The Madisonian was a Democratic newspaper that supported Senator Tallmadge’s views on state banks
Senator Tallmadge’s troops have deserted him in favor of the parade of soldiers marching under the banner “The Message.”  Democratic President Martin Van Buren delivered an important message to Congress on September 14, 1837 proposing an independent treasury system that did not rely on state banks as one measure to help alleviate the financial Panic of 1837.
"Hallo! Pigtail, you’re wrong."
Pigtails, which were worn by soldiers and sailors in the Colonial era, had gone out of fashion by the 1830s, so the term was probably meant derogatively.
"We might as well go to Texas."
During the 1830s and 1840s, the phrase “Gone to Texas” was used when someone hit bad times and would disappear to make a fresh start.  It may also have been a euphemism for embezzling.
"Blood and Massacreation! Ain’t they comin’ Capt Ben? I swow I don’t believe they see our colour."
Senator Nathaniel P. Tallmadge (center) appears in the cartoon as Major Joe Bunker, a fictional character created by playwright James Hackett for his comic play Down East, or The Militia Muster.  Although inexperienced and incompetent in real battle, Major Bunker was devoted to drills and war theories learned from books.  Tallmadge led a group of moderate Democrats who opposed Van Buren’s “hard-money” policies. He wrote a manifesto endorsed by 700 other Democrats criticizing Van Buren for not depositing more Federal money in state banks.
"If they don’t, I’ll oppose ‘em if it costs me $1000 and two more bullet holes in my hat."
"Alas poor Williamsburg."
" We’re in a minority."
Drawn On Stone [Political Prints from the 1830's and 1840's]
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E. W. Clay
Major Joe Bunker’s Last Parade,
Or the Fix of a Senator and his 700 Independents
Publisher: H. R. Robinson
Lithograph
1837
This cartoon was created in the wake of the business and bank failures called the Panic of 1837.  It is one of Clay and Robinson’s few pro-Van Buren cartoons, predicting his eventual triumph over the disloyal faction of his party led by Nathaniel Tallmadge.