In 1837, came the bursting of the money-bubble, which had turned everybody's head and led to the most extravagant speculations, high prices, high rents, and lofty expectations in all parts of the country. This was followed of course by the commercial crisis, the general distress, and all the evils which Clay and Webster had predicted, but to which the government of Van Buren seemed to be indifferent while enforcing its pet schemes, against all the settled laws of trade and the experiences of the past. But the country was elastic after all, and a great reaction set in. New political combinations were made to express the general indignation against the responsible party in power, and the Whig party arose, joined by many leading Democrats like Rives of Virginia and Tallmadge of New York, while Calhoun went over to Van Buren, and dissolved his alliance with Clay, which in reality for several years had been hollow. In the presidential election of 1840 Mr. Van Buren was defeated by an overwhelming majority, and the Whigs came into power under the presidency of General Harrison, chosen not for talents or services, but for his availability. The best that can be said of Harrison is that he was an honest man. He was a small farmer in Ohio with no definite political principles, but had gained some military _éclat_ in the War of 1812. The presidential campaign of 1840 is well described by Carl Schurz as "a popular frolic," with its "monster mass-meetings," with log-cabins, raccoons, hard cider, with "huge picnics," and ridiculous "doggerel about 'Tippecanoe and Tyler too.'" The reason why it called out so great enthusiasm was frivolous enough in itself, but it expressed the popular reaction against the misrule of Jackson and Van Buren, which had plunged the country into financial distress, notwithstanding the general prosperity which existed when Jackson was raised to power,--a lesson to all future presidents who set up their own will against the collected experience and wisdom of the leading intellects of the country. President Harrison offered to the great chieftain of the Whig party the first place in his cabinet, which he declined, preferring his senatorial dignity and power. Besides, he had been Secretary of State under John Quincy Adams and found the office irksome. He knew full well that his true arena was the Senate Chamber,--which also was most favorable to his presidential aspirations. But Webster was induced to take the office declined by Clay, having for his associates in the cabinet such able men as Ewing, Badger, Bell, Crittenden, and Granger.