National Trades' Union

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The National Trades' Union was the first federation of labor unions in the United States. It was established in 1834, but collapsed during the Panic of 1837.

Labor unions in the United States

Labor unions in the United States are organizations that represent workers in many industries recognized under US labor law. Their activity today centers on collective bargaining over wages, benefits, and working conditions for their membership, and on representing their members in disputes with management over violations of contract provisions. Larger trade unions also typically engage in lobbying activities and electioneering at the state and federal level.

Panic of 1837 financial crisis

The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time. The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain were all to blame. On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value. Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales. The years 1837 to 1844 were, generally speaking, years of deflation in wages and prices.

History

Under the federation, by 1836 around fifty unions had formed in Philadelphia, New York, Baltimore, Boston, Albany, Schenectady, Troy, Washington, D.C., Newark and New Brunswick, New Jersey; Cincinnati, Ohio; Pittsburgh, Pennsylvania; Louisville, Kentucky; and elsewhere. While some organized national unions within their crafts, most participated in citywide "trades' unions," which established the short-lived National Trades' Union in 1834 under the presidencies of first Ely Moore then John Commerford.

The NTU collapsed with most of its constituent bodies during the panic of 1837.

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