The New York herald., 1860-12-17
The Currency Panic In Detroit.
ADJOURNED MEETING OF DRY GOODS DEAhERs-
BROKERS, STOCK DEALERS AND OTHER 0UT6lDKRS
INTRuDE

ADJOURNED MEETING OF DRY GOODS DEAAERs-
BROKERS, STOCK DEALERS AND OTHER oUTs1pkRs
irThuDk AND CONTROL THE MEETING.
from the Detroit Free Press, Dec. ID.
Inc ADJOURNED meeting Of the dry goods dealers OF this
evening" and called together large attendance Of dry
goods dealers not only but representatives OF nearly
kers dealers others whose disposition seemed
70 be TO prevent the action proposed by dry goods
men Mr., Colin Campbell chairman Of the former meet
ing, presided and Mr. James Nall acted as Secretary
Mr. EDWARD ORR inquired wha, would be the effect If
few men in each line of business advertise take West
ern funds at only ninety cents on the dollar
Mr. FRlsBlE-None at all This must be a q unanimous
natter agreed to by every retail dry goods dealer TO be
binding. compete with any Of them, don't pro-
pose to surrender my trade TO any man that
enough to stand out from such an arrangement for the
purpose Of stealing it,
touched bottom. In his opinion il would 60 down To
seventy cents yet Some Of the papers Of this city
temporary and will soon blow over that this money will
be good again in few days but this ia not II wilf
be twenty i've per cent discount before spring.
Mr.. TINKER (grocer)--For what reason2
Mr.. ORR will tell you for what reason? There
large amounts Of produce in this country awaiting ship
ment TO England. People believe that gold will be re-
urned in for this produce but this rs not
England holds large amounts Of Auerlcan secrlss thes
on m. a. 1sS sass % w be sso%n into q Wan
street and will food the market producing the natural
consequence Of further depreciation in vaines u Is in
dncpdtion th result that large Of produce
IS noe lying IN NeW Yoyk on waseh TIE charges eaNnos
te realized
New York This has got TO be exported and sold The
money realized from win ultimately find its way into
the Western banks where is due. This viii make ex
change easy and wind up the panic.
Mr.. ORR-Iherc are diverse ideas on this subject.
few days since men were laughing at the des Of seces
sion; they now laughing the other side OF their
mouths. few days since the Western money was held
at five per cent discount, and told 1t would be
but temporary depression now IT is held at twelve and
fifteen per discount and constantly growing
Mr.. FRIsrE-Buchanan's message brought IL down.
Qaughter)
rican stocks and bonds back us from England.
The discussion here took wide latitude, rambling Of
into ReneTalities and financial economy generally.
In the Of the discussion Mr. FISHER Of the firm
Of Parsons Fisher, brokers, obtained a hearing He
the the practice Of re-
merchants sharing the exchange 10Th their debtors
IN 0e interior of ne State and, II applied TO- ioould
Doubtless do the iUh the Detroit merchants The panic
Is extensive he said Leading and hitherto substantial
houses all the country, tottering 70 their fall
How can the merchants of Detroit expect by simple
resolution remedy these evils2 They be endured
for while and merchants must be content to take rags
for their goods.
conversational discussion followed as to the feasib
~ Of charging discount funds in exchange
for staple and domestic goods and taking them at par 10
payment for other varieties, when
Mr. HANSON GARDNER offered the following substjtate
for all pending propositions -
Resolved That II is the duty and interest Of all busi
in Detroit to encourage the circulation of our
banks that highly dsapprove Of the practice Of
certain persons to gather up the notes Of these banks in
order to draw coin thereby restraining the ssueH Of the
banks and restricting their ability TO afford relief.
The substitute adopted when the meeting ADJOURN
ed
After the adjournment the dry goods dealers remained
and held conversational meeting expressing most deci
dedy their dsapprova OF the pursued by others
than dry goods merchants in in,rudng upon the meet
ing consuming the time and opposing the action they
had designed taking. Every dry goods dealer present
was in favor Of placing the Western currency at dis
count though difference Of opinion existed to tho
mode and time of accomplishing this 1t was finally
agreed that committee then appointed should draft
paper 10 be presented to all the dealers for their sigma
binding themselves TO take the deprecated funds
at only their true value. This committee will probably
wait the merchants today snd arrangements will be
speedily copsummated though IT is not designed that IT
shall take effect until Monday next.