The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-06

redemption that IL equivalent to specie hope the Con.
venon will not positively adopt the resolutions but
simply break loose from the Suffolk system Something
must be DONE of the Banks Connecticut cannot
survive the drainage upon them in consequence Of this
Mr.. TRuMBuII, of the Charter Oak Bank. moved that
tho resolutions sign by the President and Seer ary
OF the Convention and sent every bank the State
requesting them to appoint delegates 10 meet in Conv
ton Hartford Tuesday next, Nov ember 10, at 2
O'Clock NJ 10 act upon the unfinished business OF tho
Convention.
This was amended at the suggestion Of
Mr. PERKINS, of Norwich, and Friday next AZ O'Clock
M fixed upon the day for the meeting of the next
Convention. Mr. y. connucd-If we don't provide
lief for the people and that speedily, we shall find the
people taking hold OF this matter in earnest and the re
suit will be that Mt the meeting OF the next Legislature we
shall he obliged to reform our banking system entirely
far conform to the system adopted in
New York viz: make every bank its circulation
by state stocks. This Is the reason why the New York
bills worth a per cent more than Connecticut
bills
AT this state Of the proceedings ''panc" broke out
in the Convention. One party clamored for the
ed them strenuousy. In the midst of the hub
bnb delegate sprang to his feet, and by q
suddenly as if thunderbot had struck the building His
remark this:"I don't believe the delegates present
authorized by the banks which they represent to
adopt the report of the committee any other specific
mode VI procedure" There a dead calm for d mo-
ment during which the delegates seemed to be
tho first time that they called together by nobody
knew whom perhaps by some wag or possibly by Gun
ming Spectator who desired to get dagueTrcoype view
of the panc faces Of the men Of this Stale with
which to preface original work 10 be entitled Thc Fl
nancal Crisis Of 1857, illustrated the whole be
in one splendid calf edition. uniform with the work cnti
tied "Pcep of Day, or Light Breaking in the East TO
be furnished 10 subscribers only
This breathing spell over, the Convention concluded to
postpone operations until the next meeting Of the Convcn
ton and committee Of i've appointed by the Chair
to prepare and report business 10 the meeting The
well, Bridgeport VIM. A. Buckingham. Norwich G. +.
Davis, Hartiord f. 9. Scranton New Haven George NJ
Ives stafford
The Convention then adjourned at about 10 O'Clock
MEETING OF THE BOSTON BOARD OF TRADE.
from the Daily Advertiser, Nov. 81
An djourncd meeting of the Boston Board OF Trade was
held for discussion at Mercantile Hall last evening Hon
George Upton, vice president in the chair The journal
of the previous meeting was read by the secretary
Mr.. BENJAMIN CALENDER, from the committee appointed
the last meeting reported series for the
consideration of the meeting as follows
Resolved, That recognise the influx of five hundred
millions Of gold during the last ten years and the great
expansion Of the paper currency Of the country great
and constantly operating causes Of the present
revulsion, acting they have done largely
the prices of merchandise and other property thus st
lang speculation excessive trade both domestic pro.
ductons and foreign imports, and too large investments
railroads and other public works
Resolved That among the that exist for the pre-
sent financial arrangement and prostraton of business Is
the difficulty Of making collections from the Interior par
ticulary from ihe Nesr
Resolved, That this subject is one that should mm6,
datcy the attention of this meeting in hone thai ia
discussion may point out the way moving the immense
crops of the West TO the Atlantic cities and thus furnish
exchange that will produce one remedy, and that mme
diately
Resolved, That among the means of avoiding a recur
renee of our present difficulties would recommend
additional restrictions upon the bank issues abolition of
small bills, the limitation Of their loans and Giro uations
and an increase OF their specie reserve.
Mr.. CALENDER stated that Mr.. William p. Reynolds
member OF the committee, had prepared series Of pro-
positions which the committee did not deem best TO
adopt but he moved that that gentleman be requested
lay them before the meeting.
Mr.. REYNOLDS stated that he had embodied his views
upon the crisis in the following Iropostions:--
That while banks Of discount and deposit, IL cstab
shed Ullclt la anyp
tent with avanage to the public, advisable that the
business Of issuing notes payable on demand should be
entirely separate and distinct from other general banking
business and that the OF making and issuing paper
money should be Withdraw from banks whose principal
business II is 10 loan money.
That the power Of furnishing State with currency
should be exercised by the the benefit OF tho
public at large and that the profits the circulation OF
bank notes should be applied, (acr dedu.sng the ex-
penscs upon the issuc towards reduction Of
the public taxes.
3 That in lieu Of the one hundred and seventy.aye
banks OF issue existing in the State OF Massachusetts
each acting for itself and each furnishing its portion Of
the currency there should be but bank depart
ment Of issue managed by directors commissioners
appointed by the State for Of the public and that
the these officers should be confined to the is
suing Of notes against public securities and gold bullion
without any banking or dscountng privileges these be
eft where they now are, with the banks and with nd
yiduals.
That in establishing the relative proportions between
the issues Of bank notes and the securities and bullion
held by the issue department for their redemption the
perfect conyerby Of the bank note into specie ut all
times should be secured beyond a shadow Of doubt
two thirds Of unidentified securities and third bull
lion for the Of notes in circulation The bank
should be legal tender anywhere except by the issue de-
partment
O. That the banks of discount and deposit instead of
issuing their notes present should be furnished
with notes by the departments Of against deposit
OF public securities and bullion in the proportions already
mentioned, or such others as may be fixed by law, and
that compensate the banks In part for the loss Of
profits their circulation they should be relieved from
the state tax OF one per cent ON their capital
g. That the usury laws, which generally disrc-
paYdcd to be almost dead letter should be abolished
cnrely and the banks well individuals be ubcr
w and lower the Of discount according 10
circumstances a. Is done by the banks Of England and
France the legal rate Of interest to heretofore
at per cent, when no other is stipulated.
l. That the accumulation Of the public In the
hands ct government whereby large amounts Of bullion
liable TO be distracted from the usual channels Of
trade, tends 10 produce contraction Of the currency,
pressure upon the money market, and a high of
interest resulting IN the most disastrous consequences 10
those who are thus deprived OF the usual facilities FOR car
rying on their operations.
Mr. REYNOLDS submitted some interesting arguments to
support h1 views.
Mr. CAIfEspa to support the resolutions Of the
committee. lie read an extract from gentleman AZ the
West recommending the East to take active to
forward the Western produce To market to the
payment of the debts Of Western merchants He thought
the suggestions Of the letter met the difficulty OF the
times he the project Of furnishing money FOR
the desired object The Of s500 employed in
way will $3.50 900 worth OF produce aud when the
wheels begin to move, the plan will be successfully de
veloped.
The CHAIRMAN Mr.. Upton, asked why the merchants Of
the West do not send forward their produce at once
MIR CArESpxR replied that they could not forward
their produce they had formerly done because or tho
arrangement Of credit and the loss Of confidence our
paper which formerly their currency, rs with
drawn
Mr. EDWARD 8. TowY could not conceive why people
who have inst what want, and In debt should
not give ID 10 II 10 the moral obligation Of the debtor
to pay bs debt not in gold in ~ representatives which
bank notes bills of exchange and merchandise He
cited trade with 81 Domingo Dutrh Guiana and other
countres-in prosecuting which we have no for
rcncy, bat employ system OF barterto show that the
relations with the West may b. Strengthened by forward
ing produce Mt (Mr Tobey here corrected
report hte the last meeting The 70.
porter misunderstood him that he would have banks
compelled 10 limit their loans SO per of their capt
tai lie said tina. he would have them limited 10 a sum 30
per cent above hcir captal)
Mr.. ToHxy proceeded 70 crticse the conduct OF our
banks, aud Me of hs remarks he said that bank
directors much too eager 10 make money for their
stockholders forgetting that they chartered by the
Legislature for the bcneht of the people. They should
pay attention To strengthening their condition.
Mr. Tuhey did not think that should down
TO specie currencya mixed, convertible system Is the
better