A Political History of the State of New York, Volumes 1-3Alexander, De Alva Stanwood
History
A Political History of the State of New York, Volumes 1-3
Alexander, De Alva Stanwood
New York (State) -- Politics and government
Governor Lewis would have been wiser had he joined Clinton and Spencer
in their opposition. But Lewis would not play second fiddle in any
game with Clinton, and so when he discovered that Clinton opposed the
bank, he yielded party principle to personal prejudice and favoured
it. With this powerful recruit the managers still lacked a majority,
and, to influence others, Ebenezer Purdy, a Republican senator,
employed his gifts in offering his legislative associates large
rewards and rich benefits. As a statesman, Purdy seems to have been
without any guiding principle, or any principle at all. He toiled and
pushed and climbed, until he had landed in the Senate; then he pulled
and bargained and promised until he became a member of the Council of
Appointment, and, later, chairman of the legislative caucus that
nominated Chancellor Lansing for governor; but not until the
Merchants' Bank wanted a charter did Purdy find an opportunity to
develop those aldermanic qualifications which distinguish him in
history. He was getting on very well until he had the misfortune to
confide his secret to Stephen Thorn, a senator from the eastern
district, and Obadiah German, the well-known assemblyman from
Chenango, whose views were not as liberal as Erastus Root's. "No one
would hesitate, from motives of delicacy, to offer a member shares in
a bank," said Root. This was Purdy's view also; but Thorn and German
thought such an offer had the "semblance of a corrupt influence," and
they made affidavits that Purdy had attempted to corrupt their votes.
According to these affidavits the Senator promised German fifty shares
of stock, with a profit of twenty dollars a share, and Thorn thirty
shares, with a profit of twenty-five dollars a share. Similar
affidavits were made by other members.
Erastus Root took exception to such transactions. "The Merchants' Bank
in 1805," he says, "had powerful opposition to encounter, and, of
course, made use of powerful means to accomplish the object. Then the
shares and the assurance became down-right corruption."[161] But it is
not easy to observe the difference between the methods of the State
Bank managers, which Root affirms "had not the least semblance of a
corrupt influence," and those of the Merchants' Bank, which he
pronounces "down-right corruption," except that the one was open
bribery and the other secret bribery. In either case, votes were
obtained by the promise of profits. It is likely the methods of the
Merchants' would have escaped notice, as did those of the State Bank,
had not Clinton, determined to beat it, complained of Purdy's bribery.
The latter resigned to escape expulsion, but the bank received its
charter. This aroused the public conscience, and in the following
winter the Legislature provided suitable punishment for the crime of
bribery.
[Footnote 161: Jabez D. Hammond, _Political History of New York_, Vol.
2. Appendix, p. 582.]
Public-domain text, read in full here on John Shaqi.
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