Bank-fed speculation exploded in 1857, collapsing much of the factory system. Lincoln, the respected political leader of the Henry Clay tradition, was elected President in 1860, prompting the anti- nationalists to launch secession and civil war. The Associated Banks of New York were led by James Gallatin, a resident of Switzerland and the son of Albert Gallatin. They would resell U.S. bonds in England with the Barings and Rothschilds, putting the United States at the mercy of the British aristocracy. Capital is only the fruit of labor, and could never have existed if labor had not first existed.
Labor is the superior of capital, and deserves much the higher consideration.
Capital has its rights, which are as worthy of protection as any other rights. Nor is it denied that there is, and probably always will be, a relation between labor and capital, producing mutual benefits. The error is in assuming that the whole labor of the community exists within that relation. This is the just, and generous, and prosperous system, which opens the way to all-gives hope to all, and consequent energy, and progress, and improvement of condition to all. The banks of other cities immediately followed suit.