Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-09
S3OO,24a
S95,l32 Is
262,002 IL


Reduced S300242
Specie 18th December last, $685. 32 Is
9th April instant 262,Oo2 Ia
Reduced $4,000 OF
Outstanding debt increased S4o,uuo
ErenuoSp BAxks.-Suspenson Of Specie Payments.
Yesterday our Banks determined to suspend specie
p,vmen,s We refer the reader to their proceedings
gwen below.
TINS movement will meet the general appreciation OF
our citizens Ii was necessary order TO foster the
trade o our city and certain ruin to large Por
lion Of her citizens upon whose active enterprise de-
ponds her prosperity. The Banks las we have all
dong predicted they would dog when the alternative
was fully presented, abandoned the ground which they
had with good faith taken, and BY suspendlng specie
payments have avoided the calamity which persistng
IN their determination would have brought upon Rich
mond. We commend them for their course. We ad-
n.ed their sprit in first resolving TO pay specie while
l-y stood almost alone that resolve, although we
asred with them 10 the proprlety and expedlency
Ina: determination; and they have shown that II
;hsy are in political soulless institutions, they
conducted By beings not altogether blind TO the IN
ofthe city nsensble to the suierngs of this
community.
The Banks have suffered considerable draft fspe
funds the resumption and found it necessary,
. the continued DRAIN to curtail their circulation
70 such ~ extent as would be runous TO trade They
nave cnr,aiitu lntr clrCulalion 10 all
AMOUNT and are in excellent cond ton.
Wednesdays Compiler.
A'a Meeting Of the Presidents and Directors of the
Bank Of Virginia, the Farmers Bank and the Branch
d the Exchange Bank, assembled together at the
BANKING ,honse Of the Bank Of Virginia, in Rich
n,ond, on Tuesday, the 9th April ISL
on motion, John peterborough, Esq, was called
= the Char, and James w. Pegram appointed Sc
c;eary OF the Meeting
l!e following resolution was adopted:
Whereas the Banks of this City did, on the first of
FEBRUARY last, enter upon the resumption Of specie pay
Iasns and have since steadily adhered to the redemp-
ton OF Their circulation in coin, exchange at the
pleasure OF The holder; but it becoming apparent that
the resolution pay specie, if persisted in, must press
extreme severity upon the country at large, that
e difficulties 10 be encountered are greatly aggraya-
- oy The position of the Banks in the adjacent States,
mat me Common wealth is under the necessity of OBJ
an'ng loans Of the Banks, and Of necessity their s
ses are thereby increased, and that it IS not within the
power Of the Banking Corporations of this State, TO
correct The exchanges unaded by the cooperation Of
LIE Banks Observation-Disclosures
"Rtsolred, That the redemption Of the circulation in
com be suspended, and that the Banks confne them.
s=ve to line OF policy which shall prepare them for
resumption at the earliest period it may be attempted
with success.
BANK OF VIRGINIA
The President having commun lcated to the Board of
Directors, the proceedings Of meeting Of the three
Banks of this City, held this day, the following resolu
tons adopted
R.,Oieed, That it is expedient, under the crcum
Stances, for the Bank of Virginia and its branches 10
CONFORM 10 the resolution adopted at the meeting Of the
tree Banks in this City, BY dscontnung for the pro-
seat, the payment of their notes in COIN
hesotced, That general statement Of this Bank and
Is branches be prepared and published, in order that
nay appea. to the public that her condition has not
ne least degree been impaired during the resumption
htso'rsd That this Bank will be ready to resume
tec's payments cotemporaneously with the Banks Of
1llacelpha, Baltimore or whenever the balance of
0ioe between this State and the Northern cities will
eh1ef such measure prudent and safe; and to this
shu ~' be The fixed policy of the mother Bank, and
we same IS recommended to the branches to observe
w utmost prudence in their discounts and to proceed
" convert INTO active and available resources their
'"sPehded debts and unproductive balances.
FARMERS BANK OF VIRGINIA
April 6lh 1871.
The President reported the resolution adopted at the
Conference held this day between the boards of the
rrefa Banks Of this cty-namely, (see resolution
sioished) whereupon it resolved that specie pay
cents oy tins Bank be for the present suspended; that
Ae branches be advised thereof; that general state
nen' OF the institution be published, in order that it
'ay oe seen The grounds for public confidence and Sc
'lfi'y are wholly unmpaired, and that the public
nay De assured this Bank will be prepared for specie
MT Of IT, " N
hSi'ac! from the Minutes,
j. G. BLAIR, Cashier.
'y@s q the Erehange Bank Of Virginia, Richmond.
"A. az meeting of the Board on Wednesday, 9TH
snns l-il, the proceedings of called meeting for
earfence of the Board OF Directors of the several
'a NIX, IN this City were submitted
p"eFeupon, the following resolutions were adopted
,aeea' That IN the view Of this Board, these pro.
l., ~" render it expedient that specie payments be
sn.n we present suspended; inasmuch, as persever-
pscn " 'he part of this Board, in different line of
rom That thus determined upon, would be injur
Bt we interests of the Stockholders of the Exchang e
lie without m.nou. producing any corresponding benefit to
b. oe'd That the loans and discou nts of this Bank
Cd so'ated and its business generally SO conduct.
tip- maintain, on its part the position of always
p,s 'eday 10 resume and maintain specie payments
0,G,v1 with the other Banks in the city.
Coy "s,, That the Cashier furnish for publication
We state OF this office as it existed on the Bis