Van Buren’s Administration.
Van Buren’s policy.—The eighth President adopted the line of policy pursued by his predecessor.
Panic of ’37.—The measures adopted to dispense with the U.S. Bank and to render gold and silver the medium of exchange occasioned a financial panic, which reached a crisis in May, 1837. During this month the banks of New York suspended specie payment. Other banks followed their example; commercial distress, depreciation of property and prostration of business ensued. The calamity was attributed to the policy of the President. He was urged to repeal the “specie circular” and call an
Extra session of Congress.—This, with the clogging of certain business in the treasury department, occasioned by the suspension of banks, induced the executive to issue a proclamation, calling Congress together on the 4th of September, 1837. The President’s message contained statements which assigned causes for the monetary panic, not connected with his financial policy. Refusing to rescind “the specie circular,” he recommended, as a substitute for the state banks, an independent or a
Sub-treasury.—The bill for the establishment of this institution was opposed by the Whigs in a body, and by a portion of the Democrats who were called “conservatives.” The measure was lost by the vote in the House. The sub-treasury bill was before Congress at the next regular session, when it met the same fate as at first; but in 1840 it passed both branches of Congress and became a law.
State bank depositories.—The Whigs, during Jackson’s administration, opposed the use of state banks as depositories for government funds, and favored a sub-treasury; but when the latter scheme was recommended by Van Buren, the Whigs threw all their influence against it, and preferred the continuance of state banks as depositories to the use of a sub-treasury for the same purpose. This was justified by the plea, that the frequency of changes in government policy was more injurious than the “intrinsic defects of any particular plan of finance.” The Democrats, combating the position of the Whigs on the subject, were involved in similar inconsistencies. They changed grounds on the two issues simultaneously with the Whigs.
Annexation of Texas.—A proposition for the annexation of Texas to the United States was brought forward in the Senate (1838). After some discussion the subject was laid on the table. The annexation was a Democratic measure.
Right of petition.—The excitement over the right of petition, which began in Jackson’s administration, was continued through that of Van Buren. Resolutions against the reception of petitions adverse to slavery were introduced in Congress from time to time. In 1838, Mr. Atherton reported a series of resolutions, which closed with the provision “that every petition, or paper, in any way relating to slavery, as aforesaid, should, on presentation, without further action thereon, be laid on the table without being debated or referred.” This was adopted as a rule, and met with persistent opposition.
Abolition party.—The measures taken to suppress petitions were so exacting that a strong public sentiment in the north was excited in favor of the opponents of slavery. This sentiment grew in strength, and aided the Abolitionists, till November, 1839, when, at Warsaw, New York, they organized the Abolition party.
Liberty party.—The organization known as the Abolition party was perfected in 1840, and from that time was called the Liberty party. It made inroads upon both Democrats and Whigs.
Election of 1840.—In November, 1839, when the Abolitionists organized their party, they nominated James G. Birney and Francis J. Lemoyne. These gentlemen declined the candidature; but the organization, the following year, under the name of Liberty party, nominated James G. Birney and Thomas Earle. The Whig national convention, at Harrisburg, Dec. 4, 1839, nominated William H. Harrison and John Tyler. No platform was adopted. These selections were hailed with satisfaction. At Baltimore, on the 5th of May, 1840, the Democratic national convention unanimously nominated Mr. Van Buren for President, and left to the states the nomination of a Vice-President. They adopted a platform which set forth their principles in plain terms. [See Diagram.] The canvass was unusually interesting. The object of the Whigs was the defeat of Van Buren and the overthrow of his policy. They had no platform to support, and made no attempts to defend accusations against their candidates; hence their line of action was on the offensive. They brought all their forces to bear against the President’s financial policy, the adoption of the sub-treasury scheme, the suspension of internal improvements, the extravagant expenditures of the Seminole war, and the re-election of a President for a second term. General Harrison’s military reputation won for him what the same possession won for General Jackson. Van Buren’s administration was held responsible for the unfortunate condition of the country, and but little enthusiasm could be aroused in his behalf. General Harrison was elected by a large majority, having received 234 electoral votes to 60 cast for Mr. Van Buren. This canvass was known as the “Log Cabin and Hard Cider campaign.”
Divorce of bank and state.—The prominent characteristic of this administration is termed “the completion of the divorce of bank and state”—a policy which existed just long enough to prostrate the party which brought it into being.
