The quarrel rapidly culminated in Mr.Calhoun's resignation of the Vice-Presidency, his leadership of the Nullification contest in South Carolina, and his re-election to the Senate of the United States some time before the expiration of the Vice-Presidential term for which he had been chosen.

The result was a reduction of duties, first by the Act of July, 1832, and secondly by Mr.Clay's famous compromise Act of March 2, 1833, in which it was provided that by a sliding-scale all the duties in excess of twenty per cent.

should be abolished within a period of ten years.

It was this Act which for the time calmed excitement in the South, brought Mr.Calhoun and Mr.Clay into kindly relations, and somewhat separated Mr.Webster and Mr.Clay,--at least producing one of those periods of estrangement which, throughout their public career, alternated with the cordial friendship they really entertained for each other.
THE PROTECTIVE TARIFF OF 1842.
During the operation of this Act,--which was really an abandonment of the protective principle,--the financial crisis of 1837 came upon the country, and a period of distress ensued, almost equal to that which preceded the enactment of the tariff of 1824.

Many persons, still in active business, recall with something of horror the hardships and privations which were endured throughout the country from 1837 to 1842.