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Indiana University 
England. Webster, who was visiting England in 1839, wrote 
that, '‘Our concerns are indeed much connected and the same 
causes affect them aH’V® which is only saying that we would 
have been seriously shaken by England’s failures even if our 
financial system had been sound. To correct this trouble. 
Van Buren called a special session of Congress. He had no 
idea of returning to the United States Bank. This was con- 
trary to his constitutional beliefs and, besides, it would have 
been a complete surrender to the opposition. In his special 
message he said: 
Again to create a national bank as a fiscal agent would be to dis- 
regard the popular will, twice solemnly and unequivocally expressed. 
On no question of domestic policy is there stronger evidence that the 
sentiments of a large majority are deliberately fixed.’*’ 
After showing the weaknesses of the state bank system, 
he offered his Sub-Treasury Scheme. This proved to be the 
chief work of the administration. The opposition immediately 
attacked it and by the aid of the “Conservative” Democrats 
was able to keep back the passage of the bill till near the 
end of the term. Webster and Clay were the chief opponents 
of the bill,^° while Silas Wright was the administration leader 
who was able to get the bill thru only after four long and 
tiresome efforts. Van Buren signed the bill on July 4, 1840, 
amid the applause of the Democrats.^^ 
The only other important feature of Van Buren’s adminis- 
tration was the position taken by the federal authorities on 
the Canadian Rebellion. The president issued a proclamation 
of neutrality that was supported even by the opposition. 
The election of a Democrat to Congress from the northernmost 
district of Vermont was attributed to the correct handling 
of this situation by the President. 
On the whole, the administration was uneventful. Con- 
gress in the special and regular sessions was taken up with 
currency legislation. Times were hard and people were slow- 
ly recovering fromx the effects of overspeculation. The Pres- 
ident had handled the situation very well considering the 
IS Fletcher Webster (ed.), The Private Coi'respondence of Daniel Webster (Boston, 
1857), II, 75. 
Richardson (ed.), Messages and Papers of the Presidents, III, 328. 
20 Carl Schurz, Life of Henry Clay (Boston and New York, 1888), II, 141. 
21 R. H. Gillet, The Life and Times of Silas W7'ight (Albany, 1874), I, 872-879. 
22 Tuckerman (ed.). The Diai-y of Philip Hone, II, 38. 
Albany Argus, January 12, 1838. 
