Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-07-04

over WITH the people oil TINS city-tne gnmcsoPneS,
the lsafers, and others, will all go to He'll, as now
sxhibited at the City Saloon, Broadway HIS Sa-
tanic Majesty will receive every one that gives him
CALL and no mistake. The Internal Regions viii
prese very awful and terrible sight this day and
night The hours of exhibition will be ii A. NJ and
z, A, and p NJ He'll will no doubt be well patron.
lied. His awful Highness will be actively employed
in making converts, and he will be generally success
fnl.
At night there will be grand display Of Fire.
works in the front part Of the City Hall; also at
Washington and Tompkns Squares, and at Union
Place. We believe that the Common CouncH nave
engaged Edge. Of jersey City, to be their Pyrotech-
mist.
The Essex Bank-Bnnk Specui"sions-The
Result.
The Albany Argus copies from the Wayne Senti-
mel an expose of the affair Of the Essex Bank of
Guildhall (Vt duplicating ore Z. S. Townsend and
S. Fenon as agents in the circulation Of their bills
in western New York. The Argus comments on the
general arrangement Of business caused by the spe
culatve actien of all the banks, and the losses the
community suffer by the forced issues of paper of the
description in question.
On the 18th of February last we published letter
from our Rochester correspondent, giving full and
correct account Of the proceedings OF this bank.
Mr. Townsend soon after called and denied the
statement, which denial brought from our correspon-
dent detailed account of the affairs of the Essex
Bank, and the agency the said Townsend had in
giving a circulation to the bills. The gentleman
then sent us letter through lawyer, threateninga
suit for libel unless gave up the name OF our cor
respondent This pcremptorily refused to do
without his consent. Shortly after, however, the
river opened and the bills flooded this city in the
hands Of dealers who had come to the city for the
purchase of goods. The small amount OF money
which was deposited with Wall street broker for
their redemption was soon exhausted Their being
no provision for the redemption Of the balance, an
explosion took place. and the bills fell to 20 a3O cents
on the dollar.
l. has been the policy Of class Of spectators to
place small deposit in the hands Of broker in this
city, who then advertises to redeem certain bills at
the safety fund rate. In the winter season, when
communication with the city is not so regular and
rapid, the advertisement circulated in the country
goes great way in maintaining the credit of the bills
and assisting the spectators in extending the circu-
ation. This operation the letter Of correspon-
dent calculated to thwart and we have no doubt
our publication at that juncture saved great num-
Der of people from heavy losses-heace the anxiety
of those concerned in the issue.
In order TO check these operations, all that is ne
cessary for the press to out fearessly as we
have done, with a single eye, to the public welfare
| We now invite all correspondents, to whose know
ledge any facts may come, by the operations OF which
the public may suffer, 10 send us the information,
and neither the threats of spectators nor the perssa-
sions Of interested persons will deter the publ
cation.
These banking operations have reached height
which calls for the rigorous discountenance of the
public. The initiation Of paper circulation incident
upon it, have, step by step, led on operators,
whose business was at first strictly mercante, until
reverses have maddened and driven them into the
most desperate gambling operations. During the de-
riod Of prosperity, large proportion Of the commu-
nifty, pampcred BY bank ssues lived in the style Of
European princes-barouches, blood horses, and
livery servants were sported by those whose only
basis the Accommodation OF the banks. So
long this continued, all went well; but when the
storm came, instead Of sinking back to their former
level, schemes of all kinds carried out in order
to keep up appearances until the wheel should again
get in motion. Accordingly, shin plaster banks
bubble institutions, forced circulation, fraudulent
failures and every description Of knavery have been
prac.iced by the those who, having been reputed
wealthy, are loath to sink back into obscurity. The
class of delinquents who now crowd eur conTts has
changed. No longer do the ragged loafers mSnopo-
lie the docket, but the fashionable wealthy,
and respected, form the greater proportion.
This is the moral effect of the artificial osperity
of 1886, and now just beginning TO be developed.
THE uSEFFIcrENcy OUR PoLIcs SYSTEM
Every day complaints Arc making at the Police office
respecting rebberes committed board Of steam
boats and without the cooperation Of the Of
those boats, the Magistrates unable to prevent
them; because they have fund from whence to re-
munerate the officers fop their labors. Last week
one gent Loaf his pocket book containing thousand
dollars on board Providence boat, and tive others
lost $500 on beard Of the Albany boats. Now these
robbcries would have been prevented If Of our
" old indefatigables" had been board TO look after
these fellows, and to have wary eye such MEM
bers ofthe American swell mob as spend the summer
months at our most fashionable watering places in
going andro upon the earth and the waters there
Of Our Police officers are paid by fees. IT'S pity
il is so; but STILL while that system remains, they
cannot be expected to undertake the preventive du-
ties which they might be employed in, were they
munerated by fixed salary. Under the English
system the Magistrates always have it in their power
to detail Police officers to any section Of the city
board Of packets, and to wharves, or to wherever
there is likely to be an assemblage; and the very
sight Of the raw lobsters," as they termed in
London, is enough to scare but the very Oldest
and most barefaced thieves. We have repeatedly
referred to the defects in our Police system, and we
shall continue to advocate reform until we succeed
40 81