Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-10-16
Mr.. Bnnks's Speech in Fan euiI Hall,
Rnalnn.


In the face of drizzing rain and thick fog
Faueuil Hall was crowded Thursday evening" to
hear Hon. N. P. Banks. 1t was political meet,
ing but the announcement that the distinguish
ed gentleman would devote most of his address
to the causes and remedies of the present all
absorbing financial CONFUSION, filled the hall
early, with people of every shade of politics and
social position.
Hon. John II. Wilkins presided, and intro
duced MIR. Banks, who was received with enthu-
siasm. He commenced by saying that when he
engaged to speak in Faneuil Hall, he designed
to speak on the subject of the policy of the State
and natiod, and not on the great monetary crisis
that had been brought upon the country, the dis.
tress caused by which, it was impossible to pass
over in silence.
ae complimented the men of the city of Bos-
ton, for the courage and Vigor with which they
had breasted the storm which had so suddenly
broken upon them, and for the union of inter
ests and purposes employed to fend off it's evil
effects. The seadiness of their position had sus.
tanned the business character of the city, which
was her chief honor. Recurring again to the
subject, Mr.. Banks said that no one could posi-.
bly, avoid feeling OF sorrow and distress on ac-
count OF the suffering the monetary crisis had
occasioned. Fortunes that had been the result of
fifty years close attention, great Intelligence,
unwearied industry and frugality, had been dissi-
pated in night, and in the washing away Of
the great commercial landmark, there had been a
corresponding wreck of other interests.
Every one must feel a sympathy for labor
without employment and support-labor made
houseless, unexpectedly, with some reason to
fear that in the coming Winter it might be bread
less. With all the suffering and loss consequent
on the crisis which Boston had experienced,
there would be always means to supply the wants
of the suffering, without fault of their own. One
view of the subject indicated, it seemed to Mr..
Banks, that the general disability of the period
would be but temporary. The country was never
richer than tOdaV inr the apip ultural
estimated at value of two thousand millions of
dollars, and the product of manufacturing indus
try at about fifteen hundred millions. With our
means of intercourse with other parts of the
world--the enterprise of our merchants-the
economy of families-in fact, all persons-would
infuse into the condition of the country conf.
dence that would enable US in few months to
arise from the fall we had experienced. The
spirit of economy that might be impaired to our
national life would enable us speedily to recover
from the disaster There could be no Just com
parison between the condition of the country
now and what it was in the year 1887
The specuatons of that period were fruitless,
both as regarded agriculture and manufactures
Capital at The latter mentioned period was in city
lots whereas now it was invested in what devel-
oped the industrial interests of the country.
There was in 1887 but $4,000 of specie in the
whole country, with Sl49,O00 Of circulation of
bank paper. Now, at least IN 1856, according to
the statement of the Secretary of the Treasury,
there were SZ0O,UUU OF spece--pTobably now
much as S2S9,00O to $4,000 millions of bank
notes in circulation. In this State, the banking
interest was in safer condition at present than
in 1887, and the confidence of the people in this
particular greater, and the feeling Of hostility to
banks far less.
In regard to the cause Of the crisis, different
people held different views, according to their
political eanings; and here Mr. Banks wished
to say that it was his purpose to speak Of the
policy, and not in apprehension Of parties or Of
men, and also according to their conceptions Of
monetary affairs. A few leading facts would
probably preeede other observations Mr.. Banks
had to make, and beget just understanding of
our position, and fair calculation Of our diff.
eultes.
AS an important fact in this connection, il
might be said that # this crisis had been defer
red another two months, it would not have oc.
cured this year. An opportunity to have trans.
ported the agricultural produce from the valley
of the Mississippi, had yielded nearly double
its usual value, to the Atlantic coast, would have
constituted such wealth as would have enabled
our merchants and people to meet all demands
against them. 1t was, therefore in some sort a
panic that had produced the difficulty. The
cause Of that panic Mr.. Banks would not discuss,
but would consider leading incidents IN our coun.