Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-05


9 o9 . . . Q . 9 Q Q 0
This bank has taken the leaf in the suspension of
specie payments in this city, and is thus therefore,
entitled to great credit bold pioneer in hazard
undertaking. OF course it will take the medal.
The present suspension, however, is unlike that Of
1887. That was political suspension, and was all
done to affect the elections of that year. The move
ment simultaneous with all the banks; this sus
pension was performed upon the same principle on
which passengers rush to dinner in steamboat, at
the ring of the bell horses in race at the
tap Ct the drum; each rushing the other to
who should suspend first The former was entirely
political movement set in motion by word Of com
mand; the latter is very plain, common sense sus-
pension; every bank that cannot pay its bills in
specie has to suspend, and be snuied out like can
die; the good and sound banks will remain. The
rest will GO existence, because they don't de-
to be in existence. This, therefore, must be
considered as a good and healthy suspension, and
one that will immensely benefit the whole CON-
munity.
Chelsea Bank, that truly laughsbe. and philo.
sophca also deserve having especial attention
called to them-and this bank 10 to be the pattern
for 1889, we must give the occurrences at length.
The association called the Chelsea Bank, filed it's
bill the 18th Of November 1885, and In about three
weeks they bought hoase and lot up town, and fit.
ted il up as a bank upon the plan, for W hch
they paid, it is said. about $1,000 They did not
however obtain any bills from the Com until
some months afterwards, and spent the interim in
fitting up their bank in splendid manner; deter
mined to make show even il they could de- no bust
ness. Their banking house was on the corner Of
Bank and Hudson Streets and very hand some look
ing bank il was though of the business trans
acted therein was not conducted in the most hand
some manner imaginable.
Alter the new desks and green baize DOORS and
Cotton's maps, and Tanners charts, and Benefits
,ystsm Of Book, keeping. and Gosge on Banking and
Tables OF Interest, and Bonnycastes Arithmetic and
pens aud ink and ledgers, and little shovel for spe
Gle, and iron safe, and all the eceras necessary to
create bank procured, they found they in
want of a president They therefore purchased di-
rectory and studied closely to find out big to
astouish the citizens WITH and give confdenc in the
stability If the great Chelsea Bank. They accord
ingiy found out a man named Gouvemeur Morris,
a dealer in dry goods or some other commodities,
and as there was one Gouverneur Morris uneom-
monty rich, and the public knew not which was the
Simon Pure, they made this man president of the
bank He staid by them as long their bills lasted,
their president, and he finding that he could make
more money at the bar than he could by banking,
cleared out and then, believe, they were all pre-
sidcnts, Mr.. Footc officiating cashier.
On the Sd Of July last, Mr. Foote swore before
Mr. ireland, commissioner Of deeds, that the
Of capital stock paid in S4s1 3O2 and that the
balance OF SJ00,t0O secured In be paid in; that
S379 600 was held in bonds and mortgages on lands
stock at 8 per cent, and heaven only knows how
much in debts aud specie, and stock, and lots,
and rail roads, and mining companies, and God only
knows what besides. At the same time, there were
about SAT 900 circulating IN their netes and they
look q new bank In Exchange place. That such
should 60 on prospecting and to prosper
q the resurrection morning, every body fully be-
lie we'd, until at last IL discovered that il could
mot redeem IS ot its notes in specie.
This was funny state of things, for Of the
great banks under the great banking law But the
Inn was snly commencing few days since, bro.
counted it, he handed to clerk; he counted il and
handed il back the teller; the latter laid il down
the counter and looked very "a my at TIE broker
: Why, yes, guess So" said the teller, but just
wait hsur or two, and clerk will be in, and
guess he's got some money" cant watt" said the
broker" rhsn we'll send the mosey overto you" "By
three o'clock, certainf' Certain The broker left
Three O'Clock came-no money. Next day q. notary
took the notes TO demand them. He went into the
bank TO demand the money. "We don choose to
pay yos today; call tomorrow The notary pro-
ceeded tn demand the notes pro lorna. :" On. look
here" said clerk, "we can't have any such I'D
nonsensical business a that done here" II must
do nv duty, said the notary, unless I'm pat oetby
force" "Well, wen devilish do that my fine
fellow; 50 slide, and taking the notary by the arm
they pat him out of the bank. stzrslor by said
i" what makes yoa get into these scrapssr' why"
said the teller, ito tell Won the truth, We know
nothing of the business OF banking. and so these
squabbles are SIRE to come, as matter o. course"
Next day another broker sent SlOl tn he redeemed
eve havnt get any money" said the teller.
must have IT," said the broker. "Wel now, don't
make mass, we're poor devils, goa see, and you
mustn't be hard with US" Next dae . notary de-
manded this me~ey. Howl yous fellow was here
with these bills yesterday SAID ths teller; what's
the use NJ coming again soon With themf IN
sst on the rn.ney." said the notary /" Well, wen
give YOU c7D," said the cashier . wont take H."
replied the notary, 'why de ys~ issse promises and
not pay themf :" We don t. said the pre-,de.,
/" You d." said the notary You re id liar"
said the president Den 4 make rev." said one
of the clerks, :" u pay u and ling cat wallet,
he paid the money. Ther cam IN man with eight
dollars Of the bills. "Give me specie Tor this,
said he Cato the devh" You're gone here
already" said the and goi~g into " all street,
he cried the notes 60 cents Apcther mar brought
in GO GIVE ne specie" said he. "seI give
y.a cents said they Very well, said he, and
gong home he brosght tan pal. ard carried ava,
the specie. IN. I guess we've doar business
e.rugh Tor to-day" said shc president, lets 20 ast
take n drtnt."
rhi. i = he sstiful system az banking. To he SUR
they are poor devds;" hot the poor devils
shoah work. saw woot or a,v thing. ard not set W
for ba.ker- ar regulators " the currency. We ex
pct great crop of hank Suspensions during tn
n'x' six m,nths ~, the only way o. sePd'ate th
sheep ir,,n the y"ats
o. rhs ladies Fair at tss APoic, 40 broadway