The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-07-18
A s,sikins Contrast.


Other pressing matters prevented us yesterday from
calling attention 10 the striking contrast presented in the
able letter OF our regular New York correspondent The
season of the year recalled his mind the condition OF
the country Just ten years ago when the famous extra
session OF Congress at the call OF General Harrison,
and suggested comparison between the condition OF
The country in lsl and the condition OF the country in
1851.
When the extra session was called, the industrial inter-
es,s OF the Union had been suffering for years under the
balefu effects OF the leading principles OF the federal policy
high tariff had weighed like incubus the labor OF
the county, and national bank had enabled the holders
of money capital to appropriate an undue share OF The
national production The States. following the example
of the federal government, had created banks multiplied
fictitious issues, and engaged at the bidding OF iobbes
and SPECTATORS in the most runous undertakings. In
addition to all these things, the extravagant of paper
credits had driven the specie from the country, and the
facility with which corporate privileges obtained had
diverted capital from those empoymens which build up
prosperity by adding TO the of national values and
directed it into wild and ruinous specualons The
velous sagacy OF Gen Jackson, foreseeng the suffering
which must inevitably fall with crushing force upon the
country labor deprived of the fruits of lis Toll by
the continuance Of cass-legisla,on, succeeded in
throwing the Bank OF the United States and the party
which rallied to his support reduced The tariff and divorced
the government, from the banking institutions of the
country.
The extra session found the country suffering under
great commercial embarrassment; but it found ALSO that
after aong and arduous contest the democratic party had
succeeded in laying the foundations OF system which
would restore prosperity TO the country The whg
orty, elected the +" har! cider platform. with that
short sighedness which always characerizes federal
craftsmanship, determined 10 cast away the remedies
which had been provided, and return those delete.
rious medicines which had brought sickness upon US
The sub.reasury law repealed but, fortunately,
the vetoes Of Mr.. Tyler saved from national bank
with capital OF $50 900 900, pronounced by wing
men the only panacea which could heal our wounds and
regulate the exchanges The bankrupt law passed,
which shook all confidence between men by regulating
the debts incurred by ten years OF extravaganza caused
by the prevalence of whig ideas OF economy duty of
twenty per cent levied the free list, and finally.
the compromise act which had been regarded per-
manen treaty Of peace and amy between the producers
and manufacturers, repealed by the protective tariff
OF lsa2. Although there national debt, the
national credit destroyed, and large portion OF the
States were utterly bankrupt. An Intellectual attempt
was made 10 negotiate loan at par; then another at
tempt was made to negotiate loan below par. Thai,
attempt Intellectual Also Luckily, however. the
ve,oes OF Mr. Tyler prevented the renewal of the bank
charter and great-in fact, the chiefburien
removed from the producing interests and the country
began to revive In ls44 MIR. Polk was elected, and
early in his administration the independent treasury was
established the tariff Of 1912 repealed and the warehous
ing law enacted Since then the country has moved on
with vigorous strides in the road to prosperity and power
In 1916 we had but 5335 miles Of railroad which cost
Sl2o o37 have os2 miles OF railroad which
cost Saos .607, 1854 Besides this have conducted
war al an expense OF about $4,000 600 and invested
least $40 900 900 in shipping and other facilities for
merce and trade Notwithstanding these heavy outlsys,
the States have paid their expenses and restored their
credits and the stocks Of the federal government which
could not be sold years ago, now eagerly sought
for al premium ranging from seven to eighteen per
cent according the time they have TO run. All these
things have resulted from system which gives proper
direction TO capital
But we fear that weaken the clear logic OF our cor
respondent by dwelling the points be has touched
ably We therefore lay ABIDE our pen, with recon-
mendaon to all readers to give attention TO his pow
srful indications OF the democratic policy.
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