The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-01-09

and centres of trade. In the very midst
of this change, Jackson commenced his
fight on the National bank. The result
was the dismantlement of the bank by
the removal of the public deposits in
1888, although the finance committee of
the senate in March, 1890, had unaniin-
ously said they were satisfied that the
country is in the enjoyment of uni
form national currency, not only sound
and uniform in itself, but perfectly
adapted to all the purposes of the gov
ernment and the community, and more
sound and uniform than that possessed
by any other country"
In the seven years from 1880 to 1887,
the nominal capital of State banks
had increased from $11O,00O00O to $780,
900 1000. The specie circular" direct
ing that nothing but gold and silver
should be received in payment OF the
public lands. Disseminated against the
deprecated paper of the State banks
he had created, wh,e to eliminate the
crisis and crash of national ruin came
a great glut of merchandise from Eu-
rope made possible by the unfortunate
Clay compromise act of 1885, for having
imported more than they could well
dispose of, our merchants-since Amer
lean credit was sadly impaired-had
to draw on their banks for specie to
ship across the Atlantic.
1t was under such serious conditions
that the Twenty-fourth Congress con-
vened in extra session. Mr. Polk was
reelected Speaker by narrow major
ity. The Presidents message rected
the disastrous events of the preceding
six months and the deficit in the Treas
ury. The only measure or relief pro-
posed by President Van Buren, was
the plan on scheme of independent" d"
| or, as was more commonly styled, the
| "sub-treasury," which was acomplete
| divorce of the government and all its
operations from banks. That propo-
sitiOn failed, and Treasury notes (act
| of Oct. II, 1880 We're issued, though
less in amount than recommended for
| by Mr.. Van Buren. Another measure
! of temporary relief postponed the pay
| ment of the fourth surplus installment
! to the States. "A few minor measures of
| temporary relief We're passed but both
| parties We're content to wait until the
fall elections, which, as a rule, were
| Whig reverses
JOHN TYLER'S EXTRA.
The next extra" session was that of
| the first session of the Twenty
enth Congress, which was convened by
| President Tyler on the 31st of May.
1871 The occasion of this session was
! declared in the proclamation to be
sundry important and weighty mat
ters principally growing out of the con-
dition of the revenue and finances of
the country. The popular impression,
however, was that the Sub-Treasury
| was to be set aside for some sort of a
national bank.
The death of President Harrison one
month after his Inauguration. and the
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 tina,
mapped out by his predecessor, produc-
ed great bitterness in Congress against
! him, so that the session was barren OF
I any important legislation. John White
| of Kentucky was chosen Speaker by q
| viva Voce vote-an unusual proceed
ing. President Tyler's message aroused
the suspicion of the Whig leaders that
treachery was meditated by it's author
1t urged that no tariff legislation be at
tempted at present; the sub treasury
law should be replaced and Suitable
fiscal agent" substituted, while he ex.
pressed his disgust that irresponsible
State banks had multiplied so fast OF
late 1t was generally accepted as 8
national bank message, as the report OF
the Secretary of the Treasury CThoma.
Ewing) distinctly proposed a nationa
bank. Henry Clay knew better, ant
he submitted his plan, which proposed
the repeal of the sub-treasury act, the
incorporation of a national bank, pro
vision for raising an adequate revenue
by means of new duties and a temper
airy loan, and a few minor matters. Al
act was passed July q, 1S41) authoriz
ing a loan of $l2,OOO,O00, and Mr. Clay
reported bill from the Finance Com
mittee repeating the sub-terasury act
which became a law Aug. 10, 1S41-th,
first distinctive national act passed b,
the Whig party.
Secretary Ewing in response to a re
quest from the two houses of congress
transmitted a plan of a Fiscal Banl
of the United States" in which he ha,
the aid of Mr. Webster then secretar,
of state. The details of it's provision
are outside the scope of this article
but as 1t passed Ghe senate, 26 to %
and the house, 12S to go it was consid
cred compromise measure. The vet
which followed aroused storm of in
dienation, but his veto of the secon
bill for a 'Fiscal Co"poraton'-writ
ten without consulting his cabinet-wa
a thunderbolt. II demonstrated Tyler
pei idy, due 20 his intense hatred o
Clay, and every member of his cabine
resigned, save Webster The addres
of the Whig members of congress read
ing Tyler out of the party was fol
! lowed by his being burned in effig,