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The war of 1812 followed, and in the sweep of its disastrous influence a large majority of these banks were destroyed, their notes never redeemed, and great distress consequently inflicted upon the people.
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gutenberg.orgEditor's note · Context
Blaine describes the impact of the War of 1812 on banks and the resulting economic distress.
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It is to the eminent credit of the Republican members of Congress that they stood in a crisis of this magnitude true to principle, firm against all the power and all the patronage of the Administration.
In turn, the course of the National Administration would certainly be influenced, and its fate in large degree determined, by the conduct of the Southern men, in whom the President was placing unbounded trust.
Crises often arise in the conduct of National affairs when cherished opinions must be sacrificed and new departures taken.
With whatever strength or prestige the President left Washington, he certainly returned to the Capital personally discredited and politically ruined.
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