The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-01-30
New Board Of Brokers.
"Veritas jacet, inter extremos.s

Mr.. EDroR-
observed in your paper of Saturday last. some
remarks in relation TO the new Board of Brokers.
The article appears to have been written with o
view enlghen your readers and the public in re-
lation to the matter, bearing upon Its face the ap
earance OF candor is entitled to that respect viii
the pigmy attempts of many of your contemporaries
at satire and rldicule do not merit Any change,
however, called for by the public, however neces-
sary from the change in the times through which
we have passed, Is always met in some quarter
with sneer or open opposition-when in the latter
form tits manly course-in the former beneath
contempt.
1t appears. to be generally supposed that the new
association IS entirely composed OF men who have
been members OF the old Board and become inso
vent. Such is not the fact. Many, who have al
ready signed the constitution, have never been en-
gagged in business in Wall street, and have met
every obligation made by them in full. 1t is true,
many were also members of the old Board; and
those unfortunate in business, they ever to be
debarred from pursuing those avocalons they have
chosen in such manner as they deem proper? Who
were the men that formerly ruled the destinies of
the old Board! Who the master spirits of its pamy
days? Who were those whose individual opera
tons tar exceeded In amount the whole business
the parties that have Uttered most by the hurricane
that has passed over ou. land? Those alone who
had anything TO lose; those who had nothing es-
capped, or having any thing, treasured 1t as miser
would his lngos; men without energy or enterprise,
with nOught to recommend them but the yellow
dust ! would ask how many members of the old
Board have or can meet their contracts? How
many set there daily, SO involved in debt as to be
unable to meet the most trivial demand? Still it is
not with elimination or recrlmination that the new
ASSOCIATION hopes Tor success True, many of its
members are bankrupt in money, though in reputa-
ton they still think they CLAIM an equal share,
to stronger term, with at least large major
y OF the now sitting members OF the old concern.
The famous report of the committee on the ap.
plicaton OF several OF their members for readmls-
sion, IS written with such plain, such acceded opin-
q
expedlency, had it emanated from men who al
ways were and ever would be, governed by it's prln-
cIpes woald refer TO it only as n rule by which
all former, as well as after questions should be set
tied; but when / see some members Of that COM
mlttee applying for the benefit OF the bankrupt act,
J. tor one, must question the reality Of the feelings
that committee, when suit is instituted against
him tor debt, plead its settlement under bankrupt
discharge! il SO, their beautiful system of the in
volatility of contracts. so happily expressed in their
report, falls like their creditors demands, to the
ground
The idea of an open and public sale of stocks and
exchange Is not new. Past experience in all cOun-
tres shows us that secret associations, where per-
moulding the market to their will have been unsuc.
cessful. Secrecy carries with itself the idea of
something wrong. Honesty and truth require no
concealment, but acquire additional lustre by the
scrutlnlzlng glance at their beauties. The age Of
star chamber proceedings is past The public have
too long trusted their property to men beyond their
control Within how short time have we seen
those who stood highest false their trusts! Insti-
now see but a crumbled mass of ruins where before
we beheld so perfect yet so fanctul a structure.
Why IS this? We have placed too much confidence
In men, where we could not see their acts. We
have worshpped the man but forgotten human ma
ture.
If this new association is so feeble, lift is compos
ed of men lost to all that ennobles man why these
puny attacks? why by them give it an Importance
does not merit! Ii II is so feeble 1t will
soon fall. Would it he manly in giant TO attack
an infant? DO not these very attacks carry with
them fear of its success and is not the vacant
sion beneath them.
This new association expects to stand alone on its
merits, and we would have the public to examine
our proceedings, and Judging from them, to say
"By their fruits shall ye know them"