The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-04-27
WASHINGTON, April %, 1919.
The Mem RuuI.jno House

1t has now come to be pretty generally understood
that there is to be established here, in Washington,
a new banking house; and some papers have gone
go far as to denominate it the government bank,
and the persons controlling it "the government
bankers" 1t may be remembered that Hon. An
drew Stewart used TO take great delight, apparent
y, in always besowing this title upon Messrs Cor
coran and Riggs, when they were engaged in loan
ing money to the government, and not in borrow
ing from it. We have no objection to the name,
but must certainly demur to the assertion that has
been made, that these bankers" whoever they
may be- come here to open business at the instiga-
ton, under the auspices OF the President OF the
United States. In our judgment, General Taylor
neither knows nor cares whet her one bank or a
dozen shall be established at the seat of govern
mcnt. 1t is said, however, that Mr. Jaudon, (wel!
known in the financial world Mr.. Blatchford, and
others, will commence banking operations very
soon in Washngton-say about the same time with
these gentlemen are backed up and endorsed by
Daniel Webster. This, to the uninltiated, would
seem to be sufficient. The very name of Daniel
Webster, in most cases, answers every beneficial
purpose. He has ga voice potential as double as
the Dukes" However, it is not quite so clear, to
some comprehensions, in what way his name en-
dorscment can be of benefit to the new Bankers
any more than the one or the other, such they
We're, turned out to be In the case OF a man, who,
in Webster's view, was not fit to be nominated. If
Mr.. Webster did not say, In terms, that General
Taylor not fit to be nominated he certainly dld
say his nomination was not tit to be made-a de-
on the same point.
But these new operators in government stocks
and securities probably come to Washington upon
their own motion and at their own prompting II
is predetermined how much they will make by the
motion, for the causes and the necessities which
enabled Mossrs. Corcoran e. Riggs to enrol them
selves among the "milionalres," have ceased to
exist Government has now cause, no necessi.
ty to borrow money, and the new bankers cannot,
therefore, either loan or negotiate a loan. The
Independent Treasury law stands out upon the sta
tute book in all its naked deformity, with all its
imperfections on its head. There it stands, and
the new bankers, or rather the old bankers under
new auspices, will find much difficulty in clearing
a very large profit out of the provisions of this
law.
As regards Messrs. Corcoran & Riggs, it Is ac-
knowledged that they have done their whole duty
in liberal and generous spirit, In all the transac
tons they have had with the Treasury, and it is
moreover believed that if the Hon. Andrew Stew
art had been aware that both the gentlemen COM
posing the firm belong to the same political school
with himself, he would not have been so fond of
stgmatizlng them Qor he meant it in that Light as
'the government bankers"
Meantime it is generally understood that Mr..
Meredith will recommend several judicious altera-
tons or notifications the constitutional or sub
treasury law-such notifications would have
been urged by Mr. Walker, in all probability, had
he remained in the Treasury. That such modif-
cations are needed, and may be made, no one that
has been cognizant of the operation Of the law will
attempt to dispute. -Corespondence Baltimore Sun