The herald., 1837-04-07


Extra Session OF Congress.
We are happy to observe that public press IS De
ginning TO remark freely on the proposition We
made tho other day for immediate assembling "
Congress- in order to deliberate and legislate on 'he
present distressed state of the country. the 'ouha
of Commerce and the Transcript appear 70 SANCTION
the idea and throw additional reasons ior SUCH
movement
II is yery certain that in no period of American his
tory has crisis occurred equal in intensity, disaster
and distress 10 the present-not even during the war
of 1872 State Legislation, by prompt and immediate
ac,on may nterpose by way OF preparatory step TO
aid the action OF Congress but from the latter body
only can we expect those radical cures required by
the rotenness and deep rooted natural OF the disorder
The present crisis is unequaled, unnvaled III the
history Of commerce. The truth ought TO be told
The pressures Of l9lS-of lS25-of 1884, were only
the premonory symptoms of the present extended
disorder. In 1918, only the importing trade of few
sea ports was afiec,ed-in 1926 again the importing
trade the cotton trade and a certain species of paper
currencies called bonds.
These were nearly local and temporary disorders
when compared to the present disease
In 1884, the pressure was produced by the ac-
ton ofparties and for particular object 1t accord
Ingly soon passed way.
But the disorder now rising to its height, has been
IN progress from the year 1912, more or less up 10
January 1886, when IL terrible symptoms began be
developed by general rise in interest in cotton, in
lands IN lots, IN provls ons IN almost every article OF
consumption, with the solitary exception Of some
ticles Of foregn import Durng the last twenty four
years, by means Of the rapid intercourse produced by
railroads, steamboats, and other modes Of locomo-
ton, the commerce of this great country has moved
single machine of extraordinary compleXty and
speed. Into commercial pursuits have lnfu-
sed the real high pressure prncple-a power equal in
intensity to commerce TO the power of steam in loco
motion Whatever disorder therefore affects one part
Of the machine reaches the other.
On this theory only can we explain the present ex-
traordnary rise in prlces--lnteres money, and the
other phenomena, which dused from Maine TO
Texas from the Atlantic to the Lakes
BY the legislation Of Congress and the States, the
most extraordinary and unnatural impulses have been
gwen 10 commercial action. AT moderate estimate
it is probable that inequality in the article OF money
and in the commercial liabilities exists TO the amount
Of $50 millions throughout the nation. This amount Of
Indebtedness beyond ability opay has arisen from the
long period of speculation rise IN pnces-and the
general aciisn OF State and Congressional leg islation
Already fasres 10 the aMount Of nearly an hundred
millions have been announced throughout the United
States since the reaction begun in September and Dc
tober last. These failures will Of themselves cause
more 10 take plase Their assets only equal to their
liabilities are now in great degree locked up for
time This of course dlmlnlshes the quantity OF neso-
table securities and still further increases the nequali-
~ between the remaining liabilities Of the whole ma
tion and the amount ofcapital to pay them with Al
present the general disorder only effects those houses
and firms that have been trading beyond their means
But in a short time will reach every solvent man IN
the nation who does business on the shortest credit
or even on cash The terrible reaction is at tins mo
ment gradually eating ts way into the vitas Of ouI
manufacturing system and the mechanical occupa-
ions of life In short time whole factories will have
10 discharge their workmen-the wages of labor vii
fall-and Distress deeper than the want OF credit o
the want of means, will pervade the community
he mani of bread-ttc rant Of pork.
In the midst of these scenes and future prospects,
the public authorizes in New York, Albany, Wash
ingtsn are supne and inactive. They are paralysed
they are struck dumb-they are needless and rcck-
less Unless they awaken from their stupor, either
in Washington or in Albany, the general arrangement
OF commerce throughout the nation will breed a ter
rible reyolson in less than six months VIII they no
wake uSl Have they ears and hear not-have they
ewes and see not-havc they understanding and learn
not. It's high time for Martin Van Buren TO lay
aside his cologne bot,le-to pull o his white klo
glovss-and to write himself down, not what Dog
berry did, bat simply the President calling Congress
together.