It was transmitted to the President, March 2d, one day prior to the expiration of the present Congress, and of President Jackson's administration. The President returned the bill to the Senate with his objections thereto. This was his last public act as President.

General Jackson issued to the people of the United States a farewell address-setting forth an embodiment of his political views. He attended the inauguration of his successor and friend, Martin Van Buren, after which he retired to his home and to private life.

General Jackson's administration constituted a period of eight years in the history of our country-marked by the agitation, and to some extent settlement of questions of great and commanding interest. The public acts of the President were applauded by some, deprecated and de-. nounced by others. Different results could not be expected. To claim for General Jackson as a public man, perfection, would be folly if not impiety; to denounce him as devoid of patriotism would be unjust. The effects of those measures which he urged, and those which he opposed, must be adjudged by subsequent developments in our national history.

CHAPTER X.

ADMINISTRATION OF MARTIN VAN BUREN, 1837-1841.

MR. VAN BUREN, the eighth President of the United States, was inducted into office on the 4th of March, 1837. The ceremonies were such as usually attend the inauguration of the Chief Magistrate. The introductory address was delivered in a clear and impressive manner. After its conclusion, Chief Justice Taney administered the oath of office.

The cabinet officers of General Jackson were retained by the President elect, except the appointment of J. R. Poinsett, of South Carolina, Secretary of War. This office was made vacant by the resignation of Mr. Cass to accept an appointment as Minister to France.

The circumstances attendant on the accession of Mr. Van Buren to the Presidency were not auspicious. The specie circular had produced a money pressure already severe, and which threatened a financial revulsion farreaching and disastrous. In the Spring the crisis culminated. By mutual consent, in May, the banks of New York city suspended specie payment. Other banks followed their example. Failures, to an extent never before known, filled the commercial cities and the country at large with distress and consternation. All kinds of prop

erty greatly depreciated in value. Business was prostrated.

It was rendered more embarrassing to the Administration from the consideration that these results ensued from the adoption of a line of policy, to the support and maintenance of which it was regarded pledged. Representations of the universal distress were made to the Executive, and he was importuned to repeal the specie circular and to call an extra session of Congress.

The general suspension of the banks rendered it impossible for the officers to comply with the law requiring them to receive or pay out the notes of those banks only that were specie-paying. Thus necessitated, the President issued his proclamation for Congress to assemble on the 4th of September, 1837.

Congress convened at the time designated. The President's message was mainly devoted to the financial interests of the country. He recommended as a substitution for banks the sub-treasury scheme. This assigned the collection, safe-keeping, transfer, and disbursement of public moneys to officers of the government. Specie alone should be employed in fiscal operations. Ten millions of dollars would suffice for all necessary purposes, were the accumulation of a large surplus revenue prevented. The great falling off in the revenue, in the opinion of the President, required the withholding of the fourth, and final instalment of the deposit funds.

Many of the friends of the President had entertained hopes that he would furnish relief to the country by the recall of the specie circular which had been issued by order of General Jackson. In this they were disappointed. Mr. Van Buren gave evidence of his intention to pursue the line of policy indicated by his predecessor. The message promised no relief to the people. To legis

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late for the amelioration of the pecuniary condition of the people was not embraced within the legitimate province of the General Government. It compassed the energies of the Government to protect itself and provide for its

own wants.

The announcement of the sub-treasury scheme created great excitement both in and out of Congress. The friends of the Administration who were connected with bank interests were especially indignant. This was regarded as a direct attack upon the banks and the credit system. It was held that the destruction of the banks would depend upon the adoption of the ideas promulgated by the Executive. And hence a more wide-spread and disastrous prostration of business throughout the country.

The Secretary of the Treasury reported, December 1836, the amount of bank paper in actual circulation at one hundred and twenty millions of dollars; specie, twentyeight millions; specie in banks, forty-five millions. The banks assigned two causes as greatly affecting their operation. The removals of the revenue for deposit in the several States; and the abstraction of a large amount of specie in payment for foreign importations. The suspension of the banks of New York was legalized by the Leg islature of that State for one year.

The political complexion of the House was indicated in the choice of Speaker; James K. Polk was again elected, receiving 116 votes against 103 for John Bell, and 5 scattering.

SUB-TREASURY.

A bill to establish the sub-treasury was reported to the Senate, by Mr. Wright, chairman of the Committee on Finance. It met with a strong opposition. Mr. Clay declared the project neither desirable nor practicable, nor

within the constitutional power of the General Government, nor just; that it was contrary to the habits of the people of the United States, and dangerous to their liberties, and that the great want of the country was a general and uniform currency, and a point of union, a sentinel, a regulator of the issues of the local banks; and that would be supplied by a National Bank.

Mr. Tallmadge deprecated this warfare against the State banks and the credit system of the country. He arraigned the Government as the cause of the existing financial pressure, and cited the authority of the Executive and cabinet officers as to the soundness and credit of the State banks. The sub-treasury would prove the ruin of the country. Hitherto Senator Tallmadge had been an ardent supporter of the Administration.

Mr. King, of Georgia, at the same time separated himself from his former friends, and entered his protest against the policy now urged by the Executive.

The sub-treasury bill passed the Senate-yeas 26, nays 20.

Being taken up in the House, the bill was laid on the table, 120 against 107.

The Whigs voted in a body against the bill. Alone they had not strength to defeat it. As we have seen in the Senate, so in the House there were separations from the Administration. These persons received the name of "conservatives," and came ultimately to coöperate, quite generally, with the Whigs. The Whigs preferring the State banks to government officials as deposits for the revenue, gave them as earnest a support as they had opposition but a few years previous. The Democrats were zealous for a scheme which had but just received their most hearty reprobation.

Acts authorizing the issue of ten millions of dollars in