, 1872-12-09
FINANCIAL FfNESSE,
01d Nick Riddle and tho Savannah
RraRcil Bank.

01d Nick Eidd1c and tho Savanna
Krancl Bank.
| From the ,Gosto,. Commercial Bn?1eHn
knew very little Of "cornerE,' such as have rel
1e1ed tne operations Of these gentry in Nc
York and Chicago notorious in these. latter daY
stocks, grain, and provisions we're bought 81
sold then in quite primitive fashion accordin
to our present ideas. But, notwitlstandiu
their ignorance Of the improved facilities Il
making money which these latter days hayo d.
veloped our fathers at times conducted fnancit
schemes go daring and startling as to evidenc
they wero not unworthy progenitors Of the bri
desperate and reckless effort, made during III
fore part Of General JackBon's Administration
gain control OF the then United States Bank. ia
the aid its funds would afford about elcctio
! times, WAS entirely worthy Of the beat of m
present party managers.
The first effort was made upon the Branc]
bank at Portsmouth, N H., of which the cejo
brated Jeremiah Mason was President: bnt th
result was 90 hopeless that the tactics wor,
enangoa ana @ 80 grest hue and cry Was hna1l,
itical corruption and public danger. ThiI
! aroused tile bank-for it's charter would oyn;ra
# not renewed, in somo five or six Years
lhls new element of controversy speedily drew
ana III ~ ~ 'ne s hanetents OF the respective parties
anu IN q Snort time the entire nation was hotly
by the ears upon q subject that nobody Lao
thought about at all until the politicians cried
! aloud over it.
From insinuations: the assailants of the bank
thew thew euf tp 70 specific charges and finally
tha5 the bank was positively insolyent, and they
made the confding sold heron honestly he,
u neve W tlns was so. A charge SO gra7o only added
to the fury Of the contest, as might well be sup-
pufSa; nat the story wa5 stronger meat than the
state OF the struggle the idea Was conceived Of
breaking one of tho branches of the bank. Of
which there we're twelve. If the attacking party
could 20 this, they might feel certain that tho
adversary would fall under the shock Such an
effort was full of. danger A discovery md ~ ~
posure OF plot 80 diabolica1 would hare OYER
wheimed its originators, and swamped the party.
But II was not time, nor were the managers in
2 mood, to to stick ut means, nor hesitate over
. New York broker, whose name We viii cali
G1ark: For the valuable consideration which
the Job would net to his purse, he readily UNDER
LOOK lt-ln regular business way, of course.
The branch selected to be assailed was the Sa-
Yannah Bank This was not 80 difficult q task
either, as might be supposed for that bank was,
at a very remote quarter in those days, and it's
business was comparatively small. Usually the
amount OF specie In its vaults was only from
eight to twelve Thousand dollars. To secure far
more than that sum Of its bills WAS easy and gs
every bank was liable to pay specie for every
Dill presented, and was a broken bank if it failed
to do go on demand, it appeared to bo an asslred
WORK that the Savannah branch would be broken,
lrae, even the matter proved a success, the
ecandaious means and the malignant motiyo
WOULD pc plainly exposed and everywhere de-
nounced among Intelligent and business men.
bnt the great mass Of voters would only see and
hear TINT the bank had failed; and one part being
proEea TO be rotten, the whole concern would be
Fegarded as IN like condition. The insolvency
u the United States bank would have too much |
probability with the masses for it to stem |
ne TIDE, or secure renewal Of its charter. And |
70 $20o ooo we're placed at the disposal Of Clark,
'ltn orders to call for as much more Us he re-
lis work. 111N0''
As broker, Clark quietly gathered and
loarded Savannah Branch Bank notes as thew |
ame along, or as he could secure them without
usplclon IN the regular course OF business
But there was another chapter which was for
often or unknown to Clark, but which came into
he story and gave it finishing touches and that
as d. the lnesorable laws of financial tides, and
ae system pursued BY the mother bank at Phil
delphla IN dealing with it's branchea-not omit
ing Nicholas Biddle, President OF the mother
known in the strategy Of that
otable war as "old Nick" This important
onslderat1on seems not to havo been fully
.nalea ,11[ nor comprehended by the New York
roker, nor the political field marsla1s in Wash
!gton. From the Revolution up to the DAYS OF
men M We write, neither money nor fame we're
1tac1ent to secure men in places Of high trust
~ responsibility. Integrity, experience, and
rs certain, therefore, that no eecond-rate man
onld hold the vast power in the money world,
ID the complicated duties involved in the Presi-
.ncy OF bank With thirty millions of capital,
Aectlns and disbursing every dollar Of
"a national revenues, and with a business credit
at had penetrated even to Hong-Kong. Nicho-
9 Biddle was the happy individual upon whom {
Is distinguished honor fell, and right ablv did {
'1 SUSTAIN hls place and reputation. So, while
:9ker : Clark was mousing around New York, !
yly gathering in Savannah Branch notes, and s
ardlng them, Nicholas Bidd1o sat on his golden {
rome IN the bank parlor at Philadelphia. I
Calm as o summers morning, :
We know what Broker Clark was about. with ::
} little "corner" in New York. Now.1e us l
%hat Nicholas Biddlo is about, in his parlor
The branches Of the United States Bank made q
ekly returns to tho mother bank, including y
amounts of respective branch notes received =
ring the week. This kept g Old Nick" al =
rs informed OF the general amount Of notes in
, view Of the circulation and business Of the u
ole: Necessarily these weekly returns were =, -,
11caAy scanned and compared. An UNDER u
ndlng OF this part Of the business system pur-
ID BY the principal bank will make what fol-
3 clear, and incline us to feel curious over tho
cess of Alr: Clark, the broker, in his search ca
Savannah branch notes. dt
)f course, "Old Nick was constantly On III
alert for his cunning and powerful foes. hs
q spider IN the centre of his net, he watched z
rp!y to see where and how it was threatened CT
dying oyer the usual weekly returns one day, tl
observed this, in the return from one branch th
We return you less than our average Of So st
nah Branch notes.. pr
his vas not calculated to arrest any special ca
'nt1on; But the next week two branch re- til
Is said. | na
Our return, this weel1, shows less thnn thu sy
rage of Savannah Branch notes. WV dr.