The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-04

through If every mau suspends. / stand as
6rm ~ anybody; but / don't want TO stand
alone others about me have got to 60,
want 70 be in boat floating upon the water while
everybody around me is overheard, ana IL every
body else is going down, will jump in. too. Gap
pleuse s too late, gentlemen, at this hour, with
this exigency, to discuss the causes which have led
to this They are many and various. If we should
90 into the Discussion, everybody would suspend
before wc could come to q CONCLUSION. am the
What are the necessities of the manufacturing
corporations What are they doing to meet their
obligations? They are withdrawing the raw ma
teria from their mills, and taking their cottou from
it to England and selling it in face Of an exchange
Of rs per cent And the fear now is, if the news
ported to-day is correct, that they will lose so per
cent II this Is The condition Of the strong and sol
vent corporations, what shall be the condition Of
those who, If solvent at ALL are hut just solvent.
What s to be the condition of the zoo 600 or 1000
people employed in the mills They viii be thro IN
upon the charities of the community around them.
The manufacturing and the commercial interests
are the great interests Of New England and they
must be secured. All business depends upon them.
hope, sir, that the resolution which offered will
pass, without the substitute.
REMARK6 OF MIR. JANIS LAwRKECE.
Mr.. JAMES LAwRHNCg took the stand and sad:-
Mr. Chairman and gentlemen, rise only to say one
word in further explanation of the call for this meet
ing. On opening my newspaper this morning,
WAS not aware that my name was upon the call. /
attended the preliminary meeting yesterday and |
thought was not appointed on the committee.
Nevertheless, am willing to take my share Of the
responsibility for the CALL and Tor the resell of this
meeting. i do not understand that this meeting
was called to take into consider aon the suspension
Of spacie payments The gentleman on my right
(Mr Stetscn) who offered the last resolutions seemed
to think that that was the tendency Of such meet
ing as this. do not so understand it. Yesterday,
at the preliminary meeting, some words may have
been uttered in regard to the suspension OF specie
payments. but that did not come for ward as q por-
ton of the well considered results of the conslta
ton. l notice in one Of the prominent newspapers
this morning statement that this meeting WIS
to consider the expediency of recommending the
newspaper will correct that statement and state it
as strongly as | do now-that that question did not
come up in the preliminary meeting. / hope
IL will not come up in this meeting. Applause .
believe, gentlemen, that the banks of this city
and when say the banks l mean the moneyed in
sttutions, the moneyed men, the money of the com.
munity wherever il is to be found--is ample, is
abundant, to sustain the merchants Of Boston in
this fearful crisis. believe that il il is said that
this meeting is premature, il will be found to be
mature meeting. know that the banks have con-
sented to discount ten per cent of their capital.
Nevertheless. the individuals that acted as COM
mttee, at the suggestion of few Others, to press
upon the banks the necessity OF discountng more
than they had been doing, acted in a private capa
city. found afterwards-for had little hand in
satsfitd d with the arrangement saying that other
persons should have been consulted 1T was u dry
goods movement at was not movement of all
branches oftrade. Some didn't wans any aid. Others
did sad there ought to be public meet ng that
the merchants Of Boston could come together; and
IL there be no necessity for the banks doing any
thing let them say So or If there be, let them take
measures to force the money out of the street into
the pockets OF the merchants. hope this meeting
will have some effect upon the money of Boston. l
think if there be anything in well considered public
opinion, the money, after today, will come forward
TO relieve those who are solvent and can pay their
debts. And am very glad that people OF all classes
have come up here to say that they believe that a
necessity exists tor bringing the money forward.
believe, therefore, that the two Gets of resolutions
which have been offered to may very we'll be
resolutions which were offered by the gentleman
my left (mr. Peirce). / believe the resolutions of
Mr. Stetson may also be passed. We are opposed
(Cries of ''gocd, good y We are determined
all respect to the bank directors--that the banks
shall the necessity OF opening their Golfers and
yielding Us all the relief that is absolutely necessary
therefore move that the resolutions be united and
passed as the sense Of this meeting.
Mr. STETsor-I second the motion.
BEM.Rks OF Nh exJRos 3. UPTON.
Mr.. GRoBsB b. UProS Tin the back part Of the
ba)-Let us hear the resolutions read IL is hardly
worth while to pass anything here that is not pro
perly considered.
The CHAIRMAN read both sets of resolutions.
MT. UPTON tnen haiO. Il nave ueen LnrOrIunate,
sir in not hearing the remarks Of the gentlemen who
have preceded me. am in favor Of the resolutions,
sir 1 am opposed TO the suspension Of specie pay
mcnts (applause) or TO anything which looks or
wnks TO any project OF that kind. drought TO the
door of this hail, and undertook TO get the gentle
men In, two OF the oldest and most respect d mer-
chants In Boston, Mr.. William Sturgs and Mr.. Will
liam bppl ton. They both said 10 me- that In their
opinion your banks In this city might increase their
loans five millions and yet be stronger than they
now sTe. II the banks in this city will increase
their five millions, it will give the commercial
community in this city, In few days, discount Of
ten millions of dollars. IL IA only necessary for 10
resolve that confidence shall lie restored. Con-
fdence is the great heart of a business com
nun ty. That heart Is now disordered. In
order to restore confidence, 1t Is necessary for
each individual 10 put down everything In the
shape Of panic. i propose that you shall pass
these resolutions, and that you shall appoint
committee to wait upon the presidents OF the
banks, and endeavor TO induce them to act ~
unit in sustaining the mercantile community:
and this community as one man will sustain the
banks in doing IL. (Great applause)
NIB. NATHAN sArTHsvs ANsSpxE1.
Mr.. NAvHAN MATrHEws-Mr. President l move
TO amendeMr. Peirces resolution by inserting after
the request that the banks shall discount the words
to an extent not eDdaDgefing their own safety"
II Is very well known that when you pass these
resolutions the banks will feel bound to discount
20 The extent demanded. Il is well known that
there are several weak banks. (6Iisses, ana cries
Of Nonsense i am not going TO say any
thing against the banks, but / do not wish that
any bank shall be called upon TO endanger its
own safety. (Cries Of Nonsense" and t" Hum.
bug.O do not see how the solutions will he
consistent unless the amendment IL made
RsnAsKs or MA WILLIAM srUs-rs.
Mr.. WILLIAM STupers said:-Mr President, 7 aee
difficulty in either adopting rejecting this amend
ment. IL is presumed by every man of common
sense that when we nsk The banks 20 do certain
things, we do not ask tDcm 10 commit suicide. We
only ask them 70 do all thev can consistently with
fhpir t1 Offl flaa
nifty move that the amendment lie on the table.
Mr.. MATrHsws-At the request Of Mr.. Stetson
withdraw my amendment
BEsARxs or Ms. AsasA vsLxHn.
Mr.. AyAsA WALKER, OF North Brookheld. then
took the stand. He said: ~ DIDN'T observe the no.
tice, or have any knowledge Of the latonton TO boi
this meeting, until | came down in the cars this
morning. The present Ia q very important moment
for the commercial community | agree that this
Of suspension should never be rcsorted 10
except in the last extremity. was one Of
those men who had 20 20 through all the
disasters OF 1887 In company with yourself
al n L,a. h. ~, h.