The time for the election of president being now come, Martin Van Buren was chosen, and Richard M. Johnson, of Kentucky, vice-president. The war in Florida, though it still raged, was for the time disregarded, owing to the monetary and mercantile distresses of the country, which reached their crises almost immediately after the accession of Van Buren. And yet so prosperous had the country been, only in the preceding June, that a large amount of surplus revenue had accumulated, which was given up to the people, and distributed in three instalments among the several states in proportion to their respective representations in congress. While this extraordinary prosperity lasted, there was a perfect frenzy of speculation; hundreds made immense fortunes, and tens of thousands were reduced to want. During the months of March and April of 1837, the failures in the city of New York alone amounted to nearly 100,000,000 dollars. The great extent of the business operations of the country, and their intimate connexion with each other, caused the evil to extend into all channels of trade. It was felt from the highest to the lowest. The third instalment of the surplus revenue, which we have already mentioned, having not yet been paid to the different states, was now applied to the necessities of government; but no means of relief were attempted for the people, it being contended that the case did not call for governmental interference, but a reformation in individual extravagance and a return to the old neglected ways of industry. A destructive fire in New York, which occurred at the close of 1835, and the loss by which was estimated at 17,000,000 dollars, added to the present distress. Nevertheless _growth_, which is the principle of American life, went on. In September, 1835, Wisconsin was erected into a territory, and Arkansas into a state; and now, in the midst of the general distress, Michigan was admitted into the Union, making the twenty-sixth state; the original number of thirteen being doubled.