The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-04

currency ftom twenty. five millions down to tive
You have forty or fifty millions OF at the South.
You can't get dollar OF specie for their currency.
The only way to get along Is to suspend all through
the nation:. (Applause and Kisses and cries OF
A voIcs-"The crisis il past.'
Mr.. WALKER-The crisis past! My dear boy
(great laughter) this head III some what gray. The
crisis s not begun. 10 will take six months before
It's begun; There ~ xill be ruin npoa ruin every
the banks are not to blame, although our banking
system is enough to ruin all creation. You will find
il out hyand-by. will not detain you longer, but
felt it my duty to say what have.
RRnlRKs or MIR. EsENszaR wBrEIwRIcHr
Mr.. EBRNEzSR WREeLwRIeHr-I desire to say
few words for the smaller class Of merchants l
think the two sets OF resolutions are Inconsistent.
One contemplates an exigeDcy and the other does
not What had intended 10 say has been 80 fully
said by Mr.. Walker that have only word to add.
In circle Of small merchants Of my acquaintance
there is no way TO get a dollar. have been TO the
banks with the best OF paper, and there is not one
OF them that grants dollar The great faacy lies
in the fact that money is considered merchan-
disc. II is such thing. 1t is simply the standard
by which meUhandse is regulated. It is simply the
representative of merchandise IL the old law pro-
hibitiDg the taking Of over six per cent interest
put In force 1t would he the best thing that could
happen to all parties. As it is now, even the banks
are not safe. There is power enough among the
poorer classes to break every bank in the city to-day
A VOICE-Thats the way TO restore confidence.
Mr.. WHExLwnlGHT-Will you hear the truth or
not?
VoIcE-No; not in that shape.
The CHAIRMAN said he felt bound, while request
ing the meeting to keep order to call upon the gen
teman having the floor, to confine his remarks TO
the question before them viz, the adoption of the
resolutions.
MIR. WHssLvRIeHT said that he bowed to the de-
cision Of the chair, which was perfectly right. He
concluded by saying that processes were at work by
which the country is being drained Of all the Specie
If there were eny way by. which we could go on
with specie payments be should be glad TO adopt it
but he did not believe il possible
BRMARKg uF MR.. WILLIAM HrURGIa.
Mr.. VIII LIAM STuRGIs rose and was received with
much applause. He said:-I have hoped sir, for
many years, that it would never be my lot again
ever to into meeting of merchants of Boston
to consider the expedlency OF every moneyed insti
tuition of the State bringing dshonor IN Itself by
voluntary violation OF its faith. have listened TO
the remarks Of the two gentlemen who preceded
me, and th b Id that there is no standard Of
merchandise, bl.t they virtually advocate the de-
structioD Of that standard 1t Is the only standard
by which you Can carry on business II has been
my lot TO see since have been in active business,
three states of things in some respects analogous to
the present. Two OF them resulted In partial sus.
pension OF paymenis In 1914 when the manufac-
turing interests Of New England were crippled by
the war, the pressure came. and there was an
almost universal suspension south and west
of New England Then what did New England
faith. She STOOD before the world avowing, and
carrying out the avowal, that she would perform
her obligations as long as she was able to-; and
thank God she was able to. There Is no single
circumstance in the history OF New England to
which point with more pride than the fact that al
New England paid all their debts through that
whole period OF SUSPENSION in the rest OF the coun
try. We pIospered after it, while those VINO sus
pended suffered In their business aud their properly.
In 1887, a different stale Of things existed. The
sudden failure of New York drove New England TO
follow her didn't like the manner Of TIE opera.
tion, although do not now question the necessity
Of it. The question now is, will the merchants OF
Boston call upon the banks, under the existing facts,
10 do that which they would ordinarily do, in the
common course of things? Yes, l would do II.
would call upon them 70 do II. have been striving
TO convince ct rtain wellintentoneJ gentlemen who
bave the management of the banks, that IL is for
their safety, instead Of the contrary, to do some
thing like that which is contemplated in your first
series Of resolutions. believe they will be jus as
safe and safer If their loans should he ncre tsed to
ten millions of dollars within ten days. DO tney
soy, we can't stand H Then fall. / say to them
your object is laudnbIe one, and every HONORABLE
man. who has shade Of sympathy with his fellow
citizens will do his utmost to support your commn-
nifty. II you are driven to fall he driven 10 fali
without a thousand dollars in your vaults. II man
owed you money, and be told you thai he had plenty
OF money, but would not pay, you would cali him
pretty bard name. IL the banks viii MT pay
their obligations, having plenty OF ability. they
don't deserve TO be called by any better name
thing. The banks should afford the same facilities
they would in other times and If they fall. they
fall dong their DUTY. Have the suspensions in Phi
ladelphia and Baltimore made things any betterg
(Cnes OF Yes, yea, and mo, no.'D In my opinion,
nothing like the relief that In now anticipated oy "A
stoppape OF payment by the banks would he realized.
The banks before they resort to that measure should
do anything and everything that they cap do by
making loans to solvent men and good men, TO take
the chances Of what the consequences may he. The
best thing for the banks 70 do Is to go on and do
the best they can. If they can show that they de-
serve credit, they will speedily get H. Applause)
PASSAGE or rHs RssoL, Tfofs.
The question was then loudly called for.
Mr.. WHTEbwRrGHr asked for n division OF the
question, that the vote might be taken separately
90 Mr.. Perce's resolutions and Mr.. Stetson's The
proposition was not entertained, however.
The CHAIRMAN stated the question 10 be agree
ing 10 the resolutions, the two united sets. The
vote being taken, the resolutions we're adopted by
loud "Ayef- only one voice responding in the ne
gative.
On motion Of Mr.. srErsos, the meeting then dis
solved.
rns TWO ADVOCATES ron susrEssros.
fFrcm me Boston Courier, oSt 3.
We furnish such full report OF the meeting OF
merchants yesterday that.we have scarcely room for
any ks. There had been considerable vague
apprehension that the banks might be induced TO
suspend specie payments, under the extra ordinary
influences created by the panic. There proved TO be
no foundation for such an impression, which was
like the mul tude OF other flying rumors floating
about az such times. The meeting spirited, and
sur mercantile men showed both intelligence and
hrmness. No rational person, in possession of hi
sober Judgment can doubt tbe solvent condition os
our banking institutions and OF our business conf
munity IN general. At the meeting only two per
sons made any remarks In favor OF suspension
These were Mr.. EbeDezer Wbeewricht, OF Newburv-
port, an excellent aud anaDle gentleman, a little
out we believe, of the moe active operations OF
business, and Mr.. Amasa Walker, Of North Brook
field better known for successive series OF imprac-
ticable notions, than for any financial ability. We
have always considered Mr.. Walker q sort of
philosopher in small way. Years ago, we remem-
ber him as an earnest ldvocate OF the phonetic
theory Of language In combination with various
other wiseacres he proposed the preposteroua ;dea
~ radcal revolution in the spelling OF the English
tongue; to which, Of course al its past literature
nserposed an insuruountabe obstacle, even if the
design had not been otherwise riducuous. Then he
was the inventor Of the famous gluten" ballot, |
which stuck only n little while. He is firm sup
porter, we believe, of Banks IN. P), but 70 our
mcneyed institutions under that denomination, the
countensnce he affords to their credit seems 10 MS