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ALS as a Pennsylvania senator, one page, 8 x 10, February 7, 1837. Addressed from the “Senate Chamber,” a handwritten letter from James Buchanan to James A. Caldwell, a Pennsylvania Democratic politician then serving in the state senate representing Lancaster and York Counties, in full: “I ought ere this to have answered your last letter; but I have been sick & am almost worried to death with business. It would afford me very great pleasure to make you the loan which you request. I should desire no better investment. I do not expect, however, to have any money to loan this spring. I ought to have & would have, if people would always comply with their engagements. Should I be agreeably disappointed, you shall have the money with all my heart. Speculation has nearly ceased here as to who shall compose the new Cabinet. On this subject Mr. Van Buren keeps his own counsel. Our friend Furniss is now here, in good health & fine spirits.” In fine condition.
The letter dates from February 7, 1837, less than a month before Martin Van Buren's inauguration as the eighth president on March 4th, placing it within the period of speculation in Washington over the composition of his incoming cabinet. Buchanan's observation that "speculation has nearly ceased here as to who shall compose the new Cabinet" and that Van Buren "keeps his own counsel" preceded an administration marked by considerable continuity with that of Andrew Jackson. Van Buren had pledged to ‘tread generally in the footsteps of President Jackson,' and ultimately retained all but one of Jackson's cabinet members. The sole newcomer was Joel R. Poinsett as secretary of war, succeeding Lewis Cass.
The letter also dates from the opening stages of the economic turmoil that would soon dominate Van Buren's presidency. Signs of financial distress were already evident by February 1837, when rising food prices and economic anxiety contributed to flour riots in New York City, and the crisis deepened dramatically after Van Buren took office. The resulting Panic of 1837 brought widespread bank failures, unemployment, and a prolonged economic depression.
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