Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-10-03
From the Boston papers Of last evening.


Meeting of Merchants and Others for
Consultation in Regard TO the Finan-
ciaI Crisis.
meeting of the merchants and of the bust
ness community generally was held at the Mer.
chants Exchange yesterday at IL o'clock, to con.
suit in regard to the preseat financial crisis. The
meeting was very large--one of the largest meet.
ings of merchants ever held in the city.
At IL o'clock the meeting was called to order
by James Reed, Esq, and Hon. Thomas ]. Ste
venson was nominated as Chairman of the meet
ing, and was unanimously chosen.
The meeting was then further organized by the
choice of the following Vice Presidents ana Sec
retsries t
Vice observation-disclosures Reed, E. C. Emerson,
j. Huntington Walcott, Albert Fearing, Isaac
Nash.
secretaries--Samuel rockingham, Jr., Joseph
Glover, George I. Lyman.
The following resolutions were offered by Mr..
Pierce, from the committee to call the meeting
Whereas, 10 the preseat Of monetary aars aris-
ing among other causes, from the suspensonof specie
payments in several OF the States and total Interrupt.
ton Of remtances from the South and West there is an
entire want Of confidence in the value of every kind OF
property, well In the solvency Of companies firms
and individuals, great number Of whom, having ample
means, but being unable to raise money to their
Pi0bOht tnty mature, must tneY
taby suspend unless relief from some quarter, and
whereas such result would be disastrous every New
England interest," and strike with fearful force all her in
dustria Institutions, paralyzing the OF labor by
throwing out OF employment very large class Of our
population who depending upon their daily labor for
the support Of themselves and their famies aud where
asf the present crisis 10 continued the blow must fall
severely upon banking Institutions by placing in their
vaults great amount OF suspended paper-it is there
| fore
ResolUed, As the sense Of this meeting composed Of
merchants manufacturers, and business men, res snts
Of Boston and its vicinity that hope in this fearful
crisis and TO avert the evil Is aid from the Banks Of os-
ton and the State OF Massachusetts that upon them de-
wolves responsibility which their managers win meet
with rmness but with due regard the great interests
involved
They would therefore respectfully but earnestly urge
as the sense Of this meeng upon the Presidents D
rectors Of these Bank that they shOdd come 10 the
and furnish the aid 10 sustain and give
lief 10 the business community and they pledge them.
selves, and have full confidence that the whole mmun
~ will sustain the banking institutions in carrying ou
the measures proposed by this resolution.
Mr.. Caleb Stetson offered the following as .
substitute, and after long discussion both series
were adopted;
RssOiUed, That in the present exlgency every enor
should be made TO support and protect the mercantile
honor Of the metropolis Of New Engiand.
RESOLVED, That as long as New York maintains hei
high aud honorable position Ia sustaining public credit
the merchants Of Boston will sustain and maintain bel
honor by rendering all aid IN their power continue
their business upen a specie basis. l tHl
Rssofuedi That voluntary suspension OF banks Is
great pubic calamity, and should net DO entertained b.