The New York Herald Newspaper, October 4, 1857, Page 1

THE NEW YORK RA LD. WHOLE NO. 7703. - POSTSCRIPT. SUNDAY SIX O'CLOCK A. x Two Weeks Later from California, ABRIVAL OF $1,268,734 IN TREASURE. Success of the Democratic State Ticket: &o., 2., 0. ‘The United States mat) sicawehip Siar of the West, Al frea @. Gray, Eaq., commending, crrived a} this por: adout five o'clock this morning. Sao left Aspiawall dep- tember 24, having been detained un {I that ume awaiting the arrival of ihe wails and treasure per steamer Cait fornia, from San Frencisco Sopiem bor 5. ‘Tho Star of the Weat touched cif Havana on the evening of the 28ib. arrived at Key Wer. on be morning of the 201m, took in oval, and left for New York the same day, mios M ‘Iho United States steamer Wabazb, Com. Paulding, and HB B screw steamer Branzwick, mere lying wt Aspia- wall. H B M ship Tartar was alto soon going ta, and the United States ships Jonp Adams and Oocatur, utso H. BM. ship Magiclenne, were in port at Panama. Among the pastenge 5 per Star of the West are Hin W M. Gwin, Governcr Foote avd Hoa. C L. Soott, of Call- fornia; also Col. D. A. Sia:kweathor, late United Siates ‘Minister to Cbili, On the passage out from Naw York, September 13, Peter Philips, second cook, died, and was buried at sea Biptember 95, Henry Hannon, of consumption, Sspiem Der 29, Jobu R. Jones, of Ohagros fever, The following is th» SHERIURE LIST OP F THE ATAROF THE WEST. Amer Ex. Baok. 16. Howes & Urowell.. 340 Da. (Ee eee 8'000 Do. 20,000 Newhours,Spartz: 00 11,00 Do. 15,009 W Appleton & 99... 6/610 Do. geeene 000 W T Coiomak )U0,. 35,500 Howiand& Aspinwall 53,613 JohuE Lodge,..... 12 DO. ssseeses + 3965,009 Engene Koliy & + 89,000 +$1,288,738 PaSssNORBS BY TAE STAR OF THE WET. From aepinwal in the Star of the Sesi—Mr J & Roverta, P Parma, & Parima, L U Lower i) W Gray aut lady Miss a Lawlor & P Mojler, & Villineriencls, W F dev, indy and @anght-r; T Schaller, Purser Byers, Urivet Stairs i EB @ripaell. H Nathan. J Lantingbnrgh, J € Cordo:a, ig and s00; J B sravgo, L & Pierce, DA Fuk J @Larsgo and ion; TW Terry. 4 se Wolf, Bancley, MJurin, 8 Ble. J Howard, J Bodie + Hive L ‘OM Quimby, JA sats, Jarvis, A Gomez and wife, Dr Royston, Iboe J bivies, & B Rem micgion. Capt We ‘A Cafcrata 0 Beraya, JP Rs bum. C8 5 ‘Bil J Reid, B Bsoce, A Newland, A dy ing, OW Ford, J Williams, M cerf, Bl. Be Drom California—T W Park, lady, sistur child Tu wl ae ay, Ww Be vpevere, Bee ur y . jt Walton w fe, two c' re ” 5 mt ie Mee JF O'eryon, th a aad fufants J Her and vite, Reid, JM Mr Susrkroo), wie aod two shudren, ‘d Moullio:, W sob ins, O Selly, R Aiwater, Fawr TW kins, 8 Sepenscheit, Vrw ‘ovkrill, 3 Mrs Berry, py P @ Lachso Taibaw Paes Metzrer, Fo inton. reas, Dr Gall y. Mean’ ner, Ho. ney. istentine Satemtioe, Whiee Gre rt, Rnghert, 8 iter, Raptom. Jro't, Young, ¥rrerant. sae wuarry, Davis, Gilt, cod, Price, Carer Bevwo, Egat arses, Bollinee, "Cowen, ‘Denes, abvle: Len, Beas, Saper, Hopking, Coot — carktinain, Brace, Newton Pisce, Greenbanw, Celler, A © Morwa, Fa-we, Petiur, Rivier, Dedon Bates, Wi: and son, Brown, Petth, Rain, Merrill Holway, chicinager Joheriy, Date, Moree, VolK, Maken: 7 Mumm, Woodward, Rulberiand. Aarher Gis Jowett Malaay, Diver, Lenneeter, Walks, Yad. erty, Herme: y deer ned aie teber niter Panes, uhotos, owly, ‘Thempron and Wordell —Totsl, 433. The nows by this arrival 's not fwporiant Tie Alla Oaiifornia, of the Sth vit , say+:—The State election wa: Deid om the 24 inst. Up to the hour of going to preas we Rave fow returns, and these meagre and unsati factory Enovgh is known, however, to annonnce with cortainty the election of ox Seua\or Weller as Governor, The Amo- loan candidale for the same office, rans far aheat, #0 far na beard from, of Mr, Siaply, the republican nomines, ‘The vote throughout the Sate, jadgimg from the Szures already received, ae well as from the San Fianci ov re turns, has beon very light. Tere is safety in saying thet the entire democratic State licket has been successful, and that the same party will beve an overwbeim- ing woejority in either brench of the Lrgisiatere There t+ undoubtedly x majority in favor of paying the State ¢odt. In San Francisco the People’s party—whioh ‘sympathized with the Vigilance Commitioe— ie victorions ‘over the democrate by 1,800 majorliy. The cloo.ion pars- ed off very quiet/y im San Francisco. Mining '9 carried on vigorously and enseessfally ae evor Wroughout the State, New diggings on Walker's river, ‘Utab Territory, bave boon dir overed, which are reported yielding bandromely. A sumber of miners from this Btste bave gone thither for the purpose of thoroughly preapecting the country for gold. Honinens was very quiet at San Francirco, ‘Tho (reg m Constitations! Convent.on met at Salem on the 1ith of August. Mr, Deady was chosen Presidect, ‘Tho Indiaos bad beem commiting depredavons in Ump- qua Valley. Col, JM. Ebay, oeiiector at Port Townsend, Washing- ton Terrliory, bad been murdered by Indians. The family eacaped. Fighteen of the savages were rndsoquently cap- fure?, end were to be bung, Ap expedition from Honoinic had suocveded in finding ‘the lost bark JC Fremont, at Onrietmas Island ‘The following \s the treature jist of tho Honora, which Jefy San Franoiece 09 tho 26th of Angust, and was lost in he Coat ral Amorien:— 22333882 33 SSSSSSSSESESSSSSESSSEEB 3 peresgensfi5H=3 323 $3232223 3 saevocsse=s 22332328 325232 z Be 3 $1,605 407 13 Me, Wim Carey Joues bee wi Sau sore, Oxia Row ry ‘was reported that the Nicaragoans nad se 70 the “an Juan river bc ats, in the name of Commodore Vanderbili, but tt is probably unfounded. There was much bitsrnuse be tween the Uosta Rioens ard Nicareguans. ‘The cholera was ragieg violently in Gnsteno's, Mr. Venable, Uoted States Minister bad died of the diveace ‘The cholera also raged Im Hondvras. Gon. San Marin and bis two daughters were among tho vi xtims. In Nicaragua there was talk of a union of zhat State with Costa Rica, A treaty of amity and boundary betwren ibe two repubiios was ratided on tho lan of Acguis, The Gity of Granada waa being rapidly rebuilt, MERTING OF THE “SOLID MEN” OF BOSTON, MORE SUSPENSIONS AND FAILURES. THE EFFECT OF THE REVULSION, &, &o.. ae OF THE PUBLIC DEBS. < Wasnuvaton, Oc. &, 1857. ‘Tho mall brought ‘bie morning tix Bundredand Amy sbousand dollara of public debt for redemption, for which drafts were immodiaivly waved op wo sud treasury in New Yors, FINANCIAL AFFaIRS AT BOSTON. boston, Oss 3 (887 There is nothing vew to financial matters. The mer- obaats have generally buen able to pay heir notes to aay and there bas been les drawing of funds from ihe backs Altogether the feeling scoms better than yes orday, The mosey market bas been striagent, but by 8 spirit of sovommodation and aid from tbe banks, the meronants have stood sho test, though there srea fow failurce to re port. The only ones of note, however, are 8. Frothing hem, Jr, & Co, commission dry goods mercbants, aa! @eweetrer, Gookin & Oo., dry gorda jobbers—hoib large conserns—and J. W Clark & Jo., bankers. Bank eviok is yelling low, Meny of our merobents took up their wove \o-day falitng due on Monday. ‘There aro r-ports reflecting upoa other cqpoerns, aod a few mixor failures sre noted The workmen of Mews hickering & 00, ptauofori makers, held » meeting to dey, and voted that thor wive able and willing to go without their weekly psy untii qwatters eased up. Mesars, J, W. Clark & Co , bankers, suspended nay weut vais morning. THE PRESSURE IN PHILADELPHIA. Paapmeraia, Ook 3, 1857. ‘This ine diue day for stocks, The.e wore ny saics of Readivg; ten was bid. ‘The papers announce that the Reading R allroad Com papy was unsbie to mect thcir paymenis yestecday, apd ‘tnBered their notes to be procsted. Tho Pennsylvania Rank ill not go into line until Mon day next. Meurs, £. W. Clark & No. announced that the suspension of Clark, Dodge & Oo. wi'l not interfere with their busi- sess. The house is going on as causal. P)VANCIAL AFFsIRS AT PITTSBURG. Prewavea, Oot 3, 1867. A meeting of business moo wae beld at the Merchaote’ Exohange this afiernoon, 10 oonstcer the money oriss with reference tothe action of be Legislature. Resojations were passed, tn sub iance ag fvilowe:—Toat the suspen- tion cf our hapke wes caused soleiy by nancial dwasters \n othor parts of the ovuatry, and wes dictated by a sense ~ doty to Dowiness mea; thet the backs being solvent ead mapaged #ithout eodoubted prodepee and forethough, #0 recom eRe & r-miumos Of tbe penalties, and that the varied {o revampton be Oxed as soon as possible, Ui uit ing beak 4) 7iteods to eigbt per seat per sonum, and the condingems fand to aot over twenty per cent of the oapital nwok—ibe serpius & Loure to ihe State. THE RHODE ISLAND CENTRAL BANK. Provinanca, R. 1, Oot 3, 1867. The Rhode Isiand Central Bank was temporarily enjoia- od to day, eB applica:ivn uf th- Yank Commissioners ite santa aro believed to be copsk’erably above ite abil! Nes. REDEMPTION THE CRISIS aT CINCINNATI. cuweaysant, Ost 3, 1887 Tale Cay «as greatly dreetes here, for tt was foarod 1s wonid Dring WD it several fullures and suspensions. 4 qed deal of third and fuur hb class paper went to protest, dul nore of second or Grit cars houses. All are sar prised ant delighied with the esa! . eoThe roruls of the day in money matters bes been far more favorable teen «as expected There bas beoa ao portant failures. A food eal of third aod fow th claw yaper was protested, but pone of fret and seo md clas jalrore community are surprised at der of failures wore fear 4 MEETING OF TAFE BOSTON ep ha AN CS. [From toe Geawon corer CO 8 In response toa call issued by a committee of merchants, a meeting of busines men of Buston and vicinity, to consider the present financial exi- gencies, was beld in the Merchants’ Exchange Reading Room, at!) o'clock yesterday. The fasion Room was packed full, and the main entry, pearly into stare street, was filled with an eager anditory. Not lees than two thousand people were present, und anxiety sat on every face. Precisely at the appointed hour Mr. James Read called the mee'ing to orier, and nominated for chairman J. Thomas Stevenson, Exq. nom/na- son was confirmed, and Mr. Stevenson took tae choir. He asked if it was the pleasure of the meeting, before proceeding to bn#iness, to :om plete its organt- zation by the sppointment of Vice Presidents and Secretaries. The pro osition was assented to, and the following list of officers was read and accepted by the meeting The Vice Presidents and Secreta took seats nesr the chair, They were as fol- lows: — Vice Presidents. James Reed, E C. Emerson, J. Hontington Wolcott, 4ibert Fearing, Israel Nash. Seerelarves—Sawvel Frothiogham Jr., Joseph Glover, George T. Lyman. erence OF J. TH Mr. Stevenson then said:—(entLe«an— Without any previous notice to myseif Una! there was any ia- tention of asking the merchants of Boston to come together to consult as to whether they could recom: mend measures or devise any means to pid their zens and ope another in the dreadful community and among sulvent men without any vious notice that any ert consultation among be merchanta of Boston paswed—TI have been asked to ide over your deliberations; and 1 do it wi having asked of ancther his jon as to what ought to be done here, and with- out hat said to another what my opiaion was, that be done bere. I stand here, and I choowe, rpose can preside #! a4 ‘of Boston merchants, no matter what the condi- tion of mercantile »ffairs may be for the moment. (Applauge.) 1 have no epeech to make, gentiemen, snd certainly shall not occupy your tme, as i bave no proposition to make; but I do feel bound as & merchant im active business, one who has lived awong you all bis life—t do feel hound to express a single opinion, which [ would not pert; ree (every day ~ that they are in. that position, find it almost impossivie to get that one article, money, except by paying more than ruinous rates of interast, to mee; many of their honest obligations; that under these cir cumstances, every ‘leman who has given this subject any eration is bound to state his opinion for the benefit of others. And I propose to given single opinion: that in the present fiaancial condition of the great body of the trading communi- yon the banks in New York and the banks in ,tpon the returns which they make to the public, are in & condition to render to the solvent men in the commercial communi very material needed aid, withont danger to them- selves—(applause;)—and,as T believe, with resnisa which, inatead of weakening, will strengthen them (*pplause.) The call for this meeting sudden as it ust have been to mest gentiemen, filled this hall, end before arking yeu to proceed to business, I feel bound to read it. It is as follo vs:— ALA prolimeary meeting of she merehanta of Boston, pelt yesterday, at the rooms of the Board of Prada, °h adersigned wore appointet ro cal! & general mee to (he Dasmess men of Beton aud yieinity, at the Meruowals | ev at oloren c'n cok, thie t Ger ihe algeDoles pressing’ 7. ale dovien cat 5a 9 sod sack measures as hey may think prover Yu distress Epon ail the taereet at hes Eacass ow ene JAMBI READ FRANOUS SKINNER, oneae aa tsetlng tad ate Sry’ S001 > aoe E ie me are now coved to business. wtb ss - es ee A Vorwn—Ni can be done unless we ad- jon. Faneuil Ha) bat 0: essing the persons present closer aroun cers’ table, come more room was af- forded, although there were still two or three hun- dred in the entries.) Mr. Taomas W. Prence, of the firm of Pierce & Bacon, rose and stated that he had been re- quested by the committee of the preliminary meeting to offer the following resolutions, which he read:— com) the Whereas, in the present state of affairs arieipg amovg o.ber caw es, from the sus of spacia payments in several ut the Sater, and « tal loterrupiion of remittances frow the South and West, here is aa ¢p- Miro want of omfidenoe in the value if every kind of as well as ie companies, ne Ea netek net amatee eee heving aaple bot Deing unable to raise aouey to meet their pre: payments promptly as they mature, must inevi- ‘ably suspend unless relief comes from some quirter; and #berees such a revult would be disastrous to overy Nev Engiand interest, apd strike with fearfal force all ber in- ‘ustral instiutions, paralysicg the arm of labor, by ‘browi:g out of employment a very large olass of our yorslation, who are depending upon tholr datty labor for support of themselves and thetr families; and wheroas, if tbe present orisin tx continued, the blow must fall eeve ely up?n our hark'ng tnatitutions, by plectag ta their ‘ea: amount of suspen‘ed parer—it is trerefi re ar the sense of ‘his meoticrg, comp sad of werohent’, manufacturers and bnsiness men, revit: nis of Baton and ite ricimity, that oar tope in thie fearful crisis, and to avert tbe evil, ‘ie al¢ from the banks of Bostov and other parte of the State of Massachusoits; thet opon thea devolves & responsibility which ihelr managers © i! meet See, Sommaoes, Dut with @ due regard to the grea: interests tevelve Teey would therofore reepecifully bat earnestly uv asthe serae of thia Bn oa wwolemayatet rectors 0’ ‘hese banks that (bey should come to the rescue, and forntch tbe necessary aid to sustalu and give relief to she businers commentty, and they pledge themselves, and daro full confidence that tha whole commenity wil saa tain the banking tuatitu.tove im the oarying out of the mesa- surca prop'eed by thir erolution, The Chairman read them a second time. SPERCH OF « ALER AT BT'ON, SQ. Mr. Srz1sen said—I move you, sir, that, for the pre ent, that resolution lie on the table. ‘The “Harman said the motion was not debata- ble, and atter ‘iearing the responses on both sides, decided (hat it was rot carried. Doun's were raised, when Mr. Stetson withdrew his motion, as he wished wo make a few remarks. He said : I am not used to making public speeches, gentlemen, but I wish to say a word or two. Mer- chants of Boston, we appear here, at this time, under what we call a severe crisis. This meeting is called ot toe instigation of a few individuals woo met here yesterday—I think prematurely. (A, plause.) Igive you my reason why. The reason this: that the banks of the city of Boston were called upon to assist the merchants of the city; that they met together, and they have agreed to assist them to the extent of ten per cent of their capital, and that to be dene between now and the Sth of October. The banks intend to do it in good faith. (Applause.) The vank that I represent will do it; it can do it and more too. (Applanse.) When that result was about being carried into operation, we are called upon, before the managers of the bank which 1 reprerent bave bad even the time to come together and torelieve what they agree to do for the necessi- ties of the mercbants— we are calied here prematurely to create an excitement, and I snould say an uodue excitement— (cries ot “Good” and applause)—for Lo meeting of the merchants of Rosion could be called together in such » time as this, without there re with excitement. We want a s'eady ‘yead and stiff back bone. {poplenes And will the merchants of Boston, with New York in the position which she now maintains, and intends to main- tain—(applause and cries of “Good”)— will we entertain a doubt of our ability of sustaining the character, the honor, the lite-blood, I may say, of our city, by all hovorabie action? We are calied upon to say whether we will act in the best manner we possibly can. Do we wish to call upon the banks to tuepend? (Uries of “No, no!”) fhen I hope every merchant of Boston will, as far as in him lies, do everything that he can, will submit to every emergenvy that is pressed upon bin, will sacrifice his money and everything but his boaor, to sustain the character, the honor ot the city of Boston. (Ap- planse.) 1 can’t believe that, while New York sus- tains ber eminent position, you will submit to the banks suspending tbe vg qe of their obliga- tions; and the last doilar in our vaults you shall have; you shall bave all the money we can raise; and the men who are not too much in debt will come out bright and fair. We bave a country loaded with the prodacts which God has given to us, which will soon be flowing in; and syecie ia coming bere from france, and treasure from Cali- fornm. Why, then, do the merchants of Boston despond? To be sure, remittances are hard, but they wil bo better. I have a little property, and 1 will sacrifice haif of it to-day for the honor of Bos- ton, and give the other naif to the poor. ap .) Now, my fellow citizens, while New York 8 ber high aud correct position, let Boston put ber sheulder to ths wheel, aud go throngh the crisis triumphantly. I desire to offer the foliowing resolu tions, which, by your leave, I will read:— Resotyec, ‘hat im the present exigency every effort lo support an4 protect the morcantile Now Fogland. 8. A Vortcer from the middle man, the pressure bere is a great deal im the money market. I move we Faneuil Hall. Srveran Vorces— Second the motion. The Cuarnman—The question is, on agreeing to the = of Mr. Stetson's resolutions. Are you ready for the question? ow Vorons—"‘All ready.” “Question,” “ques the next five days ten per cent of their capi- tal, We were well aware that that ten per cont of their capital would not increase their loan; that that amount matures on Saturday, the 3d Gen tlemen ore aware that three-fourths of the ne; money at an; receivable, ships, real estate, credits in England, or money deporited in the bank—that upon any ot these ities it ix impoasinie to obtain a Knowing that fact, the merchants who have ol- Le to pay, and who can pay them in six wa: * ‘ys what was property ten days also know that, volers aid is experienced, the rons mast be suspension. This discount of the banks would not bring relief auless it is greatly expanded. The re- enit will be the euspension of men who are worth four times their debta, and can their debta in fonr ways. And this is the obj this meeting — to provide some way by which men who can demon strate their solvency can ge through the next week. That is what brings the anxious people here to-day, and thet necessity was the result rt by all the in lividoals who com, that meeting yeeter- day. The resolutions drawn up by that mesting are before you. It is for the merchat ta of Roxton to sey what they shall do to relieve themselves in this exigency. (Applauce.) 1 can peak from my own experience of the difficoltive of rasing money. 0 FSt--and we fm vaderstand the powtion of ery imjividual Vefore we gau prevare ourselves—I SUNDAY MORNING, OCTOBER 4, 1857. cry for ‘‘Faneuil Hall” was quite general; |" with chem from sympathy. 1 don’t ‘want to be in a boat floating w water while Goteras cer mites at y 8 ‘n, Twi \ Tt i8 too late, Pas mele this hour, wi ey, to discuss the causes which have led are many and various, If we should to They £ into the discussion, everybody would suspend Tam the we could come to a conclusion. the manufactarin; orations? What are they doing to meet ae et They are withdrawing the raw ma- from their mi'ls, and taking their cottou from 5 ad te the interior, bringing it to the market, and shipping it to England, and gelling it in face of an exchange of 25 per cent. And the fear now is, if the news re- ported to-day is correct, that they will Jose 50 per cent. If this is the condition of the strong and sol- vent corporations, what shall be the condition of those who, if solvent at ail, are but just solvent. What is to’be the condition of the 100,000 or 50,000 people employed in the mills? They will be thrown the charities of the community around them. ¢ manufacturing and the commercial interests ere the great interests of New England, and they ‘Tmust be secured. All business ds upon them. T hope, sir, that the resolution which I of will pass, without the substitute. BPMARKS OP MR. JAMBS LAWRENCE. Mr. Jawss Lawrence took the stand and said:— Mr. Chairman and gentlemen, I rise only to say one _ _ further expiavation of the te for bag ing. On opening my newspaper this morning, found my name signed to a call for this yap I was not aware that my name was upon the call. I attended the preiiminary meeting yesterday, and 1 thought I was not aq) epee on the committee. Nevertheless, I am willing to take my share of the responsibility for the call, and jor the reselt of this meeting. I do not understand that this meeting was called to take into consideration the suspension of specie payments. The gentleman on my right (Mr. Stetscn) who offered the tast resolutions seemed to think that that was the tendency of such a meet- ing as this. I do not so understand it. Yes'erday, at the preliminary meeting, some words may have been uttered in regard to the suspension of specie payments, but that did not come forward as a por- tion of the well considered results of the consulta- tion. I notice in one of the prominent newspapers this morning a staternent that this meeting was to consider the expediency of recommending the nsion of specie payments. I hope that newspaper will correct that statement, and state it as stropgly as I do now—that that question did not come up in the preliminary meeting. I hope it wili not come up in this meeting. (Applause . I believe, gentlemen, that the banks of this city— and when I say the banks | mean the moneyed in- stitutions, the moneyed men, the money of the'com- munity wherever it is to be found—is ample, is abundant, to sustain the merchants of Boston in this fearful cri I believe that if it is said that this Largest is premature, it will be found to bea mature meeting. I know that the banks have con- sented to discount ten per cent of their capital. Nevertheless, the individnals that acted as a com- mittee, at the suggestion of a few others, to press upon the banks the necessity of discounting more than they had been doing, acted in a private capa city. 1 found afterwards—for I had a little hand in arranging that matler—that some persons were dis- satisfied with the arrangement, saying that other persons shoulda have becn consulted. ‘It was a dry fom movement.” “It was not a movement of ail ranches of trade.” Some didn’t want any aid. Others did. I eaid there ought tobe a yp meeting, °o that the merchants of Boston could come together; and if there be no necessity for the banks doing any- thing, let them say so; or if there be, let them take measures to force the money out of the street ino the jets of the merchants. I hope this will have some effect upon the money of Boston. 1 think if there be anything in well considered public opinion, the money, after to-day, will come forward to relieve those who are solvent and can pay their debts. and I am very glad that people of all classes neceashy exite or bringlog the mosey forward T or r forwar believe, therefore, that the two vets of resvlutions which have been offered to us may be well be paseed together. I agree most thoroughly to the resolutions which were offered by the gentieman on my left (Mr. Peirce). I believe the resolutions of Mr. Stetson may also be We are opposed to the suspension of specie payments I take it. (Cries of “goed, ") We are determined—with all res to bank directors—that the banks shall see the necessity of opening their coffers, and jelding us ali the relief that is absolutely necessary. i therefore move that the resolutions be united and passed as the sense of this meeting. Mr. SteTsox—I second the motion. BEMARES OP MB. GR KOR B. UPTON. Mr. Groner B. Urron (in the back part of the bail)—Let us hear the resolutions read. [¢ is hardly worth while to pass anything here that is not pro- perly considered. The CuarmMan read both sets of resolutions. Mr. Upton then said: I have been unfortunate, sir, in not bearing the remarks of the geatlemen who bave preceded me. I am in favor of the resolutions, sir. 1am opposed to the suspension of specie pay- ments (applause,) or to anything which looks or winks to apy _—, of that kind. I brought to the door of this hail, and undertook to get the gentle- men in, two of the oldest and most resoect d mer- chants in Boston, Mr. William Storgis and Mr. Wil- liam Applton. They both said to mo, that in their opinion your banks in this city might increase their loans five millions and _ be stronger than they now sre. If the banks this city will increase their oans five millions, it will give the commercial community in this city, in a few days, a discount of ten millions of dollars. It is only necessary for us to resolve that confidence shall be restored. Con- fidence is the heart of business com- monty. That is now disordered. In order to restore confidence, it is necessary for le RF fo « of panic. pro} at you pasa thee resolutions and Mthat you shall appoint a committee to. wait upon the presidents of the to induce them to act as a the mercantile Sn banks in doing it. Tcreat applause.) MR. NATHAN MATTHEWS’ AMENDMENT. Mr. Narnan Marraxws—Mr. President, 1 move . Peirce’s resolution by inserting, after the request that the banks shall discount, the words “to an extent not em their own satety.” It is very well known when you pass tl resolutions, the banks will feel bound to discount to the extent demanded. It is well known that there are several weak banks. (flisses, and cries d I am not to say any Ayn A ° not wish that upon to en ir ite (Cries of “ Nonsense” yy be ") T do not see how the resolutions will be consistent unless the amendment iv made. REMABKS OF MB. WILLIAM STUnH 18. Mr. Witttaw Srvrers said:—Mr. President, I see s g a ony . either : or rejecting - amend- ment. It is presu every man of common sense that when we ‘ask the banks to do certain things, we do not ask tacm to commit suicide. We only ask them to do all they can vonsiatently with thelr own safety to relieve ie \vante of the comma- = I move the amendrrent lie on the tabie. r. MaTTHRws—At the requost of Mr. Stetson I withdraw my amendment. DEMARKR OF MG. AMAPA WALKER. Mr. Auto. Waker, of North Urookfield, then took the stand. He :—I didn’t obverve the no- tice, or have any knowledge of the latention to bull this meeting, until I = ny eee this morping. av im moment for the commercial community. T that this measure of suspension should never be resorted to except in the last extremity. I was one of those men who had to go through all the disesters of 1837 in company wi Ue and others. 1 think I know the whole phe nomena these crises. The present will be, in all ite easential features, like the past, be- cavee it aprings from the same causes, andthe re. sult will be the same. (Hiases.) Ihave a right to speok bere, for the call is to the people of ay ‘and vicinity,” and the town from which [ come is $600,000 of business with Boston every year, lieve that in the present crisis the banks have no right not to nd payments. (Hisses and applanse ) IT believe it is not ———e tor them to em.tinue. Farther experience will show that I am right. (Hisees.) Hissos won't pay your notes, gen: emen. The reavintion to goon wa resolution to ruin the manufacturing and commercial interests of the Commonwealth. Ihave no notes to pay my- self, and therefore speak in a diainteres'ed li¢ht From twenty years of attention to the suvject I think I understand the nature of the currency. Iy- and bye, if the banks go on, the stovkholders will step in and tell them to stop. The oanks of Bal timore, Philadelphia and other places have ai- ready suspended. You may go on a #hilo longer and mske more failures, bat yon can't varty it throngh ing is an absurdity. (fisees und mach disorder.) If you stop now, t s ivent men will come out bright, and those who cannot pa; their debts will suffer only, Why shoyld you sacri fice your men? You must ce your currency ftom twenty-five millions down to tive. You have forty or Siig gions of at the Souvh, which will be paid in currency or not at all, re =" get ‘ ool ty for Sats, SONY, e on! 0 get 1g 18 to suspend all throug the oF (applause and hisses and cries of “Hear bim.”’) A Vorcr—“The crisis is past.” Mr. WaLkER—The crisis past! My dear boy (great laughter), this head ix somewhat gray. The crisis is not bo an Tt will take six montna before itis begun. ere will be ruin a ruin every- where. (Cries of “No!” “No!” and biases.) | thin! the banks are not to blame, although our baptang salem is enough to rain all creation. You will tin it out hy-and-by, I will not. detain you longer, but I felt it my duty to say what I bave. REMARKS OF MX. KEENEZAR WHRELWRICHT, Mr. Engnez?r WareLwricnr—I desire to say a few words for tho smaller class of merchanta. think the two ects of resolutions are inconsistent. One contemplates an exigency and the other does not. What I bad intended to say has been so full said by Mr. Walker that | have only a word to ad Inacl of small merchi of my acquaintance there is no way to get a dollar. I have been to the banks with the best of vaper, and there is not one of them that grante a dollar, The grest fallacy lies in the fact that money is considered as merchan- dise. It is no such ig. Itis simply the standard by which memghandise is recast It is simply the il aemgonye of merchandise. If the old law pro- iting the taking of over six per cent interest were ut in force, it would be the hest thing that conld jappen to all parties. As it is now, even the banks are not safe. There is power enough among tre poorer classes to break every bank in the city to-day. (Hisses and cries of “No, uo.”’) A Vo1cs—That’s the way to restore confidence. Mr. Wagsiwaiciit—Will you hear the truth or not? A Vorcr—No; not in that sbay The Cuarnman said he felt bound, while request- ing the meeting to keep order, to call upon the gen- tleman having the floor, to confine his remarks to the question before them, viz.,the adoption of the resolutions. Mr. WassLwrienr said that he bowed to the de- cision of the chair, which was perfectly right. He concluded by saying that processes were at work by which the country is being drained ef all the specie. If there were ony wag te which we could go on with specie payments, he should be glad to adupt it, but he did not believe it possibie. BRMARKS OF MR. WICLIAM BTURGIR. Mr. Wi Liam Stoneis rose and was received with much applause. He said:—I have hoped sir, for many years, that it would never be my lot agaia ever to come into @ meeting of merchants of Boston to considér the expediency of every moneyed insti- tution of the State bringing dishonor upon iteeif by a voluntary violation ot its faith. I have listened to the remarks of the two gentlemen who preceded me, and th y hold that there is no standard of merchandise, !\.t they virtually advocate the de- struction of that standard. It is the only standard by which you can carry on business. It bas been my lot to see, since I havedeen in active bnsiness, three states of things in some respects anglagous to the present. Two of them resulted ina partial sus. pension of payments. In 1814, when the manufac- turing interests of New England were crippled by the war, the pressure came, and there was ua almost universal suspension south and west of New England. Then what did New England do? She stood firm, and maintained ber faith. She ’stood before the world avowing. and carrying out the avowal, that she would perform her obligations as long as she wasahle to; and, thank God, she was able to. There is no single cireumstance in the history of New England to which I point with more pride than the fact that all New England paid all their debts through that whole pericd of suavension in the rest of the coun- try. es! thew red atter it, while those who sus- nded suffered in their business and their property. 'n 1837, different state of things existed. The sudden failure of New York drove New lngland to foliow her. I didn’t like the manner of the opera- tion, althongh Ido not now qoestion the necessity of it. ‘The question now is, will the merchants of Boston cail upon the banks, under the exixting facts, to do that which they would ordinarily do, im the common course of things? Yes, 1 would doit. I would call upon them to do it. I have been striving to convince certain well-intentioned gentemen who bave the management of the hanks, that it is for their safety, instead of the contrary, to do some- thing like that which is contemplated in your first series of resolutions. I believe they wil! be jus: as safe, and safer, if their loans should he incre ised to ten millions of dollars within ten days. Do trey soy, we can't stand it? Then fall. I say to them your object is a laudable one, and every honoranle man, who has a shade of sympathy with his feilow citizens, will do his utmost to er your coman- nity. If’ you are diiven to fall, he driven w tall without a thousand dollars in your vaulta. If maa owed you mouey, and he told youthas be bad plenty of money, but would not pay, you would cal! him a —pretty bard name. If the banks will nut pay their obligations, having plenty of ability, they don’t deserve to be catled by any better name than the private individual who does the same thing. The banks should afford the same facilities they would in other times; and if they fall, the: fali doing their duty. Have the suspensions in Phi- ladelphia and Baltimore made things any better! — (Cries of “Yea, yea,” and “No, no.) In my opinion, nothing like the relief that is now anticipated oy a stoppage of payment by the banks would he realized. The banks, before they resort to that measnre, should do anything and everything that they can do by making loans tosolvent men,and good men, to take the chances of what the consequences may be. The best thing for the banks to do, is to goon and do the best they can. If they can show that they de- serve credit, they will speedily getit. (Applause) PASPAGE OF THE KatOL: TIS. The — was then loudly called for. Mr. Warenwatonr asked for a division of the question, that the vote might be taken separa'‘ely on Mr. Peirce’s resolutions and Mr. Steteun’s. Tne ition was not entertained, however. @ Cuarnman stated the question to be on agree- ing to the resolutions, the two united seta. The vote being taken, the resolutions were adopted by a loud “Aye!"’— only one voice responding in the ne- gative. On motion of Mr. Srerson, the meeting then dix solved. THB TWO ADVOCATES ¥OR AUSTRNEION. From the Horton Courter, Oct i.) We furnlat euch afall report of the meeting of merchants yesterday that,we bave scarcely room for any remarks. There had been considerable vague apprehension that the banks might be indaced to suspend specie payments, under the extraordinary influences created by the panic. There proved to be no foundation for such an impression, which was like the mul‘itade ot other flying rumors floati about at such times. The em | was eo our mercantile men showed both intel and firmness. No rationa! person, in pomeetion of hi sober judgment, can doubt the solvent condition o# our banking institations and of our basiness comf munity in general. Atthe meeting only two per eons any remarks in favor of susj 7 These were Mr. Ebenezer Wheelwright, of vary: port, an excellent and amiable gentieman, little out, we believe, of the more active of bosiness, and Mr. Amasa Walker, of North Brook- field, better known for a successive series of imprac- ticable notions, than for any financial ability. We have alweys considered Mr. Wa'ker aa @ sort of philosopher in a smail way. Years ago, we remem- ber him as an earnest rdvocate of the phonetic theory of language. In — 0 ba otber wiseacres, he pro Preposterou. ic of « radical revolntion in the spelling of the English tongue; to which, of course. all its past literature luterposed an insurmountable obstacle, even if the design had not veen otherwise riduculous. Then he was the inventor of the famous “gluten” ballot, which stuck only a little while. He is a firm sup- porter, we believe, of Banks (N.P.), but as to oar moneyed institutions under tl denomination, the countenance he affords to their credit seems to us rather feeble. CONDITION OF THE VIRGINIA BANKS. (From the Richmond lxaminer, Oct. 2.) ‘We begin to see more clearly than could be done the other day the probable sefety of our Virginia banks. So iar the motner banks of Wheeling and Winchester, and their branches, which conduct the chief bavking business of Western Virginia, bave suspended; and a few of the independent banka in the West ard also in the Bast have followea their example. If the preseure and panic at the North should recive a check from the stout stand taken against them by the banksof New York and Bos ton, we do not apprebend any farther suspensions in Virginia, or even a continastion of them by the banks that have already taken the step. There is nothing in the condition of the great halk of the bosiness of Virginia or in the condition if the lacger portion of ont bank ty @ eurpension From cont peated for several perienced very able time, her ¢ smount of pro. nets cerion cattle bey well PRICE TWO CENTS. u is, that she has had agaivst for a long time ia beyment of her debte and for chaser. The notes of her banks gone forward in lieu of this er cattic and prodnce; and these notes, back upon her banks for coin in the brokers, have produced sn enormous drain from these institutions, On the hack of cf things came the suspension in Baltimore, with whieh the trade of two-thirds of Western Vir- ginia is done; of course capping the climax of her misfortunes, and resulting in the suspension of her banks a’so. Except this state of thinga, peculiar to the weat- ern por.ion of this State, there is nothing in condition of the people or the banks of Virginia to cause or justify a suspension. The sanks are in a sounder condition than they have been in for half a dozen years; and the neople, to the high prices of tobacco, wheat and negroes, have been fairly revelling in prosperity. Our trade ia, indeed, so wound up by the commercial po- Mey ‘of our bsnke, with New York and the North, that a generat susgension of apecie paymenta there would inevitably cacry along with it s suspen- sion by our banks here, inspite of their stannch and solid condition ; bat as hopes are now beginnin, be entertained that New York and New England will bbe org the bap there can be little caase for applebeneing @ gi way by any more of banka for the presant = oh: ie bined The Farmers, the Virginia, and the Exchange bonks are, in fact, obliged to maintain specie pay- Denia until the last gaxp, by the following provision of the Code, which exp! the reason of the stout stand they bave tuken agains’ suspension, and ac- coun's very sitis!actorily for the milk in their cocoa- Dut :. Code Oh. 68, Seo. 29. Of the moneyn pat? into the Do treasury of she Steve. o°e thtra shail ve deposited the Rank of Virgimis, ope third im the Farmers’ Bank of Virgtn! ‘ope-thtird in the office of diecount fat deport of the Exeheugs dank of Virgina a: Richmond. IC othr of 1913 banks shail st any timo refaae (0 redeom ite bills of notes in gold or silver aun, no fortber depoaite of public money #ball be ehall be In she oluer two ey or elther cont nue to redenm tvcir Dike and noies Ip apecie, aad if Deiter ao continie, cc if the treasurer sbe‘l at avy ime have gerd caure to beiteve that injary will be sustained by the late from havicg {ss money deported tn ua raid bank, or wy of (hem, be shal! msko a wri\!on communt- cailoy to the Goversor on the acbjeot, end thereafter spall keep the public money tp at tpeoie paying bank, or euch orber place ac the Governor may dtreet, enti! fariner pro- inion be made bs ‘Lhus not only are these three institations enpplied by the commonwealth with the stamins ‘or main- taining a stiff backbone, bn’ they are furnished also with the strongest possible inducement for maintain- ing # policy, departure irom which would eotail very injurious consequences. The average cepoxite of the Btate in the three banks of Richmond tor the juarter of the year now commenced, d tor the rst quarter of the coming year, will average, we tuppore, a million of dollars. Now, the aggregate circulation of the three Richmond ins ications not amount t» that sum, and we do not think it evi- dences a very high degree of fiuancial talent for there depositories of a milion of dollars of public money to be able to sustain a run for three quarters of a million of outstandmg circolation. Nor does the patriotiem need to be very refined which prompts these institu'ions ‘0 wainwin specie payments, in the face of @ penalty in the case of a failure to do 80, of losing whe custody of a millioa or such a mat- ter of public dollars. With the eubstantin! backbone thus supplied these three Richmond institations, we do not doubt that they will not ouly be able to face care of them- telves, but alto to make motherly provision for the provincial institutions of which they are the parents. Probably it may now be stated 4 a fact that all the banks of Virginia are ded except thone be- lenging to the family of bai of weak thoxe hold jag the deposits of the Commonwealth are a part. In this view of the case we are not diapoxed to join in the effort of ignorant people to extol unduly these three institutions. their Cagghters and sisters. and to deer, the other banks of the Comuson vealth— to extol t airted. and to decry the unfortanates who do not ‘e+! themselves stout and st-ong from a belly full of pab ie ore er der On the contrary, whie we regret the precipitansy with which seme of the non-pap-fed banks have suspended specie payments, we believe ali toe Vir- fina banks perfectly acd equally sound. BOTKS OF THAT'S ORDER BAO KS. A very industrious effort is made by the Stare de- posit hanks and their partinenn to discredit the notes of the independent banks which have suspended. But we ave gind to see that the merchants of Rich- mond have not yielded to this unworthy movement. The specie in the vaults of these ind: pencen’ bavks is equal in every cage to cne tifth or twenty per vent of the notes they have in circnlation; and Sate bonds are pledged for the full amoant. of this circu- lation. State bonds command from eighty tive vo nine'y do lara every day in Richmond; aud “bus the bolders of these noves heve amole security for their redemption in substantial coin and State bonds. Net only this, bat the individual estates of the stockholders of these banks ure pledged for their circulation to an smount equal to the par vaine of the shares they hold in their cavital «tock. Besides ail this the nogo'iahle paper which these institutions have ander discount is another fund standing reacy as it matores to meet the redemption of these notes, Thus, te bolders of the notes of these banks are secared ‘threefold againat loss; first, in specie and State bonds; second, in the aasets of the banks; third, in the individual estates of the stockholders. the eflort to diseredit the notes of the indevend- ent banks, made by the old banks, whi h nave no State stocks pledged to meet their cirenlation, the estates of whore indivicus! shareholders sre pot wledged to meet their obligations, and for the faith. ful application of whose assets to the payment of their notes, the voteholders bave no guarantee, is a8 wanton and malicious a it is treacherous to the commonwealth on whose funds they are tridiog. Ry throwing out the notes of there banks in Rich- mond, and discrediting them by every agency ia their power, they muy ceprive them i func: tion of enrreacy ind prevent their free eircn'ation among the deluded peopie; bat it ia impossinle that they can suceced in Seeriviog them of their /ntria- ic value, dollar fur dollar, of what they promise on their face, If the preesn.e continues to be successfully -with- stood in New York and other quarters of the North, there is no doubt that the indeperdent banks of Vir- om will iesume specie payments in a few days, ‘ey are allowed by the law ten days after pro- test to resume, and fortana'ely the quarwer day for taking up their quarterly retarns occnra within this iod. We, therefore, confidently look fur ——-. io 2 ie F : Fy jun of — payments by these institations with! the time legally allotted to them for that purpose. Those of Eastern Virginia eaecially will do this, unless the tronbies at forth brewk on afresh, in which case, not only will teey not resume, but even the banks which have the State's deposita will find it difficult to weather the storm. RIGEMOND CIFY [From the Heberwa © ‘Our city Dewks siti] beld on fray yeuter- doy, avd the belief pow t+, wo thick that uhey wiit hold ontiothe ed. Provided 'the merranti'e and basiness CommuDity ATA Rot guljected to serious ¢mierse mone and jncoaveulencer, the refnral of onr Denae Ww saspend apecie payments, wheo o> any are suRp-Miime e'se- where, rou afeethor ir thee cape Berrefer, and would tend greatly to eirergthen the peopie at howe apd abroad in thetr aod proper ansgement There was no ran o8 ihe banks here you teroay, 926 the fecling ta the ormmuntty i* evrwenmily more It the Danke do alt im thelr power to aa. Com modate our merchants and busiroe men, sod jet the people don! they cam to snstalo the banks end ihe .re- bent fretfal rlorm will som pars away, and thy monolery world be enry Wo reveat here that all sorte of lying telegravnic dee pa'ebes are tying Over tho oo ntry, whisn he pabils shonld be om thetr guerd about. Brokers ana she pore sre invariably panic makers. KENTOCRY. [From the Loutey.te eumeorat, Sept 26) Ore of ihe ovi'e that ail re and feel i@ the vorthiom that heave fouaa their returned to be shyved age . Ana it is bard to veil how much por cent i+ lovt to the oom- Tour!’ OF the ciroalation of rach rash [ele eait that b okers are someienes the agonu in otros lating gach Taude, ‘Dey MALO their per con! by the Arst ovwatton, aud Dave the loxory of soaring ihe tread oostommiiy afvar- warde, Ip timer! ko *t ‘von bank Motes fall into she brute ¥ theee pot familiar wih Cnaneiel meters = The eaok |e suddenly and the holder te uilas the cle amour ‘fe are ortain!y & g004 natored »mmu- 7, 10 wolerare guch irwik 86 money, when avery maa ho inkes |; knows | i# under per vie there remedy for tle state of tht Some of the ” fonibit the sirealatioe of one deter bills: end It re bere, If pudlic Ointon woald tb takes IAW Thiet wi) OM dleregen Wo 00 ope ia an effort Wall notes of the eory w Hel Wh wootd werhape Premed # man (PAC (ake A dollar mar nO) OAre Mr the no oF .