s Fish; but, in spite of Tammany, he was able to
go to Albany, and to begin work upon a scheme which, until then, had
been only a dream. It was to be a gigantic struggle. Lewis and the
Livingstons opposed him, Tammany detested him, Tompkins was jealous of
him, Spencer deserted him; but he had shown he knew how to wait; and
when waiting was over, he showed he knew how to act.

CHAPTER XVII

BANKS AND BRIBERY

1791-1812

During the early years of the last century, efforts to incorporate
banks in New York were characterised by such an utter disregard of
moral methods, that the period was long remembered as a black spot in
the history of the State. Under the lead of Hamilton, Congress
incorporated the United States Bank in 1791; and, inspired by his
broad financial views, the Legislature chartered the Bank of New York
in the same year, the Bank of Albany in 1792, and the Bank of
Columbia, located at Hudson, in 1793. These institutions soon fell
under the management of Federalists, who believed in banks and were
ready to aid in their establishment, so long as they remained under
Federalist control.

Republicans, on the other hand, disbelieved in banks. They opposed the
United States Bank; and by George Clinton's casting vote defeated an
extension of its charter, which expired by limitation on March 4,
1811. To them a bank was a combination of the rich against the poor, a
moneyed corporation whose power was a menace to free institutions, and
whose secret machinations were to be dreaded. At the same time,
Republican leaders recognised the political necessity of having
Republican banks to offset the influence of Federalist banks, and in
order to overcome the deep seated prejudice of their party and to
defeat the opposition of Federalists, inducements were offered and
means employed which unscrupulous men quickly turned into base and
shameless bribery.

In his partisan zeal Burr began the practice of deception. The
Republicans needed a bank. The only one in New York City was
controlled by the Federalists, who also controlled the Legislature,
and the necessities of the rising party, if not his own financial
needs, appealed to Burr's clever management. Under the cover of
chartering a company to supply pure water, and thus avoid a return of
the yellow fever which had so recently devastated the city, he asked
authority to charter the Manhattan Company, with a capital of two
million dollars, provided "the surplus cap