New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-07

y
We -lsrs or pr.,er. system Of credit Is also traifu
e mis- and facilities We pay cash
"a eSuyssnt al imported o1' VIII a eou'nnte
ca i 10 da.. ,ei: AZ ctber ssndlnt eSp'r. ana
ob'e'c 70 k.'p constantly bard large to a. "ncn W
Thee requiem eut involve the employment q N re capital
rePorl to o., sa than any osser brseeh OF tue ee
Aie while 81 tho same time expected 70 g5sct a. *
Kit sny oiher. to tie serious tnb,n Of our
49,. oeen .he custom Of houses take notes from
hen psy shse AZ thetr Office IouDsl az SIX months
az, sa their sasoS %. p5ses 70 @
be u,hce o hs etbtos We feel that cato, to-
d., tsr suf b ye o. Ire time h. po f AIM
sop 10 nsugurse sis6ics chsI in so defective s,s
Tie pec., heretofore urged BY country ourcos'e fo5 oe
erppe.ticn With al section. BY rslro.d hi, getting
20 Be sad more the hv. RE Moe Of tta v .5
30 ugh tie Of nav be ftte Cher Yet
the go d are neae lew d.y' ron ini Se
ct oil s-ss bs pstes bin TO sreet o. "a tans saIes
the over.'ock which would necessarily accumulate
upoer ,he old methc6. II is tberefse
RsSirtd That IN view q the advantages srs ro ui
ooes OF credit of ucrtt taxing for the sGce, pas
sbIe a. sa.k with the rate Of exchange
vii be made int ,be of - = cen. sanum'
R.SSrd That we invite cur brethren Of tn. trs IN nssh
brps ard interior cites to unite With In our eaOs eab-
AL OF which Is respectfully submitted.
s IMP u fDsSisd' S NJ F. satrr.
Mr.. Quincy, fer one, objected to the report. H.
die noi uiLk il would wer 1t WAS the same old sf
months credit which had periodical. esouS,t oa I.
cIisis. They we're too ready TO osst tao blame On
others The Banks had been blamed, but II m,r-
char s had not traded, and had done the;r duty
oy tie Bal Ike, this crisis would not have come upon
item. Again, the lress was bianed, o.. De dih mol
th he ess had been too severe 10 fact, he doubt
60 il it had been severe enough. Tno letters Which
hao be ell read in fsvor Of oseeing credit ard
The course Of the trade 'ear. The SPEAKER th-n
<,t.t>K ain lie fafp-
" AID progress from the period when LADY pa no
hel 10 an English monarch tor The pcyege OF spen:
re ~ hours with her husband in Prison t. the present
tin in whc be came 10 the corcluslo, that the'e
were too many hahts and too few procucers; that
il stead of ever body rushing from the co try TO the
1t, migration should now take place from the city to
| the coun ~. 80
| Tee. They had said 100 much and too little Tuey
bso uiiustiy cepsuied the Banks aud they had come
| 10 corclusions without giving the reasons.
| The resolutions we're read and discussed.
| Mr. Many moved to amend the hrst and second
| resoluti, Us by inserting four months. -.
| MI Weed thought SIX months vas as sb0jt crecit
| as they could give Tpey had been selling to the
South and extreme West on 10 and IL months credit,
taking Ope paper IN Poy pueal' nc IaNoiea tuo
| sy moths credit.
Mr. A. Van Buren, thought that this resolution en-
bodied only what the merchants for the most part had
for some time be doing To exact uniform rate Of
six hs credit iUpracticable There were cases
where they could not do it. He would give credit on
bsrb PAGER but demand interes. from the date of
purchase 60 that they light bs able 70 collect and
secure tbt rnselves. The bin would then be due at
the tine of the purchase, and many good men, whose
bills were running up interest would De glad TO dis
| cunt them before they matured. He would there
fore move to sGd that the maximum rate OF credit
sla DO Elk months, on banks notes due at SIX months
with interest at the current rates from date.
Mr. Livingston favored four months credit and said
that the dealers With his house, were In favor OF a
d. creased credit. He hoped that the resolution would
4 e. ti,af
Mr. Cbas Little opposed the resolution; he was not
satisfied wi the iep5r hoped that the six months
| credit would be recommended, ard rot made obi
Mr. Mary offered substitute for the resolution, as
| fonoss:
Whereas large part The nsDc. difficulties Is attributable
to the lux ysem of credits AID as the pd extension Of ts
csted the delivery Of Goods to the country thereby
ste ansnsh ewirs aiss Of country,
portions ,t qnr orger credits ,han Others and
70 both buy or seller i, desirable
ont h sthsT % rS and mode
Ieed Ths. il /. recommended 10 the Hardware Merchants
county which been bu, from nine twelve monhs
eaht and those purchasing al SIX to fur months Tor notes
Re'csd Tho. recommend the cash discount TO be one
PEI is@ PEI , Say y az A s Sss."
Mr. Livingston offered another substitute Tor the
two fret resoIu iors as follows:
Pesored That the dts given by the Hardware Tre1e have
been long considering the credits we obtain that h. o1
been
nov isbcIs under; that safeguard against future dur
cie, recommend 'tsl daTd Of four oa'' Tor notes
tsysbe at bar K, wi h current rates Of exchange.
Mr. QoncY mOvsd to make four months the max
imum ere dit instead Of Elk months, with interest.
Mr.. Mccarthy said be differed nom his partner, Mr..
Van Buren,. lie believed that shortening credits
would destroy the jobbing business, and bring the
trade down to the Eogish basis. There the lobber
uIkrowu. The Manufacturer, through bis factor, Is
Brought into inme date contact with the dealer II
cre0its were shortened the dealers would 20 TO the
g., "A htu frat han
on three ana four months timc.
MI r Lockwood said the point at issue was this:
The trade lad be. anxious ~ sell anywhere and
where to al ybody, any terms. This must DC
checked The Le8rer they came TO cash. the lees the
rsk ard the healthier would be their trads. deal
ers knew tsat four months was the extent OF credit
they would look with suspicion upon oil VIE deyiated
from it and treat them accordingly.
Mr Mccarthy renewed his objections. Tbs adop-
ton of the four months rule would drive away the
al general dealers, TO buy in Boalo, C9icsg1 aad
points ne their home al six months, while tue OK
clusiyo DEALER ia hardware would goto tle mahae-
tureIs fret hand, as move -,
M. Iivipestcn sad thst the only dealers who would
obi, ct TO four onhs credit would be those whom
the tisoe would be glad to shake on. x,,,,
Mr. Btu expressed his belief that they c)uli no1
se 10 the South for ess than SIX months; u otner
psrt Of the country they might sell for fur but no
Uniform system could be applied generally.
Mr. Van Buren sta ed that those manufacturers VINO
petd!ed their goods through the country generally
,iIed That was the reason why three ourths OF the
an ufscur.rs Of Ame,ican cutlery had broken doVn
He wished New-Yoik to take finn, manly stand IRE
spective Of other cities smaer places would speedy
follow.
Mr. r. lockwood commended that the manufacturers
generally as soon a. they got able to stand alone
weuc go brough the country selling their goods ana
tl,reby iesteniIg their Iisks.
The vote vas then taken on Mr.. Lvingstons reso-
LUTON when tie vote beng the result, the neetug
wished the Preside to decide. lie declared 10 FAVOR
| OF q :opr months credit LApplaq:esl
NJ, I,yipe.ton NC we'd 70 add thst the four months
creo;t .boud take effect on and after tho fret OF
January next Ado pted