Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-16
M u RNING HERALD.
xhe Phenix Bank Investigasisn--T Tho un
gowning OF Wall street.

Tine Phenix Bank Investiga sisR--The un-
gowning or Wall street.
This remarkable investigation is rising every mo-
ment into importance. The public mind is fastening
upon II with intensity of feeling that will not rest
tl other Investigations into the affairs of other banks
be had.
IL will be recoeced that in the years 1885, SO and
81, we daily called the attention of the mercantile
body 10 the strange practices then begun to be intro
duced by the new class Of fnancers and money lend
ers who then appeared in Wall street. These repeat
ed warnings were gwen in famous Vail street re-
ports which, at that time, were ridicued by the Wall
seetpnnts and NOT attended by their dupes among
the merchants.
Inc system OF shaving once, twice, thrice in race
sorseolls and IN inland exchange, amount equal
10 40 or % per cent per annam from the face of the
paper offered and which now developed in the evi-
dence giving daily in the City Hotel-this system is
the natural and legitimate result of The removal of the
deposites, by the agency of Amos Kendall, from the
United States Bank in 1885, and the final extinction
of that institution in 1886. year before the United
states Bank ceased under the act of Congress- the
germ OF this grand shaving system was established
under the wing OF the Manhattan, Mechanics, and
other government banks in Wall street. As soon as
the United States Bank charter ceased in March,
1885, the system eaped into full maturity, and it is
conJecared that during the years 1886 and 81 the
merchants of New York paid fire millions of dollars
IN extra exchange discounts, premiums, shaves, at
the counters of the bank in the street, or in the dark
cellars under the street.
Throughout the whole of that shaving eventful
period, we were continually warning the public, and
predicting with the accuracy prophet, the revul-
SION these deings would tend to produce No BODY
needed US.
The PhenX Bank is not alone in these things
nor is Mr. Delafeld the only cuIpnt They NAV
kave acted in more barefaced, impudent bunslng.
corrupt manner, but there is not bank in Wall
street that crawled before the Executive and begged
for portion of the public plumber tina, did not prac-
tce on the same system-a system that was one of
the most powerful causes Of the downfall of 500
merchants and traders in the spring of las, year.
But the Phenx Bank must not suffer for the guilt
wickedness and rapacity of ALL The day of retribu
ton is now come-that holy, sacred day which every
scoundre must dread The ice is broken-the mer
chants of New York have drawn the sword upon
their oppressors; bat will they throw away the
scabbard 2 Will the Board of Trade proceed y
We must have full and entire reform in The
Banking system, as corrupted and established bv
those fnanciers who comprised the removal OF the
deposies and the destruction of national currency
Let the Manhattan, the Bank OF America the Ne
chancs'-iet all the mystery of iniquy" be unra-
yelled. In the year 1888 Amos Kendall came to this
city, and, in conjunction with certain financiers laid
the foundation OF that SYSTEM the d. porable effects
of which we see
Not moment is 10 be lost; Take away the char
tiers from every Shylock bank, and brand the fore
heads of your oppressors that they may be knewn
outon. up ana De shnmY.- - a-~aa dav NJ re,r
Yesterday the evidence closed on the mar, of Tho
Board ofrade, and today the case opens in defiance
OF Mr. Deafied and the bank. II is coniectured ,ba,
Mr. ID. will explain all his strange transaction, .,
having been performed in his individual cap,c;,v 90
agent or trustee. Mr.. ID. has the agency of nearly
thirty companies, for which he receives $500 niece
or SO. The whole of these dark dolnps NAV have
been transacted for the benefit of the Delaware
Bridge Company and the other twenty of which no
is the agent The plot thickens. The reyulsion o,
1925 LAID the foundation for indictments against nm
merous ndlvIduals-so will the revulsion of 1897
cause criminal investigation into half the bank and
fnaneers OF Wall street. The Board Of Trade is the
Grand Jury Terrible times coming