New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-09
MEETING OF PHILADELPHIA MERCHANTS

PHILADELPHIA, Thursday, Oct :, 1857.
A mass meeting of the business men Of the city 10
consider the financial difficulties, was held in this city
this afternoon.
The call for the meeting was prepared late in the
day, and was signed by most Of the prominent dras
here. It was posted in every prominent position
throughout the city and attracted considerable a.
tention.
Notwithstanding the shortness Of the notice the
meeting was large.
The following were the officers:
Pyes,deat- CnsRLEs MAcALEsrEE.
eoss VIM Lud.s Hood s%eon J9Ap s Is..A S.s T.
VIM. c. Patterson. David 5. Brown. VIM Ds'ine' David
SUPERINTENDENT Ewing. s. Morris wsn.
Dir. Manchester, on taking the chair, made speech
He said he believed that New-York was the cause
Of all the present difficulties. The banks OF New
York had expanded seven millions In thirty days,
while an expansion Of seventeen millions in i've
moths broke the Bank of the United States. Be-
coming frightened they curtaied in two months to the
amount of twelve millions which sufficient 10 pro-
duce panic of the strongest kindin the community.
He advocated general banking law, and the banks
to be required TO have dollar In specie for every
three of issue.
Mr. Geo. b. Stuart said the meeting was not 10 con-
slider the condition Of the banks, but the condition q
tens of thousands Of labonng men, who II not relieved
would starve. Learning this morning that the coed.
ton of the community was not known to the Lsgsa-
ture, II resolved TO call meeting 10 talk to hsm
spirit Many strongly the opposite Of him in politics,
the President, were present here. He csud tel
tales of real distress that had been communicated to
s% that Hs "TpS to- re extract: from q
tiers from the largest manufacturers In the coun-
try implorirg aid in order 10 enable them to
ceve aid or they will have TO discharge thoussnds of
them. Notwithstanding II their interest TO stop
altogether they determined 10 keep IL they had 10
involve themselves. He also read letter from one
was just going to meeting for relief Relief indeed,
was needed. The moot solvent merchants To-
solvent. Large orders from Europe cannot be ere
cuted for want OF confidence to buy bills Of exchange
The following resolutions were then offered
Waysa, W. the rsP..snt.tiys. Of the M.naeteras
erGs lea ana industrial Interest; OF the City Of Phsdsph
Of the present unparalleled distress which Is psy.dias ii
General Assembly Of hi. Commcnwssth now 10 .s..sn ,Ssi
in the honest opinion o. this meeting prompt ef required
5om the OF the People too the bsneht Of the
Rs;.d Th.; We do m9.' ...p.s.fsy sns s,I.sy invite
sc,n,er to his and the other branches Of bust
bread entirely dspendsn @pon their daily sSo9 whose aa
Rsosd Ths, relief .houd be simple and eomprshens,s
. p:ns such :: viii tend 70 restore coosS:ass
ss Of SS and bring int ,y: sls
&,es.d. That .plcrs the Les..iurs to consider y:
labor shd thOss who exchange values ns
chants traders and factors some relief be not promptly A.
fs.ersd Tbs. the proceeding. Of this mse.ins b. published
IN .e.. diop. 70 s''A "' no"
All the resolutions were adopted with but ons
" No." which was distinctly uttered and which wss
received with Kisses.
Mr.. Frederick Fraley, q heavy coal dealer, was
then introduced He said he had passed through four
suspt nsions Of specie payment, bat had never Wit
pessed one attended with such Distress loss Of
fdeuca foyahadin0s Of tha fail h.
What Is the cause
A yoice-The action of our small headed, short.
sighted Bank Presidents.
Mr.. Fraley-Well, what is the remedy A renewal
of confidence in those institutions which are the arte
res OF the commercial world and thus renew conf
dence In everything. This can be brought about by
diseontinuance Of the Of those institutions De-
there elements of strength down, and ourselves too.
Each an should willingly bear his share of the pres
ent burden to improve the times Mr.. +. then re-
feIred to how the Coal trade Of Pennsylvania, ooss
and avowed that If that alone was able To recover.
the tables would be turned as regards here, New York
and Boston exchanges. The latter would DO worth
nothing, notwithstanding We no. had TO sucoumb
under difficulties we are unable TO master. Then one
dollar of Pennsylvania money would be redeemed in
New York and Boston with gold, that Is il such cur
was really more gold and silver ''' now IL
circulation among the people Of Philsdeiphia
han in New-iork. II you should present an
,agle at the best hotel in New.YorS to take
out g. you would get three 81 notes in change. Foar
months ago, in prosperity, the people only wanted
small amount Of specie; yet now when t there me
Continue, then, TO permit these instruments Of ex-
change, which you were satisfied with till now still 10
psss rom hand to hand and represent what viii settle
the debts of man to man. and this viii alleviate oil
public and private distress and cave hundreds from
bankruptcy and ruin.
The meeting then adjourned, those in attendance
signing memorial TO the Legislature embodying the
sentme nt. Of the resolutions
The assembage was more satisfied with the spsschsS
than the resolutions.