He secured an enlargement of Buffalo's canal facilities. The comptroller regulated the banks, and Fillmore stabilized the currency by requiring that state-chartered banks keep New York and federal bonds to the value of the banknotes they issued. A similar plan was adopted by Congress in 1864.[64]

Election of 1848[edit]
.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}Main article: 1848 United States presidential election
Nomination[edit]
For further information on the procedures of American political conventions, see United States presidential nominating convention.
Engraving of Fillmore
President Polk had pledged not to seek a second term, and with gains in Congress during the 1846 election cycle, the Whigs were hopeful of taking the White House in 1848. The party's perennial candidates, Henry Clay and Daniel Webster, both wanted the nomination and amassed support from congressional colleagues. Many rank-and-file Whigs backed the Mexican War hero, General Zachary Taylor, for president. Although Taylor was extremely popular, many Northerners had qualms about electing a Louisiana slaveholder at a time of sectional tension over whether slavery should be allowed in the territories that had been ceded by Mexico. 