SUSPENSION OF SPECIE PAYMENTS.

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provisional army during the Congressional recess; that appro priations should be made for fortifications, and the immediate repair and building of new vessels of war, and that the President should be instructed to repel any invasion of the territory of the Union in Maine. It was moreover recommended, that a special minister should be sent to England. The session of Congress shortly after came to an end. The war excitement in the north-east soon began to subside, and Messrs. Rudge and Featherstonhaugh were subsequently sent out by the British government, to conduct a new investigation of the still debateable territory.

Great dismay was created in the commercial world towards the close of the year, by the suspension of specie payments on the part of the United States Bank, on the 5th of October. Her example was followed by all the banks in New York, Philadelphia, Baltimore, Virginia, and the interior of Pennsylvania.

The result of the election which occurred during the recess of Congress, was, that the government had a small majority in that body; but the two parties were nearly equally balanced in the House of Representatives, until the middle of July, when five members of the New Jersey delegation, whose seats had been contested, were added to the administration party, who thus gained the ascendancy. On the 24th of December, 1839, the President's message was delivered, and received the first action of Congress. It stated that with foreign countries, the relations of the government continued amicable. He referred to the arrival of the commissioners of exploration and survey of the north-eastern boundary. He also stated that the troubles in Canada had ceased. Treaties of commerce had been made with the King of Sardinia, and the King of the Netherlands. The relations with Mexico and Texas were touched upon, together with finance, the postoffice, and the best method of keeping the public revenue. More than half of the message was occupied with a discussion on the evils of the American banking system, and a statement of the "constitutional" as well as other objections entertained by him to the establishment of a National Bank, while at the

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HARRISON ELECTED PRESIDENT.

same time, he proposed that the public revenue should be kept in a seperate and independent treasury, and collected in gold and silver. The Maine and New Brunswick boundary question continued this year still to keep up a feeling of irritation between England and America-and a long and recriminatory correspondence on the subject took place in the month of March, between Mr. Fox, the English minister, and Mr. Forsyth. It was concluded by Mr. Fox, in a brief reply to Mr. Forsyth's last letter, stating that he would transmit the communication to her majesty's government in England, and that until he received instructions from home, he would not engage in farther correspondence on the subject. In June, he addressed another letter to Mr. Forsyth, in which he stated that the most prominent among the causes of failure in past negotiations, had been a want of correct information as to the topographical features and physical character of the country in dispute. In consequence of his statements, and the recommendation of the President, a bill was passed in Congress, appropriating twenty-five thousand dollars towards the expenses of the survey of the disputed territory.

During the vacation of Congress, the election for President was held; Martin Van Buren and William Henry Harrison being the two candidates. The choice of the nation fell upon General Harrison, who was elected by a large majority.

The negotiations respecting the boundaries of the United States and the British Provinces, and of the United States and Texas, were stated by the President in his message to Congress in January, 1841, to be in a state of progression. The state of the public finances, and the reduction of expenditures during his administration were dwelt upon, and he closed with a long vindication of his own financial policy. But little business was done during the session of Congress, which closed on the 2d of March, and on the 4th, William Henry Harrison was inaugurated President, and John Tyler, of Virginia, Vice-President of the United States.

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NLIMITED confidence in the ability and integrity of the new Presi dent appears to have been entertained by the people. He was elected by a majority so decisive as to leave no doubt respecting their disposition towards himself. General Harrison coming into office by the suffrages of a party in direct opposition to that which elected and had sustained his predecessor, reorganized the cabinet by appointing Mr. Webster, of Massachusetts, to the office of Secretary of State, and Mr. Ewing, of Ohio, to that of Secretary of the Treasury, while Mr. Bell, of Tennessee, and Mr. Badger, of North Carolina, were appointed to preside over the departments of war and the navy. Numerous other changes in the executive offices were made, and a total change in administrative measures was anticipated. The state of the commercial and financial relations of the country were considered to be so critical that a special session of Congress was ordered for the purpose of taking those steps which were deemed essential to the restoration of