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Complete Explanation:
Democratic candidate James Buchanan, as a buck deer, crosses the finish line of a racecourse ahead of competitors Millard Fillmore and John C. Fremont. Spectators cheer in the stands behind.

Fillmore appears as an emaciated horse, fallen on the course. Next, Fremont follows close on the heels of Buchanan. Fremont stands astride two horses: one with the head of New York "Tribune" editor Horace Greeley and the other the "wooly nag" of abolitionism. The latter here more closely resembles a filly than a nag.

Greeley: "Monte why didn't you lean more on the wooly horse--you gave me all your weight--never mind we've beat the grey Filly [i.e., Fillmore] next time we'ill head off that hard old Buck."

Fremont: "Get out--hang you and the Wooly Horse--I could beat that broken down silver grey "Filly" and the old Buck too--had I gone on my own hook."

Fillmore: "Oh! Oh! why did'nt I stay in sweet Italy with my friend King Bomba and the lazy Neapolitans--Then I should not have been blowen up like a Bag of wind in this Chase."

Buchanan: "Never mind Gentn. I could not "help" beating you, the American Nation wished it so--I will send you all to Ostend--and I promise you that I will have no Tailors in my white House. [As a youth Fillmore had been apprenticed to a tailor.] Mercy on me! to think that this Glorious People should be almost Pierced to Death [a reference to unpopular Democratic incumbent Franklin Pierce] by War and making Free States in this land of Liberty by a set of Fashion inventores 'I'll none of it.'"

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