Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1873-01-18

cure renewal of its charter. And sc
5000, 900 were placed at the disposal OF
Clark, with orders to call for as much
more as he required, and to take his OWL
time to complete his work
As a broker, Clark quietly gathered
and boarded Savannah Branch Bank
notes as they came along, or as he could
secure them without suspicion in the
regular course of business.
But there was another chapter which
was forgotten or unknown to Clark, but
which came into the story and gave it
finishing touches and that was the in
exorable laws of financial tides, and the
system pursued by the mother bank at
Philadelphia in dealing with it's branches
not emitting Nicholas Biddle, Presi-
dent of the mother bank-familiarly
known in the strategy of that notable
war as cold Nick" This important
consideration seems not to have been
fully studied nor comprehended by the
New York broker, nor the political field
marshals in Washington. From the
Revolution up to the days of which we
write, neither money nor fame were suf-
ficient to secure men in places of high
trust and responsibility. Integrity, ex-
perience, and brains were the essen
tials for such honors. 1t was certain,
therefore, that no second-rate man would
hold the vast power in the money world
and the complicated duties involved in
the presidency of bank with thirty
millions of capital, collecting and dis
bursting every dollar of the national rev.
enues, and with business credit that
had penetrated even to Hong Kong.
Nicholas Biddle was the happy individ-
ual upon whom this distinguished honor
fell, and right ably did he sustain his
place and reputation. SO, while Broker
Clark was mousing around New York,
slyly gathering in Savannah Branch
Bank notes, and boarding them, Mich
olas Biddle sat on his golden throne in
the bank parlor at Philadelphia,
Calm a summers morning.
We know what Broker Clark was
about, with his little "corners y in New
York. Now let us see what Nicholas
Biddle is about, i'll his parlor in Phila-
delphia.
The branches of the United States
Bank made weekly returns to the mother
bank, including the amounts of respect
i've branch notes received during the
week This kept cold Nick" always
informed of the general amount of notes
in circulation from each branch, as well
as bird's-eye view of the circulation
and business of the whole. Necessarily
these weekly returns were critically scan
ned and compared. An understanding
of this part of the business system pur-
sued by the principal bank will make
what follows clear, and incline us to feel
curious over the success of Mr.. Clark,
the broker, in his search for Savannah
Branch notes.
OF course, cold Nick" was constantly
on the alert for his cunning and powerful
foes. Like spider i'll the center of his
net, he watched sharply TO see where and
how it was threatened. Studying over the
usual weekly returns one day, he OBJ
served this, in the return from one
branch:
"We return you less than our average
of Savannah Branch notes"
This was not calculated to arrest any
special attention. But the next week two
branch returns said {:
"Our return, this week, shows less
than the average of Savannah Branch
notes"
1t may be supposed that Nicholas Bid
die turned his eyeglasses upon this
second warning with curious interest,
and when the next week-and the sue
ceeding weeks-and every week - the
steady, wholesale disappearance of Sa-
vannah Branch notes from circulation
was thus proved, we fancy we see the
Nicholas Biddle place the right digit aside
his nose, and thoughtfully ponder. No
one but himself knew of these signs of
storm coming from all quarters. Just
what it all meant, he could only guess,
but he hit the truth. So, keeping his
own counsel, he quietly shipped $780,
600 of specie to the Savannah Branch
with letter to the President-who was
directed to keep his eyes wide open, and
his mouth close shut. Meanwhile,
Broker Clark was gathering them in, :"
and chuckling over the success and
secrecy of his labors. What he did, he
meant should be thorough; and when he
started to squelch the Savannah Branch,
he intended to snuff it all out, sure; and
SO he made no undue haste, and took no
perilous risk, not he.
One fine, sunny day, at time of the
year unknown to this deponent-only all
sunny days are specially fine inSavannah
IA strange gentleman entered the quiet
office of the United States Branch Bank
in Savanna and inquired for the Presi-
dent,-an occurrence not unusual. Com
ing into the presence of the great man
of the bank, the stranger introduced
himself as Mr.. Clark, of New York"
Mr.. President courteously clasped the
hand of Mr.. Clark, who reciprocated.