New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-11-21
The Retrospect.

have been the influences Of Wing ascendancy on
the Liberties and Interests Of the People. The
prominent distinctive acts of our party have been
as follows:
l. The Abolition of the Monopoly of Banking
When the Wings first became uppernost, the
Legislative power of chartering and governing
Banks constituted Banking in this State MonoP
oily of the the most rigid and corrupting kind
Bank Charters were lobbied and log rolled through
the Legislature by the most bare-faced corruption
not merely tie borers but the very Members OF
the Legislature receiving fat slices of the stock IN
requtal of their services. As this stock was gen.
orally worth ten per cent more than par the Mo
ment it was distributed, any one who obtained cae
hundred shares in effect received bonus of 81 GOO
As care was taken not TO overdo the business so
far as TO gut the market and destroy the value of
Stock, and the distribution was carefully con-
ided to Regency politicians of approved shrewd-
ness and tact, each Bank chartered was worth per-
haps thousand votes to the party as means of
healing feuds, inspiring the zeal of the faithful and
making converts of those Wings and no-party men
who were blessed with handy conscieRces like unto
John Tyler's. In this way the Regency majority
in Steuben County was pushed up from few hun
dreds to 1000 in 1899. Every body was allowed
to subscribe for the stock of the Steubea
County Bank before the Election, but the distri
button was kept back ill the Election should be
over. Ali who wanted Stock, whether to keep or
to sell at ready and round premium,-a pretty
large number-knew right well that they must vote
the Van Buren, ticket, or there was not the ghost
of chance for them. The effect was striking, but
not surprising. The Wing business men and capt.
tasts who held out against the bait thus offered
them could get Stock enough, and did, by paying
ten per cent. premium, to constitute a perpetual
electieneering fund for their opponents. By this
fund the State was carried for Van Buren, in 1880,
50 and "a, against its deliberate judgement and
plainest interests.
Finally, the swinde became gross that law
or regulation was adopted that no nan should
have more than specified number of shares in
any Bank Stock distribution. But this was but a
sPider-web for Van Burenism. In the case of the
Oneida Bank-as doubtless in many others-men 8
names were hired at SO much apiece to obtain
Stock On. Dives, who would not inyes, cent in
Banks, had FIVE dollars for letting his name be put
down for Ave hundred shares Tom Nokes, who
did not know what Bank Stock meant, was satis-
fed with dollar for tho use of his valuable coeno-
men set down against hundred shares. To these
excellent subscribers the stock was gravely dis.
trbuted, and then added to the Spells of the Dis
trbutors & Coles the dollar or so paid to Tom
Nokes as aforesaid. (See the evidence in the case
of the Oneida Bank.)
All this system of corruption and fraud was bro
ken up by the passage of the GENERAL BANKING
LAW, which originated with the first Wing Assem-
bly,, and received the sanction Of large majority
of the Wings in both branches, while majority Of
the Van Buren, men voted against it. That law
is not perfect one-experience will show how to
improve it-but it put an end to the Monopoly of
Banking for ever. Any body can now engage in
Banking without asking leave of any one, by sim
ply depositing with the Comptroller security for
the redemption of his issues.
II. The abolition Of the auction Monop0ly.-
This was a less pervading blu; not less fragrant in
EQUITY than the former By law of the State
no man was allowed to exercise generally the func-
tons of an Auctioneer uness regularly appointed
and commissioned to do so by the Governor and
Senate But the men best fitted by nature, inclina
ZION and experience for Auctioneers were not al
ways of the ruling party-in fact, it happened, in
the course of time, that but few of them were So
Yet no man could receive the appointment who
was not of their clan. What were the conse-
quences? In the first place, men of character
and no fitness for this business were appointed as
the reward of their political services-the Conner
fords and Tom Cars Of the party-while the men
who really Auctioneers could not be appoint
ed at all. These Two classes now struck hands:
the legal Auctioneers rented out the use of their
commissions for some $500 to ST. 900 per year
| to the real Auctoneers, and thus the names of
both were displayed over the Auction advertise
ments-the former to satisfy the law, the latter to
fined $500 10 81 900 per for the offence of
being Wing; while some bar room loafer or 7 am
many drisergeant received this $500 to 81, 900
as pay for his services to the party Thus was
the Auction business taxed some 500, 900 per an
mum to support electioneerers for Tammanv Hall.
This too was among the first abuses at which the
efforts of the victorious Wings were directed, and
with success. The law altered that any
man Of good character may become an Anctioneer
by giving adequate bail for the payment of the
Auction Dates.
III. The abolition Of the Small Bill Restric-
scheme of Jacksonan and Bentonian Currency Re-
form. Passed in the hey-day of Jackson invnci-
biy and mint-drop glory, it was most insaney