The native American., 1838-07-07
From lie Ne,r Orleans Tre .4merican.

II is with no ordinary feelings of satisfaction
that our fellow citizens read yesterday, an extra,
which we repubsh below, OF thesproceedings oil
the meeting Of the Presidents OF the Banks.
II will be seen, that the first Monday in January
next, has been fixed upon for the resumption oi
specie payments. This step will inspire renewed
confidence in our banks, which already stand
high i'm the commercial world.
Although the banks have resolved TO resume,
vet they acknowledge their inability SO to do, per-
manently, without the aid and assistance OF the
United States Bank Of Pennsylvania. From which
institution. committee has been appointed to So
licit medium of general currency. Nothing can
more clearly show the absolute necessity Of a
National Bank. Indeed, the Board of Presidents
are fully alive to this fact, and indirectly recon-
mend the establishment of such an institution,
to ensure the country and the banks against the
deplorabe consequences of second suspension
of specie payments, by the Government and the
banks.
New ORLEANS, June 10, 1888.
AT meeting of the Presidents of the Banks Of
New Orleans, held this day at the Union Bank,
the following preamble and resolutions were
adopted:
Whereas, in the opinion Of the Board of Pres-
dents of the Banks of New Orleans, the recent
ton to the currency of the country, and the pro-
bable resumption, at an early period, by the banks
of the principal cities Of the North, in consequence
thereof the resumption of specie payments by
the banks of Louisiana will be rendered practi-
cable; and whereas it is also their opinion, that
in resuming their payments in specie, the banks
should be guided by the condition of the country
generally, and by that of the South Western sec
ton Of the United States in particular and that
in their endeavors to attain an object SO desi-
rable, they should carefully avoid causing unne-
cessary embarrassments by precipitate action,
keeping steadily in view, that the interests of the
community, as well as the safety Of the banks,
require that such resumption of specie payments
should be permanent:
| l. BE 1t Therefore Resolued, That in the opin-
ion of the Board of Presidents of the Banks of
New Orleans, the first Monday in January next
should be fixed on as the time of fgeneral resump-
ton by said banks, provided the United States
Bank of Pennsylvania, through its agency in this
city, will furnish general currency, until the
establishment of National Bank, or until such
other remedial measures be adopted or sustained
by the Government in relation to the currency as
will ensure the country and the banks against the
| deplorable consequences of second suspension
of specie payments by the Government and the
banks.
2. BE it be further rcsolred, That commit
tee of three be appointed to correspond with the
President of the Bank of the United States of
Pennsylvania on this subject; said committee to
report TO this Board the result as soon as pract-
cable
3. BE ii further resolred, That these resou-
tions be submitted to the directions of all the
banks of this city for their consideration and con-
currence.
81. PETERS, President Of The City Bank,
BENJAMIN STORY, 6 Bank Of Louisiana,
II. LAvERGNE, 6 Consolidated Ass'n.
| were appointed the committee.
G. B. MILLIeAN, Chairman of the
| Board Of Presidents.
CHARLES BRIGGs, Secretury