New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-06-23
TIE GOLD REEL.
Important Meeting n, the Chamber OF
Commerce,

crowded meeting of merchants and bank
err Of this city held on Wednesday at noon at til
Chamber Of Commerce pursuant to the following call:
The merchants and bankers Of NewYork are requested
9ted meeting to be held It the rooms Of the Chamber
commerce today Wednesday the I'D inst, at u O'Clock
n i The purpose o. urging The repeal modification Of the
1od bi Recently passed ~ Congress. which has palyzpt
sire honesy o5ey tie laws either TO abandon tcir bns
ness or 90 what rpugnaut to theesoTt to expedeuts 70
Blows Bnos CO.. DUscAS, sngnxaS Co.
TGesxs NELLY Co.. B. M niS' sS SSSs,
! MAECUsE L lALzRR l.. IoS HorTNAS en-
hIcnArD BILL, II. G. FFpcu,oy
scnUoHABDT GEBHARD PM sPrYKR 4 Co.
Among those present we observed a large number OF
the most prominent and influential business men OF Qul
city. The meeting called to order by Mr. Mar
CUsE, whose motion Mr.. JAMES Brown was an
pointed Chairman and Mr.. J. ?. MORGAN Secretary
Mr.. MAEousE explained the object OF the meetiug-th,
passage Of the Gold bill lad paralyzcd business al
together; merchants did not know whether they wcr,
allowed 20 give or take checks for sterling exchange
whether TO buy or sell bills against gold. If tie law
remained as 1t was ineielnine ira actions W0ait
he brought 10 stinlsti and this meeting was called
20 take steps 10 cause repeal thereof.
Mr.. y y. CfIIIlNDEN SAID that II was premature ia
Judge Of the ofccts OF the bi-great experiments re
qrod time for their Developments even IN turning th6
course Of q great river no one knew what could be
laccomOishcl, rs IN rccens case where one OF our
most valuable fleets svedby apparently impossible
mems Asa buyer and seller Of sterling exchange, he
was willing TO suffer inconvenience II necessary; The
whole reason f0r' tie price OF gold rising to-day 70
80 was. tie respectable bankers had hastily called
! tbs meeting. which Implied tet GOyernnent hid
done something toesbarrls commerce; HE Dhldld not
dssgq to nere with smoe , G Te1y s Sl5 70
| take checks "a. Sterling cxchang,. II was done
yesterday 81 numerous instances lie believed that
Ithose WHO De- forced Up The price OF gold were instlu
Imenis ofJcM Davis. There were, he would admit in
colyeuieaccs which wCTc unnecessary lie would move
! that committee Of five DE appointed to proceed 70
Washington 20 confer win ihe GOyerCnent on TIE tuD
icCf ana be Oppd thit gentlemen present would Dy m
ther act and words cDdeayOI % defeat those who lad
gained temporary victory iu tic gold market ana mat
bankers would submit to inconyenenccs as long as they
were clearly necessary.
! Nj AlAlcvsr aid ihat the meeting was called IN tie
Interest Of the whole mercantile community I-4ore
tie passage of the lin there were crowds Of gold
gamblers out matters were worse now, for tie naFket
~ tie hands oi about i've m'n, by whom tie pup
lie were Kept In le dark as TO ihe value 81 gold The
demand for sold Yesterday Dc beloved arose from
Legitimate want, added TO "a temporary fright.
Mr.. JA3ns NJ. BROWN said that many legal gentle
mon wee o. ,.-.on tat checks for se.ins exchange
could lo be tlcn yet IL banks have no; the necessary
| Hler reiloiis by some other gentlemen.
III. joins THOMPSON lid the zeal argument was that
tie banks being unable % pay currency obi -cd
/ TO pay in CHECKS. Now foreign mCIClnndise vas
bought with ei.l and domestic merchandise wou.d
naturally BE- bought with currency, Against
token system. ard it was tbs latter which
forced up tie price o. gold, whereas II god
alone was used iu exchange for paper. and Gov
cnmcrt paper alone 80 exchange fof l0d, each being
actually produced for the Other the price ~ gold and
currency WOl!o become not equal 10 .rast appsOAi.
mate. one gentleman bad tpokOn &C itr trouble Of
counting crccnhnck, and said tAat vu impossible 20
be done On the pressure Il hlsin t ald YET 'tAat
gentleman would not o. lcCi g. The Trouble u count
| ing crSst baelnlf Of missed specie. Both sides
must fke some inconvenience One thing
strongly occurred t. h.m. which was that
the gentlemen present would hnd 4at Government b..
stead Of taking back rs action IN this matter. would
don c it. tLat Wall street might hud itself required -
uso The GovcrnwCn NJ money. and learn tl.t Aefo di
cx,, real power beyond tue financial circles Of tic
city.
Nr. CurUyDEy6 resolution appointing tommiiie
of FIVE over Wlcl to- Chairman ~ tie meeting ao-d
preside. was carried, and the meeting adjourned.