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

La
LEwR ", r.PPAN,
HONER ARrLEcr,
JAMES " PAIGE
You are here in answer to this call, and you have
organized the meeting, and are now ready to pro-
vonn-Nothing can be done unless we ad-
Journ 10 Faneul Hall.
THE cry for "Faneuil Hall" was quite general;
but cy COMPRISING the persons present closer
around the officers table, some more room was az
forded, although there were still two or three hun
dIed IN the entries.
Mr.. rHoMAs w. PrERCE, Of the firm of Pierce
Bacon, rose and stated that he had been re-
quested by the committee of the preliminary
meeting to offer the following resolutions, which he
read
Whereas, in the present state sf monetary affairs
ans smo0s onsI cav, as sran ne susuen;on o spaas
of n mttances from the South and west, here
a-e want OF confidence in the value # every kind Of
property, - well - In the Folveucy OF oompanies firms
ard tIcivi rSls great numbers Of whom having ample
means, bot being unable to raise money their
ab pend unless relief comea from some au ,rer and
sheress suoh u would be disastrous 10 every Ne
Fnssnd .ne,es, and strike nth fearful force al her In
dusrsi Institutions, psrslysug the arm Of lsbov, by
hrc si out OF employ meDt very large class OF
otaAsop, who are Depending upon thor daily labor for
SUPPORT OF themselves and their families; and whereas,
The present 0ri,is f. continued, the b!o~ must fall
Tesc ely upan nur hank ng institutions by psciug 10 cir
Tsuln gres amount Of suspended pspe-i Is t'eren
I'D. ~ The sense Of his nreetrg, mp sad OF
gsfchsntt manufacturers and business men, resd Of
ssnn and s vicinity that hope In arful crisis
SO 10 avert the evil nc from the banks OF Boston and
other pars Of the etate Of Massachusetts. roon tue
oevoiyes . p0Dsbiy which heir managers III mees
9Th nrmness, but with due regard to the e,. interests
rtey would therefore repeatedly bat earnestly u,ge,
tse serse OF soi. messing the prcsiseots sud al
reooFs o. ihese banks that they should
and fui nh ibe nceSAry .usain and give relief TO
he nusness nifty and 'hey pledge heolelves and
tain the banking usu car ing out Of the mea
sarcs prep sed by this isolation.
The Chairman read them second time.
sPEsoe osoALss sfsr ON, rso.
MI sTE1sc said-l move you, sir, that for the
| pre- ent, thar resolution lie on the table.
The CHAIRMAN said the motion was not debata
ble and after bearing the responses on both sides
| decided that it was lot carried.
Douo's were raised, when Mr.. Setson withdrey "
! his motion, as he wished Io make few remarks.
He said | am not used to making public speeches
| gentlemen, but wish to say word or two. Ner
chants OF Boston, we appear here, at this time
under what se call severe crisis. This meeting is
called at the instgason of a few individuals VINO
| plause.) Igve you my reason why. The reason is
| this that the banks Of the city of Boston were
called upon to assist the merchants of the city,
they met together and they have agreed TO assist
them TO the extent of ten per cent of their capital
and that TO be done between now and the 9th of
October. The banks intend to do il in good faith.
(Applause) The bank that represent will do it;
II can do IL and more too. (Applause) When that
result was about being carried into operation we are
called upon, before the managers of the bank which
represent have bad even the time to come together
ard to relieve what they agree TO do for the necessi
ties OF the mercbantswe called here prematurely
to create an excitement, and should say undue
excitement (c,ies OF "Good" and applause)-for
10 meeting Of the merchants OF Ros1on could be
called together In such time as this, without there
coming here with excitement. We want steady
head and stiff hack bone. (Applause.) Aud viii the
merchants OF Boston, with New York in the position
shich she now maintains, and intends to main
tain-(applause and cries Of Good will we
eHterrain doubt OF our ability of sustaining the
character, the honor, the Iteblood, may say.
Of our city, BY all honorable action? We are called
upon 10 soy whether will act in the bes.
we possibly can. DO wish TO call upon the banks
TO suspendg (Cries OF "No. nol') Then hoge
every merchant OF Boston will, as far "a IN him lies,
do everything that he can, will submit to every
eintrgeDOy that Is pressed upon him, will sacrifice
his money and even thing but his bonor TO sustain
the character the honor OF the city OF Boston. Cap
plause) | can't believe that, while New York sus
tains ber eminent position, you will submit to the
banks susptnd'Dg the payment or their oblira-
tions; and the last dollar In our vaults you shall
have; you shall have all the money we can RAISE;
ana the men who are not too mush In debt will
come out bright and fair. We have a country
loaded with the products which God has given TO
US, which will soon be flowing in; and specie Ia
coming here from France, and treasure from CALI
forna. Why, then, do the merchants of Boston
despondt To be sure, iemittaaces hard, but
they will he better / have q little property aud
win sacrifice haf OF Il today for the honor Of os
ton, and give the other half TO the poor. Zap
piause) Nov, my fellow citizens, while New York
maintains her high aud correct position, let Boston
put her shoulder TO the wheel, aud 70 through the
crisis triDmphaDtly. desire TO offer the following
resolu tons, which, oy your leave, will read
Resolved, hat in the pre'en, sr;ssnoy every effort
should DO maae V suppot and p'oecs the mercaurle
honor Of The metropolis OF New Eosland.
Resolvc~, rrAt " long Sc~ York nsalns her hish
and homo able position In sustaining puonc oredt, me
IN IN ANITA bnir hun
Rssolv.s fn.. me volus.a-y su.peu.ea Of s.n,s =
gen lsnen Of sEh mc camille honor, excepting Ia the Last
exp-miiy.
ah In the security and ability OF banks Of this cy 70
pay sl their liabilities In any extremity.
Resolsed, That 70 The duty OF banks yell indivi
duaii 10 render each othor oil aid psssble carry
through the pvesen crss
Mr.. Chairman-I move the resolutions which
bave read as substitute for those offered by Mr..
Peirce.
A VOICE from the middle Of the hall-Mr Chair.
man, the pressure here Is great deal harder than
in the money market. / move we adjourn to
Fsneuil Hall.
SEVERAL VOICES Second fhe motion.
The CBArRMAN-The question is, on agreeing to
the substitution OF Mr.. Stctsons resolutions. Are you
ready for the question:
MANY vorcEs-"All ready" Question" "ques
ton"
The CuARxAS-Before the question Is put. the
Cries OF Hear him.
pvMARxs or Nh. THOMAS w. pprHcu.
Mr. PsRcs then mounted the table and said-The
gentleman (Mr. stetson) has made objection 70 the
resoluio offered by me. in behalf of the commit
tee appointed at the preliminary meeting. As q
member OF the committee, and having been present
nj that Meeting, feel IL my duty to make per
sopa explanation. Was asked to that meeting by
several gentlemen vastly my seniors, and / partici-
pated ~ Its deliberations We were full y aware that
ff.a he IaIa o.. t.nt w.th
the next five days ten per cent of their CAPT
tai, We were well aware that that ten per cent
Of their capital would not increase their loan; that
that amount natures on Saturday, the Sd Gen
tlemen aware that three fourths OF the negotia
tons for money are made in the street with privat
banking houses They are aware that those nego
hafions closed. II IL impossible TO obtain money
from them and there are those here who have ex
perienced it-men who have been unatle 70 obtain
money at any rates on any security either bills
receivable, ships, rial estate, credits In England.
or money deposited in the bank--that upon any
OF these securities II IL impossible 90 obtain money.
xfVr hat fa.f -. ~.