The National tribune., 1900-11-15

Andrew Jackson was able to do what
no other President had done, name his
successor-his faithful lieutenant, Martin
Van Buren,.
Fice-President Van Buren, was presid,
ing over the Senate when Henry Clay
Numbered out an awful warning to the
usurping Executive, and in his suaye man
ner implored Mr.. Van Buren, to at once,
without delay, repeat it to the President.
Mr.. Van Buren, assumed the attitude of
an interested listener, storing every word
for repetition to the President. When
Clay had finished he at once made his
way to the orator and asked a pinch of
snuff.
No better illustration of the man is
needed. He was an early arch-engineer
of the political machine of New York; he
was dyed in the wool, and brought all the
instincts of his early training with him
when he came to Washington. He was
not distinguished for learning nor elO-
Quence, but he was a patient plodder, sa-
gaciOus as politician, but genial com
panion and retained friends by his loyalty.
We find in his youth he took an active
part in politics, was elected a State Sen
ator in 1872. He advocated the second
war against England and voted for pro-
tectiye tariff in 1928. He became Attor-
VI the GSldle VI NEW lOlhs
and was elected Governor of the State.
He was sent to the United States Senate,
was appointed Minister to England by
President jackson, but was not confirmed
by the Senate, and was made Secretary
of State. He received a majority of the
electoral votes for Yice-President in 1881,
which office he filed during Jackson's
term. He was nominated for President in
1886 and elected. He was renominated in
1910, but was defeated. He was inaug-
urated in 1887. and declared his intention
Ito follow in the footsteps of his illus
trious predecessor" and thus it was that
on him fell the full effects of the storm
in the financial world produced by his pre-
decessor's policy.
Wildcat banks,'' as we have seen, dur
ing Jackson's struggle with the United
States Bank, were formed in various
States, generally with little capital to pay
the notes which they issued. These bills
had cost them very little; they could af-
ford to pay higher prices in paper money
for lands in distant States and Territories
than others could in gold or silver. A SEN
ator said: The State banks soon began
to feel their oats: all the banks expanded,
all things expanded; it was the period of
expansion. Never were such floods of
paper money emitted as during Jackson's
fiscal system"
Having bought these lands with worth
less money, the wildcat bankers sold
them for good money, hoping their own
bills would be long in finding their way
back for payment.
If expectations were not realized, all
the banks had to do was to fail and the
managers start a new bank.
Much of this money was paid to Gov
eminent agents in the West for public
lands which the Government desired to
sell at low prices to settlers, and this
called out from President Jackson the spe-
Gle circular ordering all Government agents
to take gold and silver only in payment
for lands.
The wildcat bank notes thereafter were
of no use in the West, and began to be
sent back for payment, and found the
banks without funds. And thus began one
of the worst panics this country has ever
passed through. His system worked evil
every moment of its operation and upon
every interest of business or industry it
ended in the universal ruin of 1887 and al
most hopeless depression of the five years
following.
During the first year Of Van Buren's
reign men who had been rich were made
poor in day. A pile of bank notes was
worth but little more than so much waste
paper. The business failures in New
York amounted in two months to $780,
100000.
The Government, that had lately had
SO much money that it was compelled to
divide it among the States, could get hold
of no money at all. All its revenues had
been deposited in State banks. These