Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-12-06

have appeared from time to time, in the columns OF
that journal, to destroy the confidence In
American securities, bnt mere particularly IN the
| stock OF the United States Bank.
say that these articles which are 50 much re-
lied on by English capitalists, ought to be received
with great caution they are evidently not the re
suit OF conviction, otherwise we should have both
sides OF the question stated and discussed, but they
are like its political arguments, only showing that
side which is the mos favorable to the making out Of
its own case.
| Now sapposing the Times to be an independent
paper unetered by any foreign influence, its course
then would be to state its opinion, and then TO give
the opinions Of the opposite side leaving the public
to draw its conclusions and this would be done
IN TAR and candid spirit; but what has been the
| TACT The Times, not only lays down its own pre-
| misses, which could often dispate, but il also
draws its conclusions, and however strange those
conclusions may be- they 60 forth to the world un-
answered There Is not an American house which has
the courage TO attempt reply the consequence IS,
the English public think they unanswerabe ;morc-
over, II the Times disinterested party, we can
| aot conceive that it would always write with such
bitter acrimony; but many persons ask what interest
can 1t have 10 write down the United States Bank
The question has been asked over and over again,
here are many surmises afoat; the most tangib e
ana as think the correct one snail gaze you
Those articles eminate from Amcr house, and
| hat house, II we may Judge from the most giaring
appearances and ostensible facts be other than
that OF Barring, Brothers y CO.
We trace the commencement Of that az acrimonious
spirit OF the Times towards the United States
Bank, from the time Of that institution whdraw ng
IFS agency from Barring Brothers. previously to that
time, the Times quoted largely from most OF the New
York papers; II confines itself almost excia-
sivey TO extracts from the Evening Post, the organ
OF Van Buren,, and the most bitter enemy OF the U.
| States Bank.
| The bank has come into the market as a competitor
with Barngs; il has been a large purchaser OF cot
ton, and II has also endeavored to form an establish
ment IN London, whereby the Bank OF Philadelphia
Il Iohf has hl lra, M Of
| don establishments. This was a vital point for Bar
ngs you ofthe result Of that endeavor; he
Bank OF England set its face aganstit and though
cannot say that Earrings at the bottom o this yet
we are justified in keeping this in view, when IS c
| recollect the perfect undo rst andng existing be.
tween them and the Bank of Eng land and the direc
| tendency such establishment must have had, 10
/ interfere with Bsrings' interest
Earrings interest In the Times paper, date from the
| time that journal changed hands, which you may re-
collect to have been at the eventfulime OF thereform
bill, when from violent radical il became conser.
vative; the Saturday it violently against
Queen Adelaide, who was then supposed TO be the
tool OF the tory party and the OF the dismis
sal Of Earl Grey from office. "rhe Queen has
done it ALL was its pithy article, leaving the tories
20 sarmise and to fear what this short phrase i'm
piled; but on the Sunday the paper changed hands
and the Monday il came out conservative, retacting
what il had said Of the Queen, and endeavore To
make the public believe that the paper continued in
the same hands, and that its change Of politics
from sheer conviction.
Inc price oil this journal mast have been I'm
mense. II being the most profitable, II decidedly
IS, the most talented in Europe.
| Now where was the money 10 come from and at
so short noticei You perhaps not aware that
the conservative, and indeed the wing noblemen,
though they may have immense wealth, have
very little ready money at hand II is true they
| always raise on their estates what money they re
quire, but they could not in this instance have done
for two reasons the first, the time too short
| as twas highly necessary the paper shonld come
out conservative on he Monday the second reason
was, that the raising Of so large sum Of money At
that particular time would have divulged the secret
| OF the paper having changed hands. Under these
circumstances, what was the course to be pursued
Why to find man flush with cash, and Of known
He was the most likely, and indeed the only man
they could have successfully applied to. He was .
| well known conservative; he was known also to
be ambitious man. for he has his eyes up peer
age (Which he has since obtaiaed) a man Of large
wealth, and ready at a moments notice.
Mr.. Barring, on his side, could not hesitate; IL Of
fered him too great advantages. A deep debt OF
gratitude from his party, which he knew could end
in . peerage, and the commanding influence in the
financial department of the Times nc wspaper
Sir Robert Peel before the dissolution af his short
| lived ministry in 1885, raised Mr. Barring 10 the
peerage under the title Of Lord Ashburton. That
ministry, be il remembered, was in power but four
To FIVE months, surely not sufficient time 10 warrant
the making OF Any man peer for his services; his
services could not he required in the House 81 Lords
| where Sir Robert Peel has an overwhelming major.
ity, Sir Robert took Mr.. Barring from the House of
Commons where be really was Of some use, (for one
| vote was Of inconsid erabe conseq uence. where
| the two parties were nicely bilanced,) to place
him in the Lords, where his vote was Of no consc-
quence, so that forced To conclude from what
| we have pre- viousy that an understanding ex-
| isted that the first conservative administration
shonld place Mr.. Aiex'r Barring in the position he
| now holds.
All these facts, bearing upon the other they
do, convince us that, directly indrsc city, Bar
ag's il the house whence proceed those bitter and
unfair anathemas against the United States Bank.
The writings ofthe Times arc in that popular style
Just shifted TO the every day reader Those On Anne
ricaR affairs show much ability and great plausib
| lily FOR one side Of the question-they are able in
making ont their ease. Sometimes the grossest
neglect IL observable in not stating the whole Of
case; for instance, in speaking of the fire Of New
York, IL gives all the losses attendant upon that
aneholy event, but il keeps in the back ground the
/ great difference in the valne o. the ground rents
| before and after the fire.
| The misfortune il, we have no person here TO de-
| fend American interests. The CARRIED statements
put forth, from time TO time, 90 forth 10 the world
| Unanswered and unexplained, and a lie often re
peated and never contradicted, bears too much the
semblance Of Truth not to be, injurious IL 10 true
the Morning Chronicle is looked upon as the friend
NJ America and of the United States Bank, but II adj
vosaes their cause very feebly, and besides, has
not the best Of Information, that does but mega
tive good. The Chronicle has now correspondent
| who signs himself Americans, but this correspon-
dence 10 20 little In spirit adapted TO English read
| ers, and the arguments by no means well matured
before advanced, that fear he will be but little at
tended to.