POLITICAL PARTIES.—The democratic candidate, Martin Van Buren, was
chosen President. The people thus supported the policy of
Jackson—no United States Bank and no Protective Tariff. General
Harrison was the whig candidate.
[Footnote: No Vice-President being chosen by the people, Colonel R.
M. Johnson was selected by the Senate. ]
VAN BUREN'S ADMINISTRATION
[Footnote: Martin Van Buren was born 1782; died 1862. He early took an interest in politics, and in 1818 started a new organization of the democratic party of New York, his native State, which had the power for over twenty years. In 1831 he was appointed minister to England, whither he went in September, but when the nomination came before the Senate in December, it was rejected, on the ground that he had sided with England against the United States, on certain matters, and had carried party contests and their results into foreign negotiations. His party regarded this as extreme political persecution, and the next year elected him to the Vice-Presidency. He thus became the head of the Senate which a few months before condemned him, and where he now performed his duties with "dignity, courtesy, and impartiality." ]
(EIGHTH PRESIDENT: 1837-1841.)
DOMESTIC AFFAIRS.—Crisis of 1837.—The financial storm which had been gathering through the preceding administration, now burst with terrible fury. The banks contracted their circulation. Business men could not pay their debts. Failures were every-day occurrences, and the losses in New York city alone, during March and April, exceeded $100,000,000. Property of all kinds declined in value. Eight of the States failed, wholly or in part. Even the United States government could not pay its debts. Consternation seized upon all classes. Confidence was destroyed, and trade stood still.
[Footnote: As a President, Van Buren was the subject of much partisan censure. The country was passing through a peculiar crisis, and his was a difficult position to fill with satisfaction to all. That he pleased his own party is proved from the fact of his re-nomination in 1840 against Harrison. In 1848 he became the candidate of the "free democracy," a new party advocating anti-slavery principles. After this he retired to his estate in Kinderhook, N. Y, where he died.]
[Footnote: The direct causes of this were (1) the specie circular, which was issued by Jackson in 1836, just at the close of his last term, directing that payments for public lands should be made in gold and silver. The gold and silver was soon gathered into the United States treasury. (2) The surplus public money, amounting to about $28,000,000, which was ordered by Congress to be withdrawn from the local banks and distributed among the States. The banks could not meet the demand. (3) During the season of high prices and speculation, when fortunes were easily made, there had been heavy importations of European goods, which had to be paid for in gold and silver. Thus the country was drained of its specie. (4) A terrible fire in the city of New York on the night of Dec. 16, 1835, which had burned 600 valuable stores, and property to the amount of $18,000,000.]
[Footnote: At the present time the public money is kept in the United States treasury at Washington, and in sub-treasuries. This was Van Buren's favorite idea, and only adopted by Congress at the close of his term. It was called the Sub-Treasury Bill, and was used as a great argument againbt Van Buren's re-election. It was repealed during Tyler's administration, but re-enacted under Polk.]
[Illustration: THE BIRTHPLACE OF MARTIN VAN BUREN]