and honorable term selected by Jefferson and his party, now
abandoned by Jacksonian Democracy, was adroitly adopted to cover the
supporters of Clay. The platform of the party, however, embraced all the
old Federalist principles: protection for American industry; internal
improvements; respect for the Supreme Court; resistance to executive
tyranny; and denunciation of the spoils system. Though Jackson was
easily victorious in 1832, the popular vote cast for Clay should have
given him some doubts about the faith of "the whole people" in the
wisdom of his "reign."

=Van Buren and the Panic of 1837.=--Nothing could shake the General's
superb confidence. At the end of his second term he insisted on
selecting his own successor; at a national convention, chosen by party
voters, but packed with his office holders and friends, he nominated
Martin Van Buren of New York. Once more he proved his strength by
carrying the country for the Democrats. With a fine flourish, he
attended the inauguration of Van Buren and then retired, amid the
applause and tears of his devotees, to the Hermitage, his home in
Tennessee.

Fortunately for him, Jackson escaped the odium of a disastrous panic
which struck the country with terrible force in the following summer.
Among the contributory causes of this crisis, no doubt, were the
destruction of the bank and the issuance of the "specie circular" of
1836 which required the purchasers of public lands to pay for them in
coin, instead of the paper notes of state banks. Whatever the dominating
cause, the ruin was widespread. Bank after bank went under; boom towns
in the West collapsed; Eastern mills shut down; and working people in
the industrial centers, starving from unemployment, begged for relief.
Van Buren braved the storm, offering no measure of reform or assistance
to the distracted people. He did seek security for government funds by
suggesting the removal of deposits from private banks and the
establishment of an independent treasury system, with government
depositaries for public funds, in several leading cities. This plan was
finally accepted by Congress in 1840.

Had Van Buren been a captivating figure he might have lived down the
discredit of the panic unjustly laid at his door; but he was far from
being a favorite with the populace. Though a man of many talents, he
owed his position to the quiet and adept management of Jackson rather
than to his own personal qualities. The men of the fro