his party, against the bill to recharter the bank and stopped the further deposit of Federal money in the bank, distributing it instead among certain State banks. As a result, the bank failed to secure a renewal of its charter, and a great impetus was given to State banks all over the country. 151. Inflation. It was a period when there was the appearance of the greatest prosperity. Not only was the national debt paid off, but there was for a short time a surplus in the public treasury. Every one expected to be rich at once ; railroads were built and canals were dug before there was business enough to warrant them; more goods were imported from Europe than were needed; everybody fell to speculating, and there was a rush to buy Western lands. But the money paid for the lands was the paper of the banks, Martin Van Buren. and the banks had issued their paper far beyond their power to redeem it. Jackson, who was quick in perception, courageous and prompt, issued what is known as the specie circular. He did what Congress had refused to do: he made the regulation that nothing but gold and silver should be received for the sale of public lands. This caused a demand for specie at the banks where gold and silver were deposited, and soon the banks all over the country began to give way. There was a crash, and the year 1837 was long remembered as a year of bankruptcy and ruin. When Jackson's second 152. Van Buren's Administration. term was ended, Martin Van Buren of New York was elected President; he carried out Jackson's policy, and was justly considered his successor both in name and fact. During his administration, the separation of the government from 1840. banking was rendered complete by the establishment of the subtreasury system, by which branches of the national treasury were established in important trade centers. 1 Martin Van Buren was born at Kinderhook, N.Y., December 5, 1782. He was a lawyer, and in his early career a zealous adherent of Jefferson. He had a genius for political organization, and, after filling other offices, he was elected United States senator in 1821, and governor of New York in 1828. He was Jackson's Secretary of State. He lived a long life, but the latter part was spent in private affairs. He died at Kinderhook, July 24, 1862. QUESTIONS. When was Andrew Jackson inaugurated? How many years was he President? What change in the temper of people did the election signify? Define the two parties prominent in Jackson's administration. What was the Webster-Hayne debate? What effect on the two parts of the country did the protective tariff have? What action did South Carolina take? What is nullification? What stand did Jackson take? What was the action of Jackson in the case of the Bank of the United States ? What effect did his course have on the State banks? What was the condition of the country afterwards? What was the nature of Van Buren's administration? What important act took place in it? SEARCH QUESTIONS. What was the occasion of the Webster-Hayne debate? What was the Whig party in English politics? Was there any difference between the position taken by the advocates of nullification in South Carolina and that taken by the Federalists in New England during the War of 1812? SUGGESTIONS FOR LITERARY TREATMENT. COMPOSITION: A comparison of the training of John Quincy Adams and Andrew Jackson for the Presidency. DEBATE: Resolved, That Federal elections and city or town elections should not be held on the same day. CHAPTER XVII. TEXAS AND THE MEXICAN WAR. Rio Grande (rēꞌō grän'dā). Houston (hu'ston). Corpus Cristi (kôr pŭs kris'tē) = Nueces (nwa'ses). Resaca de la Palma (rã-sä'kä då- Santa Fé (sănta få)= Holy Faith. Monterey (mon-te-rā'). Buena Vista (bwā'nä vēs'tä) = Fair Cerro Gordo (sĕr'rō gor'dō). Jalapa (hä-lä'pä). Puebla (pwěb'lä). Contreras (kon-trā'räs). Churubusco (choo-roo-boos'kō). Chapultepec (chä-pʊʊl'tä-pěk). Mesilla (me-sel'yä). 153. Relative Expansion of North and South. - Since Missouri, two other States had been admitted to the Union, Arkansas1 in 1836, and Michigan in 1837. Half of the States were now www Arkansas was carved out of the great Louisiana, purchased in 1803, and took its name from the river so called by the Indians. There is doubtless some connection with the word Kansas. The name was pronounced sometimes Arkan'sas, sometimes Ar'kansaw; and there is a story of a very punctilious speaker of the House who followed carefully the divided pronunciation of two members, and never failed to recognize appropriately "the member from Arkǎn'sas," and "the member from Ar'kansaw." In 1881 a resolution of the State Senate declared the true pronunciation to be Ar'kansaw. When the State of Louisiana was formed in 1819, Arkansas became a portion of the new Missouri territory, until it was itself erected into a State. 2 The early footfall of the white man in Michigan may be found in Section 23 of the Introduction. In 1670 La Salle visited the lake, and for a long time Michilimackinac was a center of Jesuit missions and Indian trade. In 1701 a military colony was planted at Detroit, and in 1760 the post came into the hands of the English. It was here that Pontiac laid his siege in 1763. By the treaty of 1783 the country passed to the United States, but it was not occupied as a portion of the Northwest Territory till 1796, and was made in 1805 a |