The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-07-15
VARIOUS MATTERs.
CONVENTION OF THE OHIO BANKS.

slate assemOled IN Columbus on Monday
last Tor the purpose Of considering the
proper course to be adopted to secure the
citizens from over issues Of bank paper, and
TO regulate, as far as practicable, the curren-
'cy between the Banks themselves and citi-
zens. We learn, from printed conv of
the proceedings Of this convention, which
was placed in our hands at too late an hour
TO appear at length in this days paper, that
OF thirty-two Banks in this state, twenty
three had delegates present: and that three
Others, whose delegates were unable to at
tend, forwarded statements oftheir cordi-
tion, which were laid before the conyen-
tion'--WM. E. HUBARD, Esq. ofSt. Clairs-
vile, was chosen to preside over its delib-
'era'lons, and J. DnLArIELD, jr., Esq. of
columbus, was appointed secretary.
The subject is one of much interest: and
we now extract from the minutes the reso-
iutions to which the convention came at the
close of its deliberations, withoat desscp-
ung voice. They arc as follows:
l. ResotDed, That each bank PLEDGES it.
sell not to sell during the suspension, other
than oy the exchange of coin, any ofits sill
yer, gold or bullion.
=. heSotOed, That the business of each
bank be so conducted and managed, as to
enable 1t to resume specie payment at any
moment.
3. Resolved, That the rate of exchanges
ior drafts at sight upon eastern cities shall
not exceed two per cent.
4. ResolUed, That each bank shall receive
OF Its customers at par, in payment of debt
due the bank, the paper of all the banks
represented in this convention, and of such
other banks of this state, as shall agree to
the measures adopted by this convention.
8. Resolred, That each bank shall furnish
all the others with copy of its " bank
statement officially certified, every sixty
days, commencing with the first weekly
report in August.
O.. ReSolued, That any bank wishing to
preserve the paper ofany other for exchange
shall notify such bank of its intention to do
so, and the balances between such banks
shall be settled either by the paper OF the
bank requiring the exchange, or by drafts
at sight at quarter per cent, less than the
selling price of the debtor bank.
7. ReSoLUed, That it be recommended to
the several banks to pay out the paper Of
other Ohio banks than their own, as the
most gradual aud useful way of reducing
the circulation, and of rendering that aid to
the community which their ordinary busi-
iness acknowledgements.
8. ResolUed, That no bank will commence
calling upon another with its paper, and for
exc hanges, except after one months notice.
9.ResolUed, That ifupon the returns pro-
vided for, ii shall appear that any bank is
endeavoring to put out or sustain an impro-
vident issue of its paper, it shall be the duty
of all the other banks to cause the same TO
be promptly redeemed.
10. Res0tUed, That each bank represented
in this convention, will be deemed TO have
assented TO the foregoing arrangement, un-
less it notifies the others of its dissent there
from within thirty days.
IL. RESOLVED, That the proceedings of
this convention, signed by the president and
secretary, be printed, and copy thereof be
furnished to each Of the banks represented,
and also to those not represented, with ire
quest upon the latter to signify their con-
currence in the measures adopted, by forth
with furnishing to each of the banks repre-
sented an officially certified copy of their
respective bank statements,
The report made by the committee to
whom were referred the official statements
of the condition of the several banks repre-
sented, shows them TO be not only entirely
solvent, but to have large excess of means
beyond all their secarides. The following
extract from that report gives the general
result of comparison of the statements of
all the banks present, and those from which
communications were received
The whole debts of every descrip-
ton, owing by the banks,
are s9,574,747, ,O2.
The cash and available means to
pay the same, are l7,7l5,lO6,79.
There can be no doubt that the banks OF
Ohio are prepared to resume specie pay
ments atany moment, provided other frsd'
tutions do she same. But they will not be