The distracted condition of the still inchoate Whig party in 1836, and the extraordinary popularity of Jackson, resulted in the complete victory of Mr. Van Buren. But the General's chosen successor and political heir found the great office to which he had been called, and which he so eagerly desired, anything but a bed of roses. The ruin which Jackson's wild policy had prepared was close at hand, and three months after the inauguration the storm burst with full fury. The banks suspended specie payments and universal bankruptcy reigned throughout the country. Our business interests were in the violent throes of the worst financial panic which had ever been known in the United States. The history of Mr. Van Buren's administration, in its main features, is that of a vain struggle with a hopeless network of difficulties, and with the misfortune and prostration which grew out of this wide-spread disaster. It is not necessary here to enter into the details of these events. Mr. Webster devoted himself in the Senate to making every effort to mitigate the evils which he had prophesied, and to prevent their aggravation by further injudicious legislation. His most important speech was delivered at the special session against the first sub-treasury bill and Mr. Calhoun's amendment. Mr. Calhoun, who had wept over the defeat of the bank bill in 1815, was now convinced that all banks were mistakes, and wished to prevent the acceptance of the notes of specie paying banks for government dues. Mr. Webster's speech was the fullest and most elaborate he ever made on the subject of the currency, and the relations of the government to it. His theme was the duty and right of the general government under the Constitution to regulate and control the currency, and his masterly argument was the best that has ever been made, leaving in fact nothing to be desired.
In the spring of 1839 there was talk of sending Mr. Webster to London as commissioner to settle the boundary disputes, but it came to nothing, and in the following summer he went to England in his private capacity accompanied by his family. The visit was in every way successful. It brought rest and change as well as pleasure, and was full of interest. Mr. Webster was very well received, much attention was paid him, and much admiration shown for him. He commanded all this, not only by his appearance, his reputation, and his intellectual force, but still more by the fact that he was thoroughly and genuinely American in thought, feeling, and manner.