condition. He had seen the Government deposits, in the State banks, loaned and loaned over again in aid of speculations in the public lands; so that instead of selling from two to four millions in a year, in a little over one year the sales had risen to nearly forty millions. It was also known that the Bank of England had declined to discount for American houses in London, who relied upon these State banks for reimbursement, and that their drafts were returned protested. It was clear that the State bank system could not be relied upon, and could not be rendered safe and efficient by legislation. Advising with men like Silas Wright, Levi Woodbury, and John Forsyth, his own views were strengthened, and he determined to recommend a complete divorce of the Government from all banks, and the establishment of additional Treasury offices for keeping and disbursing the public money. He was of opinion that, while one set of officers were generally safely intrusted to collect our revenues, another, under suitable guards and restrictions, and provided with proper means, might be relied upon for keeping and paying out on the Secretary's warrants. We then had only a treasurer, who really kept and handled very little money, it remaining in banks. This recommendation contemplated assistants at points where large amounts were collected. This system, when eventually passed, was called the "Sub-Treasury." On the meeting of Congress, Mr. Van Buren communicated his views in one of the clearest and ablest messages ever sent to that body. As he expected and had foretold, his recommendation brought down upon him the combined friends of the national and State banks, which, for the time being, threw him and his party in the minority. When he had determined upon this recommendation, he informed Benjamin F. Butler, Francis P. Blair, and others, that it would probably be the means of his political destruction, but that it was necessary and right, and would eventually receive the strong, decided, and lasting approval of the nation, and that he preferred hazarding his own position to resorting to temporary expedients, which must end in disappointment and loss; and that he should cheerfully take upon himself all the hazards that doing right might subject him to. His predictions proved true. At the extra session, the first Act passed was one to post

joses på mangeln ai tr Temamant per fe the time as fered Dativa a la to my via the arms af ki, Ver Bazen vir progin it organize & turi party, viri shatok Þol the balance of powe i Cems by the management at the dubi It may—r nahe ging i sør-se as to make that pany frie It was imended to mar the Democratic party, then stres and proverit, and t bring such met as Wism CN Nathald P. Talmadge Engi 1 White, and others promine before the pable for the sonnession, to the exclasion, of Colorol Benton and Slas Wright They more than accomplished ther work They not only temporary divided and in that way de feated the Democratic party, but they prostrated themselves and never rose again. The Whis from policy, aided in the division and overthrow of the Democratic party, hoping to prevent Mr. Van Buren's reelection, and expecting to secure a President from their own party. In this they were not disappointed. Their President, Harrison, only lived a month, and their Vice-President, Tyler, proved more fatal to their party than distribution, and bank failures, and combinations did to Mr. Van Buren and the Democratic party. Of the sub-Treasury growing out of this disastrous policy, we shall hereafter speak.

74.-THE SPECIE CIRCULAR,

Prior to the adjournment of Congress on the 4th of July, 1836, a movement was made by Colonel Benton to tost, the feel. ing of Congress on the subject of refusing the receipt of banl paper for public lands, and he became satisfied that no notion favorable to its receipt could be expected from that body,

the adjournment and before the next session, General Jackson became satisfied that the public lands were being converted into worthless paper at the rate of several millions per month, as well as saddling upon the West non-resident land-owners, who would not improve the lands, but would withdraw the consideration when sold, which was expected to be several times Government price. The first would injure the Treasury, and the last injure the settlement and prosperity of the West. Nor would these distant land speculations be likely to prove ultimately beneficial to Eastern and Northern people engaged in them. Their sales were not probable until a far-distant day, and the profits largely absorbed in paying interest on money borrowed to make them, in taxes, agents' fees, and journeys to look after such lands. The mania for these speculations was wide-spread, and was rife everywhere, even in Congress. Makers and indorsers of notes, to large amounts, often were found with nothing but political capital. Political opponents indorsed for each other, so that neither party would have an object in exposing operations and partisans. A Government depository at Washington had exhausted its deposits, dividing them about equally between partisans. General Jackson consulted freely, but found a majority of his Cabinet opposed to taking any measures tending to eradicate and prevent these evils. Congress, in 1816, had passed a joint resolution requiring the Secretary of the Treasury to adopt such measures as he deemed proper, to cause our revenues to be paid in legal currency, notes of the Bank of the United States, or specie-paying State banks. It was fair to say that this resolution authorized, if it did not require, the Secretary to exclude, in the collection of the revenue, all bank-notes that were not readily convertible into specie. Gencral Jackson, on the meeting of his Cabinet, instead of further advising, announced his determination to issue a circular, under this resolution, requiring specie in all cases of sale of the public lands. It was drawn up by Colonel Benton, then sitting in an adjoining room, engrossed by the President's secretary, and signed by the Secretary of the Treasury. This Specie Circular being sent to all the land-offices, prevented further throwing away the public lands. Its issue was one of the President's most firm and

Of course the wit was denounced by both the banks and lators, and a variety of serene epithets were applied to the dent En benmaited zmored. He had performed his day, and was in diferent to consequences... No act of his life shows General Jackson to better advantage. He was in very bad heath and was soon to retire from office, sad it was natural that he should seek peace and quiet, and to be on agreeable terms with those he was about to leave. He would leave a friend in the Executive chair who would respect his advice and wishes. But in this matter omission and delay were treason to the interest of the people. No consideration could induce him to postpone or avoid duty. He made the order, and saved in the value of our public lands nearly the amount of a year's expenses of the Government. The few sought to profit by the continued use of a worthless paper currency. In behalf of the many he stepped in and prevented it. His action was intended to secure the rights of all and not the favored ones, and he prevented the better parts of the West from becoming the property of non-resident landholders, which is a curse to any country. In this measure he stood upon democratic ground, and the Democracy fully sus tained him, while the anti-Democrats, who always demand and expect to enjoy greater privileges than the masses, condemned with the greatest possible bitterness. At the next session his enemies in the Senate and House opened a furious war upon him. But it all ended in loud and hard words; and soon after the 4th of March he parted with his ardent friends and admirers at Washington and returned to his beloved Hermitage. The last time the writer saw him, he was sent for to his room. His venerable form lay prostrate on a couch. Opposite his head and in front was a small light-stand, on which lay a well-worn Bible and Psalmbook which had belonged to his beloved Rachel, and leaning against them was a miniature of her, upon which he gazed when alone. A more striking exhibition of devotion to the memory of a departed wife cannot be found on record. They now sleep in the same tomb at the Hermitage.

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Colored Peatua possessed a powerful frame, enjoyed excellent health, had a vigorous intellect, and a memory of wonderful tenacity and accuracy. He could endure as great an amount of labor