The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1919-12-28
HAM|LT0N-BURR
FEUD RECALLED
Famous Banks Merge
After 1l5 Years
of Activity.
USED SAME BUILDING


NEW YORK. Dec. 27.--Rcco'lec-
tlons Of tho political foud which 70.
quilted In the duel between AlcNlu.
der Hamilton uFd Aaron Bur- t'
" crhaW Ken. \. j., iu 1904, haze
been revived here by the merger a..
the MtuhI uu company ana lN,
Merchants National bank, two ui
thv oldest financial institutions 40
New ! uIk.
For moro than ia years tho two
establishments have dwou H,do 10y
side al 40 and AZ wall street ana boo
1882 they united in tho coustruciIuh
OF the new building which lnry have
occupied Jointly ever H.uco. In ia"
union OF these once rival luslliulous
tho metropolis loses probably tno
most tangible trace uf the most ia
nous OF early American autlEonr
ism4 Although tho bank, lhon-
selves have long since "hur.cd the
hatchrL' there was tim" when
they were nriguhorS IN name only
when the nero suggestion u th"ir
getting together would have been
dismisscl ns unthiuklble.
Burr was elected to the New York
legislature In 1897 when the state
and city were controlled by lIamil-
Hamilton had helped to establish IN
New York branch OF the bank OF
the United States This was then
the only banking institution In New
York city. The Institution was con
trolied 80 the republicans led by
Burr alleged, by the frderalists who
were charged with using their Il
nanClnl powers Tor tho furtheranCc
OF the fedornlist cause,
The political ambitions OF the ''lit-
tic intriguer" at Albany caused him
to desire 10 break through the
banking ring which barred all anti
federalist banks from New York and
his opportunity came In 1893. In
that year he introduced n bill In tho
legislature which authorized tho
granting OF charter to y company
which was ostonsibly to be formed
for the purpose OF improving tho
water supply Of New York city Tho
city, then with a population of so,
900, had Just passed through "A severe
epidemic and Burr's project quickly
met with popular approval The
real object OF tho Manhattan com
pany was to supply republicans with
the sinews OF war
Republican merchants, II was said
were Disseminated against by the
AIlst competitors were freely accom-
mbdated when they sought funds
TO carry on their business. The
adroitness which Burr employed to
obtain charter was emphasized by
the fact that the fcderalists had n
majority In the legislature. Hence
the omission of the word bank from
the Manhattan company
The petition for the proposed
"waterworks" company stated that
as It was not known how much cap
itsl would be required. the prnJec-
tors did not want to risk failure 10y
"A deficiency OF capital and therefore,
asked authority to raise $4,000 900 |
vision of nurr's that the surplus T.
capital may be employed In any way /
not inconsistent with the laws of The (
OF the United States or /
or the state Of New York
The senate and house passed the |
bill expcd tiously few members even |
taking the time to read It. and none /
except those who were In the secret |
its real purpose. burr s |
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. |
10 yield the slightest de-
gree to his opponent, organized 'he !
Merchants NATIONAL which opened ,
for business next door to the Burr |
institution,
The Manhattan Compauy's actual |
a achievement I'm the watcrworks
field consisted or the sinking Of a
well 25 feet I'm diameter In what is
now downtown New York Tho wa
Ter was pumped to "A near hy res
rrvoir and thence distributed through .
wooden pipes 20 few consumers
rhe dam aud other projects pro-
vidcd I'm the charter were uoNrr
Occasionally cNCaVi-
ors I'm lower Manhattan have dug
up pieces uf followed out logs,
of a generation long past