Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-04-04


cooperating an any measures Of relief which the
csrepce. 81 tie times might require, the follwing
letter wss addressed TO HIM on Tuesday. - which
he made the reply subIoncd.
N,v YonK March Ssh, 1857.
To Ntcuntls rirnIr.Esq
pfstid,nf o. The Bonk Of ht United State
STA Consequence of'he peculiar position 20 which The
otnme cal community paoei. u Mas feSol.'d BY met
nF Il merchants held s day that the bank cthe u states
be invited nsrpne AZ tbs jonov'e by 'hpmen o. CON
md the o their credit 20 as 20 meet the cngenci-s
ofe occasion and h the ~ Of hills of cfcbangc on Eu-
rome bf tie e Post Noies payable II Phadepha,
md Amsterdam TO facilitate neeoestot' ~ home sno iur
nsh safe tepsnoe. abroad and thus not on bc Q! service
To- ~ CITY, bat To tie United States a, large
Is ss.dI JoHNA STEVENS Chairman
chs A HroEscurU, Soerttd'y.
The undersigned fully eoneuto The 'bose-nrown Broth
ers 4 Co. Prime, Ward King n. L. q q. Griswoid and
large number Of others
John 4. sfsrtns Esq, Chairman.
N,,r York. s9ih March 1887.
SI hid this dav the honor of receiving your c"mmuhi
cation ofe leah inst accompanied by the signatures ofma
nv highly respectable Of n York requesting the in
,no,ttion of The bank of the States to assist
mo the existing Of the commercial comma
nifty The Board of Directors on learning from committee
o your fellow citizens the existence OF these difficulties d.
r-re mo 10 vs New York for the purpose Of asceraning
,hsi ps,n,e and e mos. g., ~. com
tanned in letter, will accordingly be presented TO The
Board Of Directors from whom they will the most
respectful and early attention Ia the mean time What my
that events IN the South aud ia Europe have IN oc-
currcnce with OF earler date produced paIays
is Of private credit which deranges the whole system Of our
foreign and domestic exchanges For this the appropriate
remedy he substitute for the private credit Of in
dvdua the known and established credit OF the bank
until public confidence and private stability has time to
vyc To the foreign exchanges would apply that restoa
tive by issuing the agements othe bank payable IN Lon
don Paris and Amsterdam to be RENTED in lieu of private
bills These will be read, by the mex: packet and they will
enable the make without injury carly provis
ion far The adjustment the foreign exchanges by the
81
lar Grafton shall ommcnd 10 the Board In respect to
the domestic exchanges by an enlarged and immediate pur
chase of bills exchange the different sections OF tie
Upon.
These are the two measures which 10 be the best
adapt for the present emergency They proposed with
the sncerest desire that they be useful and with clear
that aided by the spirit and intelligence which
belongs to this community they VIII carry ruinphanly
Of confidence for others is confidence for ourselves and
have this community bear up against caamu'es which
would have broken the spirit Of less free and generous pco-
pIc have known them to surmouut Obstacles far more
Alarming than any now before usNor will permit my
self doubt tina, this city will m high character
J Necessary TO sustain its credit and its fame.
| With great respect. yours; &c
| President ofthe Bank Of the United States
A meeting of merchants was subsequently con-
vencd, a, which Mr Jobn HaGgery was called TO
the chair. and the above correspondence was read.
Mr. Jsmes G. King addressed the meeting with
view TO indicating the origin and nature Of the
| &C Numerical embansssmen,s, and urged the neces-
siiy of united action to restore confidence. lie
was followed by Mr. George Griswold. who stated
TINT the Bank Of America would lie reedy tomor-
row to furnish a large amount Of bonds payable in
London and Paris, and farther amounts hereafter.
| lie remarked with some severity on the course
pursued by the Bank of England and the London
bankers, in so suddenly changing policy Of cred
lis. which had been so long acted upon as to be-
| ~ Cd and n
that very large sums should be paid up, contrary
to the expectations which "erc held out at the
time when the engagements were contracted. lie
| said no country would or could and nnswsr
demands so unexpected. as they had been met
here.
A committee Of ten gentlemen was appointed, to
which was added the Chairman and Secretary. TO
confer with the banks oflhe city, and urge on them
the neces If sing their discounts, and Of
fording ~ The Fplisfis their power. Mr. Biddle
4 despelchsd lncseQr16r TO Philadelphia, and it was
saaeaCs ~ xlct ~ <neng men's referred 10 in his
/ iettes, &SsH Be in New York in season for the
lSsextts OF today.
| The Commercial Advertiser says
There were some heavy failures Yesterday and the q.
element and anxiety produced by the existing state OF things
great that large crowds people collected
Wall Street until late hour"
The Journal Of Commerce Of Thursday event ng says:
People refused to be comfoited this morning. The
proceedings Of yesterday seemed 10 have produced effect
and stocks -old at decline But at ~ O'Clock the
nouncemen; that the banks had discounted largely put
face affairs and difused universal oheerfuness
large Of paper has been passed b, the banks whose
boards met this morning and the policy will be pufsu
ed y those who Every body has obtained
something. large pfoporton Of the paper offered
done Tho cnss las passed"
The committee above mentioned had meeting with the
officers Of the banks o'clock and at the following
suit announced.
| RESULT OF THE MEETING.
At enP Of ecaes ofbauks Of the CITY of n York
| on the 39th Of March, 1887:
IL was unanimously resolved that the raid banks sccor
ding to the wishes OF the committee Of merchants and i'm
pressed with the peculiar erigences Of the moment
forthwith incress their discounts the aggregate to the e1
tent Of one MILLION FIVE HUNDRED THOUSAND
DOLLARS!
ALBERT GALLATIN, Chairman.
ions FLrMIsG, Secretary.
The Commercial Advertiser says, that the Gil
rard Bank of Philadelph h,s sgreed to issue one
hundred thousand pounds sterling, in Bonds, psva.
bic IN London, aud million at homeland the
Morris Canal Company a million Of dollars, paya-
Bile IN London at 10, II and Ia months : ruaran.
ieed by The Bank Of America. The Bank of Amer.
les would also draw for Million Of francs ON the