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

10 his power 10 stimulate The community 70 sustain
The Banks in their course.
A resolution OF thanks to The COMMITTEES was then
proposed.
Col W. L. Stone rose and spoke 10 the following
effect IL rise, Mr. Chairman, 10 second that reso-
luton, and in doing So Sir, have 10 request your
permission, and the indulgence Of the gentlemen
composing this meeting, while utter one or Two
brief sentences | shall be very short Indeed, sir,
should not have stepped forward on This occasion
but for circumstance 10 which shall allude, ana
with which most ii all OF you are doubtless ac-
quanted. ! have been charged sir, In one oil the
morning journals, with inruding myself upon the
meeting the other evening. ! Can appeal - you,
genemen-those OF you who were present ON that
occasioaw whether The facts were SO, did, indeed,
make few remarks had acquired, or supposed
had acquired, knowledge Of a few facts having,
In my opinion an important bearing on the existing
pressure in the money market particularly In rela-
lion 10 the affairs OF the connlry---whch thought
might very properly be communicated 10 the iner-
chants OF this city. When l arose apologized TO
the meeting, and asked liberty TO speak. That Ii
berry was generously and unanimously granted
There was, therefore, no obIusion on my part and
having communicated III facts in question, in as
few words as possible, took my seat, But enough
OF this.
! rose, Mr. Chairman To second The r. solution of
thanks 10 the committee; and | do so with all my
heart That splendid rhetorician, Edmund Burke,
10 one OF his imposing rhapsodies, in denouncinS
The mercantile character, uttered the remark--and IL
splendid falsehood-- that the merchant had no
Bible but his kdger, and no God tut his gold" True,
the sentiment was spoken in relation TO the British
merchant. But repudiae II in regard 10 the Bri-
fish merchant, and >lill more emphaticaly do | re-
pudale il in regard of the American. Sir IL Is not
true. For more than twenty years have my ac-
quantance and ASSOCIATE ms been intimate with the
merchants Of New York. During that period have
been walchiul observer OF their conduct Du-
ring the whole OF that period have exerled my
humble powers in aiding them 10 build up the com
mercal prosperity OF the country commerce be-
ing one Of the main pillars in our political edihce
have found them all It's upright and honorable IN
business all that is generous IN the cause OF benevo-
lence all that is noble and patriotic in the Of
their country. have therefore always been proud
OF the merchants Of New York and | am this
night more proud of them than ever. from the noble
stand they have just assumed TO sustain their own
credit and thai Of important pubic Institutions.
hope the resolution will be adopted. -. '.~
Several motions tor adjournment were made; and
successfully rejected r' 1.. ...,.
Mr.. Denny rose, holding in his hard the reso1-
lion offered by Mr.. Tappan. He reminded the as
senby that they had much 10 attend 10; business OF
high importance and interest 10 merchants; ana ne
hoped that no personal feelings towards him or any
other man would be allowed TO interfere with that
business. He hoped they would consider and act
upon the resolutions which had been submitted, and
either adopt or reject them. The resolutions OF MIR.
Tappan were then read and adopted; and The meet
ing adjourned.
Al an adjourned meeting of the merchants, me-
chanics, and manufacturers of the city OF New
York, held at the City Hotel on Saturday evening,
Oct. 26, 1899 Silas Brown was called TO the chair,
and VIM. p. Miller appointed secretary.
The committee appointed TO wait ON the banks, re-
ported The following: as.@. .-...E ...
In accordance with your instructions your com.
mittee appointed on the evening Of the Gath inst,
under The following resolution, TO wit: Rcsolred,
tina: a committee be appointed to make an immedi-
ate request 10 the banks that they will take
10 hold convention of all the banking institutions
n % n IN "a
to increasing their discounts, and ahordng such
other relief the exgencies Of the crisis requires
have The honor to state that they have performed the
duty assigned, and now have the satisfaction 10 pre-
sent the following letter from the convention Of
banks, viz:
New YoRK, Oct 26th, 1899
Gentlemen: We have to enclose you the resolu-
tons, adopted at meeting of the several banks, held
Yesterday and called al your request. ..... ...
We take the present opportunity to add, that we
are sa! Sted, from what was said al the meeting,
from what we know as we'll as IRON the conversa-
lion of the directors of The different banks that you
may rely that every consideration of feeling and in
terest will influence and determine the different
banks to give all the reliefin their power consistent
with their Obligations and determination TO maintain
specie payments
Respectfully, yonr obedien, servants,
= ...-. G. w LAWRENCE,
VIM. NJ. VERMlLYE.
To Thomas Denny, P. H. schenck, Robert Jaf-
fray, .. Thompson, J. Amory A. q. Stout, G. p.
DiSosway, f. S. Lathrop VIM. p. Miller, com
mitee, &c. ....*.@. ...
At meeting Of the officers Of the several city
banks, held on The evening of the 25th of October,
Cornelius w Lawrence was called 10 The chair and
WIN. M Vermilye appointed secretary.
The chairman stated that the meeting had been
called al the request Of committee appointed at
meeting of merchants, manufacturers, and mechan-
les held at The City Hotel on the evening Of the
24th instant
Whereupon, the following resolutions offered by
Mr.. Ednonds, were adopted the first unanimously,
and the second with two dissenting votes.
Resolved, That the banks OF the city of New
York must and will maintain specie payments; and
that is with unieigned satisfaction they have
tced the cheering and sustaining voice OF their tel
low citizens, in reference TO this measure.
Resolved, That the necessity OF further dimi.
mutton Of their loans and discounts does not
isl; but that 1t would be unwise and imprudent to
pledge themselves to any particular course which
might be rendered futile by events over which they
may have no control And that, in the opinion of
this meeting, the views of the several boards of
city banks expressed in their recent replies 10 the
of merchants, mechanics, and manu- &C
urer>, give The fullest assurance TO the public that
every assistance will be afforded that is compatible
with the paramount duty Of maintaining sound
On motion of Mr.. Adams, il was
Resolved, That the chairman and secretary of this
meeting sign the proceedings, and transmit a copy
c. w. LAWRENCE, Chairman.
WIN. NJ NERMiLYE, Secretary.
We are therefore now happy TO say we are in
formed that the banks have acted already in
formy with the spirit Of their letters in extending
heir discounts and therefore offer the following
which we trust will meet yoIr approba-
ion
Resolved, That having confidence in the ability
II the banks sustain both themselves and the pub
ic, by extending their discounts, earnestly re-
commend spirit of mutual iorbearance and ac-
:ommodaion among the banks, and among all
,lasses of dealers, during the present temporary
difficulties. ~ t.
Resolved, That in the opinion of this meeting, it
Is the duty Of all honorable sustain our bank
ing institutions in their present determination 10 sup