The Dawson news. (Dawson, Ga.) 1889-current, 1920-01-20
A FAMOUS POLITICAL
FEUD IS RECALLED
MERGER OF BANKS REEVES
STORY OF FIGHT. OLD TIME
FOES ARE UNITED.

NEW YORK, N. Y.-Recollections
of the political feud which resulted
| in the duel between Alexander Ham,
ilton and Aaron Burr, at Weehawken,
N. j., in 1904 have been revived here
| by the merger of the Manhattan COM
pany and the Merchants National
banks, two of the oldest financial in
situations in New York.
For more than 115 years the two
establishments have dwelt side by
side at 40 and AZ Wall street, and
in 1882 they united in the construc-
ton of the new building which they
have occupied jointly ever since. In
| the union of these once rival lnstltu-
lions the metropolis loses probably
the last tangible trace of the most ia
nous of early American antagonisms.
Although the banks themselves have
long since buried the Ratchet" there
was time when they were neighbors
in name only-when the mere sug-
gestion of their getting together
would have been dismissed as I'M
thinkable.
Burr was elected to the New York
legislature in 1897 when the state
and city were controlled by Hamilton
as the leader of the federalists. Ham
ilton had helped to establish in New
York branch of the Bank of the
United States. This was then the on
H.. w. hail" ', institution in New York
city. The institution was controllea'
so the republicans LED by Burr al
legged, by the federalists, who were
charged with using their financial
powers for the furtherance of the
federalist cause.
The political ambitions of the mt
tie intriguer" at Albany caused him
to desire to break through the bank
ing ring which barred all anti-feder-
alist banks from New York, and his
opportunity came in 1899. In that
wear he introduced bill in the legis-
lature which authorized the grant
ing of charter to a company when
was ostensibly to be formed Tor the
purpose Of improving the water sup
plv of New York city. The city. then
with a population of $4,000, had just
passed through severe epidemic and
Burr's project quickly met with pop
ular approval. The real object OF the
Manhattan company was to supply re-
publicans with the sinews OF war.
Republican merchants, it was SAID,
were Disseminated against by the
federalist bank, whereas their feder-
alist competitors were freely accom-
modated when they sought funds to
carry on their business. The adrolt-
ness which Burr employed to obtain
charter was emphasized by the fact
that the federalists had majority
in the legislature.
The petition for the proposed IVA.
ter works" company stated that, as II
was not known how much capita
would be required, the projectors die
not want to risk failure by a def
cheney of capital, and, therefore, ask
ed authority to raise $2,0OO,OOO. In
serted in the charter was provision
of Burr's that 1.-The surplus capita
may be employed in any way not IN
consistent with the laws or the constl
tuition of the United States or of the
state of New York"
The senate and house passed the
bill expeditiously, few members ever
taking the time to read it, and none
except those who we're in the secre'
suspecting its real purpose. Burr'S
manipulation of this affair won hin
the favor of few republican leaders
but cost him his former prestige, the
people at that time having chronic
prejudice against banks. Four years
later, however, Hamilton, unwilling
to yield the slightest degree to his
Opponent, organized the Merchants
National, which opened for business
next door to Burr's institution.
The Manhattan company's actua
achievement in the water works flelo
was the sinking of a we'll 25 feet IN
diameter in what is now downtown
New York. The water was pumped to
a nearby reservoir and thence dis
tributed through wooden pipes to
few consumers, The dams and other
projects provided in the charter were
never constructed.