The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-15

known anu-slavery mea OF the North and the
Know Mornings! For example, they have dis
covered that General Wilson, late a prominent
free soiler will probably be elected to the Uni
ted States Senate, from Massachusetts,, by the
Know Nothings What does this signify? Mr..
Vice was formerly the great Southern Ajax of
the wings in Congress against the federal
policy of jackson aud Van Buren,; but who
doubts bis democracy now, except Billy
Smith And so, if the Know Nothings elect
General Wilson to the Senate, We are confident
that he will prove a conservative upon the
slavery question, in accordance with their
sound national principles.
We have shown that the fortunes of the admin
istration, OF WISE and of Seward are blended
together, though each party is fighting sepa-
rate battle. We have shown the despicable
system Of warfare of the Cabinet organs. The
game OF Seward is equally mean. Under pre-
tence Of legal argument before one of our
courts in a patent case, we find him absent
ing himself from his official duties at
Washington, Though still pocketing his eight
dollars day,) and making and publishing a
sneaking electioneeriDg speech to help his case
at Albany. A patent case Of Senatorial digni-
ty most truly! How striking the contrast of
the manly and open electioneering policy Of
Henry A. Wise, before his electors, face to
face, freely and eloquently discussing the
great practical interests of his State, ever
ready to confront his adversaries in open day!
Pity that the success of Wise should depend,
in any degree, upon the success Of Seward;
pity that, in spite Of himself, he should be tied
to the dead carcass of the administration. Pity
that the great popular work of the new politi-
cal revolution should involve the sacrifice Of
such man % Wise. But so it is, and we
must bow to the will of the people.
A New Feature In the Commercial Crisis
War In Wall street.
A correspondence Of somewhat unusual
character appeared in our columns yesterday
morning, 1t was between Fl. d Bacon, Of the
house Of Page a. Bacon, bankers, Of st. Louis,
and number presidents and merchants of that
city, who happened to be here on Saturday;
and conveyed to the former the sympathies of
the latter, on the occasion Of the failure of the
house of which he was member. In his reply
Mr.. Bacon observed that he would hereafter
publish the facts, which would show that had
good faith characterized the conduct of our
page Il Bacon') correspondents" the suspen
sion would not have occurred. Such a charge
made at such o moment by man of Mr.. Ba-
cons standing in reference to firms equally
eminent, is quite worthy Of attention by the
public at large. On whatever grounds it may
rest-these must Tor the present remain I'M
known-it shows that state Of war existed be-
tween the financial houses Of New York and the
leading financial house Of the West. Mr.. b.
con charges bad faith on his correspondents"
This they may deny, but they can hardly deny
that whether from policy, or prudence or some
less honorable motive, they were directly in
strumental in breaking down his house. 1t is of
course true that banker trusts whom he
pleases, and the cmrespvudcute' are the sole
Judges of what is right for them to do; but
when wealthy firm is ruined by an act of
theirs, much suffering ensues, aud the public
at large have some right to inquire why
and how it was done. Page & Bacon were en-.
gagged in q most lucrative branch of the bank
ing business, and some one or other among
''tbe CORE spondents" must fill the vacancy &C.
casioned by their failure. Moreover, the mo-
ment the suspension took place, unusually full
accounts OF the disaster appeared in three Of
the me- rning journals whose money column is
understood to be at the service of a certain
financial circle in Wall street; notably for the
purpose of announcing to the farmers and
traders Of the West that Page 4 Bacon were no
longer competent to transact their business,
and that they had better transfer it to the Wall
street firms which proposed to succeed them.
These circumstances, taken in connection with
Mr.. Bacon's letter. will be likely to produce q
general impression that the house of Page Il
Bacon was wilfully broken down by rival
houses in Wall street, from pure jealousy and
avarice. Nor will that impression be confined
to the case of that firm alone. Other failures
have occurred in the West, where blame has
been laid at the door of the same Wall street
circle; and the Inference from the whole will be
that struggle is pending between the Western
bankers and hose of New York; that the latter
are endeavoring to ruin and destroy the former,
and that they have already succeeded in one or
two prominent instances.
similar contest between two other classes
Of financial men is within the memory of most
of us. About the year 1929, the strife between
the United States Bank and the States banks
began, and from 1880 to 36,tbose Institutions
on one side as well as the other, were conduct
ed more with view to break each other down
than to fulfil the designs Of their creators. The
sole object Of the States banks seemed to be to
ipjure 'the monster" by trying to break lis
branches, or discredt il in COnsress; while on
the other hand, the vast facilities possessed by
the United States Bank enabled Ii to wage
terrible rivalry with its minor competitors, and
Nicholas Biddle took care to neglect none Of
them. Thus fighting for public favor both we're