IX
THE ELECTION OF 1840
IN the early summer of 1840 the great contest began, which ended in the defeat of Mr. Van Buren and the election of Gen. Harrison to the Presidency. The real issues were not much discussed—certainly not by the Whigs. In reality the results were due to the general prostration of business and the utter discredit that had fallen upon General Jackson’s pet bank system. The Independent Treasury System, as it was termed by Democrats, or the Sub-Treasury System, as it was called by the Whigs, had not been tested.
The country was tired of experiments and all the evils, which were many, that then afflicted the people, were attributed to the experiments of General Jackson in vetoing the bills for the recharter of the United States Bank and for the institution of the pet bank system. In truth the country was wedded to the idea that the funds of the government should be so placed that they could be used to facilitate business. That idea and the practice arising from it were full of peril. In the infancy of a country, when the resources are inadequate, a national bank, assuming that it is managed honestly and wisely, may be an important aid, but time being given, it will inevitably become a political machine in a country, like the United States, where the political aspirations of the people are active and the temptations to seek the aid of the money power are always great. Even in modern times, with a surplus of millions in the banks of the city of New York, for
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