The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-06

MiddIesex Co Bank, Middctown C r sebor.
| Bank Of Norwalk, Norwalk. C. G. lockwood
Norfolk Bank, Norfolk. ......,.....S. ID. Northway.
Ocean Bank, Stonington ........ Stiles Stanton.
| Stamford Bank Stamford. John W, Leeds
Clinton HANK, ciinlon; ............y D. leaingwell
Waterbury Bssnk g ........ Green Kendrick
Danbury bank, Danbury ...........J Armsbury.
| Tolland Co. Bank Holland. .........A p. Hyde.
Manufacturers Bank, Birmingham f. n shelton.
| Home Bank West Merden ........ JAS $. Brooks.
BANK q chfeId Co., New Milford H. W Booth
| Stafford Bank, Stafford. ............G NJ Ives
Fairfield Co. Bank, Norwalk. VIM. X. Jones.
Pawcatuck Bank. ............,....O Stlman.
Wrndham Co. Bank. ............ John Gallup, I'd.
Iron Bank, Falls Village. ...........A H. IIollcy.
| Mystic Bank, Mystic River C. Mallory.
After the appointment of business committee which
committee retired for consultation the Convention after
the transaction OF informal business adjourned Il
seven O'Clock in the evening, to hear the report OF thu
| committee.
Before adjournng, however, the Bank Commissioner.
| were added to the committee.
/ EVENING SESSION.
The Convention met at O'clock after which
the business committee in and reported through
| Mr.. Scely, the following resolutions
Resolved That to facilitate the settlement Of balances
between ourselves Clearing House for the state of Con
neccut be established at the city Of -; all balances
TO be settled once in days in the notes of Connect
cut and other New England Banks in good standing and
Of banks in the State OF New York current IN the city OF
New York in specie drafts on Boston or New York
Resolved That each bank forming this association de
post with said Clearing House the of one thousand
dollars constitute fund to be used by said Clearing
| House TO facilitate lhc settlement of balances
| Resolved that cease redeemlng our bills at any
point Of this State, and after the -.
Mr. NICHOLS of Franklin, moved to take up the last
| solution and adopt it,
| Mr. HYDE, OF Tolland, opposed TO taking action
upon the last clause by so doing should be acting
III the dark lie would not agree to give ~ redemption
at the sunoiA BANK un'il we knew what substitute we
were to adopt. He knew the business community were
sorey pressed and embarrassed, and iet that something
ought 10 be done TO relieve their wants but he would
sooner let them fail In our present condition than upon
| irredeemable currency
Mr. CHAPMAN then urged the adoption Of the last resolu
ton 10 cut loose from the Suffolk system OF redemption al
once, and let no state have any control Let
redeem within ourselves until devise remedy
for the present financial distress Cut loose now and LEI
| the Bank Commissioners take care of our banks
MT NICHOLS then, upon the suggestion that the Bank
Commissioners had jurisdiction the matter that
would be better to adopt and perfect feasible
thod of relief before the cuttng loose operation took
place withdrew his notion and general debate was had
| upon the resolution.
Mr. HYDE of Tolland again took the floor to explain
the why the committee induced report the
scung loose resolution. II was mainly this-The New
England bills circulate largely the West the New York
bills do not and the result Is that the New York banks
through their agents make great efforts obtain New
England bills at the West, and everywhere else, at n
heavy rate Of discount and then send them TO Suffolk for
redemption in gold or s equivalent This is a shave we
ought not to submit to- especially when these New
Why then should they compel do what Is equivalent
to paying specie Every bill Of that they get hold
oY Still in view OF all this he not enough OF bank
10 whether il would be advisable to break loose
from the Suffolk system He not certain that the id
vantage TO be gained equivalent TO the loss be in
Cured He would leave the question for other and
experienced nnanciers to settle.
Mr. WILLIAMS Of Norwich, was doubtful in re-
gard TO the result Of cutting loose from the Suf
folk Bank system OF redemption. II
tremely hazardous. If should do 80, and find
afterwards that we losers by it, could We again
the system without great difficulty We now derive
great benefit from the Suffolk system. II gives stability
and permanently 10 currency, particularly at this
Srs nnns aao @ na@
have confidence TO recommend II TO the banks not
represented in this convention as sure and cnectual
remedy for the evils with which conteniing
For myself am not ready TO say that could
mend the withou serious doubts and misgviDgs
In regard 10 the result of such of procedure
should therefore much prefer 10 adhere to the sound prn
cpcs upon which have acted for the last thirty years
viz, the Suiolk Bank system Of redemption.
Mr. BrcKrsHAN Of Norwich, said the business men a
Connecticut exceedingly embarrassed and dis
tressed Ans Che evil under wlsch we are all lsboring
not Of production. " has been forced upon
US from without the state Our business generally
wish their obligations but shere few who
making no efforts 10 do The business community
demand expansion to enable the-rto meet their obga
tons but the banks cannot grant H. for their bills will
the Suffolk Bank for Redemption, and we can =
stand that Clearing House system would be less rapid
than the Suffolk system, and banks could then in
crease their loans and enable the business men to meet
their obligations Otherwise the banks cannot help the
business community. Ifthis system Of redemption
shall accomplish this oh ret then will he the means Of
great good to the business community and save US fcr,
n dire calamity,
MIR KISGsBrRy or wa,etsury having submitted some
remarks unayorable to tho project, a. being but
the Convention proceed In cautious manner aud satisfy
Themselves the result n the proposed measure be-
fore they pledged Themselves 20 any particular course
GOV iIoiEY said the taken by the gentlemen from
Waterbury a very narrow We come here not 10
decide upon the result Of this proposed measure but 10 do
something for the relief Of the paople behind There
no money among the people, and we must give them
and at New England did not suspend
FIRST hut New York took the lead although she meant TO
force suspend FIRST. But have not practically
suspended, for redeem circulation ~ gold ia Bos
ton. The gentleman thinks the measure proposed y IN.
t.I.1 hrtaf of fFnN
mistaken; IL will be for year ~ least But we did not
devise the plan reported in the resolution thinking
would be adopted but offered il brief outline for the
meeting " act upon We can get out ~ al our troubles
and pay all OF debts in New York they In turn viii
Mr. Ca,rxsS Of Norwich-Up to the oath Of August we
were good condition. financially az any State in the
Union THAT before the Ohio Life and Trust Company
collapsed hut are IN verse condition than any
sthcr In the Union. for the reason we suppose
chat the hanks of Connecticut have loaned out their
funds freely and thereof have got too many OF those
doubtful kind Of assets known fancy stocks with The
bottom Out IL not capable OF taking care OF
our own finances we are unit Y nave any currency
and II we don't do something 70 furnish little more
rag money To the people, we ss'li una ourselves IN
hotter water than now. We are IN peculiar sit.
uaton, loose from law BY SUSPENSION and noatng at
random Let us do something to get right, to give
stability currency and ~ inspire confidence IN the
business community Tho people will take bills, any
bills. Rt.slc island bills with. the rest, and they
have TO with Us, for they can't get any others;
and " Rhode Island should SINK out o. sight we
should be minus money right of The banks are no
better OF for suspendfng. They are just like mud.
turtle with his head drawn inside of his she'll thinking his
body Is secure while the boys kicking him about and
beating his life let the banks cut loose at from the
Suffolk system for they be no of Talk about
Boston funds at the West YOU might well look for
white crow MIR G. here auded 10 the absence &c dele
gates from the New Haven banks, and attributed II " "a
foolish feeling Of jealousy rivalry between the two
cities u To-day thousands Of dollars have been hid
away for fear that u invested in any way could
never be recovered aga.n. Now, Il the banks Of
this state have nothing DO but to take OF them
selves they nuisance. They hiding the money
and trying to who can outrde the storm tho longest
20 for some 10 pet out Of the present di
Guilty and 10 relieve the snbarrass of the business
community
tho resolutions and thus cut loose from Suffolk
tenn and then adjourn some hturc day In order ve
an opportunity 10 dew sc densitc plan acton
/ for the future.
/ Mr. KESpRicK, Of Taerbury-The idea OF abandoning
specie redemption q some form is prcpostcrous. an
| aware that necessity knows law; but we tsnst b,
/ bound by somcu.ng--we must have some standart
equivalent spcce rcdemyson. To abandon the rodernp
ton OF our bills "a the os our own banks is i'm
polite and unwise to say the least The people who hav