Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-05-23
PHILADELPHIA, May l9.

One of the most disgraceful transactions that
was ever witnessed in a civilized and pacific
community, was yesterday exhibited in the rear
of the Masonic Hall, in Chestnut street, upon the
occasion of opening the books to receive subscrip-
tons to the stock OF the Grard Bank. 1t seems
that by a sort of common law, the Commission
ers appointed by the Legislature to open such
books. consider themsel,e s entitled to prefer
ence over the rest of the community as to the
priority Of subscription, and hence the appoint
ment is not only regarded as one OF trust, but also
Of profit; and as the members Of the Legislature
have no objection to confer fav0rs upon their
friends by investing them with sinecures, which
cost them nothing, the very modest n lumber Of
153 Commissioners were appointed in this bill.
By the act of Incorporation, it is declared as
follows: -" Neither of the Commissioners, nor
any Subscriber to the stock, either in his own
name, or a, agent of another, or through the agen
CIV of any one, shall be allowed TO take more than
five shares the first day, 10 shares the second
day. SO shares the third day. But il all the CAPT.
tai stock shall not be subscribed for on or before
the third day, then subscription for any number
of shares remaining unsubscribed, shall be allow
ed"
1t is reported, that owing to the expected de-
mand for tbs stock amongst the citizens, the
q
enormous SUN of five hundred to seven hundred
dollars, and that that amount was paid to some
OF the commissioners for their right to subscribe.
In order however that the Commissioners should
be enabled to secure the full benefits of their 81.
necures, it became necessary that some plan
should he devised bv which the bucks could be
kept open for three or four DAYS, for without such
a step. they would not have been able to secure,
under the terms Of the law, more than lie or
fifteen shares piece. The happy expedept
was resorted to Of restricting the outdoor pubic,
comprising 100000 Inhabitants, to tire ,oia-
do,1s, at which. and at which alone, Subscriptions
were to be received. In other words, with Com
missioners sufficient in number to receive sub
scriptons at .f1y windows, which would have
given the public fair chance, access to the books
was only given at three w,ndows
A knowledge of this fact, known to few in.
dvduals, but not announced in the official no.
tice, led to the adoption of measures out of
doors quite as objectionable as those adopted
within doors. A body of strong athletic men
were hired to make subscriptions, and according
ly, at about half past eight o'clock in the morn.
ing, about sixty Of them, stripped TO their shirt
sleeves. took furcible possession of the windows.
so as to render it impossible for any peaceful ci-
tizen to approach them without danger of his life
AT ten O'Clock, the books were opened for those
who we're outside, and scene Immediately com.
menced, which ii is impossible accurately to de-
scribe. About twenty or thirty men at each win
dow were endravoring to force their way to the
small openings at which the money was received.
Those who could not approach by squeezing others
out ut their places, were hosted by their com
rades upon the heads and shoulders of the solid
mass OF bodies immoveabiy damned below, where
they remained. to the great annoyance Of ,huse
who were thus trampled upon. or were pulled
down by rivals, to make room for others, who
shared the same fate.
Bloody faces, bruised limbs, shirts and jack
cts torn to tatters, land ultimately desperate fights,
resulted from this disgusting scramble; and
throughout the whole time, from the opening OF
the bouks to the closing, at three O'Clock, the
scene resembled the boarding of ship by p.
rates, rather than the competition of capitalists
to invest their Iunds. Hundreds Of respectable
spectators witnessed the disgraceful riot. Thou
sands will probably have witnessed its repetition
uday, aud If some interference of the police |
Ices not lake place, some lives may be lost To-
n0rro,0. should the premium on fifty shar"
scrip equal tour dollars share, the price paid for
he first days labor.
1t may not be aniss here to mention, that soon