The New York herald., 1873-09-30
The Impudence Of Buchu Banking
'RiPl Flip! Set 'Em UP Againr'

ism is brazenness. When quack doctor has
failed in one fraud he speedily turns up in
another. He does not suffer his light to re-
popular contempt When it is discovered
that his magical pills are made of putty he
offers to the public a treacls plaster as a uni
versal remedy. Exposure does not lessen
his impudence; his object is to make money
out OF gullible people, and he cares nothing
for the kicks so long as he secures the coppers.
The lawyer in "London Assurance tempt
ingly invites violence to his person in the
anticipation Of o suit for assault and battery
and its attendant damages. The hide of the
buchu professor is Of similar toughness. No
matter how vigorously he may to-day be
lashed as an impostor, tomorrow he covers
his stripes with new coat and coolly requests
you to allow yourself to be imposed upon
again. 1t is as impossible to keep him down
as it is to knock Punch on the head He is
up again the next minute. piping as pertly
and noisily as ever, and prepared to operate
on the next victim who may happen to come
along.
If we could believe that all people were pru-
dent enough to wash their hands of exploded
quacks and to have nothing more to do with
them or their wares we should not deem it
necessary to caution our readers against the
impudence of buchu banking But unfortu-
nately, experience proves that dupes are
always to be picked up. no matter how gross
may be the imposition. Even the ''drop
pocketbook game" and the ''safe game"
although they should be as familiar to every
sane man as the light of day, are constantly
making their appearance with crop of new
victims. The recent financial complications
commenced with the operations Of the char
latans who have of late years elbowed them
selves impudently into the front rank Of our
financial community, and the failures were
confined almost exclusively to the buchu banks
and to those who learned their lessons of
finance in the buchu school. The peo-
pie are now invited to reinfate these con-
Germs; to give them new power for mis-
chief; to revive the financial policy which
has led to our present disasters. 'We have
disposed of one batch of customers" says 6nan-
cial buchusm. ''Their deposits are already
very securely locked up by us. We have sus-
pended payment and will settle up those old
affairs as soon as convenient, if we are ever
able to settle them at all. Now let new batch
come along and trust us with more money, so
as to enable us to resume our wonderful opera
tions. Here we are, gentlemen, with new
quack remedy. Try us once more. Give us
another chance to gull the dear public. Our
famous cure-all plaster has failed; now buy
our infallible pills, warranted to restore health
and vigor. Rip! fipl Set US up again /"
The impudence of these financial quacks is
strikingly illustrated in the disclosure just
made by the cashier of the Fourth National
Bank When one of these famous buchu
establishments fell to pieces sympathiz-
ing journal uttered doleful whine over
the refusal of the Fourth National Bank to
prop up the tottering concern. The cashier
now states the reasons for this refusal He
says the buchu bank borrowed one hundred
thousand dollars of the Fourth National and
did not repay the amount On the day before
it's suspension, he further says it borrowed
one hundred and sixty thousand dollars
more to keep buchu afoat. On the follow
ing day the buchu bank did not send "a
dollar of its mail remittances' to the Fourth
National, says the cashier, but again came,
doors of the latter institution asking for
one hundred and fifty thousand dollars more
This was refused for "the question with US,
says the cashier, twas not whether we would
loan them one hundred and fifty thousand
dollars to carry them through this day-we
come" There is an old play, in which one
of the characters is an inveterate borrower.
His importantly and effrontery disgust every
person, until at last his principal victim, irri-
tated beyond endurance angrily bids him go
and hang himself. "Send me the price of the
rops!" promptly responds the persistent per-
secutor, and he obtains the loan. If the
cashier could have believed that the last one
hundred and fifty thousand dollars would
have relieved them of the opportunities of the
bankrupt buchu concern he would, no doubt,
have relented; but he knew the character of
buchu too well for that
1t is to be hoped that the people will do
nothing to assist in renewal of the system
of buchu banking and finance. Mrs. Amanda
Brown will no doubt regard with grief and
amazement any protest against the new uni
versal remedy offered to the dear public by
her favorite professor Of buchu but the only
substantial benefit to be gained from the
recent convulsion is the final destruction of
quackery and charlatanism in our financial
business and return to sound principles.
Now that the balloon of imitation has been
pricked it is to be hoped that it will be heard
of no more. Now that buchu banking is
down in the dirt, where it belongs, it is to be
hoped that no one will be foolish enough to
assist in setting it on its feet again. If it is
done the victims of the future will not receive