was really in the interest of
speculators who had loaded themselves with land, and whose interest now
was to restrict the sale and thus enhance the price of their ill-gotten
domain. He also claimed that people high in office had speculated
largely, even some in near relation to the president.

This brought from Jackson a letter that he should either retract his
words or bring the matter before Congress as an act of impeachment. The
sole power of impeachment lies within the House of Representatives, and,
while the senate had previously passed an act denouncing Jackson's
methods, yet the House of Representatives was overwhelmingly in his
favor, and he must have known that no impeachment could pass this body.

Jackson realized that such charges needed his attention. Calhoun read
his letter before the senate pronouncing it a cowardly attempt to
intimidate, and repeated his charges; stating that not only persons high
in authority were implied in the charge, but the president's nephew,
calling his name, was a large speculator.

During the administration of Van Buren came the great financial crash of
our history; the aggregate of the failures in New York and New Orleans
alone amounting to $150,000,00. All this trouble had been foretold by
Calhoun.

Mr. Van Buren's plan of an independent treasury, which created a place
for all the surplus to accumulate, met with Calhoun's approval, and he
accordingly separated from Webster and Clay to act in support of what
was right, notwithstanding his personal feelings toward Van Buren. This
illustrates the principle of Mr. Calhoun. Notwithstanding his known idea
of right and wrong, this aroused the indignation of his late allies,
who could ill spare his vote and powerful influence. The fact that this
measure, which he had determined to support, is still in existence,
proves conclusively the wisdom of Calhoun as against both Webster and
Clay.

Yet, in reply to Calhoun's speech on the Independent Treasury bill, Clay
used the strongest language, charging him with desertion, and making his
whole life the subject of one of those powerful invectives so
characteristic with him. Calhoun answered; Clay replied on the spot, and
Calhoun answered back.

This was a wonderful example of the different styles of oratory of which
each was master; Clay, of declamation, invective, wit, humor and bitter
sarcasm; Calhoun of clear statement and close reasoning. This contest,
aside from its oratorical powe