Weekly national intelligencer., 1857-10-10
THE BANKS OF MASSACHUSETTS.

A large meeting ofmerchants and business men
was held at the Merchants Exchange, Boston, on
the I'd Instant to consider the present state of the
great monetary pressure, and to devise some means
of relief The Hon. THOMAS J. STEVENSON pre-
sided. After much discussion, in the course of
which the condition of the manufacturing districts
was adverted to- in which, if the present state of
things continue fifty thousand workmen would be
thrown out of employment in the New England
States, thereby heightening the Distress the follow
ing resolutions were adopted, with only one mega
tive voice.
Whereas in the present state of monetary affairs aris
ing, among other causes from the suspension Of specie
payment in several Of the States and total n1eruption
81 fem1te1Hsc9 cN t6e Bouth e1d Wog4 taere Is 9ed
tire want Of connce IN dc value of every kind Of pro-
pery well In the solvency OF companies firms and
individuals great numbers Of whom having ample MEANS
but being unable to raise money to meet their
payments promptly they mature must inevitably
pend unless relief comes from quarter and whereas
such result would be disastrous to every New England
interest and strike with fearful force all her industrial
institutions paray the of labor by throwing
of employment very large class of population who
depending upon their daily labor for the support
themselves and their families and whereas, if the pre-
sent crisis continued the blow fall severely upon
our banking institutions, by placing in their vaults
great amount of suspended paper: it is therefore
ResotDed, AS the of this meeting composed of
merchants manufacturers and business men, residents
of Boston and its vicinity that hope in this fearful
crisis and to avert the evil is aid from the Banks of
Boston and other parts of the State of Massachusetts,
that upon them devolves responsibility which their
managers will meet with rmness but with due regard
to the great interests involved We would therefore re-
spectfuly but earnestly urge the of this
ng upon the presidents and directors of these banks
that they should to the and furnish the ne
cessary aid to sustain and give relief to the business
community, and they pledge themselves and have full
confidence that the whole community will sustain the
banking institutions in the carrying out of the measures
proposed by this resolution.
ResolUsd, That in the present exigency every effort
should be made to support and protect the mercantile
honor of the metropolis of New England.
Resolued, That, long New York maintains her
high and honorable position in sustaining public credit
the merchants of Boston will sustain and maintain her
honor by rendering all aid in their power to continue
their business upon specie basis.
ResOlUed, That the voluntary suspension of banks is
great public calamity and should be entertained by
gentlemen of high mercantile honor except in last
extremity.
Resolved That the merchants of Boston have undoubt
ed faith in the security and ability of the banks of this
city to pay all their liabilities in any extremity
Resolved That it is the duty of banks well ndiv
duas to render each other all aid possible to carry us
through the present crisis.
The prevalent idea that the Banks could increase
their loans five millions and be stronger than they
are because relief the business community would
allay the panic Mutual confidence alone was wanting
The meeting adjourned with the determination to pro-
mote this feeling