Southern marksman. [volume] (Clinton, Miss.) 1838-1839, 1838-12-11
From tie Yicks'Jurg Sentinel
PROCEEDINGS or TIE. BANK C1NVEN-

Vicksburg, the following Banks were repre-
sented, VIZ:
Farmers and Merchants Bank of Mem
phis, Planters Bank, Natchez, Agricultu-
raj Bank, Commercial and Rail Road Bank
Of Yicksburg, West Feliciana r.. r. and
Banking Company, Commercial Bank of
Manchester, Commercial Bank of Rodney,
Bank of Lexington, VicIssburg Water
Works and Banking Company, Mississippi
Rail Road Company, Citizens Bank OF
Madison County, Mississippi Union Bank,
Real Estate Banking Company Of Kinds
COUNTY, Bank of vicksburg, Commercial
Bank of Naichez.
On motion, Ii. G Runnels, was called to
tie Chair, and ]. ] Chewing was APP
pointed Sec, eiary.
On motion, ResoIDed,, That Messrs. ].
Wood and George G. Skipwiih, of Nash
vile. be invited TO take seat in this Con-
vention.
The following resolution was offered by
Stephen Duncan:
Resolved, That the first Monday in
January next be the period fixed on for
resumption Of Specie payments by the
Banks represented in this Convention, pro-
! yided the delegates from the Union Bank
Of Mississippi will give assurance that the
post notes of that Bank will be redeemed
wuh specie or lis equivalent, when present.
ed at her counter.
On motion to strike out ali afterthe word
.sprovlded, 1.-THE yeas and nays being called
the votes stood thus:
AYES e. Montgomery, Of Planters
Bank, NJ. b. Hamer, Commercial Bank OF
Manchester, J. C. Bole, Lexington Bank,
lS.P. Webster, Vicksburg w. w and Bank
ing Co, J. A. Quitman, Miss. r. r. Co.,
w. Hardeman, Citizens Bank of Madison
Co, II. G. Runnels and r. nj. William
son. Mississippi Union Bank.
NAys.--E. w. Lucas, of Farmers and
Mechanics Bank, Memphis, S. Duncan,
Agricultural Bank; j. ]. Chewing, Com.
and r. r.. Bank Vicksburg, @. Ii. Cor
don. West Felciana r r. and Banking
Co, Il. X. Marshall, Commercial Bank of
Natchez, Thos Freeland, Commercial Bank
of Rodney. 4. IL. Paxton, Bank Of Vicis-
burg.
There being he, the motion was lost
S. p. Webster PROPOSED TO strike out all
the above resolution, after the word ''re-
solved" and proposed the following as a
; substitute:
Whereas, in the opinion of this Conven-
ton. a resumption Of specie payments by
the Banks of Mississippi on the first day OF
| January next, would be pgejudciai TO the
interest Of the community, Tor the follow
: ing, among other reasons:
II i Because the month or January is the
u middle Of the business season, and The pc
Rod of the year when both planters and
merchants stand in most need OF all the
. bank facilities which can be afforded them
q Because IL is that period Oh the year al
: which The largest amount OF engagement
( have usually been made 10 fall due, anc
, causes the months Of January aud Febua
= = nv, in ordinary times, TO be seasons OF pc
= = culiar pressure in the money market.
8. Because the engagements maturing
in January and February have, 10 cons
. derable extent, been passed TO foreign ere
ditors, and would Immediately be demand
= ed in specie or Eastern exchange.
A. Because Of the present high rate o
: exchange against this State, in which con
: diion a resumption of specie payments |:
unprecedented in any State or nation. The
- recent resumption in New York not being
!. made until exchanges had been for pc
:, Rod of two months in their favor, and II
! Philadelphia not until five months after tina
: condition Of things existed and at a tins
!, = when the importation Of specie by ih'
Banks ofthose places was business o
). profit.
i s. Because a resumption in Januar.
a would cause the whole Bank note clrcula
! tion fthe State 10 come in upon the Banks
: and leave The State without a circulatln!
: medium at all. 10 the great detrlment
4 trade, and 10 the utter ruin of all who have
} MONEY TO pay at our spring courts, or pro
), vision to purchase for the coming season.
= 6. Because it would be a burden ofiron
- II to s per cent. of their whole circulation
- upon the resuning Banks. without a cor
IN responding benefit TO any class of persons
of other than 10 the Northern holders OF GU
( circulation, who have purchased it on spe
a. culation at from Is 10 10 per cent dl'
ed count
te z. Because we regard the question
ne resumption as purely adomesuc one, TO :
ed regulated alone by the true interest OF I'll
people of Mississippi, and we believe that
at resumption in January would materially II
m jure the planting interest and PROSTATE Il
RS commerce Of our State, and prove destruc
to i've to that large class of individuals who's
IA, dcbts cannot be postponed beyond the e
e, suing spring.
1ut And lastly, -.
,Lot ,Dnl>iic apint,
err Because we believe tnat puuilC op.""
be IN this State, not only does not call Tor