"But, though defeated, Mr. Van Buren was not conquered. His last message contained a calm and dignified retrospect of his administration. He exhibited a clear view of our foreign relations, and showed them to be in a most happy, honorable and prosperous condition. He gave a history of the embarrassments which the government had been obliged to encounter, in consequence of the failure of the banks to perform their engagements. He insisted that the course he had recommended was the only one that could have been adopted, except that of incorporating a bank of the United States; he denounced that measure as unconstitutional, and as one which had been repeatedly repudiated by the people of the nation. He urged economy in the public expenditures; he showed that expenditures for ordinary purposes had been greatly diminished during his administration; he contended that the revenue of the government, without an increase of taxes, would be sufficient to defray all the necessary expenses; and he protested against the creation of a national debt. Although he left the enemy in possession of the field of battle, he himself retired from the arena in the spirit and with the dignity of a conqueror."