The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-03-03

Alta convention of the Banks Of Ohio, held
at Columbus, February 9Th add h, A. D.
1912, pursuant to notice, the following oe'e"
gates appeared. viz:
'Oaio Life Ius. and Trust Co. MT. Williams
Commercial Bank Gina James Hall.
!, Franklin E s, HaInes
Lafayette Il. u Ml'chell
Bank of Dayton, Jas. Perrine.
Bank OF Xsnia, E. + Drake. n
Commercial Bank Of SciOto, s. M. Tracy
Bank Of .C,rcleville, James . ds.
Z" Z,nesville q. C Gilbert
Muskngum, s. S,urges
81. Clalrsville w. B Hubbard
Fat g. Mech, Bank ofSteub. James Wilson.
grass.
Columbiana Blk N. L,sbon, B W. Snod-
Bank Of Massillon. G. X Skinner.
B. Higgins &
"a"'usNy' "a II Bnber.
S'" Norwalk, Il. Baker.
/" Wooster, j. s. Lake.
=" Marietta, Augustus Stene.
Clinton Bank Of Columbus d. W. Desber.
On motion, M. t. Williams, Esq, was ap'
pointed President, and B. Higgins and E. F.
Drake, Secretaries.
- Res0lUed, That for the purpose Of resumIng
and maintaining specie payments, the Bank
parties to this convention, will pay gold and
silver from and afier the 4ih of March next, IN
accordance with the requsuions of the Legs
lature of the State Of Ohio.
Resolved, That the aforesaid Banks, will
receive in paymea, Of debts, the notes o.: such
Of the Ohio Banks. as shall resume IN ac'
cordance with the aforesaid resolution.
hot tha DT il
vention, a wholesome currency can be main
tanned only by union, concerted action and
good faith between the banks of Ohio, which
sustain their credit, by receiving andlFequent-
ly returning for redemption each others notes;
each bank paying out lis own notes, and by
avoiding all sudden aad radical changes, and
that we recommend The adoption OF these Pfln.
ciples TO the banks represented here.
Resolved, That committee OF inspection,
bf Ave officers Or directors of banks shall be
elected by this convention, who shall have
the right and whose duty it shall be 10 receive
monthly reports of all the banks. 1t shall be
their duty upon request Of any two banks to
examine he affairs of any bank being party to
this agreement, and require Of such bank TO
reduce It's liabilities or increase lts active re.
sources according to the direction Of said
committee.
= Resolved. That Joseph Ods Of Circleville.
Samuel Fosdch, Wm. Hooper of Cincinnati,
VIM. B. Hubbard of Co umbus, and B. Ilig-
gins of Sandusky, compose the aforesaid COM
mittee.
- Resolved, That Immediately after the 9Th
day Of March next, said committee shall de-
wise plan for the exchange of notes, and set
Element Of balances, suited 10 system OF spe-
Gle payments, which shall be submitted TO the
banks, and if approved by two thirds Of them,
shall be considered binding on the whole,
which system shall be based upon The princi-
% pie, that each bank, shall return the notes Of
all the other banks, to central point for ex-
change periodically, and pay out Its own notes
only. Provided that such specie paying banks
are about to close their business, and whose
charters expire in l943, and for tina, reason
are unwilling TO issue their own notes, may
e pay out the notes Of other banks, the said
banks hereby agreeing to pay out such notes
-indiscrimina,eiy and IN good faith.
: Resolved, That the expenses Of said COM
mittee shall be paid by the banks, as shall be
directed by the next meeting Of this Conveu-
tion.
Resolved, That The banks represented here,
will meet semi-annuay D convention, en',he
frs, Wednesday of July and January.
'@On motion, this Convention adjourned.
M. T. WILLIAMS,
Pres't.
B. HIeGINs,
E F. DRAKE, Sec'ys.