Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-03
Preyarations for the Eiiection-- =,
Revolution.

Preyarasions for the Election--rHSsaes'o -
Revolution.
The oreat social commercial and poAhcai reVoiu-
non which we alone. among all the other prints III
New York, began IN the spring ana SUMMER u ,o'o
!; ,;u ,narcb;no onward with every intellectual I'M
.,,,.o &c tho dav. The miserable, corrupt political
nr;n,s and poliucal charlaians, IN New York, WASH
inoo, and elsewhere endeavor 10 hide the great prn
cnles row in notion and 10 cheat the future age OF
the experience growing cut Of the errors of the past
The ba,.hSng system pure, but noD steepe@ IN
orrpfion is the only and sole cause Of the deep reOo
ktion ,solo IL, progress. The banking system, wheh
conducted with honor prudence and integrity i a.
useful TO the developement of wealth, knowledge anu
refinement the power OF steam or me uiv'soi %
labor-but managed as il has been ioi 'he ids' ~
years, by cAarlaans, knaves spectators, anu grasp
ing usurers il has become the curse Of ths great ha
ton and bids fair to precptate the country mo 'ie
excuses which characterised revolutionary Francein
the days of bloody RobespleTe
The attitude OF tho great city of New York, at this
crisis, commands the deep attention 81 the whole
country. Every eye is turned hi,herward-evcry ear
hanging on the wind 10 catch the slightest Whisper
This great emporium the first 10 EEL the desola-
tng effects OF a banking system, managed in corrup-
hon and tyranny-this great emporium was the fl ST
to throw off the nsoent shackles of the usures and
extorhoners. Here originated all the corruptons of
the banking sysiem-s base union with polhcs-its
baser union with licentiousness-and here the puri-
cation has begun.
In this city, we have al this moment, ttcsnty:t four
banks, managed by nearly three hundred directors,
endowed with the privileges Of issuing their promises
TO pay 10 pass as money the representative of la
Dor as the essence ofyalue The very bread that
tiers every mouth. From small moderate, correct
honest beginnings, this multitude OF institutions have
grown up from three, % their present number and
mighty influence. In 1888, 81, the banks after
ION with the politicians that created the safety fund.-
began odictate tRe government and TO cause the
FIRST fluctuations in the currency. A struggle began
between .hese rivals in all corruption and all nfamy
which should get the patronage ofthe government
After this struggle, which ended for a while in 1884,
then followed the expansions of the Gu rency, the I'M
petus to speculation, the stimulus 10 high prices
This produced RIGHTEOUSNESS such as was revealed
the trial olRobnson, supported in his wickedness
at the time by one OF the present magistrates of the
city. All sorts OF speculation were INDUCED n--eve
~ species Of generalization was heightened and
edged on by the corrupt banking system, which was
tie basis and foundation Of all the excuses then dis
grazing christian city and community.
In the year 1885, began the period of usurious
practices set on foot by the wicked banks, and per-
sisted in, till The general convulslon took place IL
March last TO the lasting disgrace of n commercial
community, the banks were permitted 10 establish
agents in every cellar in Wall street, whose duty was
10 suck the life blood out of the merchants at the
rate Of 2 3, 4, 5, per per north.
This system could not last forever. Accordingly
IN six or nine months from the commencement OF the
airocious usurious system, nearly one hall OF our
mercantile classes fell prey 10 the avarce and cor
r1phon of the banks. The banks-ihe banks alone
DESTROYED he merchants, and disgraced the city 81
Neto York
But not satisfied with ;his terrible destruction they
projected more gigantic fraud on the public and
came forward impudcntly with suspension Of specie
payments, by lriich the rhslc people Of -Nep York
scere actually cheated oHt Of one million ice hundred
dollars in a icee&, By he difference IF exchange.
These banks had received their privileges the ex-
PRESS condition that their paper money should be
deemable on demand in specie. BY their own Jug
rlery and mismanagement they brought themselves
to the necessity OF breaking faith with the public,
merely for the personal benefit of their managers,
and to fash the role of lnsolenco they compelled
miserable legislature to pass suspension, mortgage
and stop laws, for their special benefit, and in viola
uon Of all justice-all honor-and all constitutional
law. The very conduct by which their privileges be-
came forfeited, was made The motive TO demand fur
tber and greater privileges
Thus was privileged class created by the last lc-
gslaure, through the influence and corruption OF the
banks, which surpasses IN tyranny, insslence, and
power, the Roman Senate in It's worst days Of cor
rupton or the Venetian nobility in the height OF Their
RIGHTEOUSNESS. body of three hundred men, bank
managers and agents were openly, the face day,
before God and Heaven, endowed with the privileges
Of refusing make paymen, OF their debts with pro-
perty in their hands, while the law renamed in full
fierce against individuals.
Such prostitution Of all homer, all iniegrsy, all
morals never characterized any Legislature, as did tina,
Of the Last Legislature OF New YORK. and the ten cor
rupi bodies that followed IFS unpnncIped conduct IN
other states. In fourshing country, with 6ne
sod an active population, in the time OF peace, no
such thing wns ever heard Of as whole community
Of banks breaking faith with gener ous peops-frst
destroying the merchants by usurous praciises-then
cheating The mechanics and laborors on, Of millions
on millions other earalngs-and finally closing their
career by nsoleny opening the door TO all sorts and
nds of miserable rags and shinrastcrs, as we have
experienced since the 18th Of May last. To the bank
inc system-to any banking system-conduced on
The principles Of science ard integrity VIC are an ar
den, and unremittng frendbut 10 the present cote
i IL -