The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-09
THE COMMERCIAL REVULSI0N.
CONNECTICUT.
TYrcsh the Hartford Times, Nov. I.

THE EANK CONVENTION IN HARTFOHD.
ne assembled this city yesterday afterno aud was
ssmer secretary, Mr. ArmsSury, was absent and VIM L
Brewer, Of Norwich, WAS chosen 70 NIL his place
ne CHAIRMAN announced that the Business Committee
in the United States Hotel and would very
ecsx be in attendance and make their report
The Mechanics Bank. and the New Haven Bank, Of the
city OF New Haven communicated TO the Convention that
ey would not be bound by the action Of the Convention,
would they suspend redemption at Suffolk.
ALFRED SMITH ESQ, delegate from the Connecticut River
Banking Co. explained his views in regard TO the acton of
the Convention, which were, that the meeting being
voluntary one no individual bank would be bound by Its
action.
Mr.. GoopsKlI of the Phoenix Bank offered a resolution
that II vote be taken on the question of Suffolk redemp
ton II be by calling the roll and that each bank be al
lowed but one for each 800 900 of It's capital.
Gen WILLIAMS moved an amendment, that each bank
have but vote irrespective of the amount of its capital
Mr. ksGsTrRy wanted TO know how many votes his
Waterbury Bank could give its capital of 1872 800
Gen. WILLIAMS amendment was carried, and the reso
hilton az amended was adopted.
Mr. H,RrwrII of BRIDGEPORT and chairman of the Bust
Committee offered report TO the effect that they
had not been able 10 agree upon any plan Tor establishing
Clearing House in Connecticut and would oler the io
lowing resolution for the consideration OF the Convenon
Resolved That the banks OF this State make arrange
nents redeem their notes in the city of New York
during the suspension OF specie payments, at rate OF dis
count no, exceeding one. half Of one per cent
Mr., SCRANTON, Of New Haven, said that the committee
unanimous N their report and were of opinion that
n redemption in New York AT half per cent would
tend the circulation Of the banks at least two millions;
s they were NO, prepared TO say tina, II was advisable
nev plan of redemption that was not open to serious OBJ
jections.
Mr. BUCKINGHAM said the committee rot particular
whether the Convention adopted rejected the resou
0on for they doubted would afford the relief needed
Mr.. CALHOUN, of Bridgeport, asked if there a
cat under the mea-n II not intended by this report
20 cut OF Suffolk redemptionY
Mr. HARrwEI said if any banks preferred to redeem at
Suffolk, they could do
Gen. WILLIAMS, of Norwich, spoke forcbly against
dempton in New York, and favor of continuing the
Suffolk system Of redemption. is more convenient, he
Ezid 70 redeem al the Suffolk, and can sometimes get
credit there, need it, II dangerous to dabble with
currency, for fear We may debase IT, Let us con.
tnue are, and be satisfied with well enough; and
Net every bank do its best TO furnish credit TO its Gus
TONERS and We shall end right There is even now
easing up of the pressure in the money market The
debts at the West are being gradually paid and what
money We get this way We can keep home for discount
b. customers Let us be cautious and TO that
do nothing to injurously affect currency, which
goodespecially at the West where our banks sus
tain high character Let us never tarnsh that charac
ter There If no system of banking better than our Con
aecucut system.
Mr. RoaxRTs of the Phoenix Bank took a firm position
against the movement calculated to debase and
deprese the currency Of Connecticut without Attending
the relief sought He asked those banks in Hartford
which do not redeem at the Suffolk any better of than
those which doS Are the banks in Rhode Island, with
their deprecated and rredeemabe currency better
OF by suspendng their redemptons al the Suffolk
they better able afford relief TO the business community
than own banksf Not at all should be any
better of by adopting the movement. On the con
rary, should be involved If IL were possible, IN even
difficulties than those under which we now labor.
The theory Of debased and deprecated currency we Ut
bry discarded We see no advantage TO be gained by
adopting the resolution reported by the committee, and
there be object in adopting IT, unless we mean by
doing 70 cut loose from the Suffolk system.
DELEGATE from New Haven offered asubsttute TO the
resolution reported by the Committee, viz
Resolved, That this Convention deem IL inexpeden TO
discontinue redemption at the Suffolk Rank.
ROBBINS BATTrI, of Norfolk, opposed this. He supposed
The Convention met for the purpose OF devsng
thod Of relief 70 the banks Their circulation is coming
home uncomfortaby fast and they must have relief But
he would not after all discontinue the Suffolk system, un
less could redeem par In New York He wanted 10
have the strong banks help the weak ones-sad they
ought o-and then they could get along pretty comfora
theory.
Mr. SMITH OF the Connecticut River Banking Company
spoke against The new plan The idea Of the banks OF
Connecticut deliberately voting their bills large per
cent below par the most undesirable Of all other
nods Of getting over the pressure He spoke OF Gov.
Holey's idea Of threatening the banks with dire ven
geance they did not extend relief TO the people. Why,
said be, you might well threaten to kill man
who had but leg If he did II would do
good " threaten the life Of the for he could not
II with the banks. He then put forth the alb
surd statement the banks Of this state not vo
hating any OF this State even their charters, by
suspendng specie payment The Law did not contemplate
thai they should pay out specie for their notes bu that
they should keep in their vaults sufficient quantity or
specie 70 redeem their currency, which fifteen per
cent He believed the banks were all dong that
Mr.. BUCKINGHAM said the committee did not know what
else "a report They doubted the expediency of adopt
hg clearing house system and doubted also 4 the reso
luton offered would afford the remedy desired
Mr. CHukAS. Of Norwich, afraid they were not
doing what the people expected Of them viz. preparing
give them money. He did not think New York pic
lures (bank bis) any better than Connecticut
"pCtures He would cut off from the Suffolk system,
and be independent, Of Boston and New York and let the
Bank Commissioners take care of our banks
Mr. KSGsEUKY, Of Waterbury, made speech In favor
Of the movement, although he at trst attempted TO
direct the attention OF the Convention from the real oh
bet he had view, by slluson 10 the philosophy Of
The Greeks and then depicting the distress among the la
boring classes consequence Of the deranged state Of the
the Countrywide cry for bread by the hungry
millions IN the andand the consequences that would fol-
low the community II the cry of the hungry not
becded Hs speech was very ingenously arranged and
well calculated 20 produce feeling in the Convention ia
yorahc 70 the new movement contemplated by the reso,
hutton offered ~ the committee lie seconded the views
entertained by Mr. Smith that the banks had only nomi
nAy suspended specie payment but the other idea that
the banks not violating their charters by even
minal suspension he made to appear ridiculous by IN.
ctaDcing the Of Indiana bank where individual
presented a bill for redemption in specie why SAID
The cashier, I'VE cant give you specie for that bill
cashier tbe law requires 20 keep five per cent in spe
yaults and have got just about thai !"
e nraly moved that the banks resume specie payment
instead Of cutting of the Suffolk system, but Afterwards
withdrew his motion.
Mr. ssIrH attempted 10 explain his views IN regard 10
tbe banks keeping specie IN their vault but Mr. Chap
man, OF Norwich said he understood the gentlemen right
The banks 70 keep Is per cent in specie IN their
vault and there run they must buy more specie
The Convention then voted 10 take the vote on the reso
hnison by banks, and not riud
DELEGATE then moved that they all 70 home, and
every bank take care Of itsef
Another Dp1rGAry said they did 90 they had better get
ready ior the day Of judgment and be prepared n give
up uer account FOR said he. the people starving
Mr.. BROOKS q Merden, reiterated the sentiment
he said all the people want money; and he urged the
Convnlon 70 look upon the question IN The Light Of huma
nifty.
several gentlemen then spoke BREEZY for and against the
rs~oium and the substitute when after considerable
clamor, mct0n made 70 lay the whole matter the
table 1t was carried unanimously, and the Convention
adjourned sine de.
MISSOURI.
THE MISSOURI BANK SUSPENSION Law
Tbs following the bill just passed by the Legislature
Of Missouri for The relief Of The banks