Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-06-11

AtCoOisCNs uat u COiuultItCC vi live CLIO
zens be appointed to exar,ine into and re-
port to the citizen. at large. by the means
of public papers, whether they find that the
atfans of the several banks are such as to
mert the public confidence in their means
of answering their engagements.
Resolved. That the gentlemen whose
names follow shall compose the said CONS
mittec: VIM. Mott, Caizergues, H. Lam
dreau, p. F.. Dubourg. Mazureau.
Resolved. That we consider the measures
adopted by the several banking institutions
OF this city as judicicus and imperativeIy
required by tho peculiar situation of the
country. that our confidence in the validity
of their notes is thereby not diminished, and
that we agree to receive and give curren-
cy to them as usual. -
New Orleans, April %, 1914.
VIM MOTT. Chairman.
Pr. DUBOURG. Secretary.
There follow the names of the merchants
and traders of New Orleans.
FELLoy CITIZENS,
The alarming occur
rcnces which we have Witnessed tor the last
two days, were the unavoidable effects OF
the distressing situation into which this
Country has been thrown by the present
war, and the restrictive, measures Oh our
commerce, by which cur government has
eadeavored to deprive our enemy of some
OF the resources ne might have drawn.
Additional causes of the drain of specie,
which this state of things has operated, may
be found in the accumulation OF produce in
sur stores, for which there is no yent, snd
III the difficulty, not to say the inpossibility,
OF receiving supplies through the usual
Channels. Under such circumstances, we
have conceived it a sanitary measure to the
interests of the community 20 suspend our
payments in specie, and We have desermi-
ned to adopt it, from a conviction that the
benefits which it may produce will more
than counterbalance the evils tina. may 1T
tend it.
Ii ought also to be considered that none of
our three banks could singly suspend IT'S
payment without endangering the existence
OF part OF its debtors, arn;:ng whom the
most Respectable characters, merchants as
well as planters, may be found
The prospect of the removal Of the EN-
barge Induces us confidently to Look UP to
better times, and to indulge in the well
| grounded hope that this state OF things can.
| not last much longer. Bat in the mean
time we deem it our duty to claim the con.
tinuance Of yoar confidence.
There exists an indissolub!e connection
between the welfare Of this Country and the
| existence of our banks. Their directors
| are well convinced of this important truth,
and they pledge themselves that nothing
shall be neglected that may preserve TO your
| properties their full value, and maintain
the public credit at moment when the
want Of specie may produce the ruin Of va
| rious classes Of the Community.
1 r OF ua slso reflect that ,l,a euepane;o,, IF
| pay men,s of a bank ought not to discredit
| its notes, since their validity is perfectly
secure by sufficient representative capital
| the stockholders alone would De the suf>
ferers, if itwere possible to fear such an e..
| vest.
| On the 18th April, 1914. the Directors of
| the Louisiana Bank, Of the Planters Bank,
and Of the Bank CT Orleans, convened at
| the house of M. Fortier, Esq and adopted
the following resolutions:
Resolved, That the Louisiana Bank, the
! Planters Bank and the Bank of Orleans
suspend their payments in specie for the
and that they. mutually exchange their re-
sPectivc notes as Heretofore.
Resolved, That whenever the banks may
be permitted to resume them, this measure
will take place eight days after one of them
shall have been summoned by the two o.
lthers.
| Resolved, That the present resolutions
shall be laid before the public, in two of our
newspapers, and that a copy, duly signed
by the three presidents Of the three backs,
shall be handed to each TO be inserted in their
Journals.
TIL. URQUHART,
| President OF the Louisiana Bank
For the President of the Planters Bank,
| DU SUAU DE LA CROIx.
BENZ. MORO AN,
| President Of tue Orleans Bank.
/ April %.