Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-06-08

quires or ought to permit such ruin and devas-
ta,ion, II discreet, peaceabie remedy can se
applied, whereby the rights OF all may be sscu-
red and ultimately satisfied, and tue general
welfare promoted by u mercifsi forbea, ance
aud prudent circumspeciicn AID forecast
9TH. j hat as the banks aie the great money
holders as well as great CREDITORS they eau
also he great and efficient instruments IN allie
waiting The present, distress, and mainly contri.
bniory IN preventing the numerous sacrifices
OF credit, OF fortune and of business.
9th. That the banks have IN a great degree
contributed TO bring on and sggravate the
present distress, by conducting To eNtravasant
importation aud consumption OF foreign lux
uries, and encouraging eAtiavagaut specula-
tons by furnishing the means-bv collecting
specie IN large quantities, dealing IN credit,
money and exchange; giving their own paper
as circulating medium at home they have
made specie more accessible TO exporters
and foreign dealers in money, by atfording
specie for, aud in other respects aiding the pur.
poses OF foreign money dealers; substituting
paper as money at home, they have placed
themselves IN situation to be pressed for spe-
ete as an article of foreign commerce those
nearest the sea board pressed by the demands
OF specie Tor expectation. press those more
remote TO supply the deficiency made by eX-
portation. The bank OF the United States,
tue great dealer in foreign exchange and COM
merce. by itself and its branches, has opened
slucc by which the specie of the western
country flows INTO the general current from
the sea-bcard to the East India, and other TO.
tor egn purposes, in its Turn il presses the
state banks great and rapid reduction of
the discounts and notes in circulation be cones
necessary. proportioned TO the loss OF specie
andfar exceeding In amount the quantity of
specie taken OIL, whereby the banks press up-
on the people.
9th. That by this action and reaction sud-
den reduction of hank paper and money has
peen produced, not leaving enough To pay
discounts aud exchange, and answer The neces-
sary puri oses of internal commerce q business,
so that nor, property is no longer Convertible
into money.
mental In bringing on this distressing state of
things, that the people have claim upon the
banks 10 bear their share ut the buithen, that
they shall not retire within their shells to view
the rniu, themselves are not wholly innocent
OF; but should afford the means 10 stay the
pressing demands, until time, )rug atty and
industry can discharge the debt by install
ment.
sth. That the Banks ought immediately to
suspend their payments of specie, suspend
their calls, and make moderate issues OF paper
upon good security, to answer the most pres
sing demands until the Legislative authority
can take the situation of the country into con-
siderafion.
9th. That the present alarming and general
pressure deserves the serious and quick inter
position of the Legislature i'm such way as the
wisdom and intelligence of the state may de-
wise.
10th. That among other measures for the
consideration of the people and 0fthe Legislature
IL Is proposed, that the amount of paper to be
issued by the Banks during the suspension OF
iheif payments in specie shall be regulated by
law, mt TO be exceeded under the penalty Of
torfe'ting their charters prescribing also the
kind of security which individuals shall give
TO The Banks, aud which the Banks shall give
10 the community, so as to guard against the
e1ceSS're issue OF paper, secure its ultimate
redemption without depreciation, and leave
the banks, n they should choose so to do under
In M. kR an of
paper as shall be necessary and proper, mot
exceeding the limit 10 save the country from
the impending catastrophe.
Ilth. That the attention of the people i'm the
uiHerent counties be invited TO these subjects
for the purpose of expressing their opinions i'm
similar meetings.
18th. That committee of seven be appoint
ed 10 correspond with the people of the other
couniiesin this state, and with such commit
tees as may be appointed by them, To receive
lie communications and answers from similar
meetings IN other counties, and lay the result
before the acting Governor.
18th. Resolred. as the opinion of this M ee ting
that the Legislature out to be convened with
out delay.
18th. Resolued, that prudent and rigid econo-
my ought 10 he observed ihe cOnsumptio of
foreign articles of lHXury aud manufactures
diminished home manufactures encouraged
Inc annual expenditures Of individuals les
sened 80 as to enable them by Industry aud trn-
gality TO pay of old arrearages without aceu-
JACOB CREATH, Chm.
Attest. J. SWIGERT, Sec'y
The following gentlemen were appointed
committee OF correspondence, in pursuance of
the i2th resolution, to wit: George Adams
George NJ Bib, John Pope NJ. ID. Hardin.
William Hunter, James Hunter aud Jacob
Creath.
FRANKFORT, May 2l-We rndertand that
the mother bank OF The United States has d.
rected the branch at Lexington and probably
at Louisville also, to call ia without delay
fDenty .fue per cent. on all their ioans.
CONVEN ION OF BANKS.
The committees OF the Bank OF keatucky
of the Offices OF Discount am. Deposit OF
the Bank of the United States at Lexing.
ton and Louisville OF the Farmers aud Mocha.
MICS Bank OF LeXinst ton; and the Commercial
Bank OF Louisville, convened at F,dnk;ort on
tue 18th May. 1919, for The purpose of taking
into consideration the distressed state Of the
country ard of de vising some plan for the re
lief of the people. after full and mature deli
beration adopted The folio wing resolutions:
LIST. ResOired, That in the opinion of the said
Committees, the circulating medium NAV he
Increased and considerable reIef afforded 10
the people by good understanding and CO.
operation among the said Banks, without sms-
pending specie payments.
z ResDired, That the said Banking Iusiit,i.
tons will sender all the aid iB their power to
individuals, by iOans or otherwise, 10 avert the
public pressure now experienced.
3. Resolred by fhe State Institutions here rome
scented, That they will continue 10 pay their
notes in gold and silver.
Back of Kentucky,
JOHN POPE,
BEN TAYLOR.
Once Discount aud Deposit, Louisville,
WIN. II. BOOTH,
NORBORNE u. BEALL.
Othce Discount and Deposit, Lexington,
ALEAR. PARKER,
JOHN TILFORD.
Farmers and Mechanics Bank Lexington,
X. HIGGINS,
f. WAKEFIELD.
Commercial Bank Louisville,