The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-08

nerve the Of government. This state Of affairs az
for 1sd opp rtunity of becoming useful beca use
Ad sfcertaned the Ect that tke opposition party had
not much money that the whole bank pspe,
felton, and that alfha they had the ntrol Of the
principal banks in the United States and but
liable to be Influenced by whatever could DO made
appear for the manifest interest Of such banks every
thing depended nego iaon, which Is science to be
acquired only by practice rs much a. any OF the me-
On The 9Th of FEBRUARY 1919, Congress- passed an
au borzDg the borrowing OF sixteen millions Of dollars
For this loan the public invi I'd by advertisement
to send in proposals TO the Treasury department This
appeal to the patriotism Of The nation proved lamen-
table failure only TIN millions nine hundred and fifty
six thousand four hundred dollars having been offered
Second notice was published 18th Mach, lSl3.-Ses
Book Of Finance, vol 2, page GAG.
Having, for more tha1 ten years Immediately precei
ing ile VAR, been very extensively engaged In foreign
ano domestic commerce, shall not be desmed vain 20
mention that considered myself toeraby well versed in
the operation and nature OF tie paper system. III
ermined to devote great portion 81
my time rasirg money for the If government
| believed it stood in need Of such assistance
than of any other which it was in my power
to render. ] had most eheerfaiiy, subscribed 70
he excellent sentiment Of enlightened states
man, that the declaration OF bad put requsti"n
the services Of every American citizen" Al the com
Of hosiiAties in June 1919, | had i'm
mense a. cunt Of properly at and could not form
correct opinion how my Affairs would wind up. Although
sustained extensive iosscs stiii obtained lar &c
train that in the March following, when Mr. Gaati
advertised for the sixteen million an was enabled to
lend him twenty tive thousand dollars and prevailed
mxDy 81 my friends also, to furnish him with consider
able sums Under this advertisement Mr. Galatn pro-
cured only about onr millions. lie afterwards repeated
his advertisement, Offering favorable terms not
only to those who should before limited day subscribe
under this new advertisement, but to those who had
ALREADY subscribed at the banks under such second nd
vertisement; he then repair cd to Philadelphia and
ro@ed the deficiency Of Girard, Parish aud Astor.
Mr. Gallatin Immediately carried into iu effect tho
conditions contained in his advertisement without In
quiring whether they favorable unAvorabe His
constant study in relation to his contracts how
could best accommodate all parties He knew full we'll
that 10 the policy Of al governments to fulfil their
contracts with perfect good faith and in such
as to prevent dissatisfaction, inspire confidence and in
vte the aid OF moneyed towards the mpshment
Of public measures. On the other hand, he sensi-
bic that different Of conduct would occasion dis
trust impair the national credit and detach the wealthy
portion Of the community from the support Of the
government At time when their assistance not
only valuable, but indeed ndsp nsaele TO the general
wefarA
The OF this loan and the prospects that peace
would ensue from the Russian mediation, discouraged
the opposition, and for while they appeared to
ton by. cripplng their resources; but the proba-
sility Of speedy accommodation with the enemy
having diminished, and money becoming scarce,
they derived fresh courage and again renewed their
exertcns to prevent moneyed men from investing their
creased Of government together with the rigor
Gus blockade Of principal portion Of coast would
render it requiite for government to resort another
loan to carry on its necessary operations for the year
1913. To accomplish such loan considered It would
only be required for the friends OF government to be
active. WAS therefore, dilgent in my inquiries upon
the subject, and had the Satisfaction 70 ascertain that
there afuent individuals in New York willing to
form an association and to tender to government
Siderable sum.
To produce desirable an event became nm object
nearest to my heart, and there many federal
was DESTROYS TO induce some character Of that descrp
ZION to undertake the sgency, lest II undertook
H. political prejudices, from my having ever
OF the iederaiists, should operate against the sub
scripton lest it should be supposed that
ated by the commission of the quarter Of per cent
O II mAUt
was in the habit Of allowing to the agent by whom
subscriptions we're obtained, and thereby iose minfa
cree With individuals who had abe ability to subscribe
This compensation would be dearly earned by the repon
sbility that would attach the agent and doubtless
stimulate any Other Of ordinary psadence TO
great exertions; and when earned, should insist
with the same pertinacity on receiving it, As on the re-
turn Of money lent.
With th,s view Of the subject, applied to Oliver VOL
colt ESQ., Of New York, opened the affair TO him, and
pressed him with considerable earpestnsss to undertake
the agency. promised, If he did 70 procure sub
scfipiions for him large amount He applauded the
zeal WI ch manifested and said he would think II
he matter. In few days, however, he not only
scrber, alleging hat II might interfere with exist
ing arrangements between Mr.. Asor and the govern
ment. then applied TO Augustine II. Lawrence, Esq
and pressed the agency on him. After some consideration
ne also declined.
My solcitude for the ssruce to be performed
strengthened BY ths increased violence Of the OPPOSITE
and the confidence which they felt being able pre-
vent the government from obtaining money; and my
want osuccess with the gentlemen TO whom had applied
ut length determined me TO take the agency. accord
hg y opened subscription book, and with much exer
ton and pains succeeded In procuring subscribers TO the
loan 10 be offered to the United STATES.
large proportion Of my subscribers wee eierals.s
But did not stop here: proceeded to obtain additional
subscriptions, and made such further arrange nents
WOULD enable me TO furnish five millions Of dollars.
Having thus succ.eded repaired to Washington 70
perform what then considered the most pleasing duty
" lite. was enabed TO tender 10 the govern.
ont Of the country which gave birth loan Of Ave
millions Of dollars a. period when y was IL the stmos
ton against the hostile attacks OF powerful aud tmpla
cable toe On the day Of arrival At that place. Alex
ander G. Hanson, member from MaryI.nd and the
luied editor Of the Fderdt Rep,Lii an, newspaper
printed at Georgetown, Columbia delivered very vio
lent speech N Congress- in which, among Other thing, he
sated that the government destitute Of funds, and
unable to procure sing million in all America that
the merchants would refuse to make further advances
.ast dollar In the power Of it's friends To furnish lie also
yenfured to declare that gentlemen who bad lent
sick other bargain and had been deceived by the A
cious assurances oil Mr. Gaatin that peae would arise
ffom the msioA in which he employed, and in the
fnlllment Of the duties Of which he the point Of
embarhing for Russia Mr.. Hanson, Ia this speech,
continued 10 nilege, that hs information derived
from the best informed merchants In America and that
he was sensible he could not be mistaken.
An alarm OF that nature had, indeed generally pre-
vailed. IL was apIrehended that the government would
not be able TO TO supply its necessities
or % prosecute its Congress itself appeared
detected ut the gloomy prospect which presented In
be evening met with the honorable Messs. Cheaves
ard Calhoun, Of South Carolina, and Doctor Bib, Of
Geopgia the batter member Of the COMMITTEES Of Ways
aud Means In the Of conversation, took
Ion 70 mention The business which had brought q,
Washington He appeared highly pleased ana reque-s'
my permission to state the facts the floor II Con
gIess in a reply which he, the next day, intended
20 make to Nj. Hauson's speech. told him that
bad not the smallest objection 10 his stating
tLat agent had arrived from New York, deputcd
by large number of merchants without any political
distinction authorized e. tender 70 government
loan ofseversl millions OF dollars On the next day h.
accordingly made such statement which Afforded the
utmost satisfaction TO the republican members, and ad
the opposition With sstonatmen, aud alarm.
However surpising IL may appear, II l. not the les
true. that neither party in Congress bad been appnse
" the sssocistion which had succeeded in forming
The Information received with the greatest emotion
and the pleasures and regrets Of that day viii
be eaced FROM the recollection Of the members who
present.
We pass the angry discussions and attacks upon
the Naturalization TO whish misapprehension Of The
conditions OF this loan gave rice both in and out Of Con-
gress, the teps in which Mr. Barker took prominent,
part Tor the csAbl'shmcptof national bank and
other public matters In which he was more or direc
y interested and proceed % that most critical Ia
his carer hts trial for fraud in 1885, connection will
the Oscillations Of several leading public companies
There an be doub, Of the cuipaby Of those oonpa