The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-07-17

Nsw YoRK. July i5-5, p. IN.
Ten years ago this month the famous extra session Of
Congress was held al Washington 10 make the country
rich and prosperous by legislative interference with pm
Al that period nine States oil me Union
were nsolvent nearly all the banks South and West sns
PENDED and their paper floating through ths channels
trade the hands Of New York merchants, sold at hish
OF discount which COMPOUNDED with the rates o.
exchange The late National Bank had sunk hnally INTO
grave preceding March, and 5000 bankTup the
victims of its vicious policy, camoous for relief nom
debt The government, although fee from debt was pos
sessed of small TO feed the host Of hungry
who had joined the "hard cider campaign in
the hope OF plumber and its credit ruined by the fail
ure OF several States large WING majority governed
Congress- and commenced operations by repeating the indie
pendent treasury law, and passing bankrupt law TO
sponge old debts which, subsequently ascertaned,
amounted $40 000 (say four bundled and loy mil
OF doar)the result of ten years extravaganza This
law succeeded by that imposing ~ per cent DUTY
upon articles before free. and finally by the tarih Of
1912 The National Bank of $50 1900 capital, which
urged the only possible means by which ex
changes could be regulated did not pass and yet
exc hanges have since been regular and cheaper
than under the nations regulator The most humating
Of that memorable session however, the expo
national discred under the action OF the National
Bank and OF the whg debt policy for many years Most
States OF the Union had contracted heavy debts for
bank capitals and public works. the profits OF which
pay the State expenses, and relieve the people from
taxes altogether. The New York canal revenues
every where held up example, and the widest
of debt everywhere pressed for the profit of
obbes by holding out TO the people the Elusive hope OF
final exemption from taxation Even in New York. where
large profits from the canal had been realized,
$70000,0O0 OF debt projected, and the State tot
tered the verge of that bankruptcy in which nine others
had fallen At this juncue Congress passed law to bor-
money six per cent stock, not under par, spe
cialy pedgng the revenues for its REDEEM pon
and dollar could be sold. Ii then removed the estric
ton upon selling it at parhat is to say, permitting II TO be
sold any price and Mr. Tyler an agent Europe
with six per United States Stock specially secured
by the customs revenues sell at any price, and
shilling obtained Commerce was destroyed by high
tariff which also deprived the government of adequate
enue, confidence between and man shaken by
retrosp ecve bankrupt law the nation held up contempt
by display Of its financial dscredit, the banks
bfoken and the States bankrupt Such the picture of
affairs resulting from whg bank rule. At that time how
ever, policy adopted by the States New York.
taking lead, promptly stopped all issues OF stock and
levied make good the deficient pay in
Ohio followed the example, and saved herself from
impending ruin. Pennsylvania and Maryland adopted
similar policy, and gradually restored their credits. la
order idea oil the amount of money which
the people paid by industry for the excessive credits
of former years. have constructed table OF the
paid in the four States enumerated;