The herald., 1837-03-30
THE HER AID.
n..aerous state OF the Country--The only
Remcdy--An immediate meeting Of Com

Remcdy--tn immediate meeting OF Con-
gress.
The United States never in such perllous
condition as they at this momeRt. We are IN the
midst of commercial panic which threatens 10 break
up all the business of socety-to rum whole states
TO Law waste large dstrics-to sweep halfour panN
inc institutions from the and-to excite the most IN
famabe passions, and 10 create a revulson that VIII
reard the country for years.
his idle now 10 talk and mourn over the lamenta-
bic foly and madness which have brought us 10 me
brink of ruin. The whole business relations OF tins
conntry are in the hands of the Bank OF England ana
those across the water who are controlled by that IN
sttution We have been precipated into this condi-
hon by the general policy Of Congress- the weakness
of State Leeislaton-the madness Of the whole COM
munity al large.
But wha, avails il TO look back on past scenes ?
Is there remedy?
The PRINCIPAL bankers Of New York and Phladel-
phia have been holding consultations IN this city for
several days past trying 10 devise and chalk out the
best plan of relief The extent of this relief is how
ever limited. Ii can only reach small part OF the
evil. There is no permanent relief bat in the imme-
diate assembling Of Congress byd Proctamdhonfrom
The President
This great country in all its business relations, has
been brought TO lis present deranged and anomalous
condition. by hclegisiaton Of Com gress-thea action Of
The late Executire-tte conduct oJ the banks-and the
madness Of speculation all combined. The first germ
of the evil the tariff compromise laws OF 1892 by
which vast surplus revenue created To get
hold Of this surplus the and anlmosty among
the banks were excited. Politics gave these feelings
edge and aspery. Men then began 10 speculate on
money and capital not Their own. Prices Of land,
lots real estate and several other articles rose. Ex-
penses of living among mechanics
followed The distribution laws then were enacted
by which nearly 60 millions of dollars, one haf the
soiole circulating medium Of the country has been
locked up for nearly year and half rhs again has
increased interest 10 20 and 80 per cent and produced
general revulson in trade. Our foreign creditors
want money and must have IL. Specie is demanded
and the banks in terror. The country is on the
brink ofdsunion and separation IN all It's commercial
connections An issue of post notes by certain banks
may allay the panic for few weeks, but the only per-
manent remedy 10 be found in lnstan assembling
of Congress, and an immediate legislation on all the
great commercial interests of the country. The evil
is too great TO wait TIL December next If the new
President possesses single feeling of patriotism, let
him issue his proclamation AT The repeal of
the Treasury Order called for will only be broken
reed 1t is sheer farce. The only remedy is a gene
raj revision Of our tariff distribution, and commercial
laws. In any other country under heaven, at such
cnsis the Chief Magistrate would Immediately call
the legislature together for council and advice. Why
not herel Have we not a rghi-a better right being
free people, 10 instant aid from legislation than any
other country2 Our General Government, Congress
and Executive, possess by of the surplus,
power over our commercial affairs than any other
government or bank, or both, under the Ii is
their duty and their policy 10 for the purpose,
and apply instant remedy to the present crisis
Unless the government come forward at once, we
the brink Of general suspension Of specie pay
menis. There il no alternative
We trus, and hope that President Van Buren will
take this matter into deep consideration Not n mo-
ment is obe lost. Why do not the people meet and
call upon the Executive TO interfere and TO assemble
Congress al once