Star.
London, England, 1825-12-15 00:00:00

.
I

NIP

twe not perfectly opulent. That might tfe the • case ;
but when a storm like the present was raging, though
the rottettiuit might fall first, the ripe would follow'.
Bat it was impossible for any one acquainted with the
general character of the Bankers of London not to be
convinced that nineteen-twentieths of them were sol-
vent, and as much deserving of public and individual
confiscate as any Gentleman present—(Applause).—
There was no city in Europe in which the banking
system* was founded ss much on real property as in
London. All, therefore, that was necessary at the
present ne.ment was, to inspire a feeling of confi-
dence; and ter this purpose something should be done
to meet the immediate necessity of the case, without
eefesence to general principles. He wished that there
should be no discussion about a recurrence to an un-
limited paper system—(" At")—or any other theory.but
that they should endeavour to app'y a special remedy
to a special grievance—(Near). The great and desir-
able object was, to create a feeling of c nfidence to-
wards persons who were deserving of it. Il any person
voild venture to state that there were grounds for a
want of confidence in the London Backers, that, to be
sure, would alter the view which he wished the Meeting
to take of the question. But if, as he maintained, it
was impossible to doubt their solvency, let their cus-
tomers shew that such was their opinion, by allowing
their cash to remain in their Bankers' hands. It was
the timid who, by making double provision for their
necessities, produced the present distresses. He, for his
part, had made no provision against his Banker. He
had kept his account late.y as it always stood ; and if
his Banker shnuld stop payment (of which he had not
the slightest apprehension), he should be less ashamed
to ice the balance due to him in his books, than to
have it said that he had distressed his Banker by sel-
fislitY hoarding his sovereigns—(Loud opplawse).—
Under present circumstances, individuals should con-
sider that they had an important public duty to per-
form, and that it did not become them to act under the
influence of mere noise and clamour. They should
shew by their declarations and their conduct, that
they considereJ the Bankers worthy of confidence.—
Such an example was even more necessary with respect
to country than London bankers. Country people sel-
dom reasoned about the probability of their banker stop-
ping payment ; the moment they got the idea into their
heads that it was to be, they never could get rid of it
until they brought about the event which they most
dreaded. When it was considered that there were
about eight hundred country banks, each drawing upon
ionic Bank in London, which, in its turn, drew upon
the Bank of England, it was almost impossible to say
what calamities might result from a panic, arising in
m ist instances from ignotance, but sometimes. he was
compelled to say, created by malevoie, ce—(tiear,he4r).
It was desirable, therefore, that some declarat on should
proceed from the principal Merchants and Traders of
the city of L•ndon, who had been acquainted with the
characters and transactions of their Bankers for Yeats, to
-put a stop to the present panic—(Cried of Move")
The same thing might be done in the country, in the
banking districts. This con se had been pursued on
the occasion of the stopping of the house of Sir Wm.
Lifistd and Co. at Piymouth, and it had the effect of
calming the minds of the timid, and thereby prevent-
ing further disasters. He anticipated the most belie&
cial results fioni a declaration proceeding hone the
centre—the very heart, he might say—of the kingdom,
• expressing entire confidence in the banking establish-
ments, and stating that the pte:ent alarm arose from. a
mete chimera, and rested on no substantial foundation—
(" More") —tie M as not prepared with any proposition
to submit to the Meeting. but on account of the im•
portance t f the subject, and the expressed wish of the
Meeting, be would utieertake to franc a Rewluti .n for
their a, option—(uve.t Ape:ye).
After a short conversationbetween the Gentlemen near the
• Lord Mayor's chair, it was arranged that Mr. Baring, Mr. Irving,
and Mr. Witten, should retire and draw up some Resolutions.
Those Gentlemen accordingly left the room, and after a lapse of
about twenty minutes returned.
Mr. BAII/NO sai.o, that though the Resolutions which
lie had drawn up Mere very concise, yet he had found
it necessary to take some little time in drawing them
up, on account of the great importance of the subject
to which they telerred. He could not say that the Re-
solutions were framed exactly as they would have been
if he had mote time to deliberate upon them. The
Meeting would consider them as having been hastily
drawn up: and therefore, if there was anything either
in their substance, or in the form of expression, vihich
any person might consider objectionable, he had no
desire to prevent it from being altered, if the Meeting
should think fit. He begged leave, however, merely to
suggest, that •it Gentlemen did not object to the Reso-
lutions in substance, it would be as well not to express
any diffeteiae of opinion on minor points. He Mas
inssucedao make this observation only Isom a desire
that whatever the Meeting did should bear the appear-
ance of unanimity. If the necessity of the case had not
been so urgent, it might have been advisable to wait
until the Resolution's could be submitted to a larger
Alerting ; but at the present moth, nt, when Louses were
tumbling :swami them, it would be culpable to delay
for twenty-four hours. The 1-I on. Gentleman then moved
the folloe leg Resolutions
I. That the um recedented embarrassments and difficulties under
which the circulation of the country at present labours, are mainly
to be attributed to a general panic, for which there are no reason-
able grounds. That this Meetitighas the fullest confidence in the
means and substance of the Banking Establishments of the capi-
tal and of the country; and they believe, that the acting generally
upon that confidence would relieve all those symptoms of distress
which now skew themselves in a shape so alarming to the timid,
and so fatal to those who are forced to sacrifice their property to
meet sudden demands upon them, which it is no imputation upon
their judgment and prudence not to have expected.
I. That it having been stated to this Meeting that the Directors
of the Bank of England are occupied with the remedy for a state
of things so extraordinary, this Meeting will refrain **stony in-
terferente with the measures of the Directors of the Bank, who,
they !girl satisfied, will do their duty towards the public.
Resolved, 5. That having the firmest confidence in the stability
of the public credit of the country, we declare our determination
to support it to the utmost of our power.
These were the Resolutions which he had prepared. and he
thought that they contained no more than an expression of opinion
which was due to the general mais of Bankers.
Mr. Dixon begged leave to seggest, before the resolutions were
wernoledoltat it was of the utmost important* that they should go
before the public as won as ressibie.
Mr. lays ma agroJ with the lion. Gent. as to the neces-
sity of the result of their proceedings being laid before
the public eye with all possible dispatch. berising to se-
Grind the resolutions which had been proposed by his
Hon. Friend, he would trespass on the attention of the
Meeting for a very short time; for, after his Hon. Friend,
with all his knowledge and ability had discussed the
subject at so much length, it . would ill become
hith, pressed as they were for tins% to occupy any con-
• eiderakke portion of it. It must strike every other per-
sin as it did him, that in a country which exhibited
IL veery • symptom .of wealth and prosperity, a necessity

•-..:

'Oft•

I

should exist for such a Meeting as the present.
was impossible to attribute it to any other cause than
that pointed out by his Honourable Friend—nam ly,
a panic and unfounded alarm—(Hear, hear, hear)
There could be no doubt that the prosperity of the
country rem.sined unshaken —that the few fleeting
clouds which at present darkened the else brilliant
prospect, would •speedily pass away. That even the
best and most wealthy persons were suffering under the
present pre-sure, could not he denied. He trusted that
the proceedings of the present Meeting would have the
effect of allaying the alarm wh ch destroyed confi-
dence, the want of which alone was the cause of the
existing suffering. 44 My Honorable Friend said, that
solvent houses had fallen victims to the panic. That is,
unfortunately, too true. I have been engaged in
examining the affairs of the house of Sir Peter P.,le
and Co. the first which fell a victim to the panic, and
can state, as the result of my examination, teat after
paying every claim upon them, the house possesses a
surplus of 170 0001. besides the landed estates of Sir
Peter Pole, and 100,0001. elsewhere"—(Hear, hear).
It was impossible for him to say that the accounts laid
before him were correct ; but supposing them to be 0,
that which he had stated was their result. The.know-
ledge of this fact might have the effect of removing
the anxiety which the creditors of that house must at
present feel—(Hear). He would not now do more
than stare, that he cordially sec tided the resolutions,
and trusted that they would, in some measure, :die•
viate the difficulties of the commercial iateresr.

Mr. Alderman Wools, as one of the originators of
the Meeting, expressed his warm approbation of the
resolutions. He was convinced that it was oily neces•
sary for Gentlemen to allow their balances to remain in
their Bankers hands untouched, to restore immediate
confidence and security—( Applause).
The LORD Myron was about to propose the resolutions, when
Mr. PAMIR objected to the word "duty" in the second resolu-
tion. He did not, for his put, know what duty the Bank Direc-
tors bad to perform.
Mr. S. Duccur said, everybody knew that the Directors had a
duty to perform ; and blr. Parker not pressing his objection,
The LORD blaToll put the resolutions, which were carried una-
nimously.
Mr. Wu...on expressed Ids gratification at the passing of the re-
solutions, and his pride for having been instrumental to the measure.
Mr. Alderman ATKINS requested the attention of the
meeting to, a few observations. The house of It 'ben
Williams, which had been compelled to stop payment
in consequence of the extraordinAry run upon it, was,
he it tew, at the present moment capable of giving se-
curity to the extent of half a million—(Hear,
They would have been able to meet all dentin is; bad
they not been obliged to send 400,0004 to meet a run
upon an establishment elsewhere. Everybody who'
had the pleasure to be acquainted with Mr. Robes t
Williams knew him to be a most honourable man, and
there WAS none more deserving of credit—(Hear).
The Loan Mayon here observed, in reference to some
observations which had been made in the course of the
day on the number of persons attending the Meeting,
that it had been considered necessary to limit the• num-
' ber, as, in a more numerous assembly, considering. the
present agitated state of the public mind, it would have
been impossible to come to any deliberate result.
A Gentleman present then informed the Meeting,
that the house of Wentworth and Co, possessed assets
abundantly sufficient to satisfy all demands upon them
--(Loud applouse).—Besides that, the house had been
promised the greatest assistance, and it might be ex
petted in the course of a few days to resume its pay-1
menu—(Hear, hear).—Onet •ct I.e would state, which'
was highly creditable to ywfig Mr. Wentwr.rti . The
family estate was entailed ;. bist Mr. Wentworth, junior,
had proposed to cut off t..e entail. aid throw .dill :he
property into the batik. The promulgation of such facts
a. the,e, wh tit had been stared in the course ni•thr day,
might tend to allay a panic, unprecedeuted,fre lelieved;-
in the loamy set com Hear).
Mr. Bantuc then moved, and it was
Resolved unanimously-4 That it is the opinion of this. Meet•
ing, that declarations of a similar description with the present, in the
Country Towns where the Banking itatablishments may appear to
deserve them, may be productive of much benefit in restoring ge-
neral confidence.

Mr. lowan; seconded the resolution, which was put from the
chair, and carried unanimously.
A long discussion ensued upon the question, whether the reso-
lution should be signed by the Lord Mayor on behalf of the Meet-
ing, or whether each person present should attach his signature to
them on the spot ?
Mr. Alderman GAMUT! thought it might appear to the public,
if the resolutions went forth with the name of the Chief Magistrate
' only subscribed, that the individuals present had shrunk front the
responsibility of attaching their names to the document.
Mr. Alderman Woos, and others, on the other hand, urged that
arrangements had been made for publishing the revolutions hi the
Evening Papers, which object would be defeated if every individual
present were to subscribe his name to them.

At length the following resolution. proposed ►y Mt. Baum, and
seconded by Xlr. layout, was agreed to t
5. That the Right Hon. the Lewd Mayor be authorised. 'and ►e
is hereby requested to sign the above Resoludons on behalf of this
Meeting. and to allow the sante to lie for signatures at the Mansion
House.

The Loan Mayon having vacated the Chair, and Mr. Rama
having taken it, it was moved, and carried una bb 000 *Kitty, that the
thanks of this Meeting be given to the !tight lion. the Lurd Mayor
for his able and judicious conduct in the Chair.
The Meeting then ►roke up.

THE PRESENT STATE OP THE MONEY
MARKET.