into politics and fought the
spread of democratic ideas with sordid but effective weapons. If a
merchant dared support what it denounced as heretical doctrines, the
bank at once black-listed him by rejecting his notes when he needed cash
most.

It was now that Aaron Burr, that adroit leader of the opposition party,
stepped in. Seconded or instigated by certain traders, he set out to get
one of those useful and invaluable bank charters for his backers. The
explanation of how he accomplished the act is thus given: Taking
advantage of the epidemic of yellow fever then desolating New York City,
he, with much preliminary of philanthropic motives, introduced a bill
for the apparent beneficent purpose of diminishing the future
possibility of the disease by incorporating a company, called the
Manhattan Company, to supply pure, wholesome water. Supposing that the
charter granted nothing more than this, the explanation goes on, the
Legislature passed the bill, and was most painfully surprised and
shocked when the fact came out that the measure had been so deftly
drawn, that it, in fact, granted an unlimited charter, conferring
banking powers on the company.[112]

This explanation is probably shallow and deficient. It is much more
likely that bribery was resorted to, considering the fact that the
granting of every successive bank charter was invariably accompanied by
bribery. Six years later the Mercantile Bank received a charter for a
thirteen years' period--a charter which, it was openly charged by
certain members of the Assembly, was secured by bribery. These charges
were substantially proved by the testimony before a legislative
investigating committee.[113] In 1811 the Mechanics' Bank was chartered
with a time limit under circumstances indicating bribery.

Indeed, so often was bribing done and so pronounced were charges of
corruption at frequent sessions of the Legislature, that in 1812, the
Assembly, in an heroic spasm of impressive virtue, passed a resolution
compelling each member to pledge himself that he had neither taken, nor
would take, "any reward or profit, direct or indirect, for any vote on
any measure."[114] This resolution was palpably intended to blind the
public; for, in that identical year, the Bank of America received a
charter amid charges of flagrant corruption. One Assemblyman declared
under oath that he had been offered the sum of $500, "besides, a
handsome present for his vote."[115] All of the banks,