New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-05-29
Especial Correspondence of the Crescent
LETTER FROM WASHINGTON.

WASHINGTON, May %, 1866.
The news of the financial panic in England pro-
duces considerable sensation. The great question
is, what effect viii it have on our financial mat
ters 1t certainly cannot do us any good, and it
may do US great harm. The credit of every coun-
try is more or less connected with every other
country, and any disaster in one country is felt
throughout the circle of nations.
The passage Of the bankrupt bill in the House
yesterday is measure of very great Importance.
It practically annuls the insolyent laws of the
States and abolshes Imprisonment for debt. This
bill has been prepared with the greatest possible
care Singular to say, too, on the passage of the
bill, the debtor class has been entirely passive,
but the creditor influence has been active for it.
No violent opposition was made yesterday to its
passage. Mr. Thad. Stevens oontented himself
with sarcasm to the effect that it would enable
the Southern people to get rid of their debts, It
is certainly most beneficial measure for the
South Nothing is more disastrous to a commu-
nifty than to be staggering along under great
load of debt. Every man hopelessly in debt can,
by surrendering his property, be entirely rehabii
tated There is no doubt but that the bill will
pass the Senate.
The menace of the United States to Austria, in
regard to Austrian troops being sent to the aid Of
Maxamilian, is producing its effect on Austria.
Certain Austrian troops, called volunteers for
Mexico have been disbanded. It's amusing to
see how Uncle Sam can bully the Great Powers.
He has made " the Nephew of my Uncle y take
several steps backward, and Austria listens to
reason very promptly.
It is noticeable fact that the English papers
comment with considerable severity on the manner
in which the proposed amendment to the Constitu-
ton passed the House of Representatives, without
the minority being allowedto debate it, under the
pressure of the previous question. It's violation
of rights of the minority thus to force measure
through, without permitting its opponents to dis
cuss it.
The National Intelligeneer tits well understood,
is the organ of the administration. This paper
should be strongly supported at the South The
radicals put themselves to any amount Of trouble
to extend the circulation of their papers The In
telgencer is one Of the first papers in the country
and is worthy of universal support.
Mr.. Stewards speech at Auburn is read with
great interest Like everything which comes from
him, it is very adroit. lGr. Stewards idea is to
heal the radicals by taking from them part of
the Republican party. He does not desire q vic.
lent breach with Congress. He knows that the
North is unwilling to hand over the government to
a party which was in opposition to the war. Hence
he proposes to stay within the Republican organ
ization and fight against the extreme radicals.
This is the only policy that can win.
The radicals seem bent on pushing through Con
gress bill to equalize bounties, which, according
to the calculations of the movers in the measure,
will require $2l2 s34 875 But is well understood
that if this business is gone into, the government
will not get off under $5OO,0OO,O0O There is not
particle Of reason for the passage of such IDEAS
ure. The soldiers have already received every
cent the government promised them Jne first
bounties were not as large as the last, ahd kind
of equity is pretended to require ,qualizaton
1t is mere movement of demagogiss.