New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-06-02
FROM PHILADELPHIA.
From Our Own Correspondent

From Our Own Correspondent
PHILADELPHIA, May 81, 1853.
Many years ago, during the pamy days of Gen.
Jacksons ascendency, when he and his currency
tnkerers had the whole world in a string, there
lourished in this city multitude of bogus insttu-
tons founded with the benevolent design of giving
TO the community a sound currency in the shape of
small notes. The name of these institutions was
legOn and the pensve public, ever ready to be
plucked by any new and specious device, absorbed
an incredible amount Of these abOminable shin
platters. The law was scandaousy violated in
their issue, that thieves who were indicted for
taking pocket-books containing them, though con-
yicted Of stealing the pocketbooks, were acquitted
as to the notes, it being charged that such trash
was not the subject of larceny. Forgery aud coun-
terfeitDg of all kinds abounded, aud such was the
better currency enjoyed by the people as the
termination Of the Jackson impOsture. In this
city more than 600, 900 was issued by bodies cor
poTate and not corporate, IN tickets from IA dollar
down AS low as ten cents. This unexanPled de-
LUCE Of trah Immediately drove all the silver coin
out of circulation and the countless retail transac
tons of this great city were carried on by means OF
tickets 50 foul and nasty as almost to generate spona
neou, combustion in the pocket of him who carried
dozen of them there. Such crop of paper fungi
was never seen on the face of the earth. No wonder
that ~ this abOInnabe stuff the disgusting name OF
shnplastt rwas applied Everybody protested against
the abomination, yet everybody was compelled to
endure it. And this was the memorable haale oi
JacksOns sell: sufficient gOri6catlon OF what he
called his humble efforts 10 restore the cOnsttu-
"tona currency" All eyes were consequently
directed to consideration of the nuisance which In
tested every branch of trade and business But
among the crowd of institutions which issued these
rags was what was called The Manual Labor
Bank" established by Dr. Dyott, whose name, rs
well as his quack medicines, had been for years in
every bodys mouth. The issues of this bank were
actually recommended to public confidence by Gen
jackson himself, In letter under his own hand adj
dressed to the proprietor. This, added to the I'M
scrutinizng folly of the public, gave them wide
currency, and when a sufficient quantity had been
set afOat, the community was, fire day, as
founded by hearing that The Manual Labor Bank
had exploded. The CONSERVATION which followed
was shared by the entire community. Investigation
followed, and suspicion of fraud became 50 well
founded that the grand jury indicted the Doctor and
he was arraigned for trial.
Well, there was at that time young lawyer but
Just admitted to practice briefess and unknown to
fame. This man was William l.. Hlrst. The
cheated noteholders singled him out to conduct the
prosecution. He grappled the indictment with a
mastery cOmprehenslyeless that astonlshed tue
community. He followed up the tortuous labyrinth
of facts and circumstances involved in the transac.
tons of the bank and it's owner with skill and
perseverance that made defense futile, aud wound
up long continued and most labOrious prosecution
with verdict of guilty. Dyott was sent TO the
| Pententiary, and young Hrst, at single bound
took position as the first criminal lawyer at the
| Philadelphia bar.
Our city now presents spectacle Ii some
respects analogous 10 that Of Dyott twenty years
ago. The capital of So O0O.C0O welded by the
Bank of Pennsy wanna has been squandered under
the administration of lis PRECEDENT and The Grand
| Jury has indicted him for swindlins. No sooner
thi. bill Of Indictment found than the Directors
of the bank met and notified the District Attorney,
By an official communication. that they were ready
10 place al bis disposal the books and papers OF Inc
| institution, and 20 testify themselves 10 any lac'
that might be pertinent 10 the question az issue
| whenever called upon 70 do 80. Yet though weeks
have elapsed since the finding OF the OIL, tae DE
trct-Auorney las observed a profound silence 70
, ward TIE Directors " nile tie whole coUmahity
Is locking Cor tbs trial % come on at hs notion DC
sbso from ealing for ljorna.,on from those who