The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-25
Mass Meeting of Merchants al
Cooper Institute.
CONTRACTION VS.. INITIATION.
A Strong Protest Against the Action Of the
House To Be Presented 10 the Senate.
speeches by the Chairman, Mr.. Bryant;
Elliott C.. Cowdin, A. A. Low, Mr..
Atkinson, Of Mass, and Others.


pulsating thrill through the other. A call for
mass meeting last evening In the large hail Of the
Cooper Institute to discuss the question OF our
national finances could hardly fail, therefore, TO
draw together large assemblage The hail. in
fact was crowded to its utmost capacity, by an
sembage not of that mixed character, however,
one is accustomed 10 see at our great political
gatherings or special exciting occasions, in
viting discussions OF questions involving matters OF
mere local interest, but gathering made up OF our
solid business men. 1t was, in short representa-
tive meeting OF our BANKERS and merchants-a
representation OF our commercial greatness and
prosperity, and through its exponents a firm and
ldignifed protest against any Congressional legis
latiOn tending to swell national currency
and thereby impair the deep and broad and
solid foundation giving to the government
its present invulnerabe strength at home and its
high character abroad. While everywhere through
out this vast assemblage were to be men
whose names are power on Change the assem-
blage on the platform in It's number Of our great
financial magnates was one such as has never before
been seen at any meeting in this city. 1t is
necessary to give theft names, the most comprising
the list of well known signers to the call Tor the
meeting and the officers. Such unity of sentiment
rarely pervades public gathering To the resolu-
lions or speeches there was not a dissenting voice,
but the former were most heartily Endorsed, and
mixed with the close and earnest attention given
20 the latter were frequent expressions OF most
hearty approval. Altogether the meeting
great success, exceeding IN every regard in fact,
tine expectations OF the most sangune.
Mr.. GEORGE UPDYKE, in a few appropriate words
nominated Mr.. William Cullen Bryant for President
OF the meeting. Cheers.
SPEECH OF MR.. BRYANT.
Mr.. WILLIAM c. BRYANT, on coming forward TO
a. He
said :-sI am glad to see in this concOurse proof
lof the interest with which tRe public OF New YORK
regard the object of the meeting. For it Is a
lnost important question that we are to consider
the question whether our government is to 60 any
deeper into the ignomny OF a false financial pol.
tcy-the policy of palmlng upon the country cur
Tency Of dishonored notes as a measure of value.
You remember the circumstances under which this
policy was resolved upon. 1t was excused only as
war measure. The lrredeemable paper was issued,
the era OF mad speculation came and passed;
the era OF panic arrived, and we hear the pre-
dicted camor- for more issues of lying promises
from the government presses. Ii they are sane
TONED by Congress, and have the effect which they
are intended to have, they VIII revive speculation,
they will lead to another collapse OF credit, an
other era OF commercial ruin and utter stagnauon
OF trade THIS Is SIMPLY repeating the lessons OF
are fable and experience q cheat. Against
measure 1raught with ouch consequences we are
assembled TO protest. II Congress should be moved
by clamor to disgrace the country by issuing
more more notes, the condition OF whose exis:
viii the king OF birds-the eagle, whose flight
Is above that of all the other fowls Of the air
grace in The eyes OF the world 7 Let mis- image
then. be dotted out; oblterate, also, the stars OF
heaven; erace the stripes OF morning light which
should be the promise OF q day OF glory and honor,
and, instead OF those embems. let the Inner
Hn to weeo ny o.
gentleman with WHOM, If this delaand for more
paper money be granted. we are destined to
scrape closer acquaintance thaniwe lave en-
joyed yet-and on the enormous blade let the
words be inscribed IN staring letters, warranted
TO shaver and let the two supporters OF this ma.
estic lmpiement-the two razor bearers-be
Morton, Of ln D and Kelley. Of PENNSYLVANIA,
the charge alone. tCheers.l
VICE PRESIDENTS.
Colonel ETHAN ALLEN read list of Vice Presidents
Of the meeting. Among these were the names of
Alexander T. stewart. Cornelius vanderbilt, Peter
Wa B. sesr 1 Wb w Re william Ha1a
meyer, John Jacob Astor, and several other gentle
men OF local influence. The list was unanimously
adopted, as also list OF secretaries, which
Included the names OF Theodore F. Allen, Henry E.
Davies, Jr, Bernard Casserole siglsmund Kauff-
MIR Cowdin said:-
SPEECH OF Mr. ELLIOT c. CowDIN.
Mr.. PRESIDENT AND FELLOW CITIZENS before
submitting to the meeting the resolutions Of the
which VIII necessarily be very general their
character. The present occasion affords me no OPP
TO refer TO the causes or the present
Iress among the working classes, except In the
reckless speSe.ations overtrading, high prices,
lavish expenditures, q redundancy oil irredeemaDle
paper money and mortgaging TO an unparalleled
extent the doubtful earnings OF the future to meet
the extravagant outlays OF the present. From
e be A oStaned The seacnO D e ca the
that people should turn 10 the federal government
Tor ald. WHAT the country now asks OF the govern
ment is, to Immediately proclaim tnat it does not
U. T.
do another thing We ask Congress to declare
that ii Will not stln further the financial
ADVERTISEMENTS OF the nation by swelling to any
extent and in any mode, and under any pretext,
the existing volume OF irredeemable paper cur
ior fulfilling the promise II gave to the country IN
the law OF March 49, 1869, wherein 1t was enacted in
express words that the United states solemny
pledges its faith to make provision at the earliest
Practcabe period for the redemption OF the
confounds all sound distinctions on the subject,
IS, that paper promise to pay money when made
by government. is itself money. Nobody ever
dreamed that such PROMISE when made by an
individual. was money. Pray, by what process is
such promise by a government, especially II the
verified into money! ASK shall such measure,
resorted to amid the EXTREMIST perils OF war to
save the Union, be engralted upon the permanent
policy OF the nation in season OF profound
peace2 great nation that relies rredeem-
able paper currency IL at the mercy OF every other
great nation whose circulating medium is convert
IDLE into gold and silver, which civilized nations
an paper nvsaby Graases towsrs a de-
probation, and then produces ruinous fluctuations
in business circles. Ii renders fixed standard OF
values an Impossibility. and hence those engaged
in legitimate business must either stand still and
rust go forward at the risk OF being ruined
80 eminent an authority as Daniel WEBSTER has
SAID OF an irredeemabe fuctuating currency, that
Ut If one OF the greatest practical evils" that
ut wars agar industry, irugality and economy,
and fosters the evil spirits OF extravaganza and
speculation, and that OF all the cOntrivances lor
cheating tue aboring classes Of mankind none
mas been more onectua." We need only to call
TO mind the Continental money which became dust
In the hands oil the heroes who achieved our inde-
pendence, and the greenbacks OF to-day are OF
nuctuatlng value because the Treasury
does not paw them IN coin according
to the terms OF the promise. In my udg-
ment the sentiment OF the sound pusi-
ness man OF the country Is opposed the indefinite
continuance OF TINS state OF the finances; opposed,
utterly opposed 10 the issue of any more legal
tenders or other paper currency by the federal
government. il Is an act Of banking, and banking
not one OF the legitimate functions OF that gov
crnment. 10 20 TO the root OF the matter, why