Made wiser by defeat, the organization leaders realized the importance of the Equal Rights movement, and caused, as a sop, the passage, in February, 1837, of the bill repealing the Restraining act. The Common Council likewise modified the Pawnbrokers’ act by cutting down the interest to a more reasonable percentage.[27]
Their providence stopped at this point, however,[28] and during the panic Winter following neither Legislature nor Common Council did anything to alleviate the miseries of the poor. On the contrary, the poor complained that the tendency more and more was to use the power of the law to make the rich richer. While the suffering was greatest, Alderman Aaron Clark, a Whig, who had made his fortune from lotteries, proposed that the city spend several millions of dollars to surround its water front with a line of still-water ponds for shipping purposes, his justification for this expenditure being that the North River piers would “raise the price of every lot 25 × 100 feet west of Broadway $5,000 at a jump.”[29] “Millions to benefit landowners and shippers, but not a dollar for the unemployed hungry!” exclaimed the Anti-Monopolists. Alderman Bruen, another Whig, at a time when the fall in the value of real estate in New York City alone exceeded $50,000,000, suggested the underwriting by the city to the speculators for the sum of $5,000,000, to take in pledge the lands they had bought and to give them the bonds of the city for two-thirds their value. To the Equal Rights men there was not much difference between the Tammany Hall and the Whig leaders. Both, it was plain, sweated the people for their own private interests, although the Whigs, inheriting the Federalist idea that property was the sole test of merit, did not flaunt their undying concern for the laborer so persistently as did the Wigwam.
The city in 1837 was filled with the homeless and unemployed. Rent was high, and provisions were dear. Cattle speculators had possession of nearly all the stock, and a barrel of flour cost $12. On February 12 a crowd met in the City Hall Park, after which over 200 of them sped to the flour warehouse of Eli Hart & Co., on Washington street. This firm and that of S. B. Herrick & Son, it was known, held a monopoly in the scarce supply of flour and wheat. The doors of Hart’s place were battered down, and nearly 500 barrels of flour and 1,000 bushels of wheat were taken out and strewed in the street. Herrick’s place likewise was mobbed.[30] On May 10, when the banks suspended specie payments, a vast and excited crowd gathered in Wall Street, and a riot was narrowly averted.[31]