The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-15

took pse they threw themselves on the rules Of tho
bank AID requested OF their depos.tors months notice.
- provided for B9crs the month Hauspired the panic
pasSed OIL, and hers wM further oooasion for niu
geuce; everything went usual rhs stipulated
uos the trustees feel should be always demanded pro
eotcn 70 themselves and her dcposi.o We learn taAt
In the 1887 the paa mania 81 tho BoWery SAVINGS
Bank resulted dividend to those their depos
orr who held on. Tho same win be The result Of the
present panic mania.
PUBLIC MEETING OF MERCHANTS AT THE
EXCHANGE.
EXTRA sxssIoN OF rHH LE6IsLATUR1 RRCOMxsSDSD
COMMITTEE APPOIfVTYD TO go TO ALBAky-coH-
FIDEkcH ExPREssKD IN TIE orrY AND srArE
BANK8-UNDUB HASTE ~ CLOSING THE PRocaBD-
IHas-DIssATIGFACfIoN OF THE MERCHANTS.
The following oal was circulated among the merch ants
on 'Csarge yesterday
meeting Of merchants invtei ct the Exchange ~
half pGt ,lock 70 day 70 consider tbs state OF pubs
Interests connected with the suspeaen Of specie
ments by the banks, and 10 adopt such tn
public welfare may require.
Moses Taylor Co, Henry Colt,
d. Morgan Co, 9ordcn rxlbot Co.,
Maitland: Phsr s0,., F.x Trsnoh,
Grinnen, ainturn h o., Foster, EAiot Co.,
Tucker Cooper Co., Howland AspinwAll,
Augustus s,hen, Onares Il. kunen,
There was quite large attendance Of merchants and
Interested in the object OF the messing and had not
she procesdngs been oharscterzed BY unseemIy has
and the meeting commenced and closed prematurely,
important results Nigh. have flowed from H. Al oil
events might have been sgreed up,n thai
would have proved beneficial In tho cyiss But for
best known 10 the prominent actors In the Affair."
snap Judgment taken; Interchange Of opinion
had permitted; the resolutions were declared
ried because few understood what they were and Tho
meeting adjourned within ave minutes After the time tKed
FOR Id oonvening.
church pointed 70 half past three the meeting WAS osusd
70 order by Mr. D. Morgan, who read the CALL and pro
posed - chairman Nr. James Brown.
Tho proposition was unanimously carried, and Mr..
Brown took The chair amid demonstrations OF sp
pIause.
On motion or Nr MORGAN kessrs James Leo and Robert
Goodhue appointed Secretaries
Tne following resolutions then offered BY hr. PrIA
riH Pnn:-
Resolved - the sense Of this meeting that the ergen
cies OF public Asrs require Immediate session Of
the Isgsasurc thai such Of reaf may
be granted In their wisdom may be deemed just and OK
Dn. hs "a 10 Inc %
cultural and commercial induWry OF ths sAse 70 I've en-
poymtnt 10 the labor OF The city and TO specie pay
Resolved wth Ne view 70 qudae the Indebtedness
tho Interior and hasten The shipment Of proiuoe to Mo
~
the banks 10 Afford every facnty in iner power without
delay.
Resolved, mai in The Judgment Of NE Me- YORK mm
chants embed, looking thoso grcas elements Of
wealth. the varied and large crops Of The United Ss.es,
The exisnrg monetary dera cement may with certainty be
speedily rcied, and bc followed ~ restoration Of
confidence 10 The ordinary machinery and credit OF bus
nets ths. whie the everiy or the crisis s be long
remembered 20 TOO ON the speedy arrival OF prcspefy
resolutions 70 the Governor Of ,Ac ssic n Albany and 10
solicit bis innedase action thereon.
Mr. PsKr submitted some brief remarks 10 support Of
The resolutions He said thai the merchants found them
selves lodsy In novel condition OF affairs With lbe cIsy
banks obliged TO suspend payment, although The d,y
bsfo their 2enslon they 10 be perfectly
solvent An II WAS the merchants had still perfoct cond
the sody Of tocse baDks aud t1erc could be
doubt that their asses su ,ien, 10 meet all their
liabilities Ia this ssao Of Circumstances thea hs held
thai vas the duty OF the mevchse 10 sustain the banks
BY every means IN their power he Considered a.,
tho Governor Of the state the necessity tha, ersed
for he Immediate calling Of exA session OF the Legs
banks for suspenson OF specie ayments In odsr hst
The regular OF husncr he restored 10 hs
ne resolutions II was ano the impsraliyc duty Of The
merchants 70 gve all their influence and all their Aid 10
sustain tho banks In nc present crisis and also In their
dealings with each ohor to oil the fovbsavsncs poss
BILE, and 70 give every indulgence Allowable By the
pressure Of the times
and adopted.
Kr. Imopors D.uoy moved the sppoinsusns OF the
committee proceed 10 Albany.
The CHAIlMAs named the following geuuemen John q
Green, hosss Gvinnell, Charles II Russell, Abraham
Hewitt; Moses Tyl'r, Royal Phelps, Schuyler uvnrsoo,
On notion lhe Chslsman and Secretaries ssre Aided 10
she committee and the Appoiutmenn were IN nmously
confirmed
Mr. Mons H. easSuI said thai he did not rse 70 offer
any extended remark upon the preeus state Of thpgs
He seconded The resolutions offered By hf. Peril shey
70 present these resolutions the Or VIII, he
no don b. would respond imnedis.sy 70 he Request eoa
Bot he had anohsr resolution 70 propose, which vH ~
Resolved That vs - march ants and cuz,ns, have On
Tire con sdesce In tne ability Of 'he banks OF sns cy and
saas Of New York 70 mess all their snsassncns, dollar
FOR dollar.
Mr. g. said that be fen 70 be ne imperative duty Of
Of oonniesce n the banks, although tney had yessrAy
been compelled % suspe1d pay nsns; He was ssured
bey had t~4 fds property he (Hr. O had or thsy
one mercsans) had and Sc knew ss,, ~ lhey ssndei
sSss tspp.us. Taer.sors ne ss.ln ersea 'ps shs
passase ef this resolution Of confidence ai
NE ability and -csla pay syeryssnl 70 the lest dollar.
wss eAyried unanimously
On mosion, Inc meeting then adjourned.
me committee appointed 70 wAi upon me Governor e,
Much dsssusfacson wS expressed on all ies at the
hurried nd loose manner In which the buslsess OF me
meesre he'd been Forced hrosgh without Interchange Of
opinion On The part OF We merchants n charged and
med 70 Be he Universal osnion thai The meeting
Eos Up IN h9fett NOV of Nne mercnenW OUT OF tnc
banks CcnspiouogS among those Who protested vete
msntiy against thsDwbole proceedings Mr. Riohavd
sehe bro.her % se oCIlecscr Of .ns Port he e1eed
his regre that OF Mr. Bro ems utcgrty sho aid have
presided a. this messing and allowed 70 be conducted
twas He remarked that be meeting controlled by
such men - Pelsuah Pert u. Morgan, and Of the
hny Of "ihe Kiassn vho represented the Banh OF oom
muce He sst that thst bank controlled BY John
asvens and q cashier NAMED VAIL who hsd gone the
principle OF bveakmg all OF their neshbors that we're able
70 show large asssn asd means " meet their liabilities
And no-, said he these men bsys had .ae en.snnry .
come and sesk Me A3 Of she merchants whom shey nave
hded 70 ruin He indured IN THIS stysin OF remark fw
Wme time, and collected Around BIN qAte scro~d OK
sympathixing hearers He spote of the oAhler
and presdsnh OF three four OF the wal syecs
banks ies OF pooics who held hsr places through
favoriiDm, and whose scrvicss could ny oommant .
salary $500 msrcnants once Hc doscribcf The
meeting a. : mutual sdn,,rstcn society GOT mp By the
directors Of Bank OF Commerce. and he charged
cncep OF iha bang OF the her hants Bant Of tue Ma
toua Bark ana OF the BAns Of Ameria with enieavos
ina By their n the Clearing House, 10 Greats s
possible difficulties and 70 throw every obsa ,le ey could
In ths way OF merchants paying their debts He said thai
the nrt rer that osGht have bean orsd n the