There could scarcely have been a more decisive proof than this election gave that the Democratic party of the United States is really the permanent and enduring “party of the people,” without distinction of sections; for the tremendous victory won by General Pierce was distinctly due to the general, though, as it proved, the mistaken, impression of the masses of the people, that the irritating question of slavery in its Federal relations had been taken out of the arena of politics by the “Compromise Measures” of 1850. This was so clear that the opponents of the Democratic party, representing the shattered elements of the Whig party and the friends, as Mr. Bright would say, of “Protection and Monopoly,” changed front suddenly and concentrated all their efforts on a revival and extension of the anti-slavery agitation, as being the only program which offered them a hope of breaking down again, even for a time, the ascendency of Democratic principles. In this effort they were naturally seconded not only by the Northern abolitionists, but by the extreme partisans of slavery at the South. The value of slave property had been enormously increased by the sudden development of trade and manufactures all over the world, and especially in Great Britain and the United States, which resulted from the gold discoveries in California and Australia, and from the adoption, first in the United States under a great Democratic Secretary of the Treasury, Robert J. Walker, in 1846, of a liberal tariff, and then, in Great Britain, of what is not perhaps with perfect accuracy called the “Free Trade” policy of Mr. Bright and Mr. Cobden. One might almost say that the cotton manufacturers of Lancashire and New England fell into a conspiracy to delude the slaveholders of the South into those dreams of a vast slaveholding empire surrounding the Gulf of Mexico, which began, at the period of which I now write, to shake the foundations of the Union by fascinating the minds of grasping and ambitious men in that part of the United States.