The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-11-02


The adjourned meeting OF merchants, mechanics
and manufacturers which was held al the City no
tel on Saturday evening laI was quise a. nuns
rously amended as thai Of Thursday evening pre-
viouS. - aiv.,s
sons hat look place and also the efsiaf account Oh
The chairman having briefly stated The objects Of
the meeting 80 ,,;,,.s
ros. and said, that according 10 the instructions
which had been given TO them by the last meeting,
the committee had called on J. Palmer, Esq, uhe
ofthe best friends Of the merchants, VINO promptly
took upon himself the trouble OF calling ana orsa-
MIXING convention of the banks. All the inSli.u-
tons In the city, except one had sent delegates 10 hat
convention. The committee had been favored win
letter from the officers Of the convention enclosing
It's proceedings which Mr.. ID. having laid before
The meeting were read, as given IN The ofiicial ac-
count
MIR Denny then said he had been instructed by
the committee to offer certain resolutions
John Lloyd, Esq. wished, before the question
should be taken on them, to know how many banks
were represented in the convention and what banks
were not.
Mr.. Denny replied that he had understood, not
officially bur from outdoor information, ihas az ne
banks 10 the city were represented, except me Bank
OF Commerce
Mr.. LLOYD reoined. He wished 10 be informed
distinctly whether any considerable NUMBER OF Inc
banks concurre6 In the report sent IN from the con-
yenon The meeting expected 10 learn what IN
sutions attended it and what institutions did not.
Mr. Denny explained that he had derived his in
formation from member OF The convention: All
the banks represented except the Bank OF Com
merce.
Some one in the crowd here cried out, " That's
rue--I was there myself"
Mr.. Lloyd declared himself satisfied
The question was then put on The adoption Of the
first resolution, and carried in the affirmative
though not without dissent on the part OF portion
OF the meeting.
The second resolution was then read and The
question being about 10 be put,
Joseph Goddard Esq, moved to amend the reSo-
luton by adding thereto the following: THAT in
the opinion OF this meeting il is perfectly consistent
with The avowed objects of the banks, BY concert
OF action essentially to enlarge their discounts"
He said he doubted whether The merchants or the
banks could be sustained by the present course. Il
was certainly important that the banks should at
once declare what they can do relieve and support
the, community But in the measures adopted, thus
far, the convention had given them no hope. lie
was the last man in that meeting 10 ask tor suSpen
sion Of specie payments by the banks. lie believed
in their power 10 sustain themselves But ne thought
they should go further; and give if possible some
hope and confidence 10 the community or, al least,
let Them know what they have TO expect.
He was further deeply impressed with the convic-
ton that much Of the existing embarrassment might
be removed by maintaining harmony among the
banks, and good feeling between those institutions
and the community, and good understanding be-
tween New York and the neighboring cities.
Mr.. Goddard concluded BY saying he had heard
that The banks in Boston willing TO extend their
discounts from five 10 ten per cent on theii capital
He asked whether that course would not be per-
fectly safe; and also meet the views OF The mer-
chants here? ,..
Mr. Denny remarked that in Justice to himself
and some other members of the committee, he must
state that The resolution which i, was now proposed
TO amend did not exactly meet his or their views
They had thought it expressed too unqualified APP
probation of the course the banks had pursued thus
far in order to sustain specie payments. They did
not take exception TO that object; but only TO the
mode of effecting it; and they had themselves sug
gested, in substance the amendment now proposed
With the understanding contemplated by that
amendment, he declared there was none who would
glory more in sustaining specie payments than he
would. But he seriously believed that al this time
curtailment by the banks instead Of sustaining spe-
Gle payments would be the means OF producing
suspension ..E@........
All we can ask, continued Mr. D., is that the
banks should while they sustain specie payments
also extend their line OF discounts. We regret that
We could not bring you the Joyful news that they
would do SO. But we have not been able 10 control
The minds of those who control the banks Ii your
views have moi been met, we hope no censure will
fall upon the committee. IL is not their fault
Mr.. l. wis Tappan then rose and offered 10 amend
the amendment BY adding thereto series OF resou-
tons (see the official account.)
The instant he made his appearance on the plat
form he was greeted with Kisses and groans, and
cries of sit down." "lurn him out" from different
parts OF the room; mingled with shouts of applause
and hear hint" hear him" There was
nendous din in the midst Of which Mr.. Denny roSe
and made an appeal to the meeting, TO allow every
man to be heard on the subject before them how
ever unpopular he may have rendered himself, by
his course in regard 10 other matters.
After some more kissing and roaring, order was
restored, and Mr.. Tappan proceeded. He had been
told by friend Just as he was his way 10 this hail.
that he was deferred from attending because The i'm
preston was prevalent that not man would be pre-
sent who was not in pecuniary embarrassment. Are
we not asked Mr.. t., all either in that condition,
sympathiZing with those who are ? What brought
this immense asscmblage together this evening
Would this old merchant (here Mr.. T turned4o Mr..
Thaddeus Phelps)-would this old merchant have
come out this night on his crulches had he not felt
sympathy for the commercial community now
crippled and suffering. He believed, however, that
long would want something more than
crutches TO support our credit and the honor Of this
community.
Mr.. Tappan sat down, as he had risen, amidst the
mingled cheers and Kisses of the auditory, the for
mer manifestations greatly predomnating.
Mr. Lloyd then again addressed the meeting
His object, he repeated, was TO ascertain, il posi-
Bile, what the banks had determined to do. No one
would depretale a suspension of specie payments
more than he would But what was desired was
not an expression from The banks of a determination
to sustain themselves. No doubt they would all do
every thing in their power 10 that end. But what
will they do for the merchants, The mechanics the
manufacturers, the business community in general
They have resolved that curtament of their dis
counts would be inexpedient. But we ask, wllthey
extend their line OF discount This is the point
We want such extension, continued Mr. Loyd-I
dol As far as am concerned the fact is they have
diminished. Now, he did moi care about minutie
but he did wish the banks TO say figures what they
would do-and let US see whether there is any
ground Tor hope.
He did not mean To cast any censure on the COM
mil'eei but the truth unqueStionably was that they
had not got the answer solicited. There was pro-
position about receiving the safety fund notes This
convention had a ri ahnntt III N,,,y n
was we'll known that seven eighhS of the money re-
ceiVed by many merchants was in this, AT present
deprecated paper. Seven eghths Of the money he
had received that day was in such paper. He had
hnn hi he han ~