Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-07-15

/ clC-inu mat meg 80 SSHS tN u OHTSC ~ IthUstNtN.-
The first effect oil The arrangements of the Bank Con
ven,ion is to bring down Northern Exchange, By de-
grecs, every 10 d%ays-ihe next, 10 carry out the. Re
Sumption on the 18th day of S September:
BANK CONVENTION.
At meeting Of Delegates of the Banks Of Virginia
Virginia, in the City of Richmond, OH Monday, the
ilth day of July, lcl2. Present:
From tie Bank Of Eirgiuia.
a, Richmond, DR.. John Brockenbrough.
II Petersburg, Joseph Bragg.
1T LynchLurg, Chiswe!l Dabney.
1t fredtrieksLurg, VIM. l Roberts.
.t Buchanan, James l.. Wcodvilie.
1T Dda1iiic, George Townes.
1T Portsmouth,, John a. Chandler.
From The Farmers Bank Of Inginm.
At Eicdmond, Wm. II. Mcfarland.
IT Hinchssier, James Nj. Mason.
At Pelsrsburg, VIM. Robertson.
"a f~a,mcjit, Nathaniel L. venable.
At Charlottesville, John Il. Jones.
IT fndriehsJ"rs, John II. Wallace.
At .horfok, n e. Wai,ckcad.
n DeariNe, Samuel Ayes.
III Lyneaburg, David Walker.
From ne Erchange Bank IF IHgi"ia.
At RicAmond, James Caskie.
1t (h9ktseiHe, Abm. w. Nenable.
1T Ptttysburg, Geo. w. Boiling.
From he Bank Of The roHey ia Virginia.
Al Winchester, II. ~. Brent.
1t ChartestOwn, Thomas Grggs.
a Romaey, John Mcdowell.
1t Lecsbnrg, III. NJ. Brent.
From Tie .N"rh 'oeStern BaRk If Virginia.
III Uhe,iiag, l.. Jacob.
From The .McrcAants' ant .Hnhanics' Bank.
At Hheeins, James Shiver.
GA motion Of VIM. II. Maclarlcnd, DR.. John
D.uckemhropsh was appointed Chairman and, on
motion Of Mr. Robertson, II. NJ. Brent was appointed
Secretary.
On taking his scat, The Chairman delivered the fol-
lowing Address
Gentlemen: In comforting on me the honor of pre-
siding ever your deliberations, al sensible that you
have been influenced more by regard for my age and
long occupation in the oldest Bank in the Common
wealth, than by any peculiar fitness on my part for the
station you have assigned me. The duty, however, Is
q light ore, and | promise TO discharge it with perfect
iupartiaf,y. i.
The object, for which you have been invited to attend
on The present occasion by tie three Presidents OF the
Banks in this city, 's enc Of no ordinary Importance.
The per.od for Fesuming specie payments after so long
u suspension, aud after two failures 10 MAINTAIN them,
we felt should be decided on i'll free conference and III
q sp,ti, OF mutual concession, should there happen TO
be any difference OF opinion. ii is certainly better,
that each and every department of the several Banks
in The Stale shonld be consulted as to the time OF their
ability to resume with confidence, than that any should
be precipitated into u measure which may not oe sue
cess.uliy maintained. The design Of all IS, no doubt,
to resume in such 4 way as permanently 10 continue
cash payments. Another nboftive effort WAL BRING
down on US Il dis.fust, which must inevitably run the
Bank ing system in Virginia, and the failure OF any one
department viii tend 10 destroy confidence IN the
whole. The Banks of Virginia have never been the
frs, to suspend specie payments, and they promptly
resumed on two pre- vious occasions, us soon as they as
ccrtained that he Sanks Of Philadelphia and Baltimore
had done SO; but on the resumption OF the Banks CT
those cities in the course of Tie last Spring, they pre-
ferred 10 await the issae o: n third experiment., before
they again followed the example. We have now snill-
cient reason to believe, that the Banks IN the above
mentioned cities, which are now %receem;ng their la
bilties in specie, are abundanily able 10 hold Their
ground; and we have only 10 consult each other, al to
the course il ls our duty 10 pursue. III We are restrain
ed by a proper degree Of prudence henceforth IN our
operations, it will be of no great consequence TO Tie
community whether we open our vaults a little sooner
or a little later. In truth, were We TO postpone The Pc
Rod OF assumption TO tie last day allowed by law, the
public would t, el bu; little Inconvenience, provided we
in The meantime gradually reduced cur business, re-
duccd the rates of exchange with tie Northern cities,
and supplied such moderate Sums IN com as our seve-
raj neia hburiioods might require. lthas, however, been
supposed, that some anticipation Of the period liked by
law for the resumption might render that process ca
ser, by preventing what Is technically called n run
on the Banks at that particular time, and by remov-
ing the impression that we would never resume,
unless coerced by legal penalties; and IT Is Tor TINS
meetinp. after due dcliberation, to decide in what
manner end ct what time VIC shall proclaim our being
ready TO open our vaults Internationally. For my own
part, | Lave so much reliance on The good sense and
the good feeling of the people Of Virginia as 10 bele:e,
that so far from a desire TO injure their own institutions,
tnpv VIII nave pT1ut aid ptaeuiC III 0oNo'h'ns '"S''
with their confidence, when they clearly sec by the
published statements of the condition oil the several
Banks, that every thing that could be done with a pro-
per regard TO the pecun:ary embarrassments OF the
State has been done. They will see, that Inc BANKS
are much stronger than they were twelve months ago,
and infinitely more so than they were for a long series
Of wears when they maintained specie payments with
out any apprehension whatsoever. am aware, tha'
strong %preiuGices have been excited againstt the Banks
| and their managers. TO them all the suilefngs OF Tie
oonntr hava eap ottrhntPd la 4 yeIy summary Way
By superficial observers. They may take their just
share Of this charge and still leave much blame TO
others. They are not the constituted guardians OF The
people or Of legislative bodies; on the contrary, ,hey
are the mere creatures of both. They did not autho-
rise the establishment of nine hundred banks in The U.
S. They did not create State debts TO upwards OF two
hundreds of millions of dollars. They did not or'gi-
nate The numberless speculations, INTO winch men
thought proper to engage. 1hey nave oern sweep
along with the public current, and were not the source
of it. To change the figure, If they have been in'ox'-
Gated by the spirit Of the times, Temperance IS now the
order of the day, and they must lake care not 10 iuF
nish the means ofexcess 10 others. IL may seem, 'ha'
the circulation Of the two older Banks is still Too much
extended; but when the widespread held oil ciicuia-
lion in Virginia and the adjacent States IS considered,
20 danger need be apprehcnGed from that cause -es'
peclaliy, as reduction in that circulation Us III progress,
and a considerable proportion OF II must, IN the course
of thirty and io;ty years, have been destroyed lne
whole amount Of circulating notes OF all the BANKS IN
Virginia but little exceeds six millions of doliars-an
amount, certainly not too great for the regular business
of The State.
There are some details to be settled, which will rea-
Oily occur to those SO famlliarly acquainted win the
subject, as are the members who compose this meet
ing, and not the least difficult of them Will be an ar
rangement by which the issues of the various depart
menls shall be made Of equal value throughout.
Mr. MacfarIand offered the following resolution,
which was unanimously adopted
Resoired. That a committee of one delegate from
each Bank be appointed to take into consideration the
present condition Of The Banks, and report to The
Convention a day on which it would be exped'ent !"
resume specie payments. n.
On motion Of Mr.. Mason, it was Resotred, lhst 'he
Chairman of this Convention be q member OF SAID com
mit;ee, and that he appoint the remaining members
whereupon, the following gentlemen were appointed