The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-13

bar ks wore established by who had money TO loan,
in these he found that who wanted 10 bor
row money got nge'he d,s ana sIa bank usn.ery
where many Of them were, but where some OF them
were they did not Where were Thebes, and where
partaY Most people knew where ancient Thebs and an
cent sparta were, but but Western wild cat
banker could tell where modern Thebes and modern
sparta were uaughter) He hoped the resolution
Mr.. J. wADswoKn said there was no reason in the
world why the state of Illinois should have good
cueLcy the State OF Ohio and the State Of Ohio did
lot ask one per cent TO redeem its bills (Appa se'
Let Illinois banks redeem their notes in gold at gold ana
not M per cent.
Mr.. HATHEwA thought we had law requiring our
banks TO redeem at par. Should we offer them prem,
IN to make the currency WORSE The resolutions air
rot this point. We must have a Law cumpan
he banks to hold some specie on hand 10 redeem IN o
with, and they shoad redeem at par The currency
here in circulation what the banks owe iney
drawing ten per cent interest on their debts
and six per cent interest their tocks on deposit =.
springfield. Should law be passed giving them one per
cent to pay those debtsa
Gen swirl took The stage and again urged the propre
ty of another meeting, 10 give ample time ana opH 'u'
" consider and mature the remedy Tor the evs III our
currency. -,
and wise one but II had been abused; It hal baen per
vorted unless the Legislature took the points Of
pcrveison into consideration and provided RENE ~,
The coalition OF things twelve months hence would be the
same as row.
Mr. j. " FARwxIL wanted to say a word about the one
per cent business The object was desired TO accom-
ish to coRpel the country banks to kave local
hab taton somewhere The law required the banks
to redeem at ut their counters But some Of them
as had been justly remarked, had counters. They
could not object much to being required 10 redeem
IL per cent in Springfield Chicagoapd noteholders
would not be compelled TO discount that rate They
could 10 their counters and get gold par Let us be
concatory if ask much we hall fail entirely.
Mr. O. s. HorGH moved TO strike out cone per cent"
Mr. OMsTEp opposed the notion taking ground similar
| TO that occupied by Mr.. Farwel.
Mr. CoLyS desired to ask II exchange two months ago
was " why was il 10 per cent nowY
| Mr. KING (of Barrett, King Coz said because the
currency worth just what the stocks worth
upon which based, and that the stocks not
| worth much now as they were then.
Mr. CoIyN--Now, ask, what the reason Is that the
| stocks worth less now than they were Them
Great laughter.
on Mr.. Houghs amendment. II was lost.
then moved to insert half per cent, instead of
| one per cent oo,
linois currency in midst; in the power
of the banks, wanted 70 buy them; we gave them
their price could do IL; otherwise not He thought
| their price would Be about one per cent
The half per amendment lost, and the resou-
| ton was adopted.
The thrd resolution was read and adopted without DIS
| cusson.
| The fourth resolution zvas read
| Mr. HAYS moved to amend by making the resolution
read that bank should into operation upon the bass
OF stocks Of any kind The system most defective
one and would answer in crisis like the prcs mt
| There was no assurance that Illinois stocks or Unite
States stocks might not be subject 10 the deprec
on Missouri stoss or Tennessee stocks at the present
time He hoped that the constitutional convention about
To be held should apply remedy. let US have system
like that of Indiana based upon specie and let the bank,
endorse another and would have safe and sound
currency not liable to depreciation from the fluctuations
/ In Wall street
| The resolution adopted
The fifth resolution read and adopted without dis
cWsion.
| Mr. WATSON, amidst much confusion got the floor u
speak the foregoing resolutions but being too late he
| waited 10 speak TO the next.
The sixth resolution was read and adopted at
| without giving Mr.. ". a chance 70 open his mouth.
The Secretary read the seventh resolution choking Mr.
| ". Of in an arbitrary and summary style;
| Mr.. j. WILSON said stood in perlous times. III
thought proper that the meeting should express III
sentiments upon the which have produced thes
| times. (Crics Of "0rder y Kisses and cheers.)
| The speaker compelled To subsidc, and, amids
great confusion and excitement motion to adjourn fol
| one week was put and declared TO be adopted.