but
also the sub-treasury scheme of Mr. Van Buren that followed the failure
to maintain the Bank. Some of his ablest oratory was expended in the
unsuccessful opposition to these Democratic measures.

In 1837, came the bursting of the money-bubble, which had turned
everybody's head and led to the most extravagant speculations, high
prices, high rents, and lofty expectations in all parts of the country.
This was followed of course by the commercial crisis, the general
distress, and all the evils which Clay and Webster had predicted, but to
which the government of Van Buren seemed to be indifferent while
enforcing its pet schemes, against all the settled laws of trade and the
experiences of the past. But the country was elastic after all, and a
great reaction set in. New political combinations were made to express
the general indignation against the responsible party in power, and the
Whig party arose, joined by many leading Democrats like Rives of
Virginia and Tallmadge of New York, while Calhoun went over to Van
Buren, and dissolved his alliance with Clay, which in reality for
several years had been hollow. In the presidential election of 1840 Mr.
Van Buren was defeated by an overwhelming majority, and the Whigs came
into power under the presidency of General Harrison, chosen not for
talents or services, but for his availability.

The best that can be said of Harrison is that he was an honest man. He
was a small farmer in Ohio with no definite political principles, but
had gained some military _eclat_ in the War of 1812. The presidential
campaign of 1840 is well described by Carl Schurz as "a popular frolic,"
with its "monster mass-meetings," with log-cabins, raccoons, hard
cider, with "huge picnics," and ridiculous "doggerel about 'Tippecanoe
and Tyler too.'" The reason why it called out so great enthusiasm was
frivolous enough in itself, but it expressed the popular reaction
against the misrule of Jackson and Van Buren, which had plunged the
country into financial distress, notwithstanding the general prosperity
which existed when Jackson was raised to power,--a lesson to all future
presidents who set up their own will against the collected experience
and wisdom of the leading intellects of the country.

President Harrison offered to the great chieftain of the Whig party the
first place in his cabinet, which he declined, preferring his senatorial
dignity and power. Besides, he had been Secretary of State under John