The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-26

Issues that win continue for long time to come. l.
Tor one. he continued, am in favor Of this question
going into the hands of the committee, so that it
snai, De most faithfully and diligently discussed,
and 80 that not only resolutions will be introduced
The subject, but in reference to other matters OF in
terest TO the trade, and bearing upon the esent
financial embarrassments. am pleased to see and
know that other cities we'll as our oEn are an
wasting squestion The question Of credits do not
desire at ali to discuss but do desire that this ques
ton shall 60 into the hands of intelligent commit
tee and that efforts be made to secure the
OF member from every house in the city. know
we have large meeting w, perhaps as large as
we get, but il seems to me the business before
us is too important to be disposed OF hastily.
The resolution in regard to the appointment of a
committee was now put to the meetiog and adopted,
the power being gwen to the President to appoint
Mr.. II. LIvIsGsToN hoped that toe camniitee
would carefully and favorably consider the propos
ton TO alter the time of credits from SIX to four
months.
The PRESIDENT desired to make few remarks at
this stage of the proceedings. He sad:-la relation
to the subject that has called us together !. must be
very clear that this matter should have careful
sider alton and matIred elaboration. 1t involves
important interes's-a variety OF interests We
have here this afternoon representatives from abroad
who supplying us with goods; We have also a
large representation here of gentlemen who are
jobbng merchants, aud it must be confessed
that some OF us have made jobs by giving
very long credit (La1gher.) Bot the dith-
Guilty is no. much in the time we give them as in
the time they take by onrtacit consent and tnink
we are to blame rather than the purchasers vei.-
ture 70 say yon will bear cut in the remark that
more than half Of our customers fail 10 pay upon
the day they promise, and fail TO give notes wheu
they purchase our goods. Here is where the shoe
pincbes, not about the nominal time that is given.
1T would be better tor every merchant TO fix nine
mouths as the limit than six months as is is at
present -Four months is the time of English credit
but they don't always get it because don't MAKE
cur customers pay at this. There's not a single
agent of an English house but would get his pay
promply in four months if the joobing merchants
held their customers 10 SIX months credit, bu.
fortunately it is not SO. Now nnless act promptly
upon these resolutions should not pass them.
Allusiun has been made TO the aosion of oanks,
language of Sculpture" Leave the things that
are behind and go forward Our object
is to mend for the future. The community
want courage infused into them. 1t is fact that
paray sis mas taken bold OF the business community.
There is a want OF courage and enterprise. l will
not say how it was brought about but it exists
and has parayzed almost every branch of trade and
commerce If VIC can't infuse spirit of enterprise
into the busDess community, we Sill be nation Of
bankrupts. We want confidence between 10 40 and
man ana between institutions, and il we dons have
i We shall fail What will our passing solutions
here this evening do II we don't take effective
action on tie subject that has called together? If
we decide on selling at four months credit only who
will sell to? To no one. Where are customers?
All gone, for panic has stricken the business COM
munity; they will buy nothing till they find that
commence ndS revived among the DlDks. say Tue
great difficulty exists in the fact that we don't act in
concert in relation to enforcing credit In payment
Of goods Why is every man AFRAID of his neigh
bo1i We meet man whom We nave known for
twenty-five or thirty years, and the moment
the matter Of credits is mentioned we shrink back
from each other. There were two gentlemen who
met in Wall street the other day who were about to
exchange securities, and it is fact that they
afraid 20 trust each other with their checks and yet
these were gentlemen who had known
and done business with each other f)r
twenty years They looked az one another. and one
said my dear fellow, ] am ashamed" and the
Other ssid, Il era sshamed--take the check Nov,
this little incident illustrates the feeling throughout
the country. hope that at the next meeting there
Will he larger number, and that when We meet
again ~e shall meet as friends, that We shall give
each other the right hand OF fellowship, AMI that
when make promises we shall fulfil them to the
extent OF our ability
The President at the close of his remarks an
nornced the following the names Of the gentlemen
whom he had appointed - serve on the committee
MessIs c. Norton, Chas Blven, A. Ward, -
Bfuff, Chas. Nandsrvooft, l.. Corning.
A motion WAS adopted authorizing the foregoing
committee 70 appoint members to visit Philadelphia,
Baltimore Boston sud Other cities for the purpose
Of ascersnng the views Of the trade the subject
Of credits.
The meeting then adjourned TO Wednesday after.
peop, TO meet at the same place.