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In spite of his political setbacks McLane never lost his ambition for high political office.
One of his last remaining political friends from the congressional days was James K. Polk, who was now President of the United States.
While he dreamed of something much greater, McLane took a leave of absence from the railroad in 1845 and 1846 to return to England as Minister Plenipotentiary, primarily for the purpose of coordinating negotiations over the Oregon boundary.
McLane was remembered fondly from his previous service, and renewed his old friendships.
The basis of the settlement was easily established, but the hard line public position of Polk was shaken only by outbreak of the Mexican-American War.
McLane succeeded in keeping the British agreeable to the eventual settlement until the administration came to the same conclusion, even if he risked suggesting the president was posturing when he insisted on “ 54-40 or Fight .” McLane never received the higher appointment desired and reluctantly returned to the railroad.

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