The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-30

uoho moro narm than good, and that the
license system, nationally carried out Is the
only effective means Of combating the evil,
Or course our Legislators will come to the
same conclusion BY and by; but In the mean
timo they are working irreparable mischief 10
the peace and welfare Of families
Recesstrsctiag Rebels and Political Parties
Through Financial Operations.
The late developments concerning the First
National Bank Of Now Orleans show that some
Of the chief rebels have taken very effective
plan Of reconstruoting themselves and laying
the foundation for controlling political affairs
in the South. Money. it Is said, constitutes the
sinews Of war. Politicians know It Is no less me-
cessary and powerful In building up and manag-
ing political parties. Il appears that Beaure-
gard, Longstrest and some other rebel generals
and chiefs down In Louisiana have boon doing
smart business in the way Of hnanoiering, for
the purpose Of restoring both their broken for
tunes and political power. While we thought
these gentlemen had modestly retired from
view. cultivating corn or potato patches with
which to exc out lowly existence, they have
been quietly working on grand scale; while
We supposed they were laying back, till future
years should afford them opportunities for
exercising their talents on large scale. they
have been earnestly but silently at work,
'redeeming the time"
The First National Bank Of New Orleans was
q great institution, plethoric with currency and
the funds of the United States. Making great
deal OF money, doubtless, through the extra
ordinary privileges which Congress has given
these national banking institutions, and feeling
secure with the large government deposits in its
Golfers, it felt generously disposed toward the
fallen rebel chiefs 1t loaned large sums all
round-to one forty thousand dollars, to another
sixty thousand, and so on, with q lavish hand.
We do not know whether the accommodating
bank managers are Northern men, but we can
very well imagine how they became captivated
and carried away by the well known elegant and
winning manners of these educated and accom-
plished ex-rebel officers. Looking to the future
when these gentlemen may become again
power in the land, the bank managers may
have followed the example Of the cunning
steward spoken Of in the Gospels. They might
have told one 10 write down forty thousand
dollars, another sixty thousand dollars, and so
on, for the purpose Of laying up treasure, po-
litical or otherwise, for the future. At any
rate, the ex-rebel generate got the money,
which, no doubt has done good deal in re-
constructing them and in giving them political
power. They need not care particularly about
Sos. nh: ksuao h. fhoo ~ Snf
Congress; money will control the votes Of
others.
The government will have the satisfaction of
knowing that its funds have contributed to this
effective mode of reconstruoting the rebel
chiets A great deal Of money is being spent
in other ways to reconstruct the South, particu-
larly 10 reconstruct the negroes into voting
citizens. Why, then, should we complain il q
portion has gone TO leading white men Of that
section who Herewith may help forward the
work Of reconstruction. True, the telegraph
news agents at New Orleans keep repeating
every day the assertion that the government
will not lose anything by the failure OF the
First National Bank, though latterly they have
qualified this assertion by saying "not to any
great amount" With all respect to the state
ments OF these very anxious press correspon-
dents and those behind them, we think their
anxiety to put the best face on the matter, and
this coming down, to "not any great amount"
has very suspicious look about l.. We rather
think we shall hear before long that the gov
eminent has lost large amount But, then.
why complain. as we said! 1t has ell gone in
the way Of reconstructing rebels and the South
But we should like to know il some one
else-if more astute financial and political
manager than all these-had not something to
do with this business, and IL there is not at the
bottom deep political scheme. There is in
New Orleans . remarkable mana financial
and political genius-a banker, too, who forty
years ago, we remember, played q very extra
ordinary game in the politics of the country
through piece of adroit fnanciering. Jacob
Barker was then, a. he is now, doubtless, q
master in the art Of ananciering and political
management. He IL In fact more skilful
politician than financier, but he does not know
it. In 1926 he, with Prosper NJ Wetmore,
Henry Eckford and others in New York, entered
into certain financial operations for political
object and to produce political results. Ii
created great excitement at the time, and led to
the trial and conviction of all The parties, except
Wemore, who turned States evidence against
the rest The decision of tue court which tried
the case in the first instance was reversed, how
ever. when carried to a higher tribunal. The
whole affair was political in its object and
bearng-a democratic movement to operate
upon parties and the approaching Presidential
election, and it had a powerful influence in
electing General Jackson ia 1928.
Now we should like to know whether Jacob
Barker who has shown such remarkable genius
IN combining political with financial opera
tons, and who has been democrat Of the old
r~..4lo.r. aohnol all hia 'lifa has moi had a hand