Lexington union. (Lexington, Miss.) 1838-18??, 1838-12-22
usaHtrss s~-r-rrz
BANK CONTENTION.


AT meeting Of the delegates from the
Banks Of Mississippi and Tennessee, con
vened at the Commercial & Rail Road
Bank Of Vicksburg, the following Banks
were represented, viz: Farmers u Me-
chanics Bank of Memphis; Planters
Bank, Natchez; Agricultural Bank, Com
mreiai & Rail Road Bank Of Yicksburg,
West Feliciana Ran Road 81 Banking
Compuny, Commercial Bank Of Natchez,
Commercial Bank Of Manchester, Gem.
u-ercal Bank of Rodney, Bank of Lex
instop, Vicksburg Waterworks g. Bank
ins Company, Mississippi Rail Road
| Company, Citizens Bank Of Madison
County, mississippi Union Bank, Real
Estate Banking Company ofIinds Coun-
| ", Bank of Vicksturg.
On motion, II G Runnels was called to
the Chair, and } Chewing was appoin-
ted Secretary.
On motion, Resolved, That Messers.
J Wood and George G Skip@ilh Of
Nashville, lie invited 10 take seat in
this Convention.
The following resolutions was offered
by Stephen Duncan:
Resolved, That the first monday 10
January next be the period fixed on Tor
, resumption Of specie payments by the
Banks represented in this Convention;
provided the delegates from the Union
Bank Of mississippi viii give assurance
hat the post notes of that Bank will lie
redeemed with specie, or lis equivalent,
: Nhcn presented al her counter.
n On rootion to sliike out all after the
word ''provided," the yeas and nays being
/ called, the vote stood lhus;
: Ayes.-E Montgoncry,o of Planters
k Bank; NJ 3 IIrmar, Commercial Bank
G Of Manchester; j C Bo.e, Lexington
r Banks l. Webster, VIcNs5lrg W W
n & Banking Co; ) A Quitnan, Miss. Il
> IL ca; W Hardeman, Cllzens Back Q
!, Madison county; ii q tunnels and /
), NJ Williamson, mississippi Union Bauk
Na}s.-E w Lucas, Of Famers ane
! Met lanics Bank, hiemphis; S Duncan
J Agricultural Bank, ) Chewing, Com
! & Il II Bank Of yicksbrg; e Ii Cor
l. don, WesI Felciana X Il X banking Co
81 L IL Marshall, Com. Bank OF Nathez
o Thos. FreeIand, Com. Bank Of Rodne.N
is A M Paxton, Bank If Vlcksburg.
n This being lie, the motion was lost
20 S u Webster proposed to strike pGt al
e the above resolutions, after the word Gre
g solved, "and proposed The following as
If Substitutes:
Whereas, in the opinion Of this Con
vention, a resumption Of specie pay men0
BY the Banks of Mississippi on the frs
day Of January next, would be preIudlcia
to the interest Of the community, for th'
following, among other reasons:
4. Because the month OF January
the middle Of the business seuson, and tn
period of the year when both planter an
merchant stand in most need OF all 'h
bank facilities VIII h can be adUde
item.
Z. Because it is the season of the yea
at which The largest amount OF engagement
have usually been made to lall due, an
causes the months OF january aud teo'
he airy, il ordinary times, 10 he seasons
'r- peculiar pleasure in he money marke
an 3. Because the engagements maturlu
mi in j nnary and FEBRUARY have, to col
at siderable extent, been passed 10 lorelg
ey credilors, aud would Immediately be d.
nanded in specie or Eastern excharg
nd 4. Because of the present high rate
nj exchange against this ssate, in which COZ
Iy, dIIon resumption OF specie payments
ad unmecedent in any stae Of nation.-ii
M recent resumption N New York net beir
nd made unit exchange had been for perlt
OF Of Two months ia their favor, and in Phi
up adelphia not until FIVE months after In
m condition Of things existed and at iin
ad Wien the importation Of specie by u
an banks Of those places was u business
ng profit
~ 5. Because resumption in Janpni
would cause the whole bank note cfrc
ation of the Slate to come in upon Il
"a banks, and leave the state without Ct
cala,ing medium at all, to the great deti
"" ment OF trade, and 10 the utter rulii oil q
who have money to pay at our sprll
courts, or provisions to purchase Tor Il
coming season.
: G. Because it would be burden
/ from 2 to 5 percent. Of their whole clrc
htion, upon The resumihg banks without
corresponding benefit to any class Of pc
"" sons, other than the Northern holders olo
circulation, who have purchased it
ine speculation at from 1910 40 percent d
'ir. count.