Show BANK MERGER IN EAST ENDS HISTORIC FIGHT Contest Between Hamilton and Burr Recalled b by r Financial Deal New York Jan 31 Recollections Recollections of or orthe the tho political feud which resulted in the duel between Alexander Hamilton and Aaron Burr at Weehawken N N. N J. J in 1804 1801 have hao been boon revived hero by tho the merger of ot tho the Manhattan company and the Merchants' Merchants National bank two of the oldest financial Institutions in Now York For moro more than years tho two es establishments establishments es- es have dwelt olt aide side by side at ot 40 and 42 Wall All street They united d dIn In 1382 1882 In the construction of at the tho new building which they have occupied Jointly over ever since In tho the union of or these once rival institutions tho the metropolis loses probably the ho last tangible trace of tho most famous of ot e early rl American I antagonisms Although tho the banks themselves have havo long since burl burled buried d tho the hatchet thorn there was a 0 time when they were nel neighbors In name only when only when when tho thomen mere men eu suggestion of at their getting to together together to- to gether would havo hare been dismissed as unthinkable Burr waa was olo elected ted to tho the New Ne York lo legislature In 1791 1797 when tho state stalo and olty city were controlled by Hamilton as ns the leader lender of or the tho Federalists Hamilton had helped to establish in Now New York a 0 branch of or tho the Bank Dank of the tha United d States This was then the only banking banking bank bank- ing institution In New York City Tho The bank was controlled so 80 tho Republicans Republic Republic- ans ana led by Burr ButT alleged by tho the Federalists Fed Fed- Federalists who were charged with using rising their financial powers for tor the furtherance furtherance further further- ance of ot the tho Federalist cause Barr Durr Attacks Attack flanking Banking Ring fling Tho The political ambitions of or the tho little Intriguer at ot Alban Albany caused him to de desIre desire do- do sire the break through tho the bank banking InK ring which barred all 11 antl Federalist banks from row Now York and his hla opportunity opportunity camo in 1799 In that year ho Introduced In the tho legislature a 0 bill which authorized the granting of or a n. charter chartor to a a. company to be bo formed os ostensibly os- os for tor tho the purpose of ot Improving the water supply of New York Cay Tho The elL city then with a Q population or of I had Just p passed lIed through a n. severe epidemic epidemic epi epi- demic domie and Burrs Burr's project quickly ly mot met with popular approval al Th Ch rhe real reat object objector of or the Manhattan company was to supply sup sup- ply py Republicans with the sinews of war Republican merchants It was said sald discriminated against b by tho the Federalist Fed Fed- bank whereas their Federalist competitors wore were freely accommodated when they sought Bought funds to carry carryon on their business Tho adroitness s which Burr employed to obtain a charter was emphasized by tho the fact tact that tho Federalists Fed Fed- had a n. majority In iii the legisla legisla- ture Hence tho the omission of tho word bl bank lt from tho Manhattan company Tho The petition for the tho proposed propose water waterworks waterworks waterworks works company compan stated that as it was not known how much capital would bo be required the projectors did n not t wish to risk failure by a 3 deficiency of ot capital and therefore asked authority to raise I Inserted in the charter was wasa a a. provision pro of Burrs Burr's that tho the surplus capital l ma may be employed ed In any way 1 I not Inconsistent with tho the Constitution I of the tho United States or of ot tho the State of or New York I Intriguer Wins Win In nut But Lose LONe Tho The Senate and House passed the tho bill expeditiously few tow members even talIn talc tak In lag ing the time to road read It It and Dl nono none ex except ex- ex copt those who wore were ero in the tho secret suspecting sus sus- suspecting its real rell pur purpose ose Burrs Burr's manipulation manip manip- of ot this affair won him the tho favor fa tn- tn vor of or a few tew Republican leaders but cost him his former Carmer prestige prestle the tho people at at that time having a chronic prejudice prejudice dice against banks pour Four years later lator however Hamilton unwilling to yield the tho slightest degree to his opponent or or- or I tho the Merchants Merchants' National which opened for business next door to the tho Burr Institution Tho The Manhattan company's compans actual achievement In tho the waterworks field consisted of or tho sinking of ot a n well 25 foot feet in diameter In what Is now downtown downtown down down- town Now ow York The water was pumped to a nearby reservoir and thence distrIbuted distributed distributed dis dis- through wooden pipes to a few tew consumers Tho The dams and othor other projects projects projects pro pro- provided for or in tho the charter were never nevor constructed Occasionally excavators in lower Manhattan have dug up I II pieces of or out hollowed-out logs mementos i I o of a generation long past I |