The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-10-03

her thirteenth day; she has crossed the ocean in
eleven days.
The Famous and Classical Correspondence
ofJohn Va" Buren, on stocks and Election
Rets-IIistory OF the Great stock-jobbinx
Era.
We give on the first page OF our paper this morn
ing, the letters written by Mr. John Van Buren, TO
Mr. Jesse Hoyt, as given to the world in the Mac
kenzie pamphlet Mackenzie and other pous and
upright men may consider some of these letters as
very blasphemous and very reprehensible, on ac-
count OF certain strange expressions which are to
be ound in them. The betting on elections will,
also, be doubtless regarded with great deal of holy
horror by such vlrtuous as those 10 whom we
allude But if the private letters of many of the pc.
hrlcans OF both parties, written about that time
lsa4-could be produced, would, perhaps, be dis
covered that John Van Buren, was not the only in
dIvdual who engaged in those transactions AS
for the sye-laconlc and aforementioned by
Mr. John in his letters, very good classical auhori
ty can be found for it In reading Lockhart's life
OF Sir Walter Scott the other day, we found in one
OF the Interesting volumes, referring that period
when The Black Dwarf was written, a very sin
gular note, by the great novelist which in vigor of
language exceeds even the letters of John Van Bu-
rem. II appears that Blackwood had made con.
tract with Ballantyne, SCOTS publisher, for share
IN the copyright OF the work, and had received
some OF the sheets. Certain critics, 10 whom those
sheets had been submitted, supposed that the I'M
known author had been rather inferior 10 himself
In the closing portions OF the story, and suggested
change IN the management and character of the
denouement, through Ballantyne, his confidential
publisher. The letter containing these suggestions
was written by Blackwood, and transmitted by
5alantyne to Sir Walter, at Abbottsford Immedi-
ately on receiving il, Sir Walter sat down and
wrote the following classical, exquisite and charac-
teristic letter.
DEAR JAMES
have received Backwoods impudent letter God
damn his soul Tell him and his coadjutor that be.
long 10 the Black Hussars of Literature who neither
give receive criticism III be cursed but this is the
most impudent proposal that ever was made
w. s. walter SCOTT
II will be perceived from this, that John Van
Buren, has been following very classical example,
without knowing IL and doubt many equally
classical letters in the Custom House
About the year 1884 or 1885, when these letters
were written, of the greatest stock-jobbing
eras ever known in the history Of any nation had
advsrced to its highest pitch. In those days, the
movements IN Wall street of the most prodi-
gious character The STOCKHOLDERS were Of both
partles-the plous, as well as the profane, mingled
In the movement. The head of the camp amongst
the wing stockholders, Nicholas Biddle He
was the oracle on all occasions and to him all ap-
Piled for information, to the of the market
ahead On these occasions, Colonel Webb and
many OF his confederates acted on the information
received from Philadelphia; whilst the democra tic
stock obbers operated on the knowledge they pos.
sessed OF the policy of General Jackson then the
head of the other camp. Every thing turned on
the movements about the renewal OF the Bank
charter. And these letters of John Van Buren, on
ly show the pervading sentiments and general Ian
guage of oil the old and young men OF that period
in relation to stock-jobbng affairs.
This extraordinary period IN stock obblng COM
menced in 1890, when General Jackson first decar
cd his sentiments relative to the United States
Bank, and continued for years, till May 1887,
when all the Banks Of the United States tell down at
once. This was one of the most extraordinary Pc
RODS perhaps that took place in the history OF
any country. During those seven eventul years,
more fortunes were lost and won-more stock Job
bng took place-more crime was committed-more
defalcatons were perpetrated-more suicides were
committed by the unfortunate operators, than in any
other period during the history of this country Mr.
Van Buren, became Secretary of State in 1929, and
and the "Albany Regency" with their associates in
al the large cities, formed the grand conederacy Of
stockholders, politicians and spectators, who used
the administration and sensibilities of General Jack
son TO further their schemes relative to the rise
and fall OF stocks The first great movement In
such operations was the payment of the three per
cent United States stocks. Mr.. Thomas Carpen-
ter OF the house OF Carpenter IL Costar.o highly
distinguished bankers in Wall street, on visit to
Washington, became acquainted with the determj.
nation of the President sell off the three Der cent,
IN less than six months. Mr.. Bidde also became
acquainted with the same important fact, through
the same channel; and the bankers of Phadephis
and New York Immediately operated on this antci.
pated intelligence to the extent of several millions
the Blddes in Philadelphia realizing out of the ope-
ration. by purchasing the stock in the markets at low
rates, S25O,000, whilst Carpenter d. Costar" mad,
probably about $50, 900 as their share of the opera
non The immense fortunes made SO suddenly IL
those days OF ck.jobbing, excited all men-whe.
ther they were politicians or poets or merchants
christians, saints and sinners were all alike infec.
ted by the prevailing epidemic Of the time
The next great movement Of the Government a.
Washington calculated to operate on stocks. wa,
the removal Of the deposites Those connected
with the kitchen cabinet and the Van Buren, dynast,
AZ Washington, having brought General Jackson u,
70 the scratch, Immediately sent directions to New
York,orderlng operations the stock market, know
ngvey wellthat the removal of the deposites, hen
ever It should be ordered, would produce grea
sensation and great depreciation in stocks TIL,
mouse OF Carpenter and Cosar of THAT day. receive,
oirectons from member OF the kitchen cabinet te
operate IN stocks to the amount, at one sweep, o.
nearye~o millions. An answer was returned by
mar urn declining the order unless a deposit OF
Sz,o'oo TO meet contingencies were made. No
reply was made to this proposition. but in , few
days, Mr.. Joseph d. Beers came into the m,rLs :,
and operated IN the same direction evidently ind
eating that ne was the agent Of the kitchen
AZ Washington 'aone'