New-York tribune., 1919-12-21

! -'e'' ~ - ~ = 1it Nittlt- III o. sit
organized the Bank of New York.
Ihis bank received its charter in
1892 For fifteen years this bank
and the New York branch of the
first Bank of the United States, also
established through the efforts of
Hamilton, were the only ones doing
business in the city or state of New
York; fact which aroused the
jealousy and animosiSy of Burr and
his adherents.
Hamilton-a great statesman as
we'll as the nations foremost fnan-
clai genlus-was quick to see the
Importance of allying the moneyed
men of the nation with its banking
system, thereby pledging them to
stand or fall with the government,
and for years the Federalists, of
which Hamilton was one, maintained
their monopoly Of the banking facil-
ties of the city and state
Burr. shrewd, capable and ambi-
tious, was not content to permit
his hated rival to retain this ad-
vantage, and planned. with group
Of his followers, TO establish a rival
bank in this city.
His opportunity came when in
1898 the city Of New York suffered
from severe yellow fever epidemic
which was attributed to an made
quate and inferior water supply.
Upon the assembling of the state
Legislature in 1899 the association
Of individuals brought together by
Burr applied for a charter for the
purpose of supplying the city of
New York with pure and wholesome
water and their request was
granted.
The company soon supplemented
its water distributing activities by
establishing a banking business un-
der the terms of the clause permit
ting it 10 employ all surplus capital
IN moneyed transactions not incon-
si5tent' with the laws, and sue
ceeded in holding on to this right in
spite Of the charge of trickcry and
deception brought against 1t By
Hamilton ana his friends.
This coup, It may be supposed, did
not improve the relations between
the two rivals, and when Burr ran
for Governor of New York in 1903
Hamilton worked vigorously to de
feat him. and Burr always blamed
him for being chiefly responsible for
the election Of Judge Morgan Lewis,
the opposing candidate.
The immediate cause of the duel
was the letter written by Charles
D. Cooper 10 Philip Schuyler. on
April D. 1904, in which he referred
to certain criticisms of Burr said to
have been made by Hamilton.
Hamilton, Cooper wrote. considered
Burr "a dangerous man who ought
not to be trusted with the reins Of
government. and had also made
other comments which. Cooper add
ed. constituted "still more des-
picable opinion" which the writer
did not at that time think il ncccs-
sary to quote.
Burr called upon Hamilton for an
explanation or rctraction Of these
criticisms and, thc latter refusing,
Burr finally challenged him to the
duel which took place on July II
at : o'clock in the morning. Hamil-
tons second was Nathaniel Pendle
ton and Burr's William P. Van
Ness.
Pendleton always contended that
Hamilton did not FIRE at his oppo-
nent. but Burr took careful aim and
his first shot entered Hamilton's
side. inAicting a wound which ended
in his death on the next day.
This was ll5 years ago and
proved almost as disastrous for
Burr as it had fer Hamilton, as he
became a fugitive from justice on
a charge of murder and ultimately
died penniless. Hamilton lies
buried ia Trinity Cnurchyard at
the head Of the street in which is
the bank he founded.
But the rival banks established
by the two men remained in exist
ence and in 1882 they united in the
construction Of new building on
the present site. afterward putting
up the structure which houses them
to-day. For years all that separated
the two institutions was a low
marble wall surmounted by a parti-
ton Of glass.
Now even this barrier is to be-
removed and the merged institu-
tons are TO enter upon new
career under single president.