One can hardly imagine Erastus Root serious in the expression of such a monstrous doctrine. His life had been pure and noble. He was a sincere lover of his country; a statesman of high purpose, and of the most commanding talents. No one ever accused him of any share in this financial corruption. Yet a more Machiavellian opinion could not have been uttered. On principle, Republican members of the Legislature opposed banks, and that principle was overcome by profits; in other words, members must be bought, or the charter would fail. That the stock did go above par is evident from Root's keen desire to get some of it. As an influential Republican, he was allowed to subscribe for fifty shares, but when he called for it the papers could not be found. The bank was not a bubble. It had been organised and its stock issued, but its hook had been so well baited that the legislators left nothing for outsiders. Subsequently the directors sent Root a certificate for eight shares, and John Lamb, an assemblyman from Root's home, gave up eight more; but the Delaware congressman, angry because deprived of his fifty shares, refused to accept any. "I had come prepared to take the fifty," he wrote, "and in a fit of more spunk than wisdom, I rejected the whole."[159] [Footnote 159: Jabez D. Hammond, _Political History of New York_, Vol. 1. Appendix, p. 582, Note S.] Two years after, in 1805, the Federalists desired to charter the Merchants' Bank of New York City. But the Legislature, largely Republican, was led by DeWitt Clinton, now at the zenith of his power, who resented its establishment because it must become a competitor of the Manhattan, an institution that furnished him fat dividends and large influence. Clinton had undoubtedly acquired a reputation for love of gain as well as of power, but he had never been charged, like John Taylor, with avarice. He spent with a lavish hand, he loaned liberally to friends, and he borrowed as if the day of payment was never to come; yet he had no disposition to help opponents of a bank that must cripple his control and diminish his profits. In this contest, too, he had the active support of Ambrose Spencer, who fought the proposed charter in the double capacity of a stockholder in the Manhattan and the State, and a member of the Council of Revision. Three banks, with five millions of capital and authority to issue notes and create debts for fifteen millions more, he argued, were enough for one city. He had something to say also about "an alarming decrease of specie," and "an influx of bills of credit," which "tended to further banish the precious metals from circulation."[160] [Footnote 160: Alfred B. Street, _New York Council of Revision_, p. 427.]