The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-10-13

A NEW FISCAL AaErcY-WALL STREET AND
BUNcoMBE IN THE Z DIV o does not recollect
the glorious times OF the old United States Bank,
when Wall street was but stipendiary of Nick
Bidde, and jobbers, ed ors currency, commerce,
and the elections, were ruled and directed by the
monster! Who does not remember the fierce,
savage and protracted war which 1t made against
Old Hickory and the people, and the universal
panic, ruin and distress which followed It's gno-
mnious defeat? What became. then, of the PEN
sioners? They crept into holes and corners-they
denied their master as blunty ST. Peter, and adj
mted that bank was an ''obsolete idea," and a
nuisance. But with the election of Harrison, the
leeebes of the old bank were on the ground-the
dried skeleton Of the monster was galvanized, and
wanted but the scrape Of pen to return it to full
vigor. But they could " not head Captain Tyler;"
and bank, wings, jobbers, pensioners, and buck
sters, all fell together.
This time the monster was believed to be dead
and damned, soul and body, forever and ever.
And so it is. But as half loaf is better than no
bread, substitute has heen proposed. Wall street
and Buncombe IN the field. The Hon. Thomas
l.. Clingman, of North Carolina in letter first
published in paper without circulation proposes
a new "scheme of national currency" Reduced
10 It's simplest form, he proposes to establish free
system Of banking throughout the United States, on
The faith Of the public stocks Mr.. Chngman is
from the Buncombe district, famous for rocks of
the secondary formation, its mineral springs, pine
shingles, and buck wheat cakes. Having secured
his reelection to the House, and having tn leisure
of the summer upon his hands, Mr.. Cllngman,
emerging from the woods of Buncombe, has been
for some months engaged In the Inspection of the
factories of cotton and politics in the North. He
has been initiated into the mysteries of the Albany
juDto- the secrets of the money changers-the
of stock. jobbing-and Buncombe is in the
field. Mr.. Draper, chief of the forlon hope in be-
half of Col Webb at Washington, has found his
man; and the topic of a conversation bottle
of wine, has become a great national measure.
Every body is wondering that the wiseacres of
Congress did not think of it before But the scheme
of Mr.. Chngman looks suspicious. 1t has the sui
phurous odor of Wall street all over it. The hoofs
of the old monster stick out, though his tail is
coiled up in his breeches. Feastng, f3trng and
GoniZing, juicy dinner at the Astor House, and
the tour OF our public institutions in Aderman's
carriage to the Pententary, are hard to be resist
ed, though all for Buncombe.
There is something of plot at the bottom. The |
pensioners of the old bank who, after betrsying
and numbering their master and benefactor, have
pined away to skin and bone, cannot stand it any
longer. Twelve years fast is long enough. twas
the father of our present Secretary of the Treasury
who was President of the Schuylkill Bank when it
broke down; 1t Mr.. Meredith's collector at Phi
ladelphia who broke up with the Girard concern
1t was this last appointment, and others like it, that
contributed to the late wing defeat that city But
still this does not prevent the conspiracy. We
may expect all these men, and all those whs fat
tened on the old bank-all who were bought or
sold. whether for 1--WE, ten, or twenty thousand. or
for x52,7t5 3l-to go for the new scheme. Mr..
Chngman only lifts the curtain. The scene shift
are behind. The treasury is an old COW, whose
milk IS too rich TO be lost The scheme of Mr..
Chngman Is but the first movement. Pass II, and
n bank comes next in order. Somehow or other
the stock jobbing brotherhood must get into the
treasury. Letus have. then, The bill Of Buncomb-.
Then the purlieus of Wall street will become the
valleys Of the Sacramento and San Joaquin the
very side. walks viii be richer in gold than the
MINES of the desert; bank paper will increase by
millions; everything will 90 up, up until the ex-
p!osion, when a bankrupt law will wind up the
IUn,S,n