Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-14
TfAE A,ALk-NnW rOnA'
4 Prem our Evesiag Edsaos OF yesserdsy.I


The Phenix Bank Investigausn.
This extraordinary and exciting investigator re-
euensa ,h. morning AT 10 o'clock, in a ladys small
bo.do;r and afterwards in the large Asssmbly Room
of The c;,v Hotel The attendance the Commit.
zee i heq;nnpe 70 be immense and there is every
symptom that this move. inquiry will be the signal for
one of the most searching movements in bank pract-
ces that ever took place in this city. Who caresl
Tn the Corrier and Enquirer of this morning, find
the following extraordinary remarks the investiga
ton.
lst That the Phenix Bank has discounted Southern
paper, deducng ,herei on the legal interest and the
rate of exchange and then paid the balance IN
Southern paper al when was notorious that such
drafts were at large discount.
>. That the Phesix Bank has discounted City Paper
large amount deducted therefrom the legal inter-
est, and condsn of such discount paid the party
accommodated in checks Savannah at when It was
notorious that such checks could not be sold at
two per cent. discount
Oae thing in our opinion is self evident the second
fact proved agans, this institution woed cause the for
fixture ef its charter by any legislative body IN the
United States.
The opinions and avowals coming from the leading
organ of the Wing party lays the foundation of move
ment that will if carried through sweep away almost
every bank charter Of this city. For if the facts already
developed in the investigation sufficient to cause
forfeiture of the Phenix Bank charter then say 1t
soemnly that charter ought TO exist for day in
Wall street If the negotiation of city country
Paper for inland exchange scrmina be it so-we have
no sort of objection But after establishing these rules
Of morality there be respect of persons or of
banks-all must fare alike.
We h,ve always looked upon,he attempt to crimnate
the Phenix Bank personal, malicious contemplate
movement on the part of few bad managers and specu
Iuti-a he cbapc bns he
Bank has been organized on the usual principles of
traderecognising the law of supply and demand the
regulator of prices During the years 1885, 80 and 81
this organization the principal element ofthe great
southern and southwestern trade Of New York The
Pheaix Bank its leading instrument, and John
Delaheld its spirit During that period of palmy
prosperity, the system deemed by every merchant
as Of the prime Of our hourshng aie. In
Its operations it embraced many millions of inland
change.
Now, however all this is changed. The revulsion
bankruptcies and losses of 1887 have corroded mems
minds, and created general ocofoco feeling in the
Board of Trade against the very idols their worship
in the years 1886. If purer spirit of morality-af
fectng financial affairs is be evolved by this novel
change. Yes, content subvert
the Phenix Bank-we forfeit its charter
but will no, be unless the principle and
the justice be extended every thoroughbred
institution in Wall Let the transactions of the
Mechanics Bank-of the Union Bank-of the City
BaHk-of the Commercial Bank-of the Manhattan
Bank-of all the banks be examined and if they are
there be doubt, but the grounds assumed by
the Courier" not a bank charter in Wall street. will
exist after the month of May.
Let the locofocos of Tammay Hail. rejoice and be of
good cheer. The Board Of Trade and the Courier and
Enquirer" have come out burning and flaming on
heir side. Glorious times for Fanny Wright and Slamm
Bang Co!