The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-05
The New York Board OF Currency.

A meeting Of the members OF this Board was held in
their at Clinton Fall Last evening" the Precedent in
the chair and eight members being present The
Hon. Messrs Opdyke and CHAMBER, who we're Invited to
address the meeting ALEC in attendance. The fear
Of The panic predicted by the speakers did not appear
have much influence or the mercantile community ju5g.
ing from the very sparse attendance this occasion.
The Hon GEORGE OPDYKE delivered rather lengthy ad
dress He began by showing the banks OF United
States widely extending their circulation aud The
representatives Of money, and proceeded to give the
Board gone MORN alton regarding the sentiments Of the
Legislature Of the 81 &c in reference to the e ures which
had been recommended to it by the Beard Of Carreacy
First or amendments 10 the General Banking law limiting
the discount lines Of al banks in this State TO an amount
not exceeding and bali their respective capitals and
special resolves, and fixing the minimum Of specie at
twenty per cent SecoAd The whole capital to bs paid
up in specie before commencing business forbdiny
leans on their stock. Third The suppre-son Of ths
circulation Of small bile either by the State or by the
general government Fourth The repeal OF the Usury
laws With regard 70 the first three sas compelled 10 re-
pert unfayorahly Tncy were referred to standing Com
urged the measures, but frutessy. He addressed I'M
willing ears They identified with the country bank
be essened BY hc pssage Of either Of these measures
IN this opinion they we're confirmed BY the counsss Of
the bank co.ere OF Albany and of Mr. Cook the Supern.
endent of the Banking department This gentlernan's
opinion as banker Is Of great IL uence with members
Of the legislature and in Justice to that excellent
nestly differed with this Board as to the utility
Of the measures referred to. On other sides he
met with Ike want Of success. Most Of the mem.
bers Of the Legislature connected with banks Ia the
interior and they OF influenced by their feel
pgs and opinions This makes bank reform ia this State
considerably difficult, especrDy while tho republican
party is in the ascendant for he bound confess that
IN reference 10 sound currency party less ortho
dox than the democrats II evident that the mercau
tile community must wait season for this reform: but
they ought not TO be discouraged for come 1t would and
when the people made to feel the effects of another
revuson and financial crisis which much nearer a.
hand than was generally supposed they will be prepared
hoped 10 co operate in this necessary REFORM The
report he had 10 make the usury laws was more en-
coursgng Although they had aiei In securing the pas
sage Of any law yet very encouraging change taken
place On this subject in the public mad. He re-
ferred to the opposition of Mr.. Shaw although
be had desire to ipjore that young gentle
Thnrlow Weed was clearly shown 70 be the
chief engineer in seeking to put through the Legislature
the mcst infamous and corrupt schemes OF spoation,
which, they had passed would have tended to enrich
him and his party. But ID satisfaction that the
neaious lobby had been sent away with pockets more
empty than they came
After the addresses OF Messrs CLanler aud Opdyke
and the probation Of approaching panic, vote Of
tharks was awarded to those gentlemen.
On motion OF Washington Hunt, ESD, IL resolved
that Richard Golden, Esq, be invited TO address ths
Board Of Currency. committee also appointed TO
examine and report ON bank expansion after which the
Board adjourned.