Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-21

statesman and every iAancer. No one, In the whole
array Of public prints, seems to have DISCOVERIES or
developed its latent causes. We'll! Let us uyM
In the great wing victory Of November, 1887 New
York city exhibited majority of 2S0O and the state
nearly Is ZOO for the right principles OF hnance, and
as condemnation of the conduct of the national 90
vernment Yet, IN the space of six months by SEINE
secret and overriding cause this great majority has
dwndled down to about 300 the city, and probably
to 5000 in the state.
Now the real causes Of this reaction can easily be
traced to financial movements Read en-
Some time in the summer of 1897, James G. King,
the brother of Charles King, of the "New York Ame-
rican," and partner in the house of Prime q Co.,
went out to England for the purpose of eectng GER
tain stock, financial and money operations, IN con-
junction with the great banking house of Barings q
Brothers. in London The connection Of James G
King Charles King and the New York American,
with the wing party, has been an affair OF several
years standing Mr.. James G. King is a man OF con-
siderable talents in fnance-very gentlemany and
courteous in his general intercourse; Mr.. Charles
King u.s. contra, a coarse, vulgar looking man, with
great deal of mpudence in his manners, although
he is generally called the highly respectable editor"
which is considered a piece of refined sarcasm in
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 finan-
cial department. of the clique they rather talent
ed in isolated operations, comprehending stocks,
exchanges and similar transactions but in all great,
combined movements, csmprehendng the move
ments Of the commercial world both in Europe and
America they are not circumstance to the splen-
did genius and great talents of Nicholas Bddle Yet
they ambitious of rivang that master spirit; and
their leading organ, the american" has been for
some time depreciatng his sagacty 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
Aessrs. Barring, enc of the leading Anglo-Amercan
houses had just given up the agency of the U. States
Bank, in consequence Of the mission of Mr.. Jaudon.
The Barings possess great influence with the mana
gers of the Bank of England and hence their means
in Europe are of the most ample character. Between
Mr.. James G. King and the Barngs negotiation
was opened of general character having ier its OBJ
ect the establishment of great agency in New York,
to be managed by Prime Il Co., the centre of which
should be in Lendon. This agency was to deal in
money and exchanges-perhaps alss in cotton by
way of consignment the great element of both mo-
ney and exchange operations in both continents.
In the meantime, aRd while these negotiations
pending in London, the other partiesin this
try took their position both financially and politically
in order to prepare the way for the introduction of
new power in finaHce-and as new one in politics.
Last fall in the very midst of the Political contest
the "New York American came out butt-ead fore
most urging upon the banks an immediate resump-
ton Of specie payments, in the very midst of distress,
confusion, and ruin. This was only mode Of pre-
pairing a opposition 10 the movements OF Nicholas
Biddle, then just beginning 10 send the great cotton
crop of the South to Europe. Financial rivalry was
at the bottom OF the movement here-for the clique
well knew that a resumption of specie payments, at
the beginning of the cotton season, would prevent
Dir. Bddle from assisting the southern planters and
throw tine whole south and southwest into the hands
of the Barngs of London, to do with them what they
might list The consequences would have been de-
probation of the price oil cotton from the then pccs,
to an extent of probably 30 per cent additional The
weakness ignorance, imbecility of Albert Gaatn and
the New York inanciers aided the splendid attempt
ofthe Barngs and their agents. 10 grasp the whole re-
sources ofthe country at depreciation of 20 or 3Oper
cent and whit the probable realization of 81, eOO 600
of profits in one year. BY the prescieRcs and talent
Of Mr. Bidde, 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 it's confederates 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 weuld aid them in this purpose Before the
last election in this city, the clique induced several
weak mercantile men, whose names we shall publish
in few days, TO proceed to Albany, and under the
mana gement of John A. King and Charles King, to
enter into secret ncgsciaton with Governor Marcy
merely to further their special financial purposes at
the expense and under the idea Of welding the pow
cr Of the wing party. The oas the origin efh re
cent reaction TN this city, and explains the singular
contradictory impsIses Of ne uhig party IN the As
senbiy during the session. Under the pretext Of the
morality Of specie paymcnts-and the principle of
commercial honor and integrity, the great London
Bankers the Messrs. Barngs have resolved to grasp
the whole foreign trade of this country and in order
10 accomplish this piece Of financial ambition, they