Page:Life of Henry Clay (Schurz; v. 2).djvu/61

Rh up among the state banks for a share of the deposits. New banks were started by aspiring individuals who hoped to be among the favored ones. Banks multiplied in all directions. Upon the business depression followed one of those expansions of credit which are so exhilarating in the beginning and so sure to end in disaster, and the scattering of the deposits served to make that expansion 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 conflicts.