Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-31

commercial affairs was intense and so menaclng
In Washington, the government is pushing through
the House of Representatives, financial measure
which every practical man in Wall street is conscious
must place the foot of power the currency, banks
commerce and exchanges Of the nation. In Albany,
preparations are making, with degree of energy and
hostility perfectly astonishing TO begin the entire de-
nolition Of the banking system by taking away the
charter of the Phenx Bank for the terrible CRIME OF
exchanging at the request of the Board Of Trade, IN
1854, city paper for southern checks at par
The hostility carried On against the property, cur
rency and commerce of the nation, by the locofoco
government at Washington, for years past, is now
caught up by the wing party in the Assembly at Al
bany and they seem determined TO carry the new Pc
Icy further even than has been contemplated by
the original locofocos themselves. The Wing Gene
raj Committee the Board Of Trade, the Wall street
wing press not content with the aroclous conduct OF
the government against the banking system, have
determined TO outslrp them in the same feeling ana
to add to this arocity by way OF ornament as high
degree of rabid stupidity men or blockheads ever
could conceive.
Look at the whole course of the recent proceedings
against the Phenx Bank, which is merely the begin
ming of a movement of which we can predicate no
end.
In the midst of one of the greatest pressures and
panics of modern times, the Board of Trade begins
the new against the banking system, by bringing
charges, through its instruments in the Assembly,
against enc of the best conducted banks in Wall
street-and for the very conduct and policy which
they solicited the hank to adopt in 1884. An nvesti-
CATION is got up, unsettllng and unhinging mems
minds and calculated al every STEP add the pa
mic already in existence.
And what does this investigation amount to?
Merely to the transaction of exchanges in the same
way, and form in which Nicholas Bidde sold his
bonds and post notes in 1887, and was called there
for, the Saviour of his country"-"a ministering
angel from heaven" The Phenix Bank exchanged
city paper for southern drafts, at par, which were
sold in the street by the holders at discount. Mr..
Bidde exchanged his bonds and post notes also for
city paper par which bonds were freely sold at
Ii and 2 per cent discount the next moment. Not
bank of any rank or standing in Wall that has
not done the same business for years. IT. therefore
the transactions of the Phenix Bank in exchange
sufficient cause for the Legislature take away its
charter, by the vote, is effect every charter
of Wall street declared forfeited and the great bulk of
the exchange transactions, foreign and domestic, are
tainted with usury, fraud and extsrtion.
But this is not all. If the movement against the
Phenix Bank were isolated transacton--springng
from, and combining itself TO, private malice and re-
venge ought to be permitted to take its own course
and to end in amy way 1t might But when We see
as in the recent movements Of the Wing Committee
the omnipoten power Of party invoked to carry cut
the game of destructoR-when we see the liberty Of
n free preas threatened that dares to express opin
ion on its financial merts-can we clese our eyes ID
the dangerous situation of all the interests of
merce and of the currency, menaced equally by The
political hostties of both parties Ii really appears
that the elements of finance and Of politics have for
the first time, csme into conflict The policy and
conduct Of the majority in the Assembly at Albany
thus far appears only TO rival the destructive policy
of the locof0cos in its very worst FORMS The latter
have heretofore confined themselves TO general de-
nuncatons of the banking and credit systems, but the
new locofocos, those which have been generated in
the hst rays Of the Board Of Trade begin their de-
structive policy with more arr, more design, and
deeper feeling of revenge and masvolence. The
whole system Of foreign and and domestic exchange
one Of the greatest and most important branches Of
the credit system taken up by this rabid Sec
ton OF the wing party and denounced as usurious,
immoral, wicked and sufficient cause TO take away
vested rights and impair the Obligation Of contracts
We dc not even about inquiry into the motives Of
the few individuals who set this ball in notion We
pass by the fact that few malignant witnesses, who
want to ret rid OF paying their honest debts are the
original sstgators Of this movement Of ocofoco-
ism. Its, in its open papable form, as placed before
the world by the Board Of Trade, enough, and more
than enough, 10 alarm every man Improperly, homes
~, integrity, and industry in this community.
II 10 time for all citizens of property character, re-
speciabity and influence TO be up and thinking. II
the presen, leaders Of the wing party both here and
in Albany eststrIp and outrun the locofocos in Their
own game what will be gained by the changes new
in progress in the political power Of the state and ma
ton We are on the brink Of fresh precpice. The
destruction Of the Phenx Bank will oaly be the first
blaze Of the general conhagraton set on foot by the
incendiaries of the Board Of Trade. II that goes all
will 20. This spirit Of revolution and ruin cannot be
raised and qaelled in day. The original locofocos
are standing by and looking with pleasure and de-
light at the folly and madness Of the wing Assembly.
II was the great Of the men ofproperty and in
telliQence, by whose change Of position the mighty
revelation was effected the polls last year. Let the
whir leaders pursue their mad, destructive maniac,
ridiculous policy, now chalked out for them by the
Board Of Trade the Wing COMMITTEES, or the Wall
street press and as sure the sun will rise tomorrow
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