Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-22


Rank Frauds--Bankrupt system.
The gross frauds and outrageous swindling ope-
ratioas which many of the post note banks of this
city have committed upon the country, during the
last year, beginning TO attract great deal oil
public attention, and to rouse equal amount oil
public indi gnation.
In our money department, for yesterday and TO-
day, several astounding disclosures OF these raadu
lent operations made.
During the last five years that this journal has
been in existence, we have earnestly and honestly
warned the country of their frauds, one by one, as
thew would come up on their surface In dong TINS
we have ascrbed no inherent evil to the banking
system per se Banks managed with honesty and
Intelligence are useful institutions. The evil exists
in the terrible decentralization of societythe utter
ignorance of many of the bankers-the laxity OF
moral principle among them-the diffusion OF prac-
teal rascality-and the baneful passion of avarice
excited beyond reasonable bounds.
The first wicked example in the abuse OF the bank
ing SYSTEM and in the issue of post note frauds, was
given by the L. s. Bank in 1887, and followed up by
many of the rotten and dishonest banks OF other
states. We now see the new banking system OF New
York, corrupted with the same corruPtion-rotten
with the same rottenness. 1t is from such conduct
and such unexampled villainy, that the great mass
oil the country grauuaHy h""''"o ~
AGAINST the whole system, until it be entirely sub
verted and destroyed
With respect TO the frauds of the New-fork
Trust Company we call upon the criminal ofhcers
of this city, as well the grand jury, to lsok into
the matter Ii is time that an example was made
Of these villains who are worse than robbers and
pickpec kets on the community For permanent
remedy against these constantly recurring bank
frauds we see no measure short of a Bankrupt Ldtc
TO be enacted by Congress, embracing corporations
as ,seH as persons This is the only remedy against
the shocking decentralization of the present day
but this remedy, such men Daniel Webster and
Nat. p. Tamadge have set their faces against. 10
they want TO cut their own throats!
The CASE or WN. NJ. PRrcE-DARKER DAYS
THAN THIs.-It is known that Mr. Price was arrest
ed two or three days SINCE at the suit Of the Govern
ment, for the sum Of So, QUO. Price has since
brought cross suit against the Government for
800 900. Thus far the Government and Price are
in the ring.
As Price returned agreeably to the advice IN our
paternal pastoral circular letter, look upon him
as our protegS and not disposed to see him over
borne by the iron hands of the Government Yet it
is with us a matter of doubt whether we shall take
up his side in the contest about to ensue fthe
Government defeat his claim, it is clear gain of
cleo 600 to the Treasury. The case is in nut she'll
In 1887, there was a balance in favor of the Co
vernment in the Manhattan, the Mechanics and other
banks amounting TO two million of dollars. Price
was directed 10 commence suit against these institu
tions for the recovery Of the money His fees in the
prosecution of these suits would have amounted To
upwards Of 100000, but instead Of rcsortng TO
coercive measures, he deemed it conducive TO the
interests Of the Government to open negotiation,
and the whole Indebtedness was recovered without
loss deduction. In adopting this course. did he
divest himself of his claim to the usual legal fees!
If he acted with a wise discretion, though not in
obedience to the letter Of his instructions from Wash
ngton aud the interests Of the Government sub
served thereby ought he to lose his regular, legal
fees He claims SlOO, 900 of the Government, and
the Government brings suit against him for Ss2O
This i. the whole of the case, and Price has
eonnexion with sam. Swartwout, Harry Ogden, Phil
lips, or any body else.
The question now is, ought jury to award to Mr..
Price his fees under the existing laws?
We say yes-on every ground, and in every as
pect in which it can be viewed yes In these times
Of loeooeo glory, when plumber and robbery are the
order Of the day, the idea Of withholding fees, or
any thing else from Price, any other partisan is
preposterous.
We go for Price, 800, 900, or $500, O8O, even il
the treasury should be dry az the remainder bis
cult after an India voysge-if there should not be
enough left to bay csbbagcs for Van Buren's dinner
Price must have his fees. His course furnishes a
specimen OF moral reform, which is unsurpassed
in the annals Of the couatry. After going TO Eu-
rope, and tasting prison life in Paris, he voun-
tarily returns TO this country, and originates the
germ Of great moral reform, which promises to be
eo-.xtensive with the territory Of the nation.