In 1829 the indignation against the Tammany leaders crystallized in a “purifying” movement. Under the direction of its banker, merchant and lawyer leaders, Tammany Hall had been made a medium for either coercing or bribing the Legislature or the Common Council into passing dozens of bank charters and franchises with scarcely any provision for compensation to either State or city.[1] In 1819 the Tammany Society, in one of its pompous addresses, had recited the speculative spirit and consequent distress brought about by the multiplication of incorporated banks, and suggested that the Legislature adopt a prompt and decisive remedy tending to the abolition of those institutions. This sounded well; but at that very time, as before and after, the Sachems were lobbying at Albany for charters of banks of which they became presidents or directors. By one means or another these banks yielded fortunes to their owners; but the currency issued by them almost invariably depreciated. The laboring classes on whom this bad private money was imposed complained of suffering severely. Each year, besides, witnessed an increase in the number of chartered monopolies, armed with formidable powers for long periods, or practically in perpetuity.[2] To the first gas company, in May, 1823, the Common Council had granted the exclusive right to light all the streets south of Grand street for thirty years, without returns of any kind to the city.[3] At the rate at which the city was expanding, this was a concession of immense value, and formed one of the subjects of complaint in 1829. While laws were instituted to create a money aristocracy, the old debt and other laws bearing on the working classes were not changed. No attempt was made to improve a condition which allowed a dishonest contractor to put up a building or a series of buildings, collect his money and then swindle his laborers out of their wages. The local administration, moreover, continued corrupt. It was freely charged at this time that $250,000 of city money was being stolen outright every year. The city charter drafted and adopted in 1829-30 contained provisions which, it was thought, might remedy matters. It created two bodies of the Common Council--the Aldermen and Assistant Aldermen--and gave each a negative upon the propositions of the other, vesting a supreme veto power in the Mayor. It again separated the election of the Common Council from the general election. It abolished secret contracts and compelled all resolutions involving appropriations of public money or placing taxes or assessments to be advertised, and included other precautionary measures against corruption. But it opposed the public wish in still vesting the appointment of the Mayor in the Common Council.