The decline of the power of the Bank was now rapid. In the state and
congressional elections of 1834 the President of the United States was
everywhere sustained, even the Whigs quietly taking the same ground. The
friendship of the Bank was now enough to damn any party; Biddle realized
the danger of his situation, and on election day sent his family out of
town and barricaded his house and office. The legislatures of
Pennsylvania and New York, where his flag had flown triumphantly for
years, denounced him and planned to issue bonds for the relief of the
people. The autumn saw a complete reversal of policy on the part of the
Bank, and business at once resumed its normal course. Money became
easy, prices rose to the former level, and the wheels of industry began
to turn. Nothing seemed more conclusively shown than that most of the
trouble had been due to the demand on the part of a few men for a
continuation of financial privileges.
Jackson's first great victory was won, and he would have been more than
human not to have shown his sense of triumph on the reassembling of
Congress at the end of the momentous year. The Monster had been crushed;
and all his great enemies--Clay, Webster, Adams, and Calhoun--had been
beaten!
Before the first break in the Cabinet Jackson had proved the value of
direct and simple methods in diplomacy. In colonial times and during the
operation of the Jay Treaty the West India trade was most important.
From New England and the Middle States fish, lumber, grain, and other
plantation supplies had been sold to the West India planters in great
quantities. The war of the Revolution curtailed this trade; that of 1812
practically destroyed it, and England thereafter refused to allow
American shipping any rights in these possessions, though Adams and Clay
had urged the reciprocal benefits of such a commerce.
Public-domain text, read in full here on John Shaqi.
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