The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-30
Philadelphia.
ICorrespondepce OF the Herald.

PHILApELPHA, March q, lS42.
A large meeting was held at the Merchants Elk
change to-day at noon, OF the merchants and
others of the city, for the purpose Of passing upon
the several important questions pending before
Congress, 10 wit, that Of the Currency, the Tariff,
and the Na,ioaal Defences. A copy Of the reso-
lutions passed are here enclosed. Henry c. Cor
bit presided, assisted by some six or eight Vice
Presidents and Secretaries.
The resolutions were offered by Peter McCalley,
and prefaced by him in speech of about half al
hours length. Mr. Mccall is young lawyer, and
engaged in handsome mercantile law business
Had be been engaged as the merchants counsel he
could not have stuck more closely to what the
merchants consider a pslicy favoring their inter
ests thsa he did.
On the matter Of the Currency, his speech was
little else than words, except that he raped the
majority in Congress pretty hard over the knuckles
for their long speeches and neglect OF the impor.
tant interests of the country lie in faver of
sound currency, ~ are every one, but he did not
their representatives, which of the pending sche me-
he considered the most practicable and likely to ef
feet the end
On the Tariff he was scarcely more explicit
He said he would not urge Z protective tariff, for
to that policy there was objection among portion
of the meeting; but he would urge an increase Of
duties, and in laying them he weaId have the prn.
cple Of reciprocity" observed; which take it
is much the same thing as protection One thing
was very apparent to all right thinking men on
this subject, which twas that MIR. Mccall. was
either desirous Of pleasing the mercantile portion
of the meeting, or else that he knows very little Of
the principles of political economy. What he
said, however, was temporarily spokea and well
received.
In reference to the national defences, the proba-
biliiy Of war, and our unprepared condition TO
III oil Mt md iuhI C nPi.
otto. Immediately on the adoption of the follow
ing resolutions the meeting Adjourned They read
as follows:-
Whereas The Constitution of the United States con.
provide for the security and welfare Of the nation and
leaves the people the right to require Of their repre-
scntaves faithful Of their duties under the
provisions of the Federal Constitution; and
Whereas The suggestions Of patriotism and the inter-
ests Of the people alike claim that the attention Of Con-
gress he given first to those measures demanded by the
exigencs Of tho Government, and the wants OF the
whole country, and
Whereas, The country has looked in vain to Congress
during months for definite action upon matters vi
tally important to the people to the States and to the
credit OF the whole Union, until hope deferred sickens
the heart ofthe whole nation; and
Whereas, The question Of sound controlling curren-
cy is ohe most vital import to the industry and
terests of every were the
great nerve the body potc and upon which no rude
can fall sS'ns ,ssn Of the
Resolved, That is the conviction Of this meettn
that the subjects debate which have esgrossed large
portion Of the time and attention Of Congress- are not
OF character to advance the best interests Of the
nation.
Resolved That the protection Of the pledged faith Of
the government should ever be kept sacred
Resolved That the sufferngs and disasters which
the land with distress are greatly and
gravated by the embarrassments Of the National Trea-
sury and the arrangement of currency, and demand
instant measures of relief and correction.
Resolved That the grave com plicated and increasng
causes of discomfort with Great Britain imperssively
demand the part Of the Executive the wisest eauton
and the adoption by Congress Of such measures as will
place the ceuatry in proper attitude Of defence.
Resolved, That the intim ate connection which neces
sarily exists the hcal of government
the and the industry of the people, render the set
Element Of the tariff question matter OF prominent and
primary importance.
Resolved That the ratio of representation should be
established by Congress at the earliest moment conss
tent with attention to more important and pressing IL
terests
Resolved, That this meeting has observed with gratif
cation that the from this city have kept
aloof from the Of those irritating questions
alien TO the true interests Of the country.
Resolved That the proceedings of this meeting be at
tested by the officers and copies thereof sent the Pre-
sdent Of the United States the President Of the Senate
and to the Representatives 10 Congress from TIL city
The following applications for the benefit of the
bankrupt law were made yesterday George r.
O'Daniel, Philadelphia; SanI Fahnestock, Adams
county; John Ford Whitney, Schuy kill county;
William P Hollowell. Montgonery county; Elijah
Mitchell, Philadelphia. John ] Porter, Lancaster
couAty: Benjamin Brown, Philadelphia; John J
Wheeler, Philadelphia; Jacob AL er, Of the firm of
Alter, Taylsr & Dewey, Philadelphia; Jas Boggs,
do; Myer Fletcher, do; Martin A Kellogg, do; F
Provost, de; Aaron Stewart, do; John Banks, do;
Bolten, do; Joseph Bolton, do, and Thomas JEFF
ferries, also Of Philadelphia The applications will
be acted upon on the 26th of April next.
A very limited amount of business was done in
stocks to day, at a farther falling of in prices.
State fives went down to 33.