National Republican. (Washington City (D.C.)) 1872-1888, 1879-03-11

tho bill establishing tho second national bank.
Even General jackson, the uucompromised
enemy of paper money, while Governor Of
Florida, petitioncd the powers at the seat Of
Government to establish branch of the ma
tional bank In that Territory.
In 1924 Mr.. Van Buren, sent ms toast to a
Fourth of July celebration at fredericksburg
the following; Unqualified and uncompromis-
ing opposition to the Bank of the United States
tho interest and honor of the people demand
it," Yet IL is q wcll-known fact that, in 1926,
Martin Van Buren,, w. L. Massey, Charles Il.
Dudley, and others residing in Albany signed
petition asking that branch Of tho United
States Bank might be located at Albany, and,
furthermore, Mr. Van Buren, addressed letter
to Nicholas Biddle warmly recommending the
measure! Mr.. Van Buren, also used his in
iuenco for the chartering of tho Bank of Hud-
son. The application was successful, and in
due time he became q director and prosecuting
attorney for tho institution. A few years af-
terward tho Legislature of New York appointed
a committee to inquire into the affairs of said
bank, which reported that its management
disclosed o sccne Of wild speculation ruinous
and improvident management on the part of
its officers, by which the stock holders lost their
stock, tho bill-holders their bills, which went
down to five cents on the dollar then to
nothing Such was Democratic consistency
and honesty in Van Burcn's time; and to-day
tho samo party is just ms honest and consistent
as II was then
One Of the most barefaced pieces Of politi-
cal duplicity and inconsistency that can be
found In the history Of American politics will
be found in Stephen Aliens letter to Jesse Hoyt,
former collector of New York, proposing plan
to pay of the debt then existing against Tam
many Hall, the great headquarters of the New
York Democracy and the Lying place to pro-
claim Democratic principles. and against the
national bank, State banks, and paper money
in particular. Mr.. Allen, in this letter, said:
! was ono OF the committee who purchased the
ground, made tho contracts for building. and raised
the money TO pay for it, The whole establishment
cost about S55,O00 all of which sum was subscribed
by individuals of the party except $4,000, and for
which (thc last sum- tho premises arc now under
mortgage
| A thought has therefore occurred to me- whether
the extinction Of this debt mny not be effected by
| Tammany Bank" There cannot be more favor
able period than the present for such MI appli-
cation. Tho large majority We have in the Legis-
laturc and the good feeling cvinced by the country
toward us, consequent on the large vote given by
the city to the Democratic candidates, presume
would carry the bill through trumphanty.
| The following plan of u bank, think, would ef-
feet the object Tho capt. to be $500 900 ateast the
Society OF rammanY to be privileged to subscribe
for 100000 of the stock the bank to be author
lied to loan the amount their bond at all inter
| est of per cent per onnun the loan TO be for
three or four years IL the bank divides per cent
oil Its stock the society will receive $1,000 annually
over and above the interest on the loan, which In
three years would amount to 5000. III the mean.
time the stock would advance In value, and ifsold
at the end of three four years. would probably be
worth 10 per cent. above par. netting clear gain
of $4,000, BY which operation the society would he
put in possession of Sl90J n fund more than sufh-
cont to clear A the incumbrance.
My opinion, you no doubt know, is in opposition
to an increase of these banking monopolics i'll the
city but the Legislature will make them; and
therefore If we must have them there cannot be q
more Legitimate object to be effected both In a
party point of view as well as the charitable at
tributes of the society, than the one alluded to.
| wish 1t distinctly understood that cannot serve
in any of the offices created by such an institution
| am, with due respect your obedcnt servant.
STEPHEN ALLEN.
ALBANY Nov. 2s, 1882.
"As the old cock crows the young ones
learn" it Is not surprising that the ofisprings
OF such leaders can in one short year change
from hard money to soft, aud the next yeal
from soft to hard if votes and political power
can be gained even at the cost of honor ant
consistency. DAVID CROCKETT.