New-York daily tribune., 1857-10-05
vss orswisd vita merchant A,sotA !" v'sd''sse t6e
;n,sc,,,y ana besor OF Bosco-

wa. cr.rs. v,ta merchant AsEcts 10 vtsdoste tbe
integrity ana bssor Of Bostco'
W s,evssau VINO wa cSlled ~ preside, had did
., su;sbed himself on wac7 fotmet oocSoss a. tho
cf the merchants He without doub bt their
.h,e.. sneaker After the organization Of the meet g
had been completed Mr. Pierce Of the firm Of Pierce
& Bsoon. oGered resolution. the purport Of which
WAS that the Banks were bouLd 10 stand by the mer
chsnts, and extend al the accommodation in their
power 10 such seceesitous as could give ample evil
depce of their solvency A motion that this resolu
ton be laid upon the tsole pegatved vhereupon
Cseb Stetson opposed the resolve the ground that
The Banks had already decided to discount ten per
cent o their capital the 5th inst was worse than
supeihuous for this meeting to pass resolution re-
queetiDg them TO II. Moreover he regarded the
neetrg itself premature and uncalled for. 1t only
dence. The Banks had no idea of suspending ,ecie
payments; and he could cay Of the one which he rep
resented that every hard dollar in its safes should be
paid out to sustain its integrity and honor His re-
emphsticsly sppauded.
Mr. Pierce, declaring that he had never before sd
dressed an audience, made a speech, in which he
stated that be and his firm were out of the woods"
ard would stand, though every other house were to
fall but be did not wish TO stand alone-to be, az II
were alone In boat and safe, while hundreds around
were struggling in the water. He preferred to suk
or swim with his brother merchants. This ohivarous
proceeded 10 show that the promised discount OF ten
per cent Of thei- capital by the benks the 9TH inst
would not be anything more than renewal Of their
present loan, and il would lot do
Mr.. James Lawrence (Of the house OF A. & A. Law
renee & Co spoke in defense Of the can for this
meeting, which had originated in the Board Of Trade,
but heartily ignored the idea that had been conten
plated by the Committee calling it to advise the banks
TO suspend specie payments. On the contrary. i.
their bounoen duty TO continue to pay long they
had shot in the locker.
Amasa Walker, the well known radical political
order to prevent more ruin that al the banks through
out the United States should suspend His remarks
occaeiOned much excitement and he was frequently
Interrupted with cries Of " Question" and Go on
lie was followed by Mr.. Wheelwright, an old mer
chant, in the same vein. One very mprudent remark
by this gentleman escaping hom hun without due
foretbought was that the resident Irish population had
it IN their power at two hours notice. 10 break open
and rife every bank. safe in the city, Tns speakers
&c ailments met with very bad reception, and he soon
retired
The venerable William SturgiS spoke of the crisis
Of 1914, when be himself engaged 10 business
more actively than he had ever been since. he alu-
ded also to the disastrous period CT 1897 and the
present time also; and biz experience in al these
crises was that the banks ought never to suspend az
long as they have dollar to pay with. The old NAV
was very energetic in his delivery, and his remarks
were loudly applauced lie also stated that in his
opuiOn very considerable extension Of loans by the
barks might be made with perfect safety to those u-
sutons, and was in fact the most certain means of
iDsuril thoir safety.
The resolutions calling upon the banks 70 make
every effort for the safety Of the community, and to
pre- serve their honor specie paying institutions,
were passed with only one dissenting voice; and the
meeting was dissolved
Ihe effect was rather favorable than otherwise on
the financial Cilccs.