The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-07

tower OF strength fei and foreign as well a.
Our foreign importers will remember judicious tariff
always been powerful lever helping this country out
Of a distressed condition, and thai their business
nourshes most when the manufacturing interests OF
this country are well employed for although the number
of articles they supply may be somewhat diminished the
amount is greater while the trade IL steadier and
subject to the spasmodc revusions that always to
follow low tariff Let the remedy lay where will,
chain Of our prosperity and shall find that all the
links Of this chain come within the scope Of business,
and as hardware men may we always keep bright and
but 10 bind us 10 one another
Mr.. MANY moved to amend the first resolution in the
report by altering the time from six 70 four months
Mr.. JAMES NJ WEED thought the difficulty was 10 be
found in their selling goods open paper Six months
he considered the least possible Time and he would not
cede 10 less.
Mr.. Tucker said that the committee were unanimous in
the conclusion they had arrived at.
Mr.. ALEXANDER VAN BuREN said that the report had
merely recommended what Is the custom among
hardware dealers He believed it impossible to re-
qure rgdiy bank notes, payable at six months all
could not agree upon such Suppose good
toner were to come to and ask for eight months cred
was but right that they should charge interest," he
nat seven per cent should be paid from the date
% is ne considered but justice TO the dealer
who 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 four
months credit
Mr. CHARLES LITTLE was opposed to the resolution and
hoped that something better would be substituted
Mr.. MANY offered the following as a substitute for Mr.
Van Burens amendment
Whereas, large part Of the present financial difficult
ties attributable 70 the lax system 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 portions still re-
qure longer credits than Others and whereas the present
loose system Of open often dsadvantageous to
both buyer and seller and is desirable to adopt some
plan by which the time, place and mode Of payment
should be settled therefore
Resolved That il be recommended to the hardware
merchants to contract their line of credits reducing those
parts Of the country which have been buying from nine
welqe months to six eight and those purchasing at
six to four months for notes payable at bank with
change on New York.
Resolved That recommend the cash discount TO be
per cent per month for the unexpired time
the custom Of considering thirty days cash be abro
gated for the future.
lie thought that resolution would meet the views Of
Mr. LIVINGSTON offered the following as substitute for
the first resolution presented in the report Of the
mittee.
Resolved That the credits given by the hardware trade
have been too long, considering the credits obtain;
that this disproporon has been of the embarrass
ments the trade abors under, and that a safe
guard against future difficulties, recommend a
standard of four months for notes payable at bank with
| current rates OF exchange payable in New York.
Mr. Quincy said that they wanted resolution TO the
following effect
That 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 deprivng the
Mr. RICHARDS trusted that the resolution would he adopt
ed presented by the committee il evident that
was designed to meet The views OF the trade throughout
the country, and might there be regarded a
promise between those who in the habit Of giving
eight months credit and those h. allow ed but In
conclusion he read letter from customer in Canada,
who said that II the four months system adopted
| the hardware trade Of Canada would agree TO il.
VT SAMUEL Golfer was opposed 10 the resolution but In
favor of allowing the buyer per cent his bill Cor
\ lcss than six months time
The resolution was now put 20 the vote, and there
tie, ten voting in the affirmative md ten in the
atiye the President the casting vote in favor of Mr.
livingsons resolution recommendngfour months instead
of six.
The following was added, and was also adopted
Resolved Tbat this change Of credits shall take place
after January /, 1858
Mr. BRrrF moved that the preamble be printed with
the resolutions, and that the resolutions be published
cusvely.
Mr. QUINCY opposed the adoption of the preamble the
ground that contained unjust reflections upon the banks
and the press being the partial Of the present
crisis.
Mr. Cor1.R also opposed its adoption that portion of
which referred to the banks, the press and extrava
gance in living
The motion of Mr. Bruf was put and rejected the pre-.
amble being left unaltcrcd.
The meeting then adjourned sine de