New-York daily tribune., 1857-10-23

NJ Gorton, cit, Bsnt Roch..T ."a...... Is
sr. sr Tbsmss' rST Rome Exchange Bsaisa." isSs
Nj osborn. Bank Of BIZ shanton. Eeso
Mr. Pnsbsl, Lyons baok. ,..:...............' 49,
Mr Thon a. BrocLpoT, Esch.nss B.ri....."..... iN
NJ Gardner. O,veto River B.nt, Pultor..''''. see
r. H. sesre.s, SstsIn Fxsh.nsc .uii'........ sssS
Mr Jud,On, Lake Ontario Bsnt, o'wess......'.' .Sse
NJ NJ n n Wills%. Te@Pin. County B.ss ii:.. @
Mr.. Cuyler from tbs Committee reported r,soas, -
for the action Of the Convention. He ststsS - -
sane tine that the limited attendance st The n,s.s
meetcg arose, in part, from the fac. nat The slrs,..
sent East were all lost in the burning Of The MAJ :.
the Central Road last week.
The following were the resolutions:
Rs,oreS Thai il Is the duty Of the banks 70 pr.p.. L.
saTd to al the Interests q the country VII sam9 saS -,
fore such entire re.Umgion the banks neFs represented "a -
Rs,.Sd That il be recommended the Cossiry Bss., .
frtherance the Efforts nsde BY the City Bsat
10 increase their line of discounts 20 the extent o
marke; thus saorsiDg a relief N the pows, 70 s -
Rt,arsS That George w Cuyer Of Wayne. P. ". Raews
.tiss Pete. ouiwses T. o. sSssS1's f.ssnss sss
Bstee to esee. an .ssoa,ion Of County ssis q. -
mutual protection and te5s ,nd o. th.; Purpose
meeting, to be called BY said Committee ,, saea ssss
Mr. Str,ker said that the resolutions had been usis
thus general in view Of the limited attendance at ~
meeting. il being deemed better TO lay the grcuk
work for future action if any should be deemed ssos
cary, than to take fI al steps at the presert Co
yenton.
The report was then received, and the rssolus n
taken Up separately.
The fret resolution was adopted.
On the second resolution being read Mr.. Wilian,
of Newark objected to the wording Of Il, oa u
ground that the city banks had done nothing fof IL
ielef of tie country. They had talked about erpsaa
irg their discounts but in fact had not done co. II
deed every statement published up to this tas bss
a contraction of discounts. We desred to know vhs2
forts the city banks had made, rs was stated in the
resolution to relieve the country.
Mr.. Cuyler-Tbey have taken our bills ct psr, aat
hcld them. ~
Mr. WiIlisms-That Is true, but they have doss
nothing In the way of discount.
Nv Erickson Of Rochester said that the coun.rs
barks had already discounted much for the relsi
of the commercial interests OF the counry that The
produce which had by such means been sent to Nss.
York row lay there in consequence OF the liability d
the city banks to draw exchanges on hngand. he
move to strike out from the resolution the words "s
furtherabce Of the efforts made by the city banks Of
New-York."
MIR. Hswley of .lo thought the werds pxtt
have beer lett out originally, from the resoiaaoA
but. ipasmuch as they had been before the mseuse
be hoped they would not be stricken cut. lie vu
wilrg to give credit, not especially to the banks d
New. York City, but to the city generally, for ts
efforts they had made to relieve the distress OF u
country He moved therefore, to strike bat oaly III
word "DaLke. so Lndt ii WOulu Nhu, iuftAscr
ance of the efforts made by the City Of New YORK;
The resolution was so amended, and adopted.
The third resolution was then taken up, and aip
adopted.
Mr. Cuyler called the attention of the country bsnlD
10 the fact that under the present system OF payial
JsIances in New.York, by sealing up packages n
country bank. botes and laying them by the country
banks are unable to coDtrol their own currency. y
was highly desirable that this should be prevented
and that the notes OF country banks snould oe ~
al<.- tnAnN i'm nj
latirg by millions down Esst. lie had spphed b
bpye the bills of bis bar assorted, and bad offered %
nav the expenses for 30 doing, but the MetroPotss
bar refused the offer. They had, however, stated
combine together and pay for the assortment Of their
bills they would then have them assorted and return
thS III TO the banks.
Mr. Magee OF Bath said he had hae much erpsi.
ence in banking, and had gone through the pas.sa q
1887. At that time he had supposed that much mlg4
be dOre BY conventiors and resolutions He had ios
his to be fallaoy. The only true principle su @
ach bank of issue to take care Of It's own circasno1
Id TO be prepared to redeem II. There was force u
he remark that it was better for the country b:nks
ave their own circulation in their immediate VI amty,
ifthey could but he for one was not disposed to dt
urb the preeent state Of things In New-York. ~
id not agree in the statement that specie Psymess
ad been suspended In the country. Ihere ~
plenty Of specie in the country and he believed tne
when specie payment was resumed, the county bsnu
would scarcely feel any difference. He WIS prepsrse
TO take of bis circulation and to redeem so
Of his potes at the counter as were presented BY W
city barks.
tics were deserving OF consideration in connection w
this subject. In September, last year, be bslievA
there was in circulation in the Safe Of Nsw-Yoh
Thirty millions. BY report made in September d
the present year. the crc al .ton had fallen to eighteen
millions. by taking the returns of Lat Saturday hs
had ssen that this had fallen Oft 10 sixteen miiioas
OF Ell alf of which put in circulation by New Yonk
City banks sone The city banks, in this coaditiea
of affairs, could not accumulate FIVE mlli,ns Of cous
in fact, CT country bills which they use 10 place
sIS Gle in making their balsrces. lie would add hr
his testimony In favor Of the conduct Of the Atsa!
City bsnks during the late troubles. They hsA
done more than all the New.fofk City Bsals
put together for the relief Of the country. The
Albany banks had at the present time more
than ore million Of currency in NeWfor.s
or more than sufficient to cover tho waoie
OF country bills in that city. lie s,oue
object to any combination of fifty or one hundred
country banks for the purpose OF procuring the ssso
ment and return Of their notes from the Metropos1
Bark, because he was unwilling TO lead the osnn
back TO any Metropolitan Bank principle. ~
owing to the mpo.sby Of receiving any relief ffo1
tie pact difficulties had been attri ,utaoe. ~ tae
action of these banks the stream OF circulation sI,
quivelng for tine in the basnce, had no9ed iosas
instead Of outward, and the business Of the cousuy
had been brought to a stand.
Mr. Sbyker aso spoke in highly cOmplimentsy
te ms OF the Albany banks Their proposifier ~
New ok banks bad given the first ray ci hemn =
the darkness. Their lioeralty was properly sppas ps
dated, and met with warm response from tho vno''
bar king interests of the State.
The subject here dropped.
Mr.. n. 4. Williams made personal esplsnssn.o.
pectDg the rumored discreditirg Of the toinPsS
County Bark. Ii has srisen throush the miscsInss
ot a tee graphic Dispatch and had been imm edisky
iehted. The bunk row stood equal to any ~"
tate.
done to tie city banks. They deserved thsoks 10
suspendirg specie payments laugh,er). They shou.s
also have cIeeit for redeeming country notes at
md especially for redeemng those which they s ~
eoSfy banks , ts bed .1pps pp G%g they @ bad