alike to the wise and the
brave. In both instances, often happens, symp-
tom of disease was mistaken for remedy.
There can be no mistake as TO the geneEpl princi-
pies which characterised the federal an< publican
parties on their first formation, to tlJsgna
suits which followed the memorable republican tr-
umph Of 1900. Notwithstanding the severe tests to
which our Institutions were so frequently exposed By
foreign and domestic relations by the aggressions
Of France and England on our maritime righta, by
the embargo, the war, the loss Of commerce and
the accumulation Of large public debt, notwith-
standing the violent death spasms with which the
federal party continued to struggle against the gov
ernment during these periods, three successive re-
publican Presidents were elected and the country
enjoyed comparative political repose until the
termination Of Mr.. Monroes administration. The
federal party resisted oil attempts at retaliation or
defence, and finally resisted the war with England.
They overwhelmed by public indignation, and
at the close Of Mr. Monroe's administration no such
thing as federal party under that name existed in
the country The principles of that party remained,
but they have since been urged under other
name.
MrAdams,j r (who had been among the first to aban-
don the Federal party, NOMINEE after the election Of
Mr. Jefferson under the prctext that the party Of his
father medtated dissolution of the Union, and who
in later times has presented to Congress petition
for the dissolution of the Union,) General Jack
son, Mr. Crawford, MIR. Calhoun, and Mr.. Clay were
candidates for the Presidency to succeed Mr.. Mon
roe. The old FEEDER al party now assumed the name
OF National Republicans and Mr.. Adams received
their general support There was no election by the
people, and he was elected by the hocus pocus Of the
House Of Representatives. Mr.. Clay. through
whose agency Mr.. Adams had been elected in the
House, was installed as his Secretary of State an
Office which, after the example Of Jefferson, Madi
son, and Monroe, was supposed to be in the line Of
safe presidents !" Mr.. Clay, between whom and MIR.
Adams very cordial relations had hitherto existed
now became thoroughly identified with the National |
Republican party. He and his friends sustained the
re election Of MIR. Adams in 1923, while General
Jackson was elected by those who had preferred him.
% Mr. Crawford, or Mr.. Calhoun in 1894. The Re-
publican party assumed the name of Democratic
Republican party by way of contrast, suppose, TO
he National Republicans. The Democratic Repub
ican and National Republican parties were arrayed
distinctly against each other in the contest Of 1928
between Jackson and Adams. MIR. Adams was de-
feated as the National Republican candidate. Mr..
Clay became the candidate Of that party in 1892 and
was most sgnaly defeated by the re election Of Gen.
Jackson.
Soon after the reelection, in 1882, of Gen. jack
son, his proclamation issued containing doctrines
which were unsatisfactory to most of his friends, as
we'll those who disapproved as those who approved
the course Of South Carolina with regard to the tariff
act-doctrnes which were applauded by the Nation
al Republicans, and afterwards explained bt the au-
thority Of General jackson himself In 1888 the
dePositcs were removed from tho u. 3. Bank who're
they had been placed by the act chartering the Bank
in 1916. This was done by the Executive under cir
which induced large number Of those
who had supported General Jackson in 1928 and in
1899 to condemn the act. i was Of that number,
md as member Of the Virginia Legislature. offer
ID a resolution declaring that no direct or implied
anction was Intended favorabe.to U. s. Bank BY
he condemnation of the order removing the depo- |
ties The National Republicans condemned it also |
because II was blow aimed at the Bank. They knew
hen as they know now that in their advocacy of the
Bank or a Bank, there was no concurrence whatever
between themselves and that portion OF The Jackson
party which united with them in condemnng the /
powers claimed by the Executive ia the removal of |
he depo>ites. Their object was then, as it is now,
10 obtain a National Bank. Ninety-nine hundredths |
Of the Jackson party who condemned the removal of
he upro thA se,,t;~>
alty and expectancy Of National Bank. There |
was, II possible still less between the
Jackson men who condemned the removal of the de- |
positcs and the National Republicans in regard to
The tariff. That portion Of the Jackson party who
condemned this Executive act were generally the
most ultra anti tariff men.
Under these circumstances in 1884 the wing party |
was formed. II could not have been organized then,
nor could it have acted harmoDiously on any one Of
he present political issues at any moment from 1884
o 1S4l. II the bank the tariff or Mr.. Clay's cleo
ion had been urged party measure by the Wings,
hat portion Of them who had belonged to the Jack
on party would have operated with the democratic
'arty, with whom they agreed and with whom they
lad acted ON these questions and against Mr. Clay.
The name of national republican was dropped and
hat of wing was assumed to indicate not only the
'onts OF agreement, but also the points of disagree
nent among the elements of the Wing party. The
emoval OF the deposites the first point of agree
nent or cooperation 1t was followed by the pro-
est, "hlch grew out oil II. Inc expunRe followed
md was likewise connected with the removal Of the
ieposites. II was urged that the power of appoint
ng and removing public officers (also an executive
'ower) was abused. Executive abuses and executive
eiorms therefore were the only party issues urged
~ the Wings before the people. 1t was denied most
'mphalically and authoritatively that the Wing party
vas bank, tariff or Clay party
In 1896, Judge White was the Wing candidate for
president. Gen. Harrisons name was associated
With his, but that portion Of the wing party who had
men Jackson men, with very few exceptions, then
cfused to vote for Harrison, from the apprehension
hat he was national republican. The same objec-
ion would then have applied with still greater force
o MIR. Clay.
In 1897, there a general suspension Of the
,anks and the proposition was made under Mr.. Van
}urcn's administration to separate tlln Treasury
irely from the banks, State and FEDERAL. IL was
opposed by sll'thc advocates Of National Bank and
1t first by many of its opponents under the hope that
ONE system could be devised with the cooperation
If the State banks, to avoid the charter of United
n.ak ot.. H. e