Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-12-28
BURR HAMILTON
DUEL CREW OUT Of
SEVERAL CAUSES
Bank Rivalry As Well As Po-
IitiCal AnimoSitieS Led to
the Encounter On the Field
of Honor.


New York. Dec. 27;-Reeolleetions
Of the political feud Which resulted in
the duel between Alexander Hamilton
and Aaron Burr at WeehaWken. n. j.,
in 1904 have been revived here by the
merger of the Manhattan company
and the Merchants National banks,
two of the oldest financial Institutions
in New York.
For more than 115 wears the two es-
at 40 and AZ Wall street and in 1852
they united in the construction of the
new building which thev have occu-
pied Jointly ever since. In the union
OF these once rival institutions the
metropolis loses probably the last
tangible trace of the most famous of
early American antagonisms. Although
the banks themselves have long since
"huried the Ratchet" there was
name only-when the mere suggestion
of their getting together would have
been dismissed as unthinkable.
Hamilton as Banker.
Purr was elected to the New York
legislature in 1897 when the state and
city were controlled by Hamilton as
the leader of the federalists. Hamilton
had helped to establish in New York
o branch of the Bank Of the United
States. This was then the only bank
ing institution in New York City. The
institution was controlled. so the re-
ruhlcans lead by Burr alleged by the
federalists who were charged with
using their financial powers for the
furtherance. OF, the federalist cause.
The political ambitions of the lit
tie intriguer" at Albany caused him to
desire TO break through the banking
ring which barred all anti-federalist
hanks from New York and his opDor-
tunitv came in 1899. In that year he
introduced a bill in the legislature
which authorized the granting of a
charter to q company WHICH was os-
tensiblv to be formed for the purnose
Of improving the water supply Of New
population of $4,000. had Just passed
through a severe epidemic and Burr S
project quickly met with popular aD-
proyal The real object of the Man
haitian company was to supply repub-
leans with the sineWs OF war,
Discrimination Alleged.
Republican merchants. it was said,
were discrimipated against by the
Federalist bark whereas their feder-
alist competitors were freely accom-
1nodated when they sought funds to
carry on their business. The aaroit-
ness which Burr employed to obtain
n charter was emphasized by the fact
that the federalists had q majority in
the legislature. Hence the commission
Of the word bank from the Manhat-
tan company.
The petition for the proposed
water works" company stated that
as II was not known now Inucn Cap
ital would be required, the projectors
did not want to risk failure by q de-
ficiencY of capital and. therefore, ask
ed authority to raise $2.000.000. In
serted in the charter was a provision
of Burr's that 'the surplus capital
NAV be employed in any way not in
consistent with the laws of the consti-
tuition of the United States or of the
state of New York"
Burr Manipulation.
VI. l. 4trr
bill expeditiously,9 few members even
except those who were in the secret
suspecting it's real purpose. Burrs
manipulation of this affair won him
the favor of few republican leaders
but cost him his former prestige. the
people at that time having a chronic
prejudice against banks. Four years
later however Hamilton, unwilling to
WELD the slightest degree to his OBJ
ponent organized the Merchants Ma
tional. which opened for business next
door to the Burr institution.
The Manhattan company'S actual
achievement in the water works field
consists of the sinking of a well %
feet in diameter in what is now down
town New York. The water was
pumped to a nearby reservoir and
thence distributed through wooden
pipes to a few consumers. The dams
and other projects provided in the
charter were never constructed. Ocea-
sionally excavators in lower Manhat-
tan have dug up pieces of followed
out logs, mementos of a generation
long past