Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-20
A New Element I'm ActiOn-Ths Barring
Clique In Pelitics and Finance.


OF last fall, yet puzzles every phlosopher-every
statesman and every fnancier. No one in the whole
array of public prints seems to have discovered OF
developed its latent causes. Well! Let US try il.
In the great whg victory of November, 1887, New
York city exhibited majority of 2S00 and the state
nearly $4,000 for the right principles of finance, and
as condemnation of the conduct of the national 60
vernment Yet in the space of six months, by SEINE
secret and everything cause, this great majority has
dwmdled down to about 800 in the city, and probably
10 5000 in the state
Now the real causes of this reaction can easily be
traced to financial movements. Read on.
Some time in the summer of 1887, James G. King,
the brother of Charles King, of the "New York Ame-
rcan" and a partner in the house of Prime q Co.,
went to England for the purpose of eieciing GER
tain stock, financial and money operations in con-
junction with the great banking house OF Banngs q
Brothers, in London. The connection of James G..
King, Charles King, and the New York American,
with the wing party, has been affair of several
years standing. Mr.. James G. King is man of con-
siderable talents in finance-very gen,lemany and
courteous in his general intercourse; Mr. Charles
King is, sontra, coarse, vulgar looking man, with
a great deal of impuasnce in his manners, although
he is generally called "the highly respectable editor"
1
Wall street. Mr. John A. King another member of
the family, also polished and educated gentleman,
is now member of the Assembly.
This family in conjunction with the house Of Prime
& Co., with which they are connected, possess great
ambition both in politics and finance. In the fnan-
cal department Of the clique they are rather talent,
ed in isolated operations, comprehending stocks,
exchanges and similar transactions; but in all great,
DIM
ments Of the commercial world, both in Europe and
America, they are not circumstance" 10 the spen-
did genius and great talents of Nicholas Biadle. Yet
they are ambitious of rivalng that master spirit; and
their leading organ, the american" has been for
time depreciatng his sagacy, in order to pave
the way for the introduction of new power in the
regulation Of financial affairs in this city.
In this position of persons and things, James G.
King went to London last summer and commenced
his operations with the capitalists of that city. The
Messrs Barring, enc of the leading Anglo-American
houses had just given up the agency of the U. States
Bank in consequence of the mission of Mr.. Jaudon.
The Earrings possess great influence with the mana
gers of the Bank of England, and hence their means
in Europe are of the ample character. Between
Mr.. James G. King and the Barings, a negotiation
was opened of general character, having fer It's OBJ
jec the establishment Of great agency in New York.
to be managed by Prime 4 Co., the centre of which
should be in London. This agency was 10 deal in
money and exchanges perhaps ass in cotton by
way of consignment the great element of both me-
ney and ex ah an se operations in both continents.
In the meantime and while these negotiations
were pending in London, the other parties in this coun
Try took their position both financially and politically,
in order to prepare the way for the introduction Of
new power in finance--and new a in politics.
Last fall in the very midst of the Political contest,
the "New York American came out butt-end fore
most, urging upon the banks an immediate res1mp-
ton of specie payments in the very midst of distress,
confusion and ruin. This was only mode of pre-
pairing an opposition TO the movements Of Nicholas
Bddle, then Just beginning 10 send the great cotton
crop of the South TO Europe. Financial rivalry was
nj the bottom OF the movement here-for the clique
well knew that resumption of specie payments, at
the beginning of the cotton season, would prevent
Mr. Bddle from assisting the southern planters, and
throw the whole south and southwest into the hands
of the Barings Of London TO do with them what they
might list The consequences would have been a de-
probation of the price o. cotton from the then prices
TO an extent of probably 30 per cent additional The
weakness, ignorance imbecly of Albert Gallatin and
the New York fnanc:ers, aided the splendid attempt
OF the Banqs and their agents. 10 grasp the whole re-
sources Of the country depreciation Of 20 or 30per
cent and whit the probable realization of s2eOO,OO0
of profits in one year. BY the prescience and talent
of Mr. Biddc this amount remains in the pockets Of
the southern planters, and the great cotton interest
has been saved from double revision.
Such was the situation Of finance and politics last
fall From that period, up to the recent election the
New York American and its confcderates in the plan
Of the Barings TO grasp the whole American trade,
have been moving heaven and earth TO compass their
purpose-to run down Mr.. Biddle-and TO join any
party that would aid them ia this purpose Before the
last election in this city, the clique induced several
weak mercantile men, whose names we shall publish
in a few days to proceed to Albany, and under the
mana cement OF John A. King and Charles King, TO
enter into secret peesca,ion with Governor Marcy
merely TO further their special financial purposes, at
the expense, and under the idea Of wisSrg the pow
or Of the wing party. This tho origin Of the re-
cent reaction Va his city, aRd explains The singular
contradictory ipapsises Of the rhg party in the As
sernbly durisg the session Under the pretext Of the
morality Of specie payments-and the principle Of
commercial honor and integrity, the great London
Bankers, the Messrs Barings, have resolved grasp
the whole foreign trade Of this country; and in order
G., al anil, tko,,