The country was threatened with financial ruin, and Congress convened in September. The President in his message proposed the establishment of an independent treasury for the custody of the public funds, and their total separation from banking institutions. Such a bill failed, but it became a law in 1840. Congress, however, obtained temporary relief by authorizing the issue of $10,000,000 in treasury notes.
The fact remained, however, that the country was rich, and though much distress prevailed, the financial stress began to lessen as more healthy methods of business were adopted. In 1838 most of the banks resumed specie payments, but the effect of the panic was felt for years. Since the distress occurred while Van Buren was President, the blame was placed by many upon the administration.
At that time the present Dominion of Canada was divided into two provinces, known as Upper and Lower Canada. Dissatisfaction with some of the features of Great Britain's rule caused a rebellion in Lower Canada in 1837. Much sympathy was felt for them in this country, and especially in New York, from which a force of 700 men seized and fortified Navy Island, in Niagara River. There were plenty of loyalists in Canada, who made an attempt to capture the place, but failed. On the night of December 29, 1837, they impetuously attacked the supply steamer Caroline, killed twelve of the defenders, set the boat on fire, and sent it over Niagara Falls.
President Van Buren issued a proclamation forbidding all interference in the affairs of Canada, and General Wool was sent to the frontier with a military force strong enough to compel obedience. He obliged the insurgents on Navy Island to surrender and pledge themselves to refrain from all unlawful acts. These vigorous measures soon brought quiet to the border, and England's wise policy toward the disaffected provinces has made Canada one of her most loyal provinces.
The population of the United States in 1840 was 17,649,453, further evidence of the real prosperity of the country. Railroad building went on vigorously, there being fully 4,000 miles in operation at the close of Van Buren's term.
PRESIDENTIAL ELECTION OF 1840.
The following was the presidential vote of 1840: William Henry Harrison, of Ohio, Whig, 234; Martin Van Buren, 70. For Vice-President, John Tyler, 234; E.M. Johnson, 48; L.W. Tazewell, of Virginia, Democrat, 11; James K. Polk, of Tennessee, Democrat, 1.
WILLIAM HENRY HARRISON.
William Henry Harrison, ninth President, was born February 9, 1773, in Virginia, and was the son of Benjamin Harrison, a signer of the Declaration of Independence, and afterward governor of Virginia. The son graduated from Hampden-Sidney College, and took up the study of medicine, but was fond of military matters, and, entering the army of St. Clair, he displayed great bravery and skill. He helped General Wayne win his victory over the Indians in 1794, and was rapidly promoted. He became secretary of the Northwest Territory in 1798, and the following year was made delegate to Congress. In 1800, he was appointed governor of Indiana Territory, and was acting as such when he won his decisive victory at Tippecanoe, in the autumn of 1811. An account has been given of his brilliant services in the War of 1812.