The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-08-08
e3,95i.6al

The year 1887 of revulsion, the two succeed
ing years Of expansion and 1910 of revulsion. In these
four years entire fourth of the whole de-
rived from ia~d' nevertheless there de remedy
which Congress- expense OF 81 900 600
assembled in June 1871 Within sixty that Congress
by way of increasing the revenues gave to the States the
proceeds of the public lands which had hitherto ia shed
fourth of the Was tina, singular way Of
restoring credit and supplying decit7 As the CONNER
cal mixes dates may be well give the chronology the
The Congress met June l. 1871, supply de fcs
and the first bill passed Appropriated 8t00 600 the
pense Of part OF the session the gave Mrs Hanr.
S25 0O0 and the next July 81 authorized loan OF
Sl2 coo 900 in stock to redeem treasury
September tho lands given away September IL,
the law passed ievyng 20 per duty upon nearly
all articles imported free of duty under the promise
act of 1882 This the first act after session
OF two and half months, and it supposed yield
about much the treasury lost by the distribution of
the lands So step had been made in advance The
tweveniion loan could not be negotiated and January
81 1912, act was passed TO issue $1,000 900 OF treasury
cxigenciss April 1872 the interest
Dry increased and the restriction selling the
per stock par removed August 81 this restriction
reimrosed, and the day the tariff OF 1872
enacted Now, Congress met June l. lsti. supply
deficits Fourteen months afterwards-August 1Sl2the
government could not sell Its stock any price, and
81 10000 OF its navy bills protested the
sury for non-payment At that time the agents of the
government left for Europe sell the stock, and they
with in London bit chHe they IN London
the of the passage Of the tariff OF 1872 arrived out
Der, 1929
But things stand present. will only have the ef
feet OF preventing revival OF the direct with New
York, the States Will undoubtedly find IL
profitable take their supplies OF goods from the
uabandss via Canada who win have large mafgin
insurance against risk OF by the frontier
custom officers. Insead Of doubng The revenue as they
calculate doubt whether they will obtain any increase
the last years returns in consequence OF this Judged
augmentation OF duties"
This last clause, will be observed, bad portant ref
the effect of the tariff upon the finances of
IN
borrow money. Fourteen days after that publication
viz on ith October Isi2-Messrs. MsAiser and Sulwell
LEFT in the Britannia for New York. and Mr. Robinson
went to continent Thus his negotiations with Hope
Co after the passage Of the "bene6cent tariff had
been for time known in Europe consequently Mr.,
Robnsous predictions" after the fact The tariff
of 1912 the hands Of Hope ~ Co when they rejected
the United States loan any price On the of that
eneman and after making his report, the President
erbed the failure negotiate mostly 10 the unfortunate
distribution Of the proceeds OF the public domain
when all the of the wanted
The Commercial states that the passage Of the ta Of
1912 the loan was Immediately made. On that event.
that Is 10 say in the fall OF lsi2-Messrs. Ward 81 Co
took 81 5ooo o0 at S7t per cent u per discount,
and the balance available only by issuing treasury
which at discounts and came back into the treasury
through the customs fast Issued the public credit
In March, 1885, passed to aathorzl the
reissue Of these notes. and the day The ankrupt
act was repealed Itw the that. through the
long sagnation Of trade induced by the strange conduct Of
the administration money began accumulate and 70
seek investment while the repeal fhe bankrupt net aided
confidence, and in the Of s3 Messrs John Wafo
Co took $1,000 900 Of the stock I0 per cent yet ne
duties which accrued in 1872, under the ars Of 1871 au
1872 only Sl3 900 and in Isa3 under the operation
ofhe rar OF 1872 only 900 The failure OF the ageh
borrow by the whg government was eNoeeu'nEs
detrimental to both public and private credit snd 'ha
failure mainly ascfbsb'e to me uishouof =,
of The s,se. the Union. for which dpshonof the wing
though the action of the late national bank. was
chiefly responsible Tho action of Congress at the exua