Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-31
Private Corresponde CO.

TRoy, Aug %, 1887.
To J.. q. BENNETT, Esa.-Dear Sir,-I am highly
grauned to your excellent little Herald make its
morning calls IN our "highly favored city," II Is
worth more than all the papers we get from home.-
For though ! say II who ought not say II, beng q
Trojan, nevertheless it is true, we have not one of
the three that has the honesty or independence
whichever you please) to expose the shameful, as
well as illegal practices Of our banks, brokers and
Others by which many OF eur citizens are shaved out
ola portion of their hard earnings.
As you the habit Of administering wholesome
advice to such worhies, concluded to furnish you
the materials, in the hope that you will cook and
haste them they deserve.
FIRST the Banks If small DEALER mechanic or la
boring man. Is driven the necessity of asking for
loan of hundred or two dollars his note no matter
how good, is usually thrown cut when the poor
man withdraws his note, and with heavy heart
leaves the bank, soon, however, he is accidentally
met by some sympahisng director, who regrets that
the note was not done by the bank, but the fact Is,
the bank is SO anxious to do all it can to accommo-
date its customers that has already extended itself
too far" but he can inform him where ne can get 1t
DONE but he will have to pay little something ex-
ira" With an expression of thanks for the informa-
ten-for he is glad to learn where he can get the
money on any terms-he hastens to the friend
of the director and gets his note shaved 10 the
tune of two or three per cent month, and 1t
sometimes happens that after another discount
day has passed. the said note is snugly filed
away in the bank and credited to the kind hearted
director who took SO lively an interest in the poor
mans affairs.
Another poor fellow is in trouble offers his note for
discount is informed that the board really wish TO
accommodate him, but their circulation is already so
great that they dare not extend il by making loans
but they will do it if he will take uncurren money,
which has been bought up by the bank at from to
2 per cent discount Necessity compes him 10 CON-
ply. After deductng the legal discount, land more
too) he is paid the balance in the "flthy rags of
some foreign "rag mill !" and now as he has note 10
pay and must have bankabe money, he gets it shaved
again before he leaves the bank at the same of
discount at which it bought, perhaps an hour be-
fore, and receives his pay in the bills of the same
bank even at the risk of extending their circulation
BY this manGuvre they pocket not per cent
month"; but 2 3 or per cent day, as the same hum
dred dollars is made to perform the same ope-
ration several times day. This cannot be usnry-
certainly MOTT is "fair business transaction"
Another infamous mode of shaving the poorest
class and which deserves the execration of every
man in the community, is as follows Uncle Sam 8
agent for improving the navigation ofthe Hudson n
ver' pays the laborers employed on that work week
ly by giving them checks on the pet bank in this
city, where the funds for that purpose deposited
When the poor aborer presents his check at the bank
for payment, he is informed that they do not pay
them there-that the bank has made arrangements
goodness to step to his office, and he'll payit" OF
goes the man with his check to Mr.. c., presents i
and is paid, for dollars, the promises OF some fores
gmll to pay one, two three or four dollars an
for the fractional parts Of dollars, corporation shin
plasters." Now, the trash that is paid for these
checks is first bought up by the broker al to per
cent discount with tn bills of the pet, and fit is
cessary is often the case for the person to have
current money, why, all he has TO do is to pay Mr.. &.
the usual discount for such rash and the job DONE
and he has the real genuine promises of the pet mnus
TO 5 per cent.
Now, it would be very uncharitable to suppose the
bank shared any portion of the spolls but one thing
certain that between the bank and broker the poor
laborer has been swinded of portion of his hard
earnings AS to the corporation shin plasters, falsely
so called, our corporation came 10 the conclusion, in
view of the great scarcity Of change, to issue shin
plasters for from l2s cents to ST.. Why dollar plas-
tiers, when dollar bills were more plenty than any
other denomination But having some doubts to
the legality of a corporate body going into the bank
ing business without banking privileges, they backed
ont but the dear people must have change and
| the banks might be compelled to shell out unless
something was furnished as substitute the grand
question was, who should take the responsibility 2"
1t was finally decided that the city commissioner
was the " most properest man 10 shave the public
he having shaved them for many years TO their entire
| satisfaction and moreover, he is known agent
of the corporation having fed the public crib for The
last sixteen years, and the people will naturally con-
clude that the shin pasters issued by him as such
| agent. Hence they are generally supposed TO
be issued by order oil the corporaton---than
which nothngi IS farther from the truth II suppo
sed there are in circulation Is to 10000 dollars of this
kind oftrash-a very pretty plum for the worthy city
commssioner-the use of Is 20 900 dollars in ad
dition TO his salary of eighty hundred dollars lobe
sure, they answer, most cases, for change, but I'll
none of them and let those who do take them
member the old play of Robins Alive'-that's all.
have heard it minated that some of the funds re-
ceivea for this "better currency used by certain
broker for burying up specie for the New York mar
ke As to the truth of the lntimaton, cannot say;
but all the rest is susceptible OF the cleaest proof
The aboveare facts which ought be published to
the world but alas have not an editor in the Guy
that dare do il. YOU sir dare, If you will. Will
you1 Respectfully yours, n.