New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-02-03
BOARD or CURRENCY.

QGte large meeting Of this Board vss heh La
evening In the Hsh OF the Historical Society cscSar
OF second avenue and Eleventh street. JasEs CAT
LAtts esq, In the chair. The Chairman introduced
'uo non. AsAsA WALkKR sc the Speaker OF The
| even nc.
DIR; WIKER, afsr q few preliminary rcmartA
sed .hs' the Object Of the Association vas the par
pose OF ascerainpg what reforms were needed in to
correct such faults existed. lie alluded 70 IL
tinareia crisis Of 1857, by which manpf.c,nr, ~
destroyed, operatives driven out of employment a.
the banks closed and spoke OF the failure f The Oue
Life AID Trus. Company Attic time of that or ss
debts were owed 10 the amount Of 500 600 by CHI,
zers Of the rptej States. The people relied upon the
banks 10 pay their debts. They had e?it,Wo 90
notes il circulation, and $-2i 900 in depcst TAs
thew could not They had only 5000 600 Of specie
to meet sS 600 eco pro issory notes. He contesds1
that the Ohio failure destroyed the credit s.d the
banks went down. The speaker asked what creta
wss and quoted Nosh Webster On the subject, who
said ut was confidence The currency a. the
tine above referred to was 70 per eest o.
cOrhjeICe. lie thought there was t~o smA a
amount of specie and too large an smo1nt OF conn
ceuce and gave as an Illustration the case OF osak
Of large circulation that bad SJ out Tor every *zm
cicusiior. The bank took IN $O,WO week fI
month, and be ssk.d how could It ever redse1
each circulation. They put their own bills IN tncr
vaults and seIt the bills 81 other banks to the redeem
ing bsnss. In this way the amount 1t their own bills
we're withdrawn from circulation. AL who had notes
10 pay refused discount. This tue diicm No
IN which the bank customers were placed. Rhode
leland hsd deficiency of seven 70 one-Vermont Of
forty 10 one Indiana Of to one and az this de-
tciency had 10 be met by the men Of this city.
He asked If this would be normsl state Of things.
and could currency be right that thus ruined toe
most cautious and shres cest merchants. The faux
wss ret with the Banks bat the custom was 20 clrso
all the bank officers. The system was bad-the banks
were solvept as they subsequently proved, for they
acted according to law. The l>ws were bad and tho
system horrible The remedy was to have a currency,
with less proportion OF confidence and larger pro-
portion Of coiuno other NJ assure can have any good
result The only difficulty was in the want OF speca but
the remedy was TO have more. Circulation should DO
requisite 10y law, and upon such proportion of money
a, would not force 10 call in all the money when the
crisis came. The speaker, in concluding, thought
that the usury laws dsarranged all of our monetary
affairs. They should be national, rs in England. He
predicted more failures. and ssd that esca crisis
would follow the other in quick accession unless we
had more specie and less credit - confidence.
Mr. PErLK moved a vote of thanks 10 MIR. WalkeC.
which vas carried unanimously.
Mr. ions EtDIE, the Recording Secretary read .
paper giving sketch of the proceedings had at
Clinton Hall during the late crisis.
Mr.. JAMES GALLhTIN read an nterestins paper Ia
reply to the Hon. John Whipple of Rhode Island On
the 'Usury Laws, and received the thanks OF the
meeting
The Board, on motion, adjourned