A notable whig, and a friend of the banks, who thought nothing so good as bank notes, so long as their circulation yielded him interest, is reputed to have borrowed all he could, and then to have drawn the specie, which he hid away in his cellar, and stood sentry at the door himself. Some supposed that he was alarmed for the safety of his property, but more are of opinion, that his object was, to assist in breaking the banks, and then pay his debts in their notes at a large discount.
But I should trespass too largely on time and paper, to give one in a thousand of the instances which may be cited, and I will therefore illustrate the truth, by relating a few of the exploits of a notable individual.
A CASE IN MORALS.
Mr. S. was a merchant of wealth and large business. Mr. A. his debtor, was erroneously reputed to have failed, and being angry and grieved withal by the slander, he went to his friend S. for advice and consolation, and told him that so far from having failed, with a very little sacrifice, he could pay all his debts on demand. Mr. S. always governed by that cunning, which supreme selfishness and want of principle dictate, advised his debtor to make the sacrifice, and advertise for his notes, to be brought in for payment, as a means of substantiating his credit beyond all doubt in future. His advice was followed, and it so happened that Mr. S.’s was the first note sent in; and report says, moreover, that having enquired of A., to whom he was indebted, he went to the persons before the advertisement appeared, and bought A.’s notes at a large discount, and sent them in also.
This same gentleman had many customers in his business, and of course many debtors. Their notes were always lodged in the bank for collection, and when some of his customers came to him for partial aid, to help take them up, his reply was, that he had no money to lend; but, said he, “you can get the money for my note, and I will lend you that for the ordinary commission of 2½ per cent., if you will secure me for it.” The security was willingly given, and the customer was told, if the bank don’t discount the notes, the brokers will; and as soon as the customer was gone, instructions were sent to the brokers, “if such a note appears, buy it for me at double rate of interest.” He usually got possession of his notes again in this way, for be it known that he was a director in the bank, and to add to the virtue of his liberality, the money which should have been lent to his customers in the first place, was lent to himself, with these views and for these purposes.
I know not under what class of morals you will place this kind of sagacity, but in Wall-street it is denominated “shrewdness,” and adds greatly to one’s respectability and consequence.
CHARACTER IN, AND OUT, OF WALL-ST.
But that you may not be deceived in your judgment, I will go farther and say, that what makes a character in Wall-street, does not make one out of it. Here the standard is money, but elsewhere, it requires some other ingredients to arrive at any level much above the lowest; and a man destitute of education, intellect, genius, principle, morals and religion, (though last here, yet not least,) can hardly arrive at a condition of respectability, much beyond his own conceit of himself.
MONEY, KNOWLEDGE AND HONESTY.
I never knew such a man as Mr. S., who was not deficient of education in every thing, except how to get money. The sum of his knowledge is limited to the first rule of arithmetic—addition; and although his wealth and credit may enable him to enlarge the sphere of his observation, still, it is all brought to the same practical use, addition.