The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-25

The Recent Proceedings In the Criminal
Courts OF Philadelphia against the U. s.
Bank Omcers-Morals OF Financiers-Mr
BIddle.
For many weeks past, the scenes in the drama of
human nature have been excrucia.ingIy amusing in
Philadelphia. They seem 10 involve so much confu-
sion OF principles, and the whole series Of events
contain so many conflicting currents connected with
the operations of human mind, that it is almost i'm
possible to classify them Even Profess or Lyel
himself, the great philosopher Of the new school,
would find himself puzzled determining the order
and genera of the strata comprising these curious
events. VIM.
But one of the most singular of the whole of these
movements in Philadelphia is the desperate attempt
to get up criminal prosecution against the officers
of the United States Bank, and particularly against
MIR. Nicholas Bddle. The history of this mans
life in politics and in financial affairs appears to be
perfect riddle, an enigma, which it is utterly i'm
possible to solve; end the position in which he
stands before the country is no less so.
Mr.. Biddle became the President of the United
States Bank, at time when it had almost lost its
reputation, and its capital, in 1924 and 1925. And
by course OF management, which every merchant
and every practical man throughout the country
then expressed appreciation OF, he contrved to re-
suscate its energies to restore TO confidence and
influence, and to give character TO its movements
which made ii the greatest Political and popular
power in the country. In the progress OF this period
of events, the speculative men in Philadelphia, the
merchants, jobbers, and all others, had unfortunate
ly an immense influence over Mr.. Biddle; and
though he had the control Of all the movements Of
the bank, it was well know that previous to his con
nexon with 1t he was not practical financier, and
that in most Of the extensive and complicated al
fairs connected with the business operations of the
United States Bank. he generally followed the ad-
vice and was influenced and controlled by these
speculative individuals.
When the conflict took place between the Co
vernmeut and the banks all parties and all classes,
by singular process were induced to run into the
widest speculations, induced perhaps by the lavish
use made of the government funds on the one hand,
and the determination to compete Herewith on the
other This state of things continued till all parties
were brought up by the revulsion; and then COM
menced the difficulties of the United States Bank,
and the secret difficulties of the directors of that
bank which have ultimately resulted in the recent
criminal developments in Philadelphia.
When these difficulties broke out, the directors
and officers of the bank divided into two sets,
and the sole difference between them was this =
Mr.. Bidde and his party, in the midst OF all these
difficulties, wanted fair and equitable adjustment
of the assets of the bank, that all parties in this
country and Europe, stockholders and others, might
share, and share alike. But the other party who
opposed him were the ones who, in 1889, made the
several strange and special assignments, by which
they secured to their friends the principal assets OF
the bank, to the utter ruin Of the stockholders of
Europe. And the worst aspects Of the whole affair
is, that those who have been at the bottom OF the
whole of this prosecution against Mr.. Bidde, are
the very persons who opposed an equitable division
of the assets of the bank.
And all this was done, too, by the very party who
brought down the stock by their various manoeu-
vres, to q and 80. They strained every nerve to
prevent Mr.. Blddle and his party from getting back
TO power, because then they knew there would be
an eqsa and universal assignment of all the assets
and their friends would stand no better chance than
any other stockholder. And therefore they have
raised this excitement against Mr. Bdde, and under
the cry that it is popular movement they expect to
escape in the smoke and dust of their own raising
But the whole matter comes from them.
No doubt Mr.. Biddle has committed many errors
during his management CT the affairs of the u S.
Bank but his principal and cardinal error was in
leaning to the advice Of the very men who now
seek to injure him. They fattered him, they pour
ed out all sorts of homage to him, in order to use
him for their own corrupt ends and now they turn
round and endeavor to get up these indictments
against him, in the same way that they get up in.
dictments here in order to frghten creditors int
partial assignments and unjust settlements.
1t is high time that the mist of party, and passion
and prejudice, which has SO long hung over the f.
nancial atmosphere Of Philadelphia was cleared
away. And it is also time that we saw some symp.
tom of honesty to developing itself in these quar-
tiers. With return to specie payments, we ought
to expect some return to integrity in the other parts
of society, and disposition to deal with even
handed justice to all.
Mr.. Biddle is one of the most accomplished and
amiable men Of the age he has many admirable
traits Of character; and the errors he has committed
were by listening TO those who wished to defraud
the bank 10y special assignments, and now get up
these criminal prosecutions, with view to escape
under them from the effects of their nefarous plans
to plumber all the stockholders of the bank all over
the world.
1t is high time that the miserable mask was torn
from the faces Of these hypocries The strings are
being united
ARRIVAL OF LORD AsHBURroS, THE BRIrIsH MIN.
ssrER.-We expect the arrival of this distinguished
tunctionary every day. There has been great deal
OF discussion relative his bjects and instructions,
but it is but fair TO give him candid hearing. If
peace can be preserved on the principles of honor
and equality, let us do So Ii this cannot be DONE
let's go to war "with all our soul, and all our
strength. and all our might" That q all.