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Southern Historical Society Papers, Volume 14. (ed. Reverend J. William Jones), Letters and times of the Tylers. (search)
volved in a crisis of unprecedented severity; commerce and manufactures were prostrate. The President called an extra session to meet in September, 1837. This extra session witnessed, to quote the language of our writer, the debut in Van Buren's message of the new system of finance, Vol. I, page 584. It also witnessed, as he observes, a split in the ranks of the Democratic party. This faction called themselves conservatives, among which were some men of great virtue and ability— Rives, Tallmadge and Legree being of that party. But what is also remarkable Calhoun, Tazewell, Gordon, Troup and many others of the Whig party, who had been bitter opponents of the Jackson measures, co-operated with the Democrats on the specie platform of the sub-treasury. We will not trace out at this time the history of the sub-treasury. It was a scheme used as a substitute for a national bank, and its very existence depended upon and practiced daily all of the essential features of banking, except l