True American. [volume] (New Orleans [La.]) 1835-18??, 1839-11-05
Reported for the NY. journal of Commerce,
25lh instant.
.NEE7ING or MERCHANTS IN REL1-
IION 70 IIIE FINANCIAL CRLSLN

. UEE w or MIftHlN lS nv REL1-
TION TO THE FINANCIAL CRISIS
The extreme scarcity Of money in this CITY las
| induced Il movement on the part of some OF; our
merchants, with view to obtain rclici. A meeting
was held at the City Hotel on "Wednesday evening"
at which Il committee previously appointed made
a report.
Iu ordnance with lis recommendations anoth
or committee was now appointed, to wait upon
the different Banks in the city, and request them,
lst, To enlarge their DISCOUNTS and I'd, To Ike
the notes Of all Safety Fund Banks at par.
In the course OF yesterday tho committee per.
formed the duties assigned them, soliciting from
each Bank, as instructed by the meeting, written
answer to the application.
| Last evening, at 7 o'clock, agrecaby to adjourn.
mcnt, numerous meeting otmcrchanls and others
assembled at the City Hotel to hear tho report of
the committee and to take such order thereon as
nllgh be deemed cXpcdirnt.
The committee appointed On Wednesday evening
the 23I respectfully Repor-
! THAT, at an early hour this morning, they called
ON the different Banks and presented the official
action Of said meeting, with the request tina, they
would favor US with their answers in writing in
time for us to report to the meeting tins evening"
lie then read the following letters from the diff.
fcrcnt Banks:
[lhc great length of the letters prevents our in
sCrtllg tuem this morning.l
The Chairman said the Bank of Commerce had
not diminished their discounts TO any considerable
extent curing the last thirty days, and dispo.
srd to do all that they can, consistent with tho
safety of mixing lnstilutons-and particularly
their own-to relieve the present unprecedented
prcssurcs Of the money market
Alter leading the letters. it was, on motion,
Resolved, That tho thanks of this meeting be
given to the committee and that their report Lc ac
ccptcd and published.
On motion of Lewis 1appan,
Resolved, Iha: 4 committee be appointed TO
make an immediate request to the banks that they
will take measures to hold Il Convention Of all the
banking institutions of the city, in the course of
TO morrow, with view to increasing their dis.
counts, and ailording such other relief as the tho
cxigenccs ottho crisis requires.
Which resolution was unanimously adopted.
1t was thGn on notion
Resolved That this Committee iepor! on Sa.
turday evening at o'clock.
After some remarks by the Chairman, Mr.. Den:
ny, it was
Resolved, That in the oPnnion of this meeting,
there is alternative, if ihe banks do not afford
assistance, there must be an almost universal bank
ruptcy.
The meeting then adjourned to Saturday evening
Oct 2sth, ut O'Clock.
THOMAS DENNY, President.
jonas i; s: h A%ory, Secretaries.
he Chairman then said,
While these communications were being read 10
lhe meeting Inc secretary has taken down the
names Of lnsc hanks which arc :ilainr to take
Safety Fund Notes. Fife OF the banks are
Icudy TO adopt the measure condition that The
Other banks will also do it. eight banks are not
as yet, prepared to come int this arrangement,
some ul ihcm wish for time 10 consider it.. Others
lave mate up their minds on the sui c.t. and
consider il inpracllcabIo and inrXpe,'icnt.
our Committee have now laid before an nc: |
count OF all they were directed to do 'y the meeting
last evening.
lie otgcct THAT meeting was, that committee |
be appointed 10 wait on the banks. Aud, we now |
have III wiring, from almost all the banks, within |
The city, that they have been doing, and will do
al they can to sus. i'll the merchants of New
Aurh.
Tic merchants of New York know whether that
mca' uFc OF support will asw r. their purposes. As
l sat" ri"fc, perhaps o t,o@c eli Iht banks, many
OF them will chHngn their attentions, when they
see That the other fifteen banks are ready to take.
The 'uriov Fund Bills large proportion o.
.h'in wiIl, lhlnI, adopt the SAME measure.
The report of the Committee WIS then accented
~ The meeting NTH o,.d cheers.