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Rh of 1798, which Jefferson and Madison had drawn when in opposition, as furnishing them a ground of resistance, and threw into the tariff question no less a stake than civil war and disunion. On this issue there were no parties. South Carolina stood alone.

Banks had been political questions in the states and in the general government from the outset. The history of Pennsylvania and New York furnishes some great scandals under this head. From time to time, the methods of banking employed had called down the condemnation of the most conservative and sensible men, and had aroused some less well-balanced of judgment to indiscriminate hostility. Jackson's attack on the Bank of the United States sprang from a political motive, and he proposed instead of it a bank on the "credit and revenues of the government" — a proposition too vague to be understood, but which suggested a grand paper-machine, at a time when the Bank of the United States was at its best. This attack rallied to itself at once all the local banks; the great victory of 1832 was not a victory for hard money so much as it was a victory of the state banks over the national bank. The removal of the deposits was a reckless financial step, and the crash of 1837 was its direct result.

The traditional position of the Democratic party on hard money has another source. In 1835 a party sprang up in New York City, as a faction of Tammany, which took the name of the "Equal Rights party," but which soon received the name of the "Locofoco party" from an incident which occurred at Tammany Hall, and which is significant of the sharpness of party tactics at the time. This party was a radical movement inside of the administration party. It claimed, and justly enough, that it had returned to the Jeffersonian fountain and drawn deeper and purer waters than the Jacksonian Democrats. It demanded equality with a new energy, and in its denunciations of