Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-20

n,a which we have received of the transactions of
the Convention: n,
Extract, of Letters from one of the Delegates,
..Yt,o York. Saturday morning, 10 oelock The SIX
New England States held meeting last night ana ne,
tcrmned to 90 for the first of January next provided
R,l,imcre will unite is impossible to say what Wal
be- done. ms Baltimore will probably secede
.The Committee from each State made the following
report by Judge Ware Of Maine, Chairman oil The Be-
leri Committee:
.Tbr Committee Of one from each State, to which
os referred the Resolution of Mr. Brockenbrough, OF
VIRGINIA. and the subject Of designating day Tor Tie ge
moral of specie payments have had the sub
cct referred them under considerations ana neg ea'e
to report
That said Committee have adopted the following lte'
soutvns which they recommend TO The Convention ior
cousldera mud adoption, VIZ
RrsoJrcd That il be recommended to all the Banks OF
the several States to resume specie payments OH Inc s'
Monday in October ext without preclndng an earlier
RESUMPTION on the part of such Banks rs may IND 1t ne
ccssary or deem it proper.
Rcsoired, Tina, il is important! TO the success OF the
effort to return to specie payments and 10 restore me
currency 10 sound coudi,ion that the Banks shoua oe
sustained bv the General Government. .
"Nc,c YGrk, O'Clock, .HoRday-The Convention TINS
moment adjourned sine die. The following substitute
prepared by the delegations from Virginia and North "a
rona or the report Of the Committee, passed /" 10 =
Maryland and Pennsylvania not vo!ing-Ihe t'c0 mega
tirc votes New York and Mississippi. We have Work
ed hard-wpre obliged to compromise to effect any thing
and hope we shall give satisfaction:
PREANBLE and Resolution adopted
"ivhcrras il is found necessary in order TO simuane
Gus action by the Banks in the resumption OF specie
payments so to proceed in designating period Tor that
purpose as to the nearest approach to unanlny
and whereas, whilst in the judgment Of this Conven-
ton the 10 specie payncr's and The preservation
of the currency ia sound condition will depend essen
tally on the course of the General Goyernm' yet this
Convention regards it the duty of the Banks TO make
the effort in good faith eIusre ~ direct reference to
the prospectirc measures Of the Gorernmsn-a the same
time the Convention has been happy TO observe in recent
letters Of the Secretary Of the Treasury spec'c assur
RANGES of an intention 10 sustain the Banks so lar as II
NAV be donc through the fiscal operations OF that depart
rnent Of the Government: -
"RrsoIred therefore, That it be recommen ded to NIL
the Banks of the several States to resume specie pay
,uenls on the first Monday in January next, without pre-
cudnr an earlier resumption tile part of such Banks
as may find il necessary or deem It proper.
The New York papers TEEN with rumors and specu.
lalions about the OF the ConYention-lhe ~
Y Courier SAYS that " the resolutions reported by MIR.
Ware of Maine behalf OF The Committee OF IL, were
the subject of an animated discussion
"ro these resolutions amendment was ofercd by
Mr. Bacon of Connecticut, adding 10 the first decara
ton that in cffecting resumption. the cooperation ana
cordial concurrence OF the General Government "ou
be essential The resolutions and amendment brought
the whole subject before the Convention, and discus
sion rn:ucd in which many members participated ana
which continued from 10 o'clock IN the morning I'll The
hour Of adjournment, al T. NJ >,
"Mr GalIatin took a leading part in the debate lie
considered National Bank convenient and necessary
for the regulation OF the currency; but was OF opinion
that return might be made TO specie payments without
its aid In eccting this great object he considered the
cooperation of the Government desirable and thought
indispensable that it should let the Banks alone, even
if it refused active CO operation, &c &c
"Mr. King, of Mississippi, made full statement OF
the condition of the banks in his Stacand al lis &C.
neral business and prospects, The depreciation Of MIS-
L,,A .,tan hn
to the ovcrissues OF the Banks-or their issues arc no
larrer than they at the time OF the suspens'on-
The truth was that they could command no exchange
The people in debt, and could not ct present pay
their debts To place themselves in situation TO pay,
they must have their soil and 10 labor their
resources were abundant, but time was necessary 10
their development. People had been paying on their To-
cal debts in their local currency but they could not pay
their foreign debts their debts 10 other States He did
not consider that the banks of Mississippi would he in
condition to resume before some period between July
and September, lS39-Delegates from several other
S,a,cs-among them MIR Law, of Indinnn-Mr. Shaw,
of Lancsborough, observation-disclosures MIR. Narre!t, oi
Boston--took part in the discussion
"On Friday letter read in Convention, addressed
by Mr. Secretary Woodbury. to MIR. Newbold in which
he stated that the Government would continue TO re-
ceiye the bills of specie paying banks when at par
where offered He further stated that there had been
but small demand by Government for specIe-and that
there would be great demand in future-As long as
the Treasury should be allowed to issue lis notes. there
Bills Of specie paying banks he added, would be paid
,ehen.rer they acceptable to public creditors
IL was at one time said that the Massachusetts Dele
gates about secede in body Some persons indeed
had abandoned all hopes from the Convention. Among
these is the n Y. American, which said on friday that
"there is not The least e1pcctaon Mat The Contention r
agree day for resuaption The massachusetts
delegates arc understood to have had meeting apart in
which by large vote they decided that It was e1pedl
ent for them to concur in naming day ~ YORK VIII
i. bona Hnt nj
we have from high quarters in Boston, upon
which most implicitly rely, that even though the De
cision OF the Massachusetts, delegates 10 the Convention
and of the Convention itself, be adverse to naming
day the strongest hanks in Boston u resume th He'e
York;"
There i, every reason to believe that the Legislature
Of New York is determined 10 snstain their Banks IN
the effort On Saturday last, MIR. Powers, from the
committee banks and insurance companies, 10 whom
referred the special message Of the Governor, re
ported 10 the Senate bill TO facilitate the resumption Of
specie payments and to provide Tor the issue OF State
Stock Authorizes the issue of S20OOOOO oil stock al
thorlzed by the for the construction oil The Genesce
Valley canal; and 81 100000 for the Black river canal
and S4 000 900 for the enlargement OF the Erie canal
to be issued if the Bank Commissioner, and the Com
missoners of the Canal Fund shall deem that the public
interests require il and to be loaned 10 such banks al
shall give satisfactory security for the punctua paymen
Of the interest and the reundng of the principal as tas
as wanted in the progress Of the canals This bill wa'
to have been taken up on Monday.
POSTSCRIPT.
The Northern Mail of yesterday morning does not ado
much information to the above; the last cars had or
rived Washington without any mail from the North
The following is the only new movement, which ha'
reached us:
"The Delegates from the State of New York held .
meeting Immediately after the Convention adjourned
and adopted the following preamble and resolution
"NEw YORK, April 10, 1888.
"At meeting of the Delegates Of The city and countr,
Banks of the State Of New York, held in this city
this day. the following preamble and resolution wer
unanimously adopted, and ordered to be published
"WHERLAs, the Law which legazed the suspension
Of spece payments will expire, by its own Limitation,
the 10Th Of May next, and whereas the effects of re
sumption ore considerations which properly per
tain 10 the Legislature than to the Banks; therefore
without attempting 10 foresee what the effects may be
but hoping they may not be injurious 10 the commerce
and Industry of the State and with determination t