Lexington union. (Lexington, Miss.) 1838-18??, 1841-06-12
From the New York Herald.
PHILADELPHIA, Nav l7th.

/ ~
s. this morning. Mr.. BidGle was not
present. WIN. j. Duane, Joshua Lippin-
colt, David Paul Browne, Judge Bayard
and other leading men, were in attendance
and the speeches were numerous, but very
bret and mlsera5Iy common place. The
great feature Of the meeting, as before
was another letter from Mr.. Lippincott,
IN further reply to MIR. N. BIdde's six
letters. But anticipate.
The chair on this occasion was taken
! by Mr.. Brook; the meeting was called
10 order al ten o'clock, and the minutes Of
the last meeting were read aud approved.
Mr.. LPpincott, chairman of commit
tee, commissioned at former meeting,
made report recommending the Bank
Stockholders to avail themselves of the
18th section Of an act of tho Legislature,
which section is as follows:
Sec. II. That 20 enable the banks of
this commonwealth to comply with the
provisions Of this act and to relieve the
community, it is further enacted, that no
banking institution in this STATE shall be
|sublecl by way Of penalty or otherwise to
any greater rate OF interest than 6 per
cent per annum auy thing in any act Of
Assembly to the contrary Notwithstanding
aud the resolutions entitled, "resoIu-
tons providing for the resumption of s2e
Gle payment by the Banks, and for other
purposes" passed Sd of April, one thou
sand eight hundred and forty be, and the
same are hereby repealed and that all pro-
visions OF any other act Of Assembly
heretofore passed, or of any act Of incor-
poraton providing for the forfeiture Of any
charter, other Than that Of the Bank of the
United States, for or by reason of the
noH-psyment of any of its liabilities on de-
mand, be and the same are hereby sus-
pended until further legislative action, a.
until the legislature shall provide for the
payment of the loan authorized by the first
section Of this act; and so much of any
act Of assembly as prohibits the banks OF
this Commonwealth from making loans
and discounts, issuing their own notes, or
declaring dividends during The SUSPENSION
Of specie payments, be and The same is
hereby suspended as aforesaid. But no
bank during the suspension shall declare
dyden1s TO an amount exceeding five
per cehtum per annum: pr0r1ded, that
before the bank of the United States shall
be entitled to the benefits Of this section,
the stockholders Of said bank, shall, by q
resolution adopted at any general or adj
ijOurned meeting, held In pursuance OF the
charter OF said bank, daily made and GER
titled to the Governor under their corpo-
rate seal, consent to be subject 10 general
laws TO be hereafter passed, for the regu-
Iation of the banks of this Commonwealth.
In the course of the debute upon the
acceptance of this report the following
state Of tie bank came out:
Judge Bayard then went on to state
that
Actual STATE OF THE BANK, May 18th.
Liabilities.
Post notes issued to the city
Banks, S., 079,444
Secured by assets, amounting
to, 7,772,25O
LiabI'ts of the B'kin Europe, I5,SG3,S20
Secured by stocks of verioUs,
kinds, or deposits of assets, 24,7lo,7l5
1t is now proposed TO secure
thu ctber III hilities oc Janne
ils, circulation and balan-
ces due to other banks, a.
mounting 10, 5,449,925
By special assignment of
bills, notes and other assets
amounting TO, 1891 1899
This will leave surplus of
assets unpledged, and free
to be used for any purpose,
of, l7,7S7 436
To meet the reminder of ex-
in ali to, 224,s9s'
Several short speeches were made.
Ahe Question was then put on accept
ing the 18th section of the Revenue Act,
and carried by an almost unanimous vote.
w. }. Duane rose and said-We have
had circumstances aud denominations, &
developments extraordinary, in this city,
whilst the sufferers abroad are shedding
tears over their losses and ruin. crimi-
nate no one; If Mr.. Biddle has said, 81
am the bank" as a former president said,
81 am the government laughter and
apPlause) | shall only say that they are
ooh great men, spoiled by aduIaton, and
lne iroguery oipolihcians. Tremendous
aPPiause.) And that this alone has been
me misfortune and the beseiting sin of Mr.
Dldole: None o? the former resolutions
heretofore introduced have tended in any
way to redeem the credit of the country or
! OF Pennsylvania. | therefore viii