The Daily spy. [volume] (Worcester [Mass.]) 1845-1850, 1845-09-29

over the &c Bank minions, by making Van Bu-
rem Vice President and Marcy Governor, a dis
tinguished and steadfast Anti-Bank Democrat of
this city wrote the following letter:
". z Tribune.
Mr. Stephen .fIlen to Mr. H0yt
ALBANY, Nov. 2S, 1882.
Dear Sir-Nothng is more true than the OBJ
servation made by Mr. Van Buren, at the Demo-
cratic festival that the democratic party, in
great measure, owe their present and previous
victories to Tamn'Gny Hall, the place of concen-
trated opinion and action, and raying point of
the democracy of the city, or words to that effect
There cannot be doubt but the building of that
Hall, and thus far preserving it as Party ES-
Enlistment, and rallying place on all occasions
for the Republicans of the City and surrounding
Counties, has been one of the means of triumphs
was one of the Committee who purchased the
ground-made the contracts for building-and
raised the money to pay for It,
The Operations of that Committee drdiOuS and
responsible, as during the progress of the work
they were frequently compelled to raise consider
able sums on the responsibility of their own
names The whole establishment cost about
$4,000; all of which sum was raised by ndivid-
uals of the party except $4,000 Gf recollect
right and for which last sum the premises are
now under mortgage.
If the party properly estimated the benefit it
has received from the establishment, this debt
would have been cleared off by subscription long
since but such result, perhaps, is not to be
expected.
A thought has therefore occurred to me, and
which it is the object of this letter to commune
cate whether the extinction of this debt may
not be effected by obtaining the CHARTER OF
BANK, by the name of TAMMANY
BANK.
There cannot be O more favorable period than
the present for suCh an application.
The large majority we have in both Houses and
the good feeling evinced by the country towards
US, consequent on the large vote given by the
City to the democratic candidate together with
the important object of relieving Old Tammany
from its embarrassments, WITH OTHER CON-
SIDERATIONS, should presume would carry
the bill through triumphantly.
The following plan Of Bank l think would
effect the object:
The Society OF Tammany to be PRIVI-
LIDGED to subscribe for 100000 of the Stock.
The capital to be FIVE HUNDRED THOU
SAND DOLLARS AT LEAST.
The Bank to be authorized to loand the amount
on their bond at an interest of three per cent per
annum, the loan to be for three or four years.
If the Bank divides six per cent on its stock,
the SOCIETY would receive THREE THOU
SAND DOLLARS annually OUer and Gb0Ue the
interest on the loan, which in three years would
amount to SO, 900.
In the mean time the stock would advance in
value, and, If sold at the end of three or four
years, would probably be worth ten per cent
above par, netting clear gain of $4,000 by
which operation the Society would be put into
possession of $4,000, fund more than sufii-
cient to clear off the membranes.
My opinion yOu no doubt knoa0 is IN oppOsi-
ton to an increase Of these Banking .M0n0p0-
lies IN the City-but If the Legislature WILL
make them-and therefore IF WE must hare
them, there cannot be more legitimate object to
be effected, both IN party point of ueto, as well
as the charitable attributes of the Society, than
the one alluded TO.
II you think well of the matter wish YOU
would consult some of our leading men-and if
on due consideration, the project should be deem
ed proper, it will be necessary that notice should
be published of the intention to apply, qCIlich you
kno,c may be published aoithOut the name Of the
applicant.
,cish it to be distinctly understood that / can
not serUe in any Of the offices created by such an
inStitution-but any assistance | can give in adj
vancing the interests Of Old Tammany will be
cheerfully afforded.
You will, of course, let the matter drop if, up
on view of the subject it shall be deemed mex
pedient.
| am with due respect, your ob't 'erv't.