The daily union., 1852-02-12

by using all its and energy to break the Nti0 YORK
baaks The plot the conspiracy and the means OF us e1'
ecnon were openly avowed in published letter OF MI
Cowpenhwaie, the cashier and co-laboTer win thls
innocent Mr. Cope. The circumstances were these The
general suspension oil all the banks Of the Union was In
May, 1887 The New York and all the New England banks
resumed May 1888 This involved difference OF hve
90 fifteen per discount all United States Bank
and southern money which remained suspended, com
pared with New York; and this state Of affairs COM
PEELED tho United States Bank resume, by borrowing
January, 1889 Towards the summer months Il became
apparent that the could not manto in ITSELF and 10
cosceal It's dishonor il necessary that the New
York banks should fail also To effect this, the sgen-
cy in New York sold bills Houinguer, OF Paris, and
Rothsehids, oil London without limit underseng all 9th
or drawers, The money received for their bills was OF
course of the New York banks and specie instantly
demanded, drawn and Philadelphia, whence por.
lion oft shipped The bills Thus the Algonquin
carried $500 900 and the Pocahontas 5020 This opera.
uon very expensive the bank The steamship Ly-
erpoo left New York August 80 In the week then ending
the bank sold ~ 800 900 Hotnguer and Monday &C.
and Tuesday 2 drew 81 200 600 in specie from the New
York banks being the balance proceeds OF the bills Thus,
at haf past two o'clock draft for 100000 in specie
into Bank the State of New York the teller
piled that il should be paid possible the holder
said IL must be done Instantly The New York Bank cash
ier ordered the money counted for delivery at o'clock
AS the bank clock struck three the United States Bank
tary appeared with duplicate draft in his hand 10 protest
for non.payment But the tale complete. This pro.
repeated with ALL until the reckless sales of
bills alarmed the public Those bilswee drawn credit
The bank had money then, and they were protested
On the of that event. October H., 1889, the bank
poded Mr. Cowperhwaite acknowledged the plot and Mr..
Riddle in a letter, April, 1871, states follows;
.acreed 10 h necessities Of the ON BY he
conduct OF the bank after left ibrougM by the Efforts
the disasters of The Bank Of the United Saieswhich now
called me TO repair the injuries ts own conduct had
inflicted"
Now MIR. Cope. of the directors of such a concern
that, demonstrates against mint in New York, and
"dsclams, at the outset, any improper feelings" The
sophsy oil the memorial Is OF low order IL objects
10 branch in New York the ground that such branch
would absorb all the business, and leave nothing for Pha
dephia 10 do Is that admitting the whole question.
If people get their money coined in New York, they
will not go 10 the expense and trouble OF voyage TO Pha
dephia Where should the mint be but where the public
wantit The memorial does not deny thar the gold for
coinage from New York. but that but
$4,000 for transportation Suppose only 81 OO0
why should thar needless tax be submitted to But the
statement ID true. The hahses who send bullion TO
Philadelphia pay less than per and the loss
interest by delay This last year per but has
since been modified 10 per cent making the actual cost
per centhat is to say, S2lO eA OF the bushes Of last
year. The ridcaous satetr. that in relation
the expense which II is alleged Is N Philadelphia 500 900
per annum, and estimated at lb eae New York. On
this data the following satetaea' . gINen'
P1ncipa Ian tanuai expense si sOO'OOS
Bullion fund 10 be advanced 1000 900
Total 5000 900
This "bullion fund" be advanced what supposed
necessary to keep hand 10 ray drpOstots, and
necessary in ihadsqnar concern Ike thu, Of Philade
phia But Nj Eope Ies page ~ tat mint al New
York will do al he business that lhy bunton fund will
not be addnorAt- VIII our be Gea JltIw York instead
of Philadelphia Mr. Cope then yis - fat the Philade.
phiu mint costs S4j 900 per Tire report OF the
Secretary of the Treasury or 1885, DOW lying before
gives this expense thass
ofices the s4saGO
Expenses l26eO
Tolal four mint, sl6s4sO
instead Of 100000 for Philadelphia alone, New York
city has already rendered the land the government and
$4,000 will build what is necessary after removing all the
machinery from Philadelphia Mr. Cope's calculation Of
Ihs capital represented by the annual expense is
thing ike his calculation break the New York banks
But item he left OF the Philadelphia expense. He
tpage 81 that large portion Of the gold arrived
New York belongs TO holders all the Union
That is and in three 50o00 900 ounces have
rived New York OF this oneha was in the pockets Of
those passengers who being able 20 the mint sold
il brokers 81 per losssay 81 500 o00 which
they paid brokers, owing TO the min being in Philade
pha. Now, IL the government build mint in New York.
and charge l2s per ounce would realize $500 900
per annum, and the people would SO 900
About onehalf OF this Ia is the profit Of Lon
don Jews. who buy the gold mp below lis value and ship
London Hence the greater the supply OF godthni s the
greater number of poor holders who arrive here from
Chngresihe less they get for IT, the greater the profits OF
the brokers, and the considerable the shipments
1t is stated that sale Of 81 900 900 Of the Illinois Central
Rsilros construction bonds has been made capitalists
Of this city and Boston, and the road win progress
The from Europe Is favorable Tor breadstus. The
consumption in England is large, and the Of
ports is towards Europe. The imports and exports Of
wheat and -four and from Liverpool in the last
months Of 1851 were follows;
Imports. Exports