fair
distribution of the stock, continued to evade the law with boldness
and great facility.

Members of the Democratic party in New York City, who believed that
banking, like any other business, ought to be open to competition, had
organised an equal rights party in 1834 to oppose all monopolies, and
the bank restraining law in particular. Several meetings were held
during the summer. Finally, in October, both factions of Tammany Hall
attempted forcibly to control its proceedings, and, in the contest,
the lights were extinguished. The Equal Righters promptly relighted
them with loco-foco or friction matches and continued the meeting.
From this circumstance they were called Locofocos, a name which the
Whigs soon applied to the whole Democratic party.

The Equal Rights party was not long-lived. Two years spanned its
activity, and four or five thousand votes measured its strength; but,
while it lasted, it was earnest and the exponent of good principles.
In 1836, these people held a state convention at Utica, issued a
declaration of principles, and nominated a state and congressional
ticket. In New York City, the centre of their activity, Frederick A.
Tallmadge was put up for state senator and Edward Curtis for Congress,
two reputable Whigs; and, to aid them, the Whig party fused
successfully with the Equal Righters, electing their whole ticket.
This victory was the one ray of hope that came to the Whigs out of the
contest of 1836. It proved that some people were uneasy and resentful.

But other Whig victories were soon to follow. Reference has already
been made to the unprecedented prosperity that characterised the year
1836. This era of expansion and speculative enterprises, which began
with the transfer of government deposits, continued at high pressure
under the influence of the newly chartered banks. With such a money
plethora, schemes and projects expanded and inflated, until success
seemed to turn the heads of the whole population. So wild was the
passion for new enterprises, that one had only to announce a scheme to
find people ready to take shares in it. Two per cent. a month did not
deter borrowers who expected to make one hundred per cent. before the
end of the year. In vain did the Governor inveigh against this
"unregulated spirit of speculation." As the year advanced, men grew
more reckless, until stocks and shares were quickly purchased at any
price without the slightest care as to the risk taken.

The