Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-04-19
BANK CONVENTION.

of the country, for this desirable object.
BANK CONVENTION.
This body adjourned yesterday sine
die, the Maryland delegation having
withdrawn on Saturday, and several
other delegates returning to their homes
on the same day. The result of their
deliberations is embodied in the follow
ing preamble and resolutions
"Uhereas it is found necessary in order
to simultaneous action by the banks in the
resumption of specie payments, so to proceed
in designating period for that purpose as
TO secure the nearest approach to unanimity
and whereas while in the judgment of this
Convention, the return to specie payments
and preservation of the currency in a sound
condition, will depend essentially on the
course of the general government, yet this
convention regards it as the duty of the
banks to make the effort in good faith, exclu-
sive of any direct reference to the prospcc-
tive measures of tho government. At the
same time, the Convention has been happy
to observe in recent letters of the Secretary
Of the Treasury, specific assurances of an in
tention to sustain the banks so far as it may
be done through the fiscal operations Of that
department of the government
Resolved, That it be recommended to all
banks of the several states to resume specie
payments on the first Monday of January
next, without precuding an earlier resump-
ton OH the part of such banks as may find it
necessary or deem it proper"
The discussions of the convention
have been animated and able: and we
have reason to believe, notwithstanding
its sittings were held with closed doors,
that however widely the members may
have differed upon other questions, but
one opinion prevailed in regard to the
cause of our financial difliculties-the
untoward action of the government
Mr.. Gallatin, it is stated, has signali-
zed himself by his exposure Of the
wretched measures Of the present and
last administration upon this subject,
There was no difference Of opinion
in regard to the high obligation Of the
banks to resume specie payments the
moment they could do so with safety,
without apprehension of a second sus-
pension, and with due regard to the
business relations of the whole country.
The only questions agitatcd related to
the naming OF a precise day for gene
raj resumption.
New York, not only from the requi-
sitions of the law, but from it's own po-
stion and strength, desired the short
est time, and Mississippi the longest
Originally, four propositions were in
formally entertained, naming the 10th
of May ensuing; the lst of October;
the lst Of January; and the Ist of April
next. The committee reported in favor
of the lst of October. The New York
delegates moved to strike out the lst
of October, and insert the 10th of May.
The ayes upon this question were,
New York, Indiana, Missouri, Illinois,
and Mississippi. The final vote for
naming the first Monday in January for
resuming was as follows Ayes
Maine, Vermont, Massachusetts, Rhode
Island, Connecticut, New Jersey, De-
laware, District of Columbia, Virginia,
North Carolina, Indiana, Illinois, and
Missouri. Noes-onc from New York
and two from MISSISSIPPI.
1t is understood that the New Eng
land delegations avowcd themselves rea-
dy to resume with New York, provided
they could be satisfied that it was best
to do so, irrespective of the situation of
the banks of the South and West. But
of this fact they were not satisfied
their opinion being that the business
relations Of the whole country ought
first to be so far adjusted, as to enable
the banks of tho Union to resume 81
multaneously. The Connecticut dele
gates from the first avowed their readi-
ness to resume with New York, provi-
ded the banks of the latter would assure
them that their depositors were to be
paid in specie. The funds Of the Con-
necticut banks being mostly in New
York OH deposito, they should of course
look to the New York banks for the
means ofsustaining their own resump-
ton.
It is not to be denied, however, that
the Eastern delegations were disposed
rather to favor the views of the Phila-
delphia and Baltimore banks, than those
of those delegates, they frankly avow-
cd that their interests and sympathies
were with Philadelphia and Baltimore,
for the reason that while the course of
the New York banks, during the year
past, had in measure closed New
York against them as market, the OPP
positc policy of Philadelphia and Balti-
more had d'opened those cities as mar
kets for their manufactures.
The proposition that has been adop-
ted, however, does not fetter the opera
ions of any bank whatsoever. Any
and all arc at liberty to resume of plea
sure, Mt any moment, and without far
thcr consultation with any. Those Of
New York, it will he seen hy tho fol-
lowing proceedings, will resume in obc-
bicDcc to the law of the state. on thc