The herald., 1837-04-05

Il
by the explosion of which Barlow, the Albany cashier
was driv IN from society," a felon and wrecs9 That
and other matters only symptoms Of the gene
raj state of commercial morals which have prevailed
| for three years past.
We want a complete ripping up, and ripping up
there WILDE
We understand that several transactions of an ex-
traordinary nature will be laid before TIE grand jury.
First-lt will be shswn that the stocks OF GER
tain companies have been sold twice over by the
individuals and the proceeds arising thererom pocket
ed as their own Second-That bonds and mortga-
ges, signed by men without property, or lots near
towns in the INTERIOR estimated at tlpenty times their
saiue have been sold for real property the value taken
in bonds and in goods by third PERSONS and the pro-
ceeds arising herefrom appropriated to swell the for
tunes of the very individuals who had conrved the
fraudulent operation IAird-That the property thus
procured has been many OCCASIONS paraded TO the
world donations TO build churches, aid TO the seam-
stresses funds give splendid s0irSes and cut figure
in fashionable life Esurth-That certain of these
fnanciers Of the system have taken drafts the
south in exchange for their personal notes. and that
when the drafts were returned, beth the notes and
protested drafts had TO be met by the poor duped ndl
viduals thus giving them. FTfih-That bonds, mort
cages stocks and other securities deposited COLA
eral security for small loan, have been taken into
the street, aad there disposed Of al great discount,
and at thc time payment, the person loaned had to
pay up hs without getting back his securities.
Sirth-Ih2t combinations have been proposed by
nominal large capitalists to run up certain stocks,
and that after the most sacred to the par
ties thus taken in, the original proposcr would deceive
and cheat, both his partners and the public. SerenM-
That stocks have been transferred by the officers Of
certain institutions, by the direction Of certain direc
tors without the surrender Of the certificates and that
when the institution demanded the certificates of the
individuals holding them, il discovered that the
very certificates had been transferred to other parties
and the proceeds OF both sales put inso the same
pocket.
We give these merely as a sample OF the various
transactions which have marked the progress Of the
recent mania for specuation-the mama to get rich.
We could give "a local habitation and a name" to
each act here described-bas it rs the peculiar pro-
vince Of the Grand Jury to take of the morals of
society, shall leave the snwecome task to them.
The legislative examination relative to the CONNER
cial Bank of Albany was only germ of the invest-
CATION which must, and ought, and shall now take
place in New York, if there exists single ray Of
honesty, Of integrity of commercial Faith in this com
munity. The commercial morals Of New York-the
name and reputation of Wall stress, have suffered
most terribly by the conduct and schemes of talented
and repated wealthy swindlers, large scale,
daring the last three years. Is there to be no in-
vestigaton no developement? no remedy2 Useless
and ridiculous are all institutions of justice if
grand juries will now do their duty and pso;ect
the commercial morals of great community. We
invoke the spirit Of truth to show them-to point out
TO them the road to justice, if they 50 blinded
not to discover il themselves We invoke the Re-
corder Of this great city to call the grand jury back TO
s ancient and respectable duty. The prime movers
in the destructive scenes that have marked the ma
MIA Of the last three years ought to be ferretea out
and exposed to the world beacon Of hght to wave
away-to wave away-to wave, wave away the fu-
ture commercial mariners that may be gliding the
same rocks We know much of these matters our
| self-rnore than ,re dare at this moment rereai. We
trust and hope that the grand jury will not finch in
the day of trouble Let the authors of the mschiefbe
revealed We indict, convict, and sentence the small
swindlers-ought the large to escapel
l.