Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-25
ALEXANDRIA:
TUESDAY MORNING, MARCH 25, 1884.
MEETING OF MERCHANTS IN NEW
Work.


One of the most important public meetings
that has been held in this country in relation to
the present situation of affairs, took place on
the goth in New York. The merchants and
others assembled on that day at the Exchange
to hear the report Of the Union Committee
John A. Stevens. member OF the Committee,
came forward, and in the name Of Albert Gal,
latin, Esq, their Chairman, presented the report
prepared by them. The advanced age and fee
BILE health Of Mr.. Gallahn he trusted, would be
sufficient apology for the absence of that gen
tleman, who was particularly DESTROYS on this
occasion to meet his fellow-citizens, and, by his
presence, bear testimony to the deep interest he
took in the present momentous state of affairs
Mr.. Stevens said he would place the memorial
in the hands Of gentleman possessing strong
er voice than he did, who would read it to the
meeting. Philip Hone, after some preliminary
remarks read the report.
This report, from so able inancier as Mr.
Gallatin, will attract great attention throughout
the community. It's great length forbids its pub
lication; but we take pleasure in presenting our
readers with the following summary of it's state
ments and conclusions which we find in the
New York American:
| The first object Of the Committee was to as
certain the exact condition of the Banks, in
Guiding the Branch. They found accordingly,
that the discounts Of all the banks since Octo-
Der lst. the period of the removal of the depo-
SITES to 1st February, instead of being curtail-
ed, have increased five millions of dollars, and
on the 1st instant amounted to forty millions of
dollars. Of these the Branch Bank furnishes
about sir millions and a dlf-notwithstandin
a decrease in the above period of more than
four million dollars of depostes. An assurance
| has moreover been obtained from the Bank Of
the United States, that no diminuton up to 1st
May next, shall be made in the present amount
of loans and discounts by the branches in this
State and if possible, an increase shall be made
in the line Of domestic bills Of exchange, and
up to the same time the branch will not call for
the payment Of balances due to it by the city
banks There will therefore be no dimnution
of accommodation by the banks though the
Committee hold out little expectation Of any
material increase.
The Committee have recommended to the
consideration of the local banks-as measures
promising good results: /. Some uniform
plan for an increase Of special deposites bear
ing moderate rate of interest, the certif-
Gates Of which deposites would constitute va
uabe negotiable paper: 2. Not to demand Of
each other within certain limits, payments of
plan for the redemption of country notes, and
the devising some means at present for facili-
tating country remittances.
They also recommend applications to Con- |
gress, for the passing of the bills now before
them, to make the silver coins of Mexico and |
South America legal tender,-for raising the
value of gold coins to their market price, and |
for a moderate and permanent appropriation to
enable the mint to pay at once, in American |
COIN for bullion or foreign coin brought thi- |
Their.
Under the second head, as the pressure was
obviously not caused by any curtailment of dis
counts, but by an increased demand for money, |
the COMMITTEE proceeded to investigate the
causes thereof. Cash duties and shortened credits
on imports, are stated as first in the series of
these causes: d WarehouSng system on the
principle that duties shall be computed from the |
time of Withdrawing and not of depositing the |
goods is suggested as the adequate remedy in
this case. Large investments IN stocks princi. |!
pally from the Southwestern the sale of which |
to European capitalists, the contractors have |
been disappointed, and which, consequently. |
absorb portion Of the capital or credit of this
city-are next enumerated. Then follow sales |
on time ofstocks not held by the seller-which
is nothing more nor less than gambling-cau-
sing artificial fluctuations in prices; the Com
mittee strenuousy ommend to the Board of
Brokers to discontinue the practice.
The third head Of the report discusses the re-
moval of the public deposites, which is pronoun-
ced wholly unnecessary and uncalled for"-
Proceeding then to examine, in so far only as |
they are of fiscal and commercial nature, the |
reasons assigned by the Secretary for the re-
moval, the Committee take up his first reason
that the withdrawal of" several millions of dol
lars" from the Bank at the last moment of its
existence would produce serious inc convenience, |
and dispose of it conclusively-frst, by the ex-
perience of the old Bank, of which the charter
expired in March 1911, and which had in its
vaults sir millions Of the public depostes on the
lst January preceding and on the day on which |
the charter terminated t1UO millions and a half. |
and yet no Inconvenience resulted therefrom.D
Secondly, by showing from the annual report on |
the finances, that the Secretary of the Treasury
estimates the whole amount of the public de- |
posites on the 31st December, 1884. at less than
three millions, and that the receipts of 1885 will
be less than those of 1884" "Since them we
must here quote this whole overwhelming pas
sage, =" the public depostes would naturally
and gradually be lessened between lst October
1888, and 31st December 1884 from near ten
millions to less than three millions Of dollars
and would probably be liable to a still greater
reduction during the year 1885, it was quite