Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-08-12


of new influence suddenly changed his mind, and de-
clined all settlement
The clique in Wall street have long been endeavorng
to obstruct the movements of all those capitalists who
have entered the for the negotiation of State
Securities They have also made alarming strides ards
monoponing the direction Of the financial affairs of this
State and succeeded to extent which already
dangers its credit Since the agency Of the U. Bank
has taken from the house of Barring Brothers. their
efforts obt ain footing in this country in order estab
lish Of rivalry to that institution in the negotiation
State Stocks have been unceasng. To do this, they
appointed Prime Ward King their agents in this city,
and Mr. Bates the Junior partner of the London house be-
came large stakeholder in the Bank of Commerce. The
of the clique have before alluded to- their
ed imports specie After the establishment this
agency the next object to obtain political influence
in the State government This obtained by the liberal
of money in electoneerng expenses during the cleo
ton ofss which changed the administration this State
The Wall street clique and their friends it estimated paid
out $50 OO0 half Of which was in all probability paid
by the London house. the head of which, is now Chance
lo of England. The result was the triumph of the oppo-
sition and from that moment commenced those gigantic
systems Of expenditure, which, persevered in Will liz
volve in expense of $6OOO0O0O all of which
pass through the hands of the clique and the atten
dan business in the hands of their friends The Erie
railroad of their projects The iron necessary for
this road will be 900 TONS This will require 100 ships in
its transportation, and the freight will reach S3000OO
This is for the benefit of the ships in which the
Germ is interested. The stocks which have thus far
issued for these purposes have been uniformly
negotiated with Prime, Ward & King sometimes in open
violation of the law others for less than the stocks
would with udicous management bring in the open
ket Evey of the state officers aims ut increa
sing the debt; and the Unsuitable nav OF the clique
swallows all that be created; OF the stocks OF
the other have gone in the same channel When
the market in London Jagged Daniel Webster, who
civ bado htain Ia
employ to publish his opinion in order to puff Them and
now find that he and Mr.. Ruggles employed against
ry capitalist in urtherance of the views of the clique
This is probably to deter other capitalists from
entering negotiations with the states for stocks any
extent is better for this purpose than U.
States court.
While these movements progressing here the
partes are in the field south The following an
extract of from New Orleans dated August Ist
Prime Ward & King, and Goodhue s. Co. have taken
great offence at OF our banks refusing their letters of
credit to two Boston agents. styled Lodge Aus
tin guaranteed by T. W. Ward, of Boston, attorney and
agent Barring Brothers Co., London. II is strange
that these should be wanting nsolven banks
give them long credits on bills OF exchange drawn
against their large and hazardous cotton speculatons.
Some OF the Wall street drawing posts issuing margin
credits as the Liverpool Joint Stock Banks, from the
want of confidence in their bills caused by their refusing
accept drafts drawn agreeable to their authority This
stuck up concern like other Wall street mpostors,
possess property to ente them to credit the COM
of the firm being the prior OF one of the nsovent
London American houses whose ephemeral rise from
Jews lackey 4 London commission banker, may be
compared to Jonahs gourd which was yesterday but to-
| day is
The New Orleans banks will be obliged resume
and granting credit these parties is way prepare
for it, The immense losses suffered by banks and indi-
vuals last year. growing Of the ruin of the cotton
market by the operations Of "Nolte" owing this
system That individual, without dollar, commenced
his vast specuations by which the Citizens Bank lost
100000 letter ofcreait from the Barngs, and s. w.
s. Wilder On this subject of the connection between
banks and foreign bankers New Orleans paper has the
| blowing on the Citizen Banks.
In this institution every citizen Of the interested
nasmuch her capital has raised by the
bonds Of the state for the payment Of which, the
the pase and ONE hundred and wo the
report of this bank TO the committee of the Legislature
stated that sale of the state bonds issued by the
for the capital Of the bank has been made the house of
Lezardie CO., pay able in 1871 42, and IA with
toned security but that of the housea concern whose
history with the contrabandistes of Mexico
and ends London bankers, within short period termi
mating with their sales and pledges in stocks and bills in
London and Amsterdam, in 1887 things not their
but which the courteous directors of the Citizens Bank
have made sale one two, and three yearscredit.
debted to this bank sIs6i5a H. making the whole in
dehtedness of the concern one million and half of
dollars besides what they may in the ordinary
| Of their business
1t is said that other SPECTATORS this bank large
sums-and that the bills Of an ndivi who has been
cotton mad for some two years, have been taken by the
bank to an extraordinary amount
IL il thus discoy cred that banks lend and risk to
reckless and individuals by hundreds of thou
sands and millions while they refuse discounts Of few
hundred dollars for short periods sixty or ninety DAVIS
to the honest and respectable planters of the state
also to the most solvent and industrious mechanics in the
| city.
The bank is represented by three Of its officers In the
next Legislature, and from the above statements 1t
planned plainly enough the of its desire to be
largely represented in that body.
This illustration Of the extensive operations
red on by foreign capitalists through banking nstu
tons by which they possessed of the products of
the country on their terms. The following is list
houses in Liverpool who have received cotton
the 30th Of June, lsa0.
List IMporrRs INTO LIVERPOOL JUSr 30 1910.
bales. bales.
r. HUH Co. 5l,o57 Todd, Jackson & Co. 1898
Barring, Broth'rs & Co. 50,3si v. Pontz 13f7j
Wildes, Pickersgill J. Hoford Co. 1884
Company 1924 Waddington, Holt
BrowH, Shipey CO. i3,035 Company l0,lf
Molyneux, whether. Purton, Parker & Co. l0,273
BY Il CO. 1920 Colman stoerfot 1896
Wainwright, Shields r. de Lizard & Co. s.623
Company 1885 Taylure, Sons x Co. sOI5
A. Dennistoun & Co. 1i4t9 7. X J. ID. Thornley, 1926
RoskI, Ogden x Co. 30 $50 Fontaine Prince 5,135
nAll, n. 70 ri. rnrt. nQn