A history of the United States for schools . re came a tremendous commercial crash, the worst this country hasever known. All overthe country the bankssuspended specie pay-ments, thousands of fam-ilies were ruined, andlaborers were deprived ofwork. People thought thatgovernment ought to tryto cure these clamored for anissue of paper money;others wanted to havethe bank President Van Buren believed that governmentshould meddle with commercial business as little as pos-sible. In financial matters, his ability was very great,The di- and the principal achievement of his
A history of the United States for schools . re came a tremendous commercial crash, the worst this country hasever known. All overthe country the bankssuspended specie pay-ments, thousands of fam-ilies were ruined, andlaborers were deprived ofwork. People thought thatgovernment ought to tryto cure these clamored for anissue of paper money;others wanted to havethe bank President Van Buren believed that governmentshould meddle with commercial business as little as pos-sible. In financial matters, his ability was very great,The di- and the principal achievement of his adminis-bankand tration was the divorce of bank and state,state. gy Y^n Burens Sub-Treasury System — which, after some vicissitudes, was finally established in1846, and is still in force — the public revenues are notdeposited in any bank, but are paid over on demand tothe treasury department by the collectors. This sepa-ration of the government from banking was an achieve-ment of great and permanent value. 1 After a painting by MARTIN VAN §§ 124. 125- WESTWARD EXPANSION. 331 The troubles of 1837 had not passed out of mensminds in 1840, and undoubtedly had niuch todo with the result of the election. Northern tion ofand southern Whigs were now combined, andnominated as their candidates Harrison and Tyler. AsHarrison, the hero of Tippecanoe, had lived in a logcabin and had hard cider on his table, much was madeof these circumstances in the campaign, and Van Burenwas reviled as a heartless aristocrat with a silver teaservice. In the election, Tippecanoe and Tyler too,as they were called in one of the campaign songs, had234 votes to Van Burens 60, and were elected. Therewas a third candidate, James Birney, representing oppo-sition to negro slavery, but he got no electoral votes. Whig: 18/1-1-184s. 125. Leading Events in Tylers Administration. In a month after theinauguration, PresidentHarrison died, ^, , , The death and Tyler be- of Harri-came
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