The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-21
Liverpool View of the Financial Crisis

IRON the London Times, Dec. 9
Tho quarterly general meeting OF the Liverpool Guam
her Of commerce was held this afternoon al the ONCE
Exchange Buildings for the purpose Of receiving the re-
port Of the council and tiansaetng other business
The chair occupied by Mr.. Christopher Bushel the
Wee Pre- dent the unavoidable absence Of the presi
dent, Mr. TORI and there was large attendance Of
members. Mr. T. r. Horslail, n. r., was present, and
the Chairman stated that Mr Joseph Christopher Ewart
NJ n, was prevented from attending by bis duties
member q the Grand Jury, which commenced today.
Tho Chairman approaching the subjcc, Of the presen,
financial crisis, said. We are constantly charged With
desire to hush up what termed commercial dclnquen
cics Now although the late monetary crisis may be
considered both different and difficult subject 10 touch
upon, not aware that the merchants OF Liverpool
a body have aught in relation 10 IT, deeply az they
have suffered by H. considering the intimate CONNER
ca relationship between Liverpool aud New York, where
this panic originated and the fearful decline In every do
scripon Of produce consequent upon 1t, we have the
greatest not 10 boast but to be thankful that up To
tbs time 80 few Of our merchants houses have fallen
tear hear Whatever charge OF reckless trading may be
justly brought against some ia every commercial cornrnn
nifty, the fact Of much stability under such crushing
pressure must fairness be taken az an evidence OF the
prudence and legitimate trading OF the majority. tHear
hear But while feel and say this, let Us not shut
eyes the fact that these of recurring crises through
which IN day commerce has passed are evidences
true and effect that there IL something In
our system, some disturbing cause in the commercial
body which periodically breaks out into these fearful cpl
denies Now, cannot be denied that the natural incl
EAirn 10 look for the legislative enact
ment which think nierferes with the sanitary action
81 trade. Well, let u by all means inquire INTO sucn
ensctments immed stely aud without delay, aud bring o.
bear alike upon the principles and details involved IN
them a wise, aud lust, aud temperate consideration
fiesr hear Bot let not stop here let US also inquire
whether there "a anything within the commercial system
70 which may IN some degree, not altogether, trace
these great cslames. (iear, hesr) The financial aud
commercial credit OF Great Britain unquesuonsbly one
Of greatest elements 81 national prosperity 80 far
that credit based upon our wealth industry and Tree
dom, Is great blessing but credit like all other good
things may be used or abused. II s egimatcy and pro
perly used when Is we have said, based apon our
capital, our industry and oar prudence II shanealy
abused when has no other foundation than ooid anu
reckless daring which regardless OF all consequences,
deals with hundreds OF thousands though they were
grains Of sand, upon the principle Of Heads WIN tails
you lose and unfortunately, too, when too often the
condemnation applause attending II depends too much
upon the Of failure success which result
fHear, hear II well known that such system 81 credit,
~ deeply 10 be condemned, not lees on moral than on
commercial grounds has Of late years too much prevailed
not Great Britain 10 America only but throughout
the commercial world, hot has raised ap and tos'sref
daring and fJrdtsre ptr trtch has rendered erea the
legitimate and prudent 0er1tioHf Of commerce. carried
ca ~ ~ fair trader th dtGcu dfd ddgerOHS and lusc
"a. ~ ~ mall degrss tded 10 Irice ios Toi'o1i con
Eian rh,ch iEotue Dlol coamsHttse "a airso cOntRp
rg@h thtar. hear Now. seeing that the credit sys
ton q commerce carried chiefly by means Of bulls
81 exchange seeing that there must be three parties
70 each hla drawer. an acceptcr. ar last not east
discounter-u seems reasonable that capitalist
money lenders discount broker aud bankers would
gard the character snd Of those who make these
bills more than the mere magnitude OF their uansactons
they 90 hold the cheCkstrres In their own hands ant
have. individually aud collectively. the power and
benceiorh 70 remedy one great cause o. these Oft re
curing evils and " restore pfudence aud safety
great degree ~ the future operations * commerce
,Cheers II j. perfectly clear that by some means
larger superstructure ~ credit ha been raised upon the
-saptaI employed N commerce than Tie foundation how
has been able 10 bear and the superahundant
weight has caused the whole fabric 10 oiter has
brought 10 small portion Of Il 90 the ground Qiear
near TINS structure q credit has - be rebuilt
ct us All earnestly inquire how and to what extent
bcs, be rebuilt v insure the utmost extent stability aud
aie'y tCheers) lie concluded by moving the ADOPT %