THE SECOND ERA—POPULATION OF QUODLIBET—INCREASE UNPARALLELED IN ANCIENT CITIES; EQUALED ONLY BY MILWAUKEE, ETC.—SUCCESS OF THE BANK—ATTACK UPON IT IN CONGRESS—THE HON. MIDDLETON FLAM'S TRIUMPHANT VINDICATION—SKETCH OF HIS CELEBRATED SPEECH BEFORE THE NEW LIGHTS—INIMITABLE IRONY ON THE DIVORCE OF GOVERNMENT AND BANK—MERITED COMPLIMENT TO THE HEAD OF THE SECRETARY OF THE TREASURY—THAT DISTINGUISHED GENTLEMAN'S OPINIONS. It is no part of my design in the compilation of this little history to preserve the form of a regular, chronological narrative of the course of events in Quodlibet; for although the material for such a continuous recital abounds in the memoranda which I have preserved, yet it seems better to suit the purpose of the respectable committee who have invoked me to this labor, that I should rather make excerpts from the mass of my papers, in such wise as to bring before my reader the condition of the Borough at several epochs, with an occasional reference to such incidents as may serve to explain the opinions of our people and illustrate the course of that beautiful system of politics which the world—I mean that world of which our Borough is the center—has consented to honor with the epithet of Quodlibetarian; and in which designation, in my poor judgment, is comprehended the essence of the true theory by which this nation has advanced Following this suggestion, I propose now to lead my reader to that epoch in the annals of the Borough which dates in the fourth year after the Removal, or, in the vernacular computation, the year of 1836-7. The population of Quodlibet had now reached to the astonishing amount of fifteen hundred and eighty odd souls—the increase being altogether without an example in the history of civilization, excepting, perhaps, in that of Milwaukee, Navarino, and some other of those seemingly incredible and fabulous creations of art which are said to have sprung up under the beneficent auspices of the Quodlibetarian theory, as the same has been practiced in this government for some few years past. Quodlibet, I repeat, had reached in population upwards of fifteen hundred and eighty inhabitants, as was ascertained by a diligent enumeration made under the direction of our New-Light Club, with a view to the election of a constable held this year in the Borough;—and when we reflect that at the date of the Removal, the whole settlement fell short of two hundred persons all told, it will be perceived that in three years our increase has exceeded seven hundred per cent.! Verily, neither London, Athens, nor Palmyra, Karnac, Luxor, nor even Milwaukee itself, I doubt, has ever manifested so prolific an augmentation. Nicodemus Handy's row of stores on the Basin was the first improvement, as I have already informed my reader; then Copperplate Ridge was studded with buildings; at the same time Flam Street was enriched The bank did a sweeping business all this time; and nothing can be conceived more beautiful than the theory upon which it was conducted. It has run out of my memory how many new bales of pink silk paper were turned off by it, but the amount would scarcely be believed if I were to set it down; and the accommodation principle was carried out to an extent that must have been truly gratifying to the Secretary. Still, even this most exemplary institution did not escape the malevolence of the Whigs. That ever-complaining party, as the Hon. Middleton Flam assured us by letter, were making a great ado in Congress about all the banks, but particularly about ours—alleging, in their usual Deeming this charge as one of peculiar atrocity, we at once determined to take it up in our New-Light Club, and stamp upon it the most conclusive refutation. We accordingly fixed an evening for the discussion, during Christmas week, when we knew that our member would be at home to visit his family; and he was of course invited to attend and give his views upon this very interesting question. The meeting was in the Town Hall up stairs above the Female Lyceum. All Quodlibet was present. I shall be long thankful to Providence for the dignified station which it fell to my lot to fill on that memorable occasion. By a most unexpected but most felicitous chance, I was honored that night with a call to the chair; the worthy Mr. Snuffers, our President, not being able to attend, in consequence of the interesting condition of Mrs. Snuffers. As the subject of discussion was one of thrilling interest, the most intense anxiety prevailed to hear the speech of our eloquent representative. He came fully prepared, bringing with him a load of documents. Our Vice, Mr. Doubleday, who is a solid thinking, shrewd person, of that maturity of judgment which it is impossible to impose upon, and himself, by-the-by, a first-rate debater, told me, after we broke up, that Mr. Flam's discourse that evening on the banking system at large and on the safety of the banks in particular, was one of the closest pieces of reasoning he had ever listened to in his life. I regret that I have preserved so imperfect an outline of this speech, but such as it is I offer it to my reader. The orator commenced very appropriately by remarking how impossible it was, in the nature of things, to satisfy the Whigs on any point. He said there were three parties in Congress: First, the Whigs—who still croaked about a National Bank—and his description of their croaking was to the last degree humorous; it produced peals of laughter. Second, the thorough-going Quodlibetarian Whole Hogs, who were steadfast and immovable for the State Banks; and a third party, small in numbers, "attenuated"—as he remarked with irresistibly comic effect—"and gaunt; feeble, shrill, and like crickets who might scarcely be seen in daytime;" and who, when the bill to Regulate the Deposits was up, presented what, in his opinion, was the most alarming, if it had not been the most ridiculous scheme, in relation to the public money, that had ever been hatched in the hotbed of faction. These men, he said called themselves Conservatives: "And what think you, Mr. President," he asked, "was their project? It was, sir, to separate the Government from the Banks." Here Mr. Flam was interrupted by a loud laugh. "A Mr. Gordon," he said, "was at the head of this little troop. He proposed a bill, two sessions ago, to place the revenue and public moneys in the hands of Receivers—the moneys were to be paid to these Receivers in GOLD and SILVER! and no bank was to be intrusted with a dollar!! And this," exclaimed Mr. Flam, with a tone of inimitable irony, "was to be done for the SAFETY of the public Treasure! Your money not safe in the hands of the banks, but perfectly secure in the keeping of these honest Receivers, who were to be furnished with vaults We all thought the ceiling of the Town Hall would have toppled down on our heads from the laughter occasioned by this sally. In this admirable strain he continued for some minutes. At length, taking himself up, and falling into a tone of grave expostulation, he pulled out a copy of The Globe from his pocket, and proceeded— "Admirably, sir, has this paper which I hold in my hand descanted on this most wicked project. These well-timed remarks, I beg leave to read. Hear the incomparable Blair. 'Had such a 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 charged 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 partisans, instead of keeping it on deposit in banks, whence it cannot be drawn, for other than public purposes, without certain detection. In such a case, we should feel that the people had just cause for alarm, and ought to give their most watchful attention to such an effort to enlarge Executive power, and put in its hands the means of corruption.' Most admirably again," continued Mr. Flam, "has this same incomparable Blair said, 'The scheme is disorganizing and revolutionary, subversive of the fundamental principles of our government, and of its practice from 1780 down to this day.' Will you, freemen of Quodlibet, gentlemen of The New Light," exclaimed "No!" shouted the ready response of sixty-four voices. "Gentlemen, listen to the words of the Old Hero," continued Mr. Flam, with a gratulatory smile playing on his face, presenting at the same time a printed document which he carefully unfolded—"listen to that 'old man eloquent' whose mouth is never opened but to breathe the precepts of wisdom and patriotism:—I read you from his last message. In remarking upon this absurd project, the President, in this able paper, holds the following language: 'To retain the Public Revenue in the Treasury unemployed in any way, is impracticable. It is considered against the genius of our free institutions to lock up in vaults the treasure of the nation. Such a treasure would doubtless be employed at some time, as it has in other countries, when opportunity tempted ambition.' Now are you willing, men of Quodlibet," again ejaculated our eloquent representative, as he slapped the document upon the table, "are you willing, or can you consent to tolerate a proposition which is against the genius——" "No!" thundered forth sixty-four New Lights again, before our orator had finished the sentence. "Order, order, freemen of Quodlibet," I called out, as it was my duty to do, at this interruption. "Hear our distinguished representative to an end, before you respond." There was a decorous silence. "A proposition," continued Mr. Flam, "which is against the genius of our free institutions, and which would be a lure to tempt ambition to its most unholy purposes?" The club looked at me for a sign, and I, quickly giving a nod of my head, a loud "No" ran over the whole room, like a feu de joie fired off at a militia training. "Now, gentlemen," said Mr. Flam, "one word as to the safety of these deposits. Whigs—oh that some of you were present, to mark how a plain tale shall put you down! I have here the Secretary's own report," he added, as he selected one from the bundle of documents which lay before him. "There is no need for many words here—here is Mr. Secretary himself, than whom a more pellucid, diaphanous, transparent Secretary of the Treasury—a mind of rock-crystal, a head of sunbeams, a soul, sir, of pure fountain water, that gurgles and gurgles, perpetually welling forth its unadulterated intelligence in a purling stream, of which it may be said, in the beautiful language of the poet of antiquity 'Rusticus expectat dum defluat amnis, at ille Here I gave a nod, by way of signal to the club, to applaud this splendid outbreak of Ciceronian eloquence; whereat the New Lights vociferated "Bravo—three times three!" and made the house ring with their approbation—"I say, sir, I have the Secretary himself here present." Several of the members, not being accustomed to "The Secretary, gentlemen New Lights," said Mr. Flam, adroitly availing himself of the occasion to throw off a coruscation of wit—"the Secretary lives in his reports—profound, statesmanlike, recondite and deep, his report is in my hand—it is himself! I will read you what he says upon this matter of the safety of the banks." Here Mr. Flam read as follows, from a report dated December 12, 1834:— "It is gratifying to reflect, however, that the credit given by the government, whether to bank paper or bank agents, has been accompanied by SMALLER LOSSES in the experience under the system of State banks in this country, at their worst periods, and under their severest calamities, than any other kind of credit the government has ever given in relation to its pecuniary transactions." "Again," he continued, turning to another page, "it is a singular fact, in praise of this description of public debtors—the selected banks—that there is not now due, on deposit, in the whole of them, which have ever stopped payment, from the establishment of the constitution to the present moment, a sum much beyond what is now due to the United States from one mercantile firm, that stopped payment in 1825 or 1826, and of whom ample security was required, and supposed to be taken under the responsibility of an oath. If we include the whole "There, gentlemen New Lights of Quodlibet," said Mr. Flam, when he had finished reading these extracts, "what can be added beyond this certificate from the Secretary, of the value of our State banks? Even the lips of Whiggism are sealed before it; and nothing is left but the confession that, in all their senseless clamor against our favorite and long-tried State bank system, the course of its enemies has been but the ebullition of disappointed ambition and peevish discontent. Are you willing, I ask, to see this glorious system prostrated to the earth?" "No!" was again the general cry. "Are you content to see your cherished banks stripped of the confidence of the government?" "No—never, never!" shouted the New Lights to a man. "Then, gentlemen Quodlibetarians, radii of the New With these words, this remarkable man gathered up his documents, and, with a countenance full of smiles, retired from the midst of this circle of his devoted—yes, I may say, his idolizing friends. |