Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-05-16
Suspension In New-Yo rk.

Public Meeting at the Merchants Ezcha.Ss.-The FOL
lowing call was this morning circulated
Public Meiing. public meeting. of Merchants and
Traders and others 1.-THE Merchants Exchange
may be deemed necessary and c.pedent under
the suspension of.pecie payments BY the banks. a,
saehord Ne .1%. townsend % s' st.ss' N.
G. King G. C. verpanck, c. H. Russell, Benz. Brdsal
Joseph Depsy Day Newall Day Ns,h; Prime G. W.
Samuel Ward, w. q. Lawrence Howi,nd T. Aspnwail,
Andrew Lockwood, Philstus II. Woodruff, Cornehus Nc
Lean.
New.York. May 10, 1887.
Ia consequence thereof OVERLOOKING meeting assembled
at the hour named, when motion the following officers
were appointed
President James Boormau.
Vice Presidents -NaihanielP Prime, Gideon Lee,
David Leavitt p. &. Stuyvesant, G. c. Verplanck.
WIN. B. Asior. Thaddeus Phelps. Robert Lenox.
Stephen Whitney, c. II. Russell. BENZ. Birdsall,
Joseph Dcpew, Andrew Lockwood. Philetus II.
Woodruff, Samuel Ward,
Secretaries--John A. Stevens, Richard NJ.
Blatchford, VIM. II. Aspinwal.
Jas. G. King then presented himself to the
meeting, and read The call. which he enforced by
brief and periiDet address. In the course Of his
remarks he incucated the necessity OF matual aid
and forbearance. and thai, all should put their shout
der to the wheel without looking noD to the eau
ses Of our calamites--though time to examine
and to proclaim these causes would surely come.
lie said It was with deep humiliation, as a mer-
chant, that lie witnessed this hour-and it was on
ly in the belief that the suspension of specie pay
ments by the banks would be temporary, and in
The conviction that IN order to hasten the period of
their resumption. the corporation Of oil was now
required TO sustain the credit of the bills Of the
banks, that he had consented to present himself to
the meeting.
Mr. han tI,o
which were seconded by Nathaniel Prime
Whereas, at q meeting last evening of all the
Banks IN this city except three, il was
Resolved. That under existing crcumsta noes, it
is expedicnt and necessary to suspend payments n
specie.
Ia the mean time, the notes Of all the banks will
be received at The different banks, as usual in paw
mcnt OF debts. and in deposite and. as the ndebt.
edness OF the community to the banks exceeds
three times the amount of their liabilities to the
public, It Is hoped and expected that the notes Of
the different banks will pass current, as usual and
that the state Of the times will soon be such as TO
render the resumption Of specie payments prscti-
cable,
Resolved. That relying upon the above stale
ment. We have full confidence in the Ultimate abb
iy of the banks Of this city redeem of their bills
and notes, and that We will ourselves continue TO
receive, and we recommend to all our fellow ciii-
zAns TO receive them as heretofore,
Resolved. That III an emergency like this, il is
alike the dictate Of patriotism and self interest 10
abstain from all measures tending to aggrayate ex-
'silng evils and by mutual forbesrance, and mu-
tual aid to mitigate so far as practicable The pre-
sent difficulties and thus most essentially to assist
IN the restoration ofspecle payments.
The resolutions were put sngy, and unanimous.
ly adopted. and the meeting adjourned.
There ITO he meeting ofthe chan bers Of com.
merce at Z o'clock. having the general objects
in view.
We cannot doub, tina, these proceedings, 80 IT,
unanimous and full Of confidence, will lrsnquilize
the public mind. and serve TO o.sste embarrass-
nent.