Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-10-13
BANK MEETINGS IN PHILADELPHIA
BANK AND ANTI-BANk

Ii appears there were two meetngs held in Phils
dephis on Thursday evening, in relation to the
banks. The one held in Independence Square by
the merchants, manufacturers, aud mechanics was
presided over by Charles Macalster, Esq. and sd
dressed by Geo. f. Stuart, VIM. Milne and +. Fraley,
Esq.
Mr.. Stuart read extracts of letters from different
parts OF the country giving accounts of the distress
in their sections. One was from manufacturing firm
in the East in which it stated that the aid OF q
loan obtained at moment when the factories were
about to be cosed, had prevented the discharge OF
:, 600 operatives.
Another letter, from a merchant in the West. rs.
presented things in hs section OF country as depors
bly, bad.
rer said that from to twelve thousand operatives
had been discharged within the last four weeks from
the cotton and wo0!en manufactures OF Phadelphia
and that the number would he doubled in the next
four weeks il relief were not afforded. lie further
stated that their pay had never bsen in proportion to
the price of provisions and rent. and They had not
therefore, been able to lay by single penny for
rainy day. Then, taking all other trades into account
il was probable that without relief from 60,O0O to
80 900 hands would be out of employ in few weeks
in the city and vicinity. But this is by means tile
extent Of the evil; for 10000 men, women and boys
out of employment, inferred at least the immense
number of lSO,0OO persons reduced to want and pow
erty!
Mr. Stuart were adopted by the meeting:
Whereas, we, tho representatives OF the inanntar'
turing mercantile and industrial interests OF the city
OF Philadelphia, now III town meeting assembled, IRE
spectiye Of party view ot the present unparalleled
ds,rass which il now pervading all classes Of our
business community, most solemnly state 10 the Gene
raj Assembly Of the Commonwealth, now in session
that in the honest opinion OF tins meeting prompt re
lief ia required from The representatives Ut the peo
pls for the benefit Of the people themselves There
foro
Resolved, That we do most respectfully invoke The
Legislature to pass some law which VIII enable thr
manufacturer TO keep his workmen, and the otheI
branches of business to retain in their employ tlie
men and women whose bread Id entirely Dependent
upon their daily labor.
Resolved, That the relief should be simple and
comprehensive-not iettered by PROVISIONS npos-l
BILE TO be executed in season OF trial ana panic, on
such az viii! tend to restore confidence ia the general
solvsncy of our people, and bring into active and
beneficial circulation the products OF our hsldd nnes
and workshops.
Resolved, That We mplore the Legislature TO con
slider the sufferings which must inevitably follow 10
every department of labor, and TO those also who
have to exchange values as merchsnts, traders and
factors if some relief be not promptly Afforded oy the
present Legislature.
The other meeting was held in the district court
room it was in opposition TO the banks, to paper
currency and to bank suspenaons F. Stoever, Esq =
presided and an address was delivered by T. Fiske,
ESQ. Among the resolutions adopted we're the fol'
lowing
Resolved That our present banking system is a
violation Of the great principle OF equality OF rghts
that it enables privileged few to enjoy special iaVorr
and benefits which are denied TO the many; that Is
paper currency is the fruitful cause OF pecuations
forgeries, frauds embezzlements; that II produces
wild schemes of extravaganza oVer'trading ana sPe'
cuation by an expansion Of paper credit, to be iol
lowed by contraction producing embezziemenf'
distress and ruin to the whole community.
Resolved, That the Legitimate and unavoidable ei
fscs OF paper currency are eeen III tne present ar
tificis panic, caused by the banks themselves Thai
the frightfu evils under which all clssses OF society
are now struggling are not to be considered as tho
abuses of the system, but are the necessary and III
eyitabe results of the system ise which ls rotten
to the core.
has no value ia inconsistent with good government
and sound sense that measure which expands and
contracts at the will OF an irresponsible board OF III
rectors is a dangerous power TO be exerted oy men
who are shielded from private accountability unoer
cover Of an act OF incorporation.
Resolved, Thet to lend credit and receive interee
on it. to grow rich by receiving interest on thei'
debts, is privilege granted to the banks ID vloa.oh
OF the great principle Of equal and exact Justice l"
all and should be checked and abrogated at once.
Resolved, That gold and silver coin is the only cur
rancy known to the CONSTITUTIONS it is the only cur
rency not liable to constant fuctuston 10 value ano
in quantity; that under metallic currency hnsncla'
pancs, artificial scarcity aud aruuctSi eounoon'e
would be alike unknown.
Resolved, That the present suspension OF specie
payment by our banks is equally uncalled for, outrs
eeous and wicked it hss been done to sheld horde
of specuators and gamesters who are suuering Ine
natural effects of their folly and iniquty that for the
banks to violate ell law, principle aud rght-o cover
our otherwise prosperous and happy people with
want wretchedness and run-is crime against so
ciety which calls for the severest condemnation.
Resolved, That for the present Legislature to lie
cslzs an offence 80 wantonly committed, to sanction
this reckless violation Of duty and principle on tss
part of the banks would be to sanction high handed
wickedness and would thereby make the members
voting in favor of measure 90 monsrous ooJects oi
pitv and contempt in ell coming time.