The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-27
ton IN violating This agreement in regard 70 the ano1n

ticn IN violating this agreement regard 70 the ao1ni
Mr. jams G. CARNEY, Of the Bank Of Nutu Il Reden MP
tion said that the banks lived upon credit, and SINE
charged, upon the community. Il thei duty TO
sustain the merchants until every energy had been *
hsused He proposed that the specie held By the bAnts
OF Boston be turned into and transferred
fifteen per cent be maintained The banks must discount
to bona Ode traders and not 10 SPECTATORS and the ner
camille community be saved and the banks prevented
from suspension.
Mr. CAiKB SrrrsoS OF the Shoe ana Leather Bank said
the Boston banks should not foow the course OF New
York-at this time. He WAS for testpg the Clearing
House method. the duty OF the banks TO relieve
the merchants they should not suspend Boston banks
should maintain Themselves as long - those OF New
York Mr. Stetson moved 10 lay tho substitute ana Mr.
CArneys propostion on the table
Mr. HAVEN defended his substitute, and said thu: by
would be provided with the
Mr. s. q. VALLEY Of the Revere Bank, remarked that
lave ar.Sea IN ,eSers drso,ions NV NJ Wssv .hed
that = committee Of gentlemen had proceeded TO New
York, ard ,me to an explicit understanding with the
managers OF the banks there United the banks Of the
two cities had wealth, strength and specie enough II
New York would only lend % 600 COO speoie not
call upon u for sight drafts We should weather the storm
M CAsxrY stated that the banks should see their
specie rem down 70 81 900 before they stopped pay
ment.
Further remarks were made by Mr. B. E. Bates, OF the
Bank Of Commerce, and M Hodges, o. the Washington
Bank.
Mr. srsroS referred &c the fifteen per cent specie law,
which he considered q consequence there was no
penalty attached thereto.
Mr. THAYlR OF tire Exchange Bank, alluded to the
cessy Of doing sorshng speedily for the banks and tho
community.
Mr. HAVEN eais that his substitute would enable the
banks to discount all their receipts and prove an eHecta
remedy for tho financial endorsements OF the lner.
chants
Mr.. s. A way OF the Bank Of Metropolis, said inst the
law with regard 70 fifteen per cent OF specie had been
settled, 80 that any bank having that smornt in the
Mr. Car-wRIcRT of the City Bank thought the amount
or the cotton drauehis was nearly exhausted.
Mr BHsis, Of HE Granite Bank, said that be needed
s2oo 900 In specie 10 meet his obligations in New York
today.
Mr. SAMUEL HoorsR, of the Nerchanss sank, advocated
tho Substitute Of Mr. Haven conendDg that the Clearing
House plan virtual suspension OF specie payments
n. j. A. DAvr, or the suffolk BANK read . Geographic
desratch received from the Metropolitan Bank OF New
York stating that things were going we'll n that city
ana that the balances In Boston weuld be allowed 70
rsein, II possible.
promise the New York banks the OF
PRESIDENT OF the Grauite Bank.
OF Messrs. Havsc and Carney be taken by banks.
Adopted.
Mr. cAnszy observed that u Boston banks ooud.no,
90 on II the CLEARING House policy was adopted, bu,
would suspend before two O'Clock Monday afternoon.
Mr. srETsos rc!oincd that the banks had right u
suspend but Should proceed 10 discount 10 their
His bank discounted &c the OF $71 0C0 yes
terday, and rev paper solely.
Mr.. WIN nncifks, Of the Webster Bank, thsught II VA
the first duty of tho banks protect currency Of New
England.
The vote was tsen taken upon Mr. Hayeu's bs,trte
and was re;ected-2e TO TO- Mr.. Carneys motion
Likewise rejected.
Mr.. CSaxlrn H,.z, OF the National Bank, sverred
that 10 order afford any accommod alton 70 the pu bile
wss necessary 70 ncresse the 81 the settlement
In bills at the Clearing House He therefore moved that
the sum stated In tie report be dous he'd The ctior
was adopted and tbs report Of the Clearing House Com
mitsec - srnentet, passed. thirty bang voting IN
the affirmative, and one-the Mutual Ecdemp.on-n We
negative
The following resolution was also adopted,-
Resolved That the Associated Banks Of Boston believe
II 70 be fbe duty OF the Boston banks maintain the in
rty o: specie paying banks In the present CRISIS
10 order 70 meet the demands OF the commercial
muDity w ren der all aid possible 10 the accommodation
OF the public BY discount to the utmost extent \ their
ability.
Without any other important bur.nes the
Association adjourned.