Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-10-31
&. w. LAWRENCE, Chairman.
WM. NJ. VERMILYE, Secretary.
Mr.. DENNY ilen in behalf Of the commit
tee, submitted the tullowiuo resolutions:

'c', suoiuttcu tnc NiioWINg IcSOIutioUs.
RESOLVED, That having confidence in the ability of
The banks I" s,sin both themselves and the public by
extending ticr discounts, earnestly recommend u
spirii "t mutual irbcarance and accommodation among
the haksi uid among NIL cnsBcs Of dealers, during the
| present temporary difficulty.
II RESOLVED, That in the opinion of this meeting, IL is
The duty OF all honorable men TO Sustain our banking
Institutions, IN their present determination 10 support
the honor oithc country by msntninng specie payments
II These resolutions having been twice read
/ -J"HN LLOYD, E,q. said he wished. before
tho question should be taken on ihcrn, to
know how many banks were represented in
the convention, and what banks were not.
| Mr.. DENNr replied that he had understood,
officially, tha, all the banks in the city were
represented. except The Bank of Commerce.
Mr.. LLOYD declared himself satisfied.
The question was then put on the adoption
Of the first rcs l,iion, aud carried in The nf.
iirnative--ihough not without dissent on
the part of portion Of tie meeting.
The second resolution was then read and
the question being about To be put
Joseph Goddard, Esq. rose. He would 60
as far aS ANY one Ia sustain specie pay yments.'
lie believed that rpecic payments might be
sustained, and still by rnion of action, the
merchants too be sustained. Let the banks
come forward aud frankly tell us what means
Of relief they can aif,rd-lct the merchants
know at once whut they can depend upon.-
The merchants will then come inanfully for.
ward and sustain the banks in any proper
course they may suggest. We want some
nope, some cncoura ement, and it wns for
his that our committee and the banks have
met. Let us know at once what we arc to
depend upon. Give us ''the figures !" though
there may he no lack Of disposition on the
part OF the banks 10 MD the community, yet
there appears 10 be want of confidence, Of
b 'rmony, Of union. Let them have good
understanding, aud mutually inquire, aud if
they find there is nothing wanting but what
tie banks can furnish, tell US what they can
do. Let us too have thorough understand
ing among ourselves. Let there be con-
venlion of committees from the neigIIboring
cities o: Boston, Philadelphia, and others,
and no longer keep up the warfare Of i'll
leelng and petty jealousy. In Boston there
has been meeting of the banks, which have
agreed TO extend their discounts, some 5 to
lO per cent upon the amount Of their respec-
tive capitals Would not such course. if
adopted, fully meet the views of our citizens?
Mr. Goddard concluded, submitting tho fol-
lowing AZ un amendment 10 the second reso.
luton:
And in the opinion OF this meeting, that u IL per-
i'ciy consistent with the eel object Of the banks,
u! concert OF nction essentially TO enlarge their dis
counts"
Il Mr. Dcnney said, that in justice to por.
ion of the commlteo, (nmong whom was
HIMSELF he ought 10 explain that the second
resolution did not precisely meet their views.
II They, too, thought that the banks ought to
be called upon 10 extend, as far as possible
consistent with their own safety. We found
no fault with the object contemplated by the
banks, but "with the manner Of doing il.
II u was the wisl, of the committee that spe.
Gle payment should be continued, but it was
also their wish that discounts should be ex.
tended.
II II wns greatly ~ be feared, however, that
the present system of curtailmenis would, u
n persisted ~. tend more to enforce n suspcn-
l s"n than the adoption of an opposite course.
" The banks could have said, 1--WE will at once
extend our discounts from 3 to 10 per cent"
doubtless the report of the committee would
have been received with the @armcst &C.
clama'ion. The committee regretted that
they had II not in their power to bring This
Joyful news. II was from no want OF inclina-
li"n on the part ol ilo committee, that they
had dune so--ihat they had pot furnished
'ihe hgurcs;' bu, he said they were unable
To control the minds of oil the bank directors.
" there was any one censurc To be cast, let
u not fall upon the committee. lie believed
that the committee had done all required OF
them by the resolution under which they
had acted. which was simply as follows, " hiol
n Mr. ID. read:
II Resoired. That n COMMITTEES be appointed 10
mako an inIn'cdiat. request to Tho hanks that
they will tuke lusssur,s " bold con, snlion ol