money. No employment for industry-no demand for labor-no sale for the product of the farm-no sound of the hammer, but that of the auctioneer knocking down property. Stop lawsproperty laws-replevin laws-stay laws-loan offices-the intervention of the legislator between the creditor and debtor. This was the business of legislation in three-fourths of the States of the Union—of all south and west of New England. No medium of exchange but depreciated paper; no change even but little bits of foul paper, marked so many cents, and signed by some tradesman, barber, or innkeeper; exchanges deranged to the extent of fifty or one hundred per cent. DISTRESS, the universal cry of the people: RELIEF, the universal demand thundered at the doors of all legislators, State and Federal."

The truth of this graphic picture has never been questioned. It is a matter of history. The author might have added that after a life of doubtful utility, and floundering for years in the sea of politics, the bank sunk all its capital except a dividend of three per cent. to its stockholders. Such was the result of the great panacea, and the fate of those having faith in it. It will require a man of more eyes than the fabled Argus to discover tage to the people-any protection to their persons or propertyin this bank, so fruitful in promises and so barren in results.

any

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52.-JAMES MONROE, AND HIS ELECTION TO THE PRESIDENCY.

Mr. Monroe was our fifth President, and a native and resident of Virginia. He was born April 28, 1858, and educated at William and Mary College, Virginia. He entered the army of the Revolution as a cadet, and fought in the battles of Harlem Heights, White Plains, Brandywine, Germantown, and Monmouth. He rose by degrees in the army, his last commission being that of colonel. In 1781 he retired from the army, and read law under the direction of Mr. Jefferson, in his office, and in 1782 was elected to the State Legislature, which body appointed him, at the age of twenty-three, one of the Executive Council. The close intimacy between Madison and Jefferson brought Mr. Monroe in frequent contact with both. The deep feeling which impelled them was early imbibed by Colonel Monroe, and grew with his growth and strength

ened with his strength. In their daily walk he saw their principles illustrated in a manner calculated to impress a young mind in the most favorable manner. Their public and private conduct illustrated Democratic principles in their purity, unconnected with either cunning or selfishness. Their declarations and acts harmonized as honor with justice.

Mr. Monroe was neither brilliant nor eloquent, but he had sound common-sense, and the faculty of impressing truth upon the common mind with clear and logical convictions. He believed what he said, and said what he believed. He was noted for candor and undisguised simplicity. He was found to be thoroughly informed upon all topics of the day, and able to assign cogent reasons for whatever he advised. He could neither varnish folly nor whiten wrong. He loved his friends, and was faithful to them, while tolerant to error where not prompted by vice or crime. Coming in contact with the multitude, and closely observing the motives of their actions and their manner of development, he soon acquired a knowledge of men which proved useful throughout life. Virginians saw that Jefferson and Madison gave him their unrestricted confidence, and they added their own. At the age of twenty-four they elected him a delegate to Congress, where he served to the satisfaction of those who conferred that honor upon him. After leaving Congress he served in the State Legislature, aiding in the great work of the civil reform of the statutes. Subsequently he was a member of the convention called to act upon the question of adopting the national Constitution. He voted against it, because he found that it was not framed with explicitness to protect the rights of the States. He had the sagacity to anticipate fanaticism and to foresee the necessity of providing against reckless constructionists. On organizing the new Government, he was elected to the United States Senate, where he served until 1794. He was then sent, by General Washington, minister to France.

The enthusiastic manner in which Mr. Monroe was received in France disturbed the equanimity of the Federalists who surrounded General Washington, and led to his recall in 1796. Virginia, approving his course, elected him Governor, to serve for three years. When Mr. Jefferson came into office, and set on foot the

acquisition of Louisiana, he appointed Mr. Monroe minister plenipotentiary and envoy extraordinary to France, to aid Robert R. Livingston, our resident minister there, in securing that invaluable acquisition. They succeeded. He was subsequently sent to England, then to Spain, and then back to England, in diplomatic capacities.

It was on one of his missions to France that Mr. Monroe brought with him on his return his household furniture, which was subsequently purchased as a portion of that used in the President's mansion, including the supposed gold knives, forks, and spoons, which figured so largely as political capital when Mr. Van Buren was nominated for reëlection, and which have since so mysteriously disappeared.

In 1811 Mr. Monroe was again elected Governor of Virginia, which office he held until appointed by Mr. Madison Secretary of State, on the resignation of Mr. Smith, November 26, 1811. During the absence of General Armstrong, the Secretary of War, he also had charge of the Department of War. He was considered the best business man in Mr. Madison's cabinet. He was nominated by a caucus of Democratic members over Governor Tompkins, in 1816, for the presidency, running with the latter as VicePresident, receiving 183 votes over Rufus King, the Federal candidate, who obtained only 34, being those of Massachusetts, Vermont, and Delaware. Both were reëlected in 1820, Mr. Monroe receiving every electoral vote but one, out of the 9 in New Hampshire, and Tompkins all but 8 in Massachusetts.

We shall speak of his administration and events occurring during it in another place. Mr. Monroe died in New York in 1831, and, like Adams and Jefferson, on the 4th of July, our national jubilee.

53. THE ERA OF GOOD FEELING.

From the election of Mr. Jefferson to the close of Mr. Madison's administration, the contest between the anti-Democratic party and the Democracy, each in support of its principles, had been carried on with unyielding vigor. Superior talent had been called into activity on each side. The names Federalist and Republican

were unmeaning, temporary designations, applied to parties representing great and enduring principles. All were Federalists, all were Republicans. The contest related to the supremacy of principles which should control the action of Government-whether the people should rule, or be ruled-whether man should be protected in the pursuit of happiness, or forced to travel a road assumed to be best by others, whenever they had the power to dictate. Every point of controversy, when traced to its true original source, will be found concentrated here. The controversy had been long and obstinate, often productive of great violence and bitterness of feeling. The Federalists secured the aid of foreign sympathy and that of men who had dedicated their lives to the service of God, and were selected as teachers to point out the paths leading to heaven and eternal happiness. They used the name of religion in promoting the objects of politicians. Instead of charity and brotherly love, they preached death and destruction to Democrats. It is true they loved their enemies, because they loved Great Britain, but they preached hatred toward their own countrymen, often their own flesh and blood, where they did not fall down and worship the same political idol. They could see perfection where none existed, and horrid defects where they did not exist. These men, if sincere, were monomaniacs; if otherwise, were hypocrites.

Every obstacle, which human ingenuity could devise, was resorted to by the Federal party to defeat the embargo and nonintercourse measures, and to render the war destructive to our national and individual interests, and to subject us to Great Britain. For the time, England thought the Federalists their friends and willing aiders in our national degradation. She mistook the demonstrations of the noisy for the approving voice of the masses, who were honest, but misled by those professing to represent our heavenly Father, and the true principles of Government.

The instinctive acts of Federalism had sunk that party below all possible hope of resurrection. The war had ended in New Orleans in the cheering, bright lights of glory; the Administration of Madison had won a renown which time could not affect, and the nation an elevated position, recognized by the world, which could not be questioned. Although too proud formally to admit

our claims of " free trade and sailors' rights," still Great Britain has not since attempted to violate them. The Democracy was triumphant, and the Federalists had no grounds to stand upon when competing for public favor. The rank and file had left their leaders.

It was at this point that the Federalists declared that there existed an "era of good feeling," which should induce among Democrats a forgiveness of past Federal sins, by receiving them into full fellowship, like those who had spent their lives in defending and enforcing Democratic principles. This was acceded to, when the evidence warranted the belief of sincere conviction and repentance, where they were deemed certain and conclusive. But it was apparent to all close observers that the Federal leaders cherished, at heart, the principles for which they had so long and so vigorously contended. Their national organization appeared to be disbanded, but was preserved in States where hopes of future ascendency existed. No opportunity for securing a Federalist in a particular county or district was lost. But all hope of soon controlling the national Government had disappeared. While the record of their party remained, there could be no expectation of their future success, by their own name and the avowal of their principles. Their fate was sealed. A disavowal of their principles and a change of name were necessary to future success. This was readily done, at no distant day, as we shall hereafter show. It was our good fortune to hear the eloquent Elisha Williams, of Columbia County, N. Y., in the last year of his life, pass an affectionate eulogy upon the extinct party and its principles, and feelingly denounce those who had once been proud of them, for an ignominious desertion of them, leaving him alone, in his old age, as the sole representative of both, who had the courage and manliness to openly avow them. The defence of himself, and the rebuke administered to those who had abandoned him, was a most eloquent and happy effort, although it failed to have any effect upon those against whom it was aimed. The Federalists have never resumed their former name, new ones promising better success. The era of professed good feeling soon ended, and was succeeded by as bitter contests as were ever waged by the old Federal party when it was the strongest.