Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-19

sense and nonsense OF every kind and variety
The two last days Of the investigation became very
amusing and dramatic, exhibiting human nature, and
all the varieties Of human feeling in their picturesque
lights and attitudes, which made the devil laugh and
caused shout Of delight in the dark halls Of the lower
regions.
There is no use of mncing words in this locofeco
| age.
We have given fuller reports of this investigation
than any other paper; in fact the other lazy Wall
street papers have been dragged out of their incidence
and spirited into life and action by our activity This
being admitted the question is, what will be the
result sfthe inquiry? Will the Phenix Bank lose its
charter? Has the charge Of usury been made out
against il? Has it violated the law +? Are the aega-
tons of the Board of Trade madeoat?
On all these points, the case is very clear. The
Phenix Bank in its exchange transactions has made
great prefits-bu if Its system of business on that
score, IS illegal, then every bank in New York has
acted egaliy-every bank in the country is equally
culpabe, and the United States Bank is as bad as the
worst.
The extortlons-sach as the bonus atfa!r-attempt.
ed to be proved against the bank, were not proved
Mr. Deafied, as an agent for various companies, has
made the most of the funds entrusted to his charge
and according to the scale of morals in Wall street. he
was authorized to shave close and as clean as pos
sble In these matters, we do not think there is a
PIN to choose, between the shavers and shavess.
You are a broker" said a person to LARGE and
well known operator in paper in Wall street
Ne amt" said the other
You amt broker!' said the other in surprise
looking at him from stem to stern ooh" continued
ne, you banker suppose"
No amt banker either" replied he.
Swell, presume said the accommod atinp per.
son, "you call yoursefa financier"
mo amt, said the other'-rm a usurer-nothing
but usurer-that's nay vocation"
"Oh ah ah oh oh! ahv' said the other. walk.
ing up Wall street. 10 get into Broadway, to ride ont
to Catos, to smoke segar in Harlem and to get hack
by midnight
Mr.. Delahed's business is that of "Usurer and il
not man to be permitted to exercise his vocation,
MIR. Dclafeld alone organized the inland EXCHANGES
on the SOUTH after the extinction of the United Stat.
bank-but like consderate physician, he made
them pay forit.
In relation to the Phenix Bank, in her EXCHANGE
transactions-in her selling drafts on the ssub for
either country or city paper-theres nothing that has
not already been justified in the report made bv the
Bank Commissioners on the 9Th of January, 1888, in
ar investigation ofeight country banks, authorized by
resolution OF the Assembly of May l6 1887 In rela
ton TO similar charges having reference to exchange
operations, made against the Chatauqus County
Bank, the Commissioners say:
II certainly cannot be expected that bank shall assume
ne Tss saa ueuslr o. collecting the paper Of customers
make an arrangement for its collections little better than
the Ordinary rate Of exchange, by incass a. additional
togive its de hers the beoet it, without any corn.
for such risk All that the dealer fairness ask
~ liz
rate. - - ~
1t isrue the act of 1885 forbds the receipt of pre-
miums upon drafts the proceeds Of which are TO be
applied TO pay debts 10 the banks but if such law is
literally enforced, there is bank in Wall street
that will not lose It's charter
The field of discussion that the case Of the phenix
presents is WIDE and the question of morals and le-
gaiy in whchit fingers, is as flucuating ms the price
ofexchanges since the United States Bank was des-
troyed. But this very perplexity-this very doubt
this very mystery will give an interest to its final
decision by the legislature. Until the question of the
Phenix be settled therefore, we expect nothing but
pressure and fuctsation in Wall street. II the ex-
change operations Of that little monster are vi,iated
and demoralized, then it is evident that hereafter
not single bank in Wall street will buy or sell a
dollar in any kind Of exchange. Such business will
be left TO the private brokers, and instead of g.
er 10 per cent charged by the Phenix Bank, these
gentlemen will charge 20, 80, 40, or So and no leeis
ture can say "what dost thou2p
Sach is the singular position OF this question. The
Board Of Trade, Judging by the evidence given by
one Of its leading spirits, will prosecute the business
TO the utmost. II in proof that Mr. Simeon Ora.
per has BOW pending themportant bet of hat worth
81 62s that the Phenx Bank will lose It's charter. In
the year 1919 George Buchanan, the wit of Scotland
The was my great-grea- grandfather by the maternal
side) ran up TO his majesty King James I. of Eng
land and cried out-"a boon, your majesty-a boon
"a boom" What's the boon ye moo are wanting 2"
asked has majesty in his vcrnacular. "Only par.
don for throwing Jews hat into the river Thames
for usurous practices" els that a." said his ma.
jesty; 81 grant il ill ye, Gesrdie." al thank your
majesty thank you" said George rising from his
kneeling pos,on--"the Jews head happeaed TO be
in the hat, but that suppose makes little ference"
So say we Of the bet Of Mr. Simeon Diapers hat
We presume in this bet OF the Board Of Trade his
head was included in the hat; but Of course, the va
lue Of the hat s hardly increased thereby. Judging
from tho profound, wise and Intellectual movements
Of the Board of Trade, the bet is still for hat in
GLIDING the head s462i and if we throw all the hats
and heads Of the Board into the lot Mr. DeIa6eld
he loses his charter, shall be charged no more than
what they would all naturally fetch in one lot, put up