New Orleans daily crescent., 1857-11-23

with which we have treated past experience. IT we
turn eyes thirty years. and observe the
the communicating Of Intelligence and transportation
Of goods, It will appear obvious that thirty days now
w06ld be more than six months then We have
changed horseback with the saddlebags, and the
stage coach OF four miles an hour, to the railroad
| from thirty to forty miles an hour. s'i s@S =
We have changed the heavy baggage wagon and
unworked apd hiy roads, at no particular speed per
hour for the sure and certain speed of the locomo-
/ eM for the wind dbound and uncertain packets. We
have, too, the telegraph; thing new inaitself,
and It can perform in an hour the former work of
mouth; and these astonishing improvements have
more than anything else tended to render what was
natural credit Of six months then very superauous
and destructive credit at the present time. We
have been looking. upon long credit as boon, but
now find that IT posons and corrupts the springs Of
business, and that we are cherishng viper that will
sting US to death. Few could wish to destroy all
credit and resort to gold and silver as the only medi
uln of exchange. Were this done, however d dollar
might purchase five times what it now does and labor
be reduced to onefth Of its present value might
be saved from such prostraton Of credits and general
distress as we now witness. The man of hundred
thousand might be richer than is now the half mil
lionaire; and more sure of his fortune for his old
age. Railroads and public enterprises would then
stand on different basis and instead Of "promises
to pay it would be 'spay without the promises; and
the forger and the swindler who live on the gubil.
ity of their neighbors would find much of their call
ing gone II, then, specie circulation would pro-
duce such harmonious results as have often been
ascribed to ii, but yet by common consent is pro-
bounced mpracticable, the question naturally arises
how far is il safe, under existing circumstances, to
vary from the basis and how much time does the
best good Of the seller as well as that Of the pur
chaser require
This should be answered in full view of the appall-
ing disaster now around US, in consequence Of past
ordinary credits. In deciding this question you to
some extent decide how often we shall have these
iicQ1 nffa
most valued citizens who have and do toll for the
honor Of our city and have acquired competency for
declining life shall in the future be overthrown by the
bubble which we may this day begin to re-infate.
The fabric Of credit requires to be nicely adjusted and
perfect in all It's parts Its managers should lay its
foundation strong known principles and not work
in the dark remembering as they extend the struc-
ture upwards, that one part depends upon another,
and that its height must be limited or it will fall from
the slightest blow, in proportion the height is nn-
duly increased. Our former structure was too high
for the foundation, and ordinary causes such as are
always in operation, made it waver, and when our
imports began to exceed necessities the tower of
our strength fell, and our foreign as well as home
trade must long suffer from its crushing effects Our
foreign importers will remember judicous tariff has
always been powerful lever in helping this country
out of distressed condition. and that their business
fourishes most when the manufacturing interests of
this country are well employed for although the
number of articles they supply may be somewhat di
minished the amount is greater, while the trade is
4
that always seem to follow low tariff Let the
remedy lay where it will, credit must occupy one of
the most important links in the chain of prosperity
and shall find that all the links Of this chain come
within the scope Of our business, and as hardware
men may we always keep it bright, and find in it q
chain not only to bind to correct principles but to
bind us to one another. W. sal li4sss s
Mr.. Many moved to amend the first resolution in
the report by altering the time from six to four
months. ,3ss
Mr.. James M. Weed thought the difficulty was to
be found in their selling goods open paper. Six
months he considered the least possible time and he
would not accede to less. sa. Ia
Mr.. Tucker said that the committee were unani-
nous in the conclusion they had arrived at. s,.4
Mr.. Alexander Van Buren, said that the report had
merely recommended what is now the custom among
hardware dealers He believed it was impossible to
require rigdly bank notes. payable at six months as
all could not agree upon such course. Suppose a
good customer were to come to me and ask for
eight months credit, would I refuse him Most
assuredly not. He thought it but right that they
should charge interest and he proposed that seven
per cent should be paid from the date Of purchase.
This he considered but justice to the dealer who is
always shaved two or three per cent upon the bills of
their customers.
Mr.. Livingston said that, SO far as his customers
were concerned they were in favor of the adoption
of a four months credit. .s.-q ~ e'..t.t+
Mr. Charles S. Little opposed to the resolution,
and hoped that something better would be substituted
Mr.. Many offered the following as substitute for
Whereas, large part Of the present financial
difficulties is attributable to the lax system of credits
and the rapid extension of railroads and expresses
throughout the United States has much facilitated the
delivery Of goods to the country merchant, thereby
rendering less necessary the long credits that have
hitherto existed although, owing to the large extent
OF our country, some portions still require longer
credit than others and whereas, the present loose
system of open accounts is often disadVantageous to
both buyer and seller, and it is desirable to adopt
some plan by which the time, place and mode of pay
ment should be settled. Therefore 7r
| Resolved, That it be recommended to the hard
ware merchants to contract their line of Credits re-
ducing those parts Of the country which have been
buying from nine Or twelve months, to six or eight
and those purchasing at six to four months for notes
payable at bank with exchange on New York.
| Resolued, That we recommend the cash discount
to be one percent per month for the unexpred time
| and that the custom of considering thirty days as
cash, be abfogated for the future. 10,
He thought that this resolution would meet the
| views of the trade. ~ lk4s EhT III
| Mr.. Livingston offered the following as substitute
for the first resolution presented in the report Of the
| committee: .fs8 .l.e
Resoiced, That the credits given by the hardware
trade have been too long, considering the credits we
obtain that this dsproportion has been one Of the
enbarrassments the trade labors under and that
as safeguard against future difficulties, we now re-
| commend standard of four months for notes paya
BILE at bank with current rates of exchange payable
| in New York. VI
Mr.. Quincy said that they wanted resolution tc
| the following effect:
| That we want the hardware credit to be four
months, instead of six, as heretofore.
| Mr.. Mccarthy believed that the adoption of the
four months credit system would have the effect Of
driving the retailer to the manufacturer and OF thus
| depriving the dealer of his custom.
Mr.. Richards trusted that the resolution would be
adopted as presented by the committee, as it was
evident that 1t designed to meet the views of the
trade throughout the country and might therefore be
regarded as compromise between those who were in
the habit of giving eight months credit and those who
| allowed but four. In conclusion, he read a letter
from customer in Canada, who said that if the foul
| months system were adopted, the hardware trade o
| Canada would agree to it, .,..
Mr.. Samuel Golfer was opposed to the resolution
but in favor of allowing the buyer per cent. or
| his bill for less than six months time.
The resolution was now put to the vote, and al
there was tie, ten voting in the affirmative and tel
in the negative the President gave the casting vote
in favor of Mr. Lvingstons resolution recommending
| four months instead of six.
| The following was added, and was also adopted:
Resolued That this change of credits shall TAXI
| place on or after January l, 1858.
Mr. Bruff moved that the preamble be not printed
with the resolutions and that the resolutions be pub
| lished exclusively
| Mr.. Quincy opposed the adoption of the preamble
i on the ground that it contained unjust reflections
| upon the banks and the press as being the parta
| causes of the present crisis.
4 Mr. Golfer also opposed its adoption, or that por
ton OF it which referred to the banks, the press
| extravaganza in living.
The motion of Mr.. Bruf was put and rejected th,
| preamble being left unatered.
| The meeting then adjourned sine die. ..