The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-12-27

commerce. Tho affair OF the Little Belt was
ing growing out OF the attack on the Chesa-
penke not having subsidized. Tho President ear
nestiy urged upon Congress the duty OF put -
titudo demanded by the crisis, and correspond;
Ing with the national spirit and e1pectaiions;"
manifelted In the election OF Henry Clay: as
Speekev. over, William W.. Bibb. Of Georgia,
In, ,hor peace e. candidate, by a yote Of 70 to s ~ Az A.,
Senate. he was comparatively unknown the
country quite generally confusing; the Speaker,
much" says scGoulcr, FOR a three years roc
ord At this epoch In the United states senate,
S %hSsS ow yaa,Sl, 'GIp e wSs blink SllRs.d tG as T session ION
that Mr.. Clay took the floor In support of tho
Senate BIN for 5000 additional troops when
the defeat of that measure seemed certain.
his spirited and eloquent speech saving the
bill, the first instance of n Speaker taking part
IN the debates OF the House; During th,s se r.
harmony with the Presidents recommends
tions, plans of internal revenue, were consid-
notes bearing interest were authorized to tho
amount Of 81 5000. 900. A q per cent. loan or
declaration OF war against Great Britain by
the act OF June, 1912. the Government was as
FULLY prepared for the emergency as possible.
second session being fixed for Nov. . follow
Ing. and the first session o the Thirteenth Con
S Wss re- e ,sIUc ted SD s sGe iisy BY a ae vote Of ne 81 TO jay "a.
feprssentin n The ADMINISTRATION vote ;S or ma, ma,
of January, 1914. and Langdon Cheves Of
South Carolina was chosen as his successor.
The opposition to the war became quite gen.
eral In the eastern and middle States. and .
new embargo act was passed applying to all
vessels. In August. 1914, occurred the sack
and burning OF Washington. the excuse for
which was given out as the necessary destruo-
tion Of the Capitol building and Government
archives.
OF the Thirteenth Congress, which adjourned
April Is, 1sl4, had fixed the cominencepent
q tho thira session ON W. q fourth Monday a OF OF
to convene Congress In extra session at n still
earlier day in order to provide for Treasury
deficiencies. as veil as to consider negotiations
thon on foot with Great Britain to decide
whether IT. should require arrangements
adopted to a return of peace or order tho more
effective provisions for the prosecuting OF
war;" and by proclamation OF Aug. . the third
session was convehed Sept. 10, lSl4.
The city had been nearly destroyed, and out
Of the heap of rubbish could be seen the black
ever. to be used for rebuilding. Congress pro-
cured a temporary shelter and proceeded to
consider the three great questions which en-
second. disaff,c Ion OF the New England
States: third. the delicate negotiations with
Great Britain, which meant either a, honor.
able peace or n more vigorous prosecution of
tie war. Most of the banks outside OF tho
New England States had suspended specie
payments. Massachusetts alone kept It's notes
at par. while the depreciation in other States
ranged as high AS 40 per cent; Treasury notes
we're ukdlU TcSOTLcu To-, IL ulllS NtTe ut
Gus, including subjects not heretofore resort
ed to. and u direct tax was laid,
The Hartford Convention, aggravated, the
situation, and though its full proceedings have
never been published--lts sealed journal. when
opened. being found to contain a meaGre
sketch of formal proceedings enough is known
TO show that u deliberate attempt was made by
representative Federalists to procure a sepa-
69 s a,s OF the state Writer, To use ' har lliastT% Gon,
ventiop. hardening into stone. reserves for all
ages u sphinx-lIke mystery"
Fortunately. our QUARREL with Great Bril-
through the treaty Of Client. on the day be-
fore Christmas. Its las: session closed In an
were declared sus oended; calls FOR additional
troops, were ,cou~ntermauded; the militia was
s !, Oily. discharged: and the state Volunteer ,ol ras
poned. and Congress provided for the immedi-
ate wants Of tle Treasury by a temporary
acts of Feb. "a and March 8. 1915.
The next extra" session was the first session
dent Van Buren,. The general and almost
simultaneous suspension Of specie payments
momentus session which closed on the 10th
OF October. The inevitable explosion which
mencing with the distribution among tn.
States OF the surplus. had fastened, "burst
in a moment the blown bubble of fictitious
FAR im" and W vide" Win our debt paid OF and our
former specie remittances: American fabric:
had found their way to the, ports of China
and South America TO ptrchasa retqrn car,
goes, our merchants had reached the climax OF
prosperity. American manufactures had alb
sorbed a large amount Of capital for the for
eign us well as domestic markets. Railway
and canal building. which absorbed large
sums of money, with the pressing demand fol
the fruits or agriculture, had stimulated the
growth o! new American cities and centres OF
trade. In the very midst of this change. Jack
son commenced his fight on the National Bank.
W. -aar,lf ,nna ~ "A avn - I AN M . - cha. la nj
by the removal of the public deposits in 1888,
although the Finance Committee OF the Senate
in March, 1880, had unanimously said they
were satisfied that the country is In the en-
joyment OF a uniform national currency. not
only sound and uniform in itself. but per
fectly adapted to all the purposes OF the Gov,
eminent and the community. and more sound
and uniform than that possessed by any
other country"
nominal capital OF state banks had increased
from $4,000: 900 to S225. 900 600. The
gold and silver should % received in payment
OF the public lands. Disseminated against the
deprecated paper of the State banks he had
created. while TO culminate the crisis and
crash of national ruin came u great glut OF
merchandise from Europe, made possible by
the unfortunate Clay compromise act of 1888;
for having Imported more than they could well
dispose OF. our merchants since Ameri IAN
credit was sadly impaired-had to draw on thoii
banks for specie TO ship across the Atlantic.
IL was under such serious conditions that the
Twenty,fourth Congress convened in extra SEES.
BIOL. MT. tOlk was TC-S.t CLeu bptukeT Dy II
narrow majority. The Presidents message
recited the disastrous events of the preceding
six months and the deficit in the Treasury.
The only measure of relief proposed by Prssi.
dent Van Buren, was the plan or scheme OF
Independent" or. as was more commonly
styled. the "sub-treasury," which was a com,
pl, tie divorce OF tic Government and all It's
operations from banks. That proposition
failed and Treasury notes TACT OF Oct. 10. 1897
were Issued. though less IN amount than rec.
commended by Mr.. Van buren,. Another
measure Of temporary relief postponed the pay
mcnt OF the fourth surplus installment 10 the
States. A few minor measures OF temporary
relief were passed. hut both parties were con
tent to wait until the fall Gle ctions, which, as q
rule. were Wing reverses.
The next extra" session was that of the first
session of the Twenty-seventh Congress, which
Was convened by President Tyler on the
3lst of May. 1871. The occasion OF this ses.
sion was declared in the proclamation TO be
sundry important and weighty matters princi-
pally growing out of the coalition OF the reye-
nue. and finances of the country. The popular
Impression, however. was that the Sub-Treas
ury Was To DO set aside for some sort of Il ma
tional bank.
The death of President Harrison ono month
after his INAUGURATION, and tho accession OF
Vice President Tyler to the Presidency. with
the complications growing out OF the change OF
policy on the part of Mr.. Tyler from that
mapped out by his predecessor, produced great
bitterness In Congress against him. 70 that the