There was one man who took advantage of the small-pox scare to his own
profit. This was Aaron Burr. You will remember him as a boy fighting
by the side of Montgomery in Canada. He was now a lawyer known for his
great skill the country over; a man of education and deep learning.
He was the leader of a political party, a party which contended with,
fought with, disagreed with at every turn the party of which Alexander
Hamilton was one of the chief leaders.
Now there were two banks in the city, both of which were under the
control of the party to which Alexander Hamilton belonged. Aaron Burr
determined that his party should have a bank, too. The citizens were
prejudiced against banks, and did not want a new one. But Burr
determined to establish one, and set about it in a most peculiar way.
All at once the report got about that the small-pox had been caused by
the well-water. This was about all there was to drink in the city,
except that which came from a few springs and was said to be very impure
indeed. So Aaron Burr and his friends secured a charter for a company
that was to supply clear, pure water. This pleased the citizens very
much. But there was a clause in the charter to the effect that as all
the money might not be needed for the bringing of water into the city,
that which remained could be used for _any_ purpose the company saw fit.
Only those in the secret understood that the money was to be used to
start a bank. So the company dug deep wells not far from the Collect
Pond, and pumped water from them into a reservoir which was built close
by the Common on Chambers Street, and then sent it through the city by
means of curious wooden pipes. This water was really just as impure as
that which had before been taken from the wells, and it was not long
before the new water-works were known to be a failure. Then the company
gave all their attention to the bank, which had in the meanwhile been
started.
[Illustration: Reservoir of Manhattan Water-Works in Chambers Street.]
This company of Aaron Burr's was called the Manhattan Company, and their
Manhattan Bank has been kept going ever since and is still in existence
in a fine large building in Wall Street.
So you see Aaron Burr this time got the better of Alexander Hamilton and
his friends.
If you turn the page you will read more of Hamilton and Burr.
CHAPTER XXXIV
MORE about HAMILTON and BURR
The dawn of the nineteenth century saw 60,000 people in the city of New
York and the town extending a mile up the island. Above the city were
farms and orchards and the country homes of the wealthy. Where Broadway
ended there was a patch of country called Lispenard's Meadow, and about
this time a canal was cut through it from the Collect Pond to the
Hudson River. This was the canal which long years afterward was filled
in and gave its name to Canal Street.
[Illustration: The Collect Pond.]
Public-domain text, read in full here on John Shaqi.
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