Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-04-30

high handed and despotic measures of th'
Executive which shook the confidence o
the public alike in every banking institution
and caused system Of boarding Of speci,
10 commence which was again encouraged
by this same Kendall through tho columns o
the vie organ Of himself and colleagues, thu
Globo newspaper. In December, 1888,
short Tins after the President had been mad,
IN his message TO bring the charge of unreb
sOnable curtaIlmeDt against the Banl
and after the measures had been adopted
by the consplrators which would in thel
opinion render course of rigid contraction
necessary for the salvation Of the Bank, th'
following among other articles OF the same
nature, appeared IN the columns Of that pros
iituted and infamous journal, the Globe.
1--WE have hitherto had nothing To do
with runs upon Mr. Bddle's bank in the cast
or west. But we tell him plainly, if he per
sists IN his determination 10 bring cnbarrass-
ment on The country, aud ruin on his debtors
by exorbitont curtnlments beyond what -
necessary to pay up the publfc deposites, WE
WILL, by every means we can lawfully use OF
suggest, make his bank feel the effects Of his
reckless course. IN more ways than one car
The people of this country make their powe'
manifest I; and the lrepldstion displayed N
onhh bft "hIh ''O p'bpt, III ppIliDl
OF Kentucky, by spontaneous movement be
gan last year 10 cash lis paper, has taught us
how TO make war with effect, whenever the
conduct Of the bank shall make it necessary
or cxpedieni."
II seems thea by the above article from the
Globe that the conspira,ors had learned by the
'trperimen" they had tried through their
friends IN Kentucky "h0iU 10 make WdT igiH II
IScl' N Tho III - Rank which IhnV a. IA I,u
10 prosecute so soon as they found II "neces
sary or erpedient." Just about the time that
this article appeared in the Globe, tho Secre-
tary Of the Treasury furnished the dcpositc
Banks at certain points, particularly at New
York, with illegal drafts to tho amount OF
some millions on the United States Bank,
merely for the purpose Of transferring the
deposits, (not drafts drawn agreeable 10 Jaw
10 meet The regular payment of government
10 be- used in case The u. States branch Banks
should refuse To receive the notes OF distant
branches IN dcposi'e, or for the liquidation Of
balances from the new State deposit banks,
now generally called pet banks. OF these
drafts the Manhattan Bank, the Bank OF
America and the Mechanics bank of New
York, each held one for S5OO,000 dollars,
making $l5000OO dollars in all for the City
Of New York.
Now the writer would ask all readers lwho
are not already acquainted with the facts re
laing TO the attack on the u. States BHnk) to-
compare the letters Of Kendall, written IN
October, with the article in the Globe and
the transfer drafts of the Secretary of the
Treasury, put forth about forty days after
Kendalls last letter, and see whether IL L. |
possible to come To any other conclusion than 4
that, they were all parts Of the same scheme
bearing the impress of one master and orlgl- Il
nator? Kendall in his letter of the 18TH oi II
October, expresses great tenderness for the
Bank, and fears of lis explosion, and says
!" she (ihe Bank, icM haze her hands juH 10
saUe herseLj" Then look back and reud what
he says about the effects of "the receipts of
distant branch paper by the bank "-shcwing II
hat 1t was fully believed by the consplrnlors
hat in case the bank continued to receive
the bills of all its branches in New York, II II
would find IT "dffcuIt To sustain" itselt.-I
Now turn back and read the article from the
Globe which threatens to make war on the II
Bank--by attacks on lis distant branches by II
means ot Isaac Hills species Of 'puJiic opm. II
ion," manufactured for the OCCASION, out OF
the ".jriends of Gen. JackSon," and then, 10
cap the climax, look ut The transfer drafts
placed in the hands of the creatures Of the II
al the head Of the deposte banks
IN New York and other cities, TO be present.
I'd TO The u. States Bank and the specie de-
handed for them the moment that institution
'r lls branches, manifested any signs Of weak.
less by refusing 10 receive tho bulls of distant
ranches IN depOsltc or IN payment OF balan-
'cs from the Pet Blnks.-lt seems by the
allure Of their attempt TO break the branch
u Savannah, that the consplrators had be-
ume more cautious, and did not intend to Il
make another attempt until they were sure
Il success. But such was the confidence OF HI
he community IN the solvency aud integrity
4 the u. States Bank, that all the treacher
MS plans OF the consplrators failed, and they
icre forced at last to acknowledge that in. Il
iead Of being broken aud insolveHt, the bank \
vas too strong. IL
To show how sure Kendall must have been Il f
! the ultimate success Of his plans for break / L
lg the Bank, the writer will refer the reader "
, The following extracts, published in the n, II
ork Star, taken from letter addressed BY Il d
MOS KENDALL to the editor Of the n. $
ork Standard, under date Of Oct. 9, 1889. C
"When you consider that the public mo. h
eys in the bank were about 50 S69 600; /; I
lat their sudden withdrawal would carry Il 4
9Th 1t probably 100000 out Of the private n
rposi,es now amounting to about So 0O0O i
lat The bank has now TO pay two or three q
'llons OF the three per cents, deferred IN q
urope and that upon so extensive cur. n
lment OF business, many millions of its b
neteen millions in circulation must soon II
turn upon II you will perceive that sudden q
of the public moneys would at C
zee destroy it. Yes, SIR, tbs LoaSiing giant n
nop bm Il reptile beneath The feet orhe sec 81
i~y ofhe htaSoy wtich he can crush al Il
III. Htrists by hs .JorJemGee, and ,cW, IL
= The neat forty days and great JorbeUancs d
W r'qmre 10 Saue al from destrUciion." p
" Bul do not suppose the bank will be per- tr
iited to pursue hostile course towards the IT
ate Institutions, and thereby produce that OF
essure which it is the policy OF the admin Ii
lra,ion to prevent. Manifestations oC such al
course on The part Of The bank wW mdouJt. ii
W be met by a commensurate transfer Of The to
'Jtic n'onsy, nhich shall mnke Me bn3k The n
81 10 feel The consequences Qf IFS o'cn policy tc
" Thus has this naughty Institution been b
ought to It's knees at the first step Of the Ir
'ie banks. But the result of n necessity Il
reed upon il by the foresight and energy OF ii
q new secretary of the treasury, is now, "
th characteristic lmpndcnce, set down Ia III
account Of lis orn tberatity and .torbear. dc
&C." m
The panic caused by the despotic removal NJ
IN" pub blIc d'Posi,es, and by The subsc- III