I have thought it necessary to preface the present lecture with this bare suggestion of the standpoint from which I take up my subject. For the study of politics, some questions in political economy, and some social problems, the history of the United States has greater value than that of any other country. All the greater is the pity that its history is as yet unwritten, or all the greater is the humiliation that the only attempts in that direction which are worth mentioning have been made by foreign scholars, and are not even in the English language. In American history also, for the study of politics and finance, no period equals in interest the administration of Andrew Jackson. I propose, therefore, in the limited time I can now command, to point out to you the reasons why this period of our history is worthy of the most attentive study. I may say here that Professor Von Holst of Freiburg has perceived the importance and interest of this period and published a lecture in regard to it which I regard as thoroughly sound and correct in its standpoint and criticism. His views coincide with those which I have been accustomed to present in my lectures on the History of American Politics, and I have profited, for my present purpose, by some suggestions of his. Mr. Monroe was the last of the public men of the first generation of the republic who succeeded to the presidential chair by virtue of a certain standing before the public. During his administration the old parties died out or were merged in a new party, a compromise between the two. There followed during his second administration what was called the “era of good feeling,” during which there were no party divisions and no strong party feeling. This period was very instructive, however, for any one who is disposed to see the evils of party in an exaggerated light, for there sprang up no less than five aspirants to the succession, whose interests were pushed by personal arguments solely. These arguments took the form also, not of enumerating the services of the candidate favored, but of spreading scandals about his rivals. The newspapers were loaded down with weary “correspondence” about “charges and countercharges” against each of the candidates.