The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-08
GREAT MASS MEETING IN INDEPENDENCE
SQUARE.

was held in independence Square, ON Monday eve
ming last consider the present state of financial
affairs in that city and in the State of Pennsylvania
/ George NJ. Wharton, esd, presided, assisted by
| large number Of vice presidents and secretaries
| Able speeches were made by the chairman Hon. John
| Cadwalader, Hon. Charles Brown and Joshua T.
| Owen, esq.
The speech of Mr.. Cadwallader timely, pointed,
and thoroughly democratic in tone and sentiment
! We make room for the conclusion of his remarks:
"The governor of Pennsylvania has called an extra
session OF the legislature If there he recreant democrats
in that legislature let not shrink from denouncing
them The government which authorizes, maintains or
sanctions banking system which has produced pres
ent evils ia responsible for their consequences Whether
these evils result of administrative msnanage-
of their banks of inherent defects of the system
under which they have unhapp been organized or the
result both is question which time and investigation
will resolve At present the course Of legislature
garu rather of the public interest than that of the banks
is perfectly clear.
of the Atlantic for adequate price, adequate
rty The banks either have have not adequate
rty at their command for the purchase ofspece Hthey
have the security oer let them buy the coin Bet.
ter by far that they should pay the premium than that
nee should contribute to pay it, obliged to
do in consequence of their default If they unable to
find adequate security for the purchase Of the specie their
should he ~u e s so @SPsss @ m as'
trous operation to the further injury q tne commu
nityf
words deliberately If the present extended credits
based upon estimates OF which fourniths OF three-
fourths or twothirds fictitious, or OF no more In
trinsc value than the paper which they are written
what would be the effect of enabling the banks 70 resume
business upon rotten foundatonl lts eiIect would
be temporary renewal OF their discounts on nsucient
security a temporary continuance OF reckless exraya
gance in expenditures Of all kinds, and dissipation Of
such remnant small great, of resources OF real value
| as may now be outstanding In that case, the rum
when Il occurs viii be the disastrous, these
sources will soon have been exhausted Wherever we
look around and endeavor to seek standard OF vau
ations in lands in the remote wilderness or IN rail
| roads in the wilderness, in land OF IN railroad,
or other speculations home, we lind no basis
of expectation of Improvement from continuance Oh
the insecure part of the system OF present credits
If on the contrary, the evil is less great and the
present credits in great proportion rest upon basis
Of ultimate security do not let US forget that in that
case every principle of morality requires not the less that
the past system Of mad expansion be speedily arrested
Nothing should be done to postpone that curtament and
entertainment in which alone there can be hope OF res
toaton Of sound basis of value and an honest basis OF
| dealings
NEARLY quarter of century ago, at time Of agita
ton greater than the present, Andrew jackson, while
President mporuned from every quarter with app
cations urging him to recede from that policy which mas
immotalized his name and immoralized the memories
of the democratic patriots of that PERIOD who fought I'M
der his banner the great contest for lawful currency
His answer officer of bank who, AZ remonsrant
against the democratic policy, had visited Washington
as NV friend 90 home tell your neighbors to spend
| less talk less work more and all will be right
The first part of the advice, spend less contained
the true secret the remedy for such evils as the present
The remedy consists first and last In ECONOMY and
oy will surely be practsed as soon as prov1dent Dank
inc accommodations are withheld and banking in other
rsects on insecure foundations is checked Until then
i thcre will he no economy
THE second mart of the advice talk less good
advice 10 those on both sides of the question 1t is time
FRAT sbould follow this advice myself The resolutions
under each head sneak for themselves and need de-
tailed calculation
| The remarks OF Mr. Brown were received win
great favor by his immense audience. they have
i tho r;no of the trne democratic metal We make
- -,
room LOT the ioho"ihB eAuao'S
.sIt is most remarkable that the banks should have
suspended in the situation in which the country is and
why they cannot resume specie payments without egsa
tive aid is equally marvellous What part of country
or of the world is indebted to Philadelphia or her banks
and is unable pay, won't pay 1t is certainly not
the South is it the West it the North, nor the
East nor have heard that from any of these quarters
there have been made sudden unexpected calls upon
ms for spece Nor does it seem any unusual
demand for money to pay any debts due in Europe Ex
change is said to be lower on England than it has been
for some time
..Why Is IT, then if there is no unusual demand for
money from other places to take the specie away from u.s.
and the other parts of the country have paid and
paving what they specie its equivalent that
our banks cannot pay specie This il to mystery