Mr. Clay himself stated "the average depression in the value of property under that state of things which existed before the Tariff of 1842 came to the rescue of the country, at fifty per cent." And hence it was that Protection was made the chief issue of the Presidential campaign of 1840, which eventuated in the election of Harrison and Tyler, and in the Tariff Act of August 30, 1842, which revived our trade and industries, and brought back to the land a full measure of prosperity. With those disasters fresh in the minds of the people, Protection continued to be a leading issue in the succeeding Presidential campaign of 1844--but coupled with the Texas-annexation issue. In that campaign Henry Clay was the candidate of the Whig party and James K. Polk of the Democratic party. Polk was an ardent believer in the annexation policy and stood upon a platform declaring for the "re-occupation of Oregon and the re-annexation of Texas at the earliest practicable moment"--as if the prefix "re" legitimatized the claim in either case; Clay, on the other hand, held that we had "fairly alienated our title to Texas by solemn National compacts, to the fulfilment of which we stand bound by good faith and National honor;" that "Annexation and War with Mexico are identical," and that he was "not willing to involve this country in a foreign War for the object of acquiring Texas." [In his letter of April 17, 1844, published in the National Intelligencer.] As to the Tariff issue also, Clay was the acknowledged champion of the American system of Protection, while Polk was opposed to it, and was supported by the entire Free-trade sentiment, whether North or South.