The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-13

The WALL STREET BANKS And THE FARO
BASKs.-We live in strange age and singu-
lar state Of society, when extremes meet and
when the moet apparently antagonisilc ele-
ments Of society have essentials which are pre-
cisely similar. Every day this conviction is
forced upon us, but not often 80 decidedly as in
the recent Developments Of the close connec-
ton between the bankers of Wall street and the
bankers Of faro. The Wall street banks are
the most extraordinary nature. When no one
wants specie they have plenty of it.; but when
their creditors demand hard money they have
none. So they "suspend"-whioh is a delicate
way Of shutting up their doors-or break alto
gether, and leave their depositOrs to gather up
the crumbs from the receivers table. The bin
holders are protected by most stringent law;
ott erwise their pockets would be picked with
that cheerful alacrity which always distin-
guishes professional inanciera
Thus. the banks of Wall street are managed
really upon the gambling system, with the diff
ference that the gambler pays his losses while
the WaR street banker does not Is it strange,
then, that the persons who play in Wal street
in the day time should exercise the ruling pas
sion over the green cloth at night. Is it
strange that bank clerks should make the faro
establishments clearing houses for the Wall
street surplusages! But in @ philosophical point
of view, there can be no doubt that the
faro banks conduct their business in o more
direct manner than the Wall street banker.
Who ever heard of faro bank without sur
plus sufficient TO pay all its losses. Who ever
heard of q faro bank-ne matter how sight the
money market might be-that ever suspended
specie payments? The Wall street bankers, it
is said, sometimes set up the faro banks in
business-it is quite certain that they supply
them with the funds to give their expensive
suppers, to furnish their guests with choice
wines and liquors-and thus TO win their money
in the most smisble, soothing and gentemanly
manner Yet the Wall street banker is respecta-
BILE member Of society; be prays at revivals-has
the most expensive pew in a fashionable
church-gives dinners to the rulers Of the land,
and looks with Pharasaical contempt upon his
oonfrere, (the faro bankcr) who is social
outlaw, and legally vagabond.
This il all wrong The principle Of honor
among thieves" should work between the
Wall street banks and the faro banks. The
former might take some valuable lessons in the
management of their affairs from the latter ;
while the Wall street men and the faro men
might arrange new clearing house system
and settle their balances regularly every day
The faro men should also be received into
the same society as that to which
the Wall street men are invited. If
there is any advantage on either side ii is in
favor OF the faro bankers who shave their Gus
toners with the cheering emollients Of canvass
back ducks and champagne while the Wall
street men bleed their victims with the toughest
kind Of razors, and bully them when they ask
for satisfaction. If the law that oblges the
faro banks to refund is just, why not extend il
to the Wall street banks? Or, better yet, why
not consolidate the Wall street and faro banks
into one magnificent plundering and swigdling
establishment! What does Mayor Tiemann say