=365. Wild-cat Banks.=—The “Wild-cat Banks,” as the banks established under this system were called, were especially numerous in the South and West, and their paper notes were of such varying values that the public suffered great inconvenience.[163] Journals were published for the special purpose of reporting from day to day the value of the various issues and for the purpose of pointing out how traders could avoid being deceived by the numerous counterfeits. There was a legitimate demand for an increase of the circulating medium, and the government had tried to meet this by enlarging the output of gold and silver coins and by arranging for notes to be issued by the deposit banks on a specie reserve of one-third of their circulation. But these measures were not sufficient. The states chartered banks recklessly, and the banks issued their notes in wild profusion. =366. The “Specie Circular.”=—Jackson became alarmed, since the notes of even the specie-paying banks received by the Treasury for the purchase of public lands were declining in value. He therefore issued his famous “Specie Circular,” which announced, against the advice of the Cabinet, that thenceforth only gold and silver would be received in payment for public lands. This order naturally affected the banks in the West disastrously, forced back a mass of notes upon the East, and induced a general want of confidence, which was all the greater on account of the previous speculative want of caution. =367. Election of Van Buren.=—Jackson, like Jefferson, however, was fortunate enough to lay down his office in time to leave his successor to meet the impending storm. That successor was Martin Van Buren, who by the irony of fate had helped his chief to secure two of his greatest successes. These were the opening of the ports of the British West Indies to American ships, and the acknowledgment by France of the justice of the French spoliation claims, which were based on depredations committed on American commerce during the Napoleonic régime.[164] Still, Van Buren partly deserved his fate, for he had been subservient to Jackson and had succeeded him on the distinct pledge that he would follow in his footsteps. He was the first real politician to reach the White House, but he had statesmanly qualities also. If he had not bound himself to Jackson so closely that he was often forced to act against his own judgment, he would probably rank among the greatest Presidents. But adherence to Jackson’s policy—for example, in the bullying attitude assumed toward Mexico on account of Texas—undoubtedly hurt his career and perhaps his conscience. Still, Jackson had stood by him after the Senate had unjustifiably failed to confirm his appointment to the English mission; and, first as Vice President, afterward as President, he had great cause to bless “Old Hickory’s” friendship. * * * * * REFERENCES.—GENERAL WORKS: see Chapter XVIII.