THE "SPECIE CIRCULAR"--A "CONSTITUTIONAL CURRENCY"--MR. BENTON'S EXPUNGING RESOLUTION--MR. WEBSTER'S PROTEST-- SLAVERY IN THE DISTRICT OF COLUMBIA--RECEPTION OF PETITIONS--FARMING OPERATIONS--PROPOSES TO RESIGN HIS SEAT --RECEPTION IN NEW YORK--SPEECH AT NIBLO'S SALOON-- JOURNEY TO THE WEST--SPECIAL SESSION OF CONGRESS IN THE AUTUMN OF 1837--MR. VAN BUREN'S FINANCIAL POLICY-- CONTROVERSY WITH MR. CALHOUN--TEXAS SEEKS ADMISSION INTO THE UNION.
THE subjects of currency and finance, which had occupied so much of the attention of Congress and the country since the summer of 1833, still predominated over all others, when Congress assembled in December, 1836; and they were to be left by General Jackson to his successor, in an unfor- tunate legacy of temporary expedients, the effects of which were finally destined to bring their political opponents into power. Mr. Van Buren had been elected President, and it was understood that the policy, which had governed the administration of affairs since the experiment was instituted of dispensing with the agency of a national bank, was to be continued. In July of the year 1836, there was a large amount of the public money lying in the deposit banks, the accumulation of the customs receipts and the receipts at the land-offices. With the professed object of checking speculation in the public lands, of discouraging the excessive issues of bank paper, and of