Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-10-03
geatemen q high ereaniIe h0nor. - IN tAe ID Il

gentlemen of high mercantile honor only in the last e
tremety.
ed faith in the security and ability Of the hanks Of this
city to pay all the liabilities in any extremely.
ResofUed, That it is he duty Of banks as well as indi
viduals to render each other all aid possible to carry
through the present crisis.
The reading ofthe resolutions excited applause.
Mr.. Sletson then moved that his resolutions be
substituted for those offered by Mr.. Pierce.
Mr., Pierce replied to the speech of Mr.. Stetson
in able and eloquent terms. he said he had him.
self experienced great difficulties in business at
the present crisis, aud others had also expert
enced the same; and although he could wealth.
the storm, he wanted to devise the means to re-
Iieve Others.
james Lawrence, ESQ, next addressed the
meeting, and made some further explanations in
relations to the meeting of yesterday. He did
not understand that this meeting was called to
consider the suspension Of specie payments. In
his opinion such an object was not at all con-
templated. He believed the monied men and
institutions of the city were abundant TO sus-
tam the present crisis. He hoped the result of
the meeting would be to force money out of the
banks into the pockets Of solvent men. He was
glad to Of all callings present who felt
the necessity Of decided and definite action, and
he saw no harm in passing both resolutions. He
closed by moving that they be united and adopted
as the sense of the meeting
Mr.. StetsOn modified his amendment so as to
agree with that of the last speaker.
Mr.. George W. UPTON spoke in favor of the
resolutions ond against the suspension of specie
payments, or even anything that looked like
pension, but he urged an increase of loans on the
part of the banks.
Hon. Mr.. Sturgis spoke TO the same purport as
the last speaker ~
Hon. Amasa Walker said he fully concurred in
the remaI X that the banks should never suspend
eXCeDt in the last Ryt 10 we throuuh
with the crisis 1857, and remembered it well,
He believed that the banks had no right not to
suspend they have no right to continue as they
are. (Hisses all over the room J Kissing will
not pay your notes, gentlemen.
Ii your banks go on. the result will be to ruin
all your manufacturers and merchants Cries of
No, no." and Yes, yes" What is the great
fact The banks of Baltimore, Philadelphia,
and other places, have already suspended. You
may go on while longer, and make more fail
ures, but you can't carry it through The thing
is impossible. Kisses and much disorder
II all suspend throughout the nation, then
they let out these bills, and solvent men will
come out of the trial. Is itTight to propose sus.
pension for fortnight? You cannot go beyond
that, and to attempt it is absuTditys Laugh
teri If you reduce your currency from S25,OOO,-
600 to S50OO,OO0, the result will he, that you
must suspend There is no other way, and you'll
find it out. fGreat disorder.
Eben. Wheelwright took the floor, and said
there was not a harmony IN bHe TeSOluLlOnS-O0ea
contemplated an - exigency and the other did
not. He hen alluded to the difficulty Of procur-
ing money at the banks. and reiuted the alleged
idea that money was merchandise. What Mr..
Walker had prophecied would be fact in few
days. lEgaz
Grhe audience becoming tumuituous, the Pres
ident called it to order, and stated the question
before the meeting.
Mr.. Wheelwright then finished his speech in
strain similar to The foregoing.
Hon. Mr. Sturgis arose and said he never
thought to have heard in Boston, in meeting of
its merchants, the advocacy of suspension of
the moneyed institutions of the country, and thus
having dishonor brought upon them. He was
surprised al the expression of such sentiments
Ae believed there a standard by which to
regulate these matters. A suspension of specie
payments was in fsct a suspension of the pay |
ment of all debts, The speaker then gave his |
experience as a business man, while passing |
thraugh three panies such the present These |
taught him that there was no necessity for sus-
pension.
The question was whether the merchants would |
call upon the banks and urge them to a more
liberal policy in respect to discounts. The banks |
would be strengthened, he thought, even if these
discounts were extended to ten mikliOnSi If they
were driven to fail let it be done without a dol
lar in their vaults Extraordinary means should
be resorted to by these institutions The sus-
pension of banks in Baltimore, Providence and
other places had afforded no relief and would not
Before reverti9g to any such means as suspension,
the banks should do almost anything, and afford |
all the aid they can, which they would undoubt- |
eddy do. The best thing was for the banks to help
those who are embarrassed.
The resolutions were then unanimously adopt. |
ed, whereupon the meeting dissolved.