up among the state banks for a share of the de-
posits. New banks were started by aspiring in.
dividuals who hoped to be among the favored ones.
Banks multiplied in all directions. Upon the
business depression followed one of those expan-
sions of credit which are so exhilarating in the be-
ginning and so sure to end in disaster, and the
scattering of the deposits served to make that ex-
pansion more and more reckless.

Thus the seed of a great disaster was sown
broadcast. We shall see the harvest. But at
first it looked like a suddenly growing crop of
prosperity and wealth. Jackson was more popular
and powerful than ever. Clay came out of the
struggle about the United States Bank defeated,
but with the honors of war. His friends clung to
him with increased admiration of his courage and
brilliant abilities, and he was ready for new con-
flicts.

-51-