try in 1832, that the three millions lost to the
revenue by Mr. Clay's bill were likely to be made up to it in three
years by the mere increase in the imports and land sales.

Mr. Clay's next misstep was one of precipitation. General Jackson,
after a three years' war upon the Bank, was alarmed at the outcry of
its friends, and sincerely desired to make peace with it. We know,
from the avowals of the men who stood nearest his person at the time,
that he not only wished to keep the Bank question out of the
Presidential campaign of 1832, but that he was willing to consent, on
very easy conditions, to a recharter. It was Mr. Clay's commanding
influence that induced the directors of the Bank to press for a
recharter in 1832, and force the President to retraction or a veto. So
ignorant was this able and high-minded man of human nature and of the
American people, that he supposed a popular enthusiasm could be
kindled in behalf of a _bank_! Such was the infatuation of some of his
friends, that they went to the expense of circulating copies of the
veto message gratis, for the purpose of lessening the vote for its
author! Mr. Clay was ludicrously deceived as to his strength with the
masses of the people,--the _dumb_ masses,--those who have no eloquent
orators, no leading newspapers, no brilliant pamphleteers, to speak
for them, but who assert themselves with decisive effect on election
day.

It was another capital error in Mr. Clay, as the leader of a party, to
run at all against General Jackson. He should have hoarded his
prestige for 1836, when the magical name of Jackson would no longer
captivate the ignorant voter. Mr. Clay's defeat in 1832, so
unexpected, so overwhelming, lamed him for life as a candidate for the
Presidency. He lost faith in his star. In 1836, when there _was_ a
chance of success,--just a chance,--he would not suffer his name to
appear in the canvass. The vote of the opposition was divided among
three candidates,--General Harrison, Hugh L. White, and Daniel
Webster; and Mr. Van Buren, of course, had an easy victory.
Fortunately for his own happiness, Mr. Clay's desire for the
Presidency diminished as his chances of reaching it diminished. That
desire had never been morbid, it now became exceedingly moderate; nor
do we believe that, after his crushing defeat of 1832, he ever had
much expectation of winning the prize. He knew too well the arts by
which success is assured, to believe that an honorable man cou