"I say Matty you will find Cataline and myself of some weight?"
  The traitor Cataline conspired to take over Rome in the 1st century BC.
Dixon Hall Lewis, a congressman from Alabama, weighed over 400 lbs.  A special seat had to be constructed for him when he joined the Senate in 1844.  He supported Calhoun on the issues of states’ rights and nullification.
"Hurrah for Nullification Stock. I am delighted? What will the D---d whigs say.
Who cares now for Granny Harrison."
In 1840, President Martin Van Buren ran against Whig candidate William Henry Harrison, whom the Democrats mockingly called “Granny Harrison.”
"Now we will see if I am a “Gal-vannied Corps &c &c.” I think this will cause
Nullification Stock to raise."
Democrat Francis Preston was the editor of the Globe and an influential advisor to President Van Buren.  South Carolina congressman Francis W. Pickens once called Blair a “galvanized corpse.”

Locofoco refers to a radical faction of the Democratic Party that opposed state banks, paper money, and tariffs.   The Locofocos were at the height of their power in 1840 when this cartoon was created.  They supported Van Buren’s monetary policies.
"It gives me great pleasure to say that the best part of the Measures of the present Chief Magistrate are approved of by me, and I am happy of the opportunity of making these declarations and will stand by them."
John Calhoun, a Senator from South Carolina, believed in the concept of “nullification,” which referred to a state’s right to nullify federal laws that it deemed unconstitutional.  He had been Andrew Jackson’s Vice President but resigned when Jackson blocked South Carolina from nullifying the Tariff of 1828.
Drawn On Stone [Political Prints from the 1830's and 1840's]
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Unsigned copy of design by J. McGouldrick
[pseudonym, attributed to Napoleon Sarony]
Locofoco and Nulification Nuptials
Publisher: H. R. Robinson
Hand-colored lithograph
1840

This cartoon, like Expansion and Contraction, satirizes the surprising alliance between the Democratic Van Buren administration and the southern Nullifiers leading up to the presidential election of 1840.  The Nullifiers had previously broken with the Democrats over the issue of the individual state’s right to nullify federal laws it deemed unconstitutional.  Van Buren was running for reelection against William Henry Harrison

This version is an inferior copy of a cartoon signed by J. McGouldrick, which may have been a pseudonym used by Sarony (see note on attribution). 

Compare this copy with the original here.