Memoirs of John Adams Dix; comp. by his son, Morgan Dix.

1830-1842.] INORDINATE SPECULATION DEPRECATED. 147

the interest on loans for that purpose. To these and similar
subjects General Dix alludes in a letter addressed to the VicePresident. The letter runs thus:
"Albany, June 4, 1836.
" MY DEAR SIR,-It was my intention to have written to you long ago;
but, to tell the truth, I had none but unpleasant topics, and I supposed
Washington would furnish vexation enough to try your equanimity
without superadding our own. We had, as you may imagine, a most
disagreeable winter; and although, as I said in a letter to Mr. Wright
early in the session of the Legislature, I had more apprehension on the
subject of internal improvements than banks, the friends of both continued so to mix them up together that we have added near six millions of
dollars to cur bank capital, and provided for increasing our public debt
about seven millions. The legislation of the whole winter has been a
matter of bargain and sale; and if we cannot get a different class of
men into the Legislature, the sooner we go into a minority the better.
We have been betrayed by the inordinate spirit of speculation which
is abroad. It has taken possession of too many of our own political
friends; and it is not to be disguised that their conduct is more under
the regulation of pecuniary considerations than motives of a higher origin and character. Our electoral ticket will save us next fall; but, unless our selections for the Legislature are more judicious than they were
last year, another session will wind up our concerns for a short time, at
least. I should lament such a change; but I consider it infinitely preferable to the state of things which we have had this winter. We must
have less strength or more virtue, if we would administer the affairs of
the State either for our own honor or the public good. The indications
of a wholesome purification of our legislative halls are favorable. Only
two papers in the State assail Colonl Young and Mr. Van Schaick: not
one undertakes to defend Kemble and Bishop,* except the Troy Budget,
whichl is edited by the former. If the people will look to their candidates for office this fall, we may do something next winter to retrieve
our reputation; but much mischief has been done which cannot be re* Messrs. Kemble and Bishop were charged before the Senate with
fraudulent speculations in stocks, and with complicity in the transactions
of a defaulting cashier. Kemble resigned his seat before the question was acted on. Bishop was found guilty of moral and official misconduct, yet there was a majority against his expulsion. Upon this
Colonel Young and Mr. Van Schaick resigned, saying that they would
not belong to a body which recognized as members men whom, by
their official vote, they had found guilty of flagrant misdoings.