Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-05-25


meeting, That il will be much wiser for our j
banks TO resort immediately 10 a susueuson |
Of specie payments, than to wait until they !;
shall be inevitably compelled thereto, by |
their vaults being drained Of all the specie |
they now have in their possession.
z. Resofced, AS tho sense Of this meeting,
That they have entire confidence in the SCI
vency and solidity of the Banking Insiitu.
tioHs OF this Commonwealth, and The iulles,
reason to believe in their ability TO NEE, aud
redeem all their liabilities.
8. Resolred That in the present unexam
pied slate OF Affairs, we conceive il TO be the
duty OF every good citizen 10 contribute all
IN his power TO allsy any excitement; and
'hat Tor tins purpose, we pledge ourselves 10
each other, TO sustain the Banks by all the
means IN our power, aud TO promote the Cir
| cuistion oil their notes by receiving them
freely ia discharge ofall payments due. or be.
Coming due, 10 ourselves; and that. m our
opinion, this example ought and will be fol.
lowed throughout this Commonwealth
! JAMES LYONS, Esq. said that il was not
| the intention h. PRESUMED of tho c;,:--.-
| Richmond to make positive rscommenda-
ton to the banks To suspend specie pay ments;
| Cut To express their views OF the propricty OF
prompt action, should the banks DO convinc-
ed that suspension must take place 1.-THE
Banks should be Of this opnion-and they
must DO the Judges in the matter-thcn il is
the opinion OF the committee, and he pre-
samed, oil the meeting, that il would be bet
Ter 10 TO II at once, before the specie should
be drained from them. And the committee
deem IL proper, that the meeting exprsss its
| confidence in those institutions and give them
| assurances, in this trying emergency, that
the community will stand by them and sus.
| tain them.
RoBERr G. Scorr, Eco, said that the
assemblage OF meeting, So large and SO
constituted, embracing all parties, afforded
an opportunity of recommending another
measure which he deemed indispensable in
the present trying juncture: He thought
| thts occasion ought to be taken, 10 recon-
mend To the Governor Of the State the calling
together OF the egislature-the only power
which could avert the evils with which the
community was now threatened. II a few
moments were allowed him, he would present
resolution 10 this effect, which would not
conflict with the report OF the committee.
MIR. JAMES CAsKIE, explained the reso-
lutions OF the committee, and said, that the
very short time allowed them for actisn
rendered ii duty 10 report without delay, in
order that the proceedings Oi the meeting
might be Immediately communicated TO The
Banhs. He said it might be deemed oxpe-
dent 10 act on the subject of a Recommended
ton to tie Governor, before the adjournment
OF the meeting; but he was of opininn, that
the report OF the committee ought TO be acted
upon forthwith.
DIR. l.. w. CuAMBERLAYNE, in offering
substitute for the committees report, made
some remarks (Which, as we'll as those OF
other gentlemen, were very impeI fsctly
heard by our reporter,) DR.. q. said, that no
doubt was entertained by the meeting of tho
i entire soundness and solvency of the Banks,
while he believed the utmos, confidence was
felt ia the Judgment and discretion OF the OF
tlceTs and directors Of those inet;iuiion1.
Such being the case, he thought there was
no necessity for the meeting TO give any ad-
vice or recommend any measures to them.
They were more competent to judge Of the
steps which the present crisis rendered il ne
cessary for them to take; and 10 them, the
responsibility ought to be left. DR.. G. then
offered the following resolutions:
RESOLVED, That this meeting, having en-
tire confidence in the honesty and comps.en-
cy of the Directors Of the Banks 10 this
city, are willing to leave to those functional
ries the decision of the question Of suspension
| OF specie payments, and that this meeting
will approve any step saken by said Direc
tors.
Resolr0d, That this meeting enterian the
most undoubted confidence in the ability of
the two Banks 10 meet all their Liabilities.
The question being taken, the substitute
was negalived;
And the resolutions of the Committee were
adopted unanimously.
r. G. ScoTT, Esq. then said that resotu
items having been just adopted which were
approx ed by ali--which were temperate and
moderate in their character-snd which pro-
missed the support Of the community to the
| banks in the present crisis-it was proper
| that the consequences to one of the banks OF
The measure contemplated, should he consid.
cred. 1nTegaTd to that institution it would
| be absolutely necessary that the hand of the
Legislature should be interposed in iIs favor.
! No other power could modify the law by the
| operation ct which lis corporate powers and
! beneficial functions would cease to be, when
soever il should suspend the payment Of spe-
! Gle for its notes. II was known TO all, that
in relation TO that institution, by such sus-
pension it was at an end as Banking insli-
tuii0p, and it could proceed no further than
To wind up it's affairs. In order that this law
might 'be modified, asst doubtless would be,
were the Legislature now in session, Mr. S.
| proposed the following resolution:
! ResoEued, That we fully believe the pres
eRt condition of The Banking Institutions ef
the Commonwealth, and the danger TO which
we are now exposed, render il highly impor-
lani Tint the General Assembly should be
Immediately convened, and that this NEE Ting
respectfully recommend that tho Chief Ma
gisirale Of this State do adopt measures for
Concerning The Legislature.
Which resolution was aIso unanimously
adopted.