Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-07-15

now sufficient reason to believe that the Banks y
the aboye-ne ntoned cities, which are now redeem
ing their liabilities IN specie, are aeunjanuy aoie
hold their ground; and we have only 70 eonsuI
each other as to the course is our duty TO pursue
live are restrained by proper degree OF prudence
heneclorth in our operations, II will be OF no grea
Consequence 10 the community whether we opei
our vaults a little sooner or later. In truth, wer
we to postpone the period Of resumption to the las
day allowed 10y law, the public would feel but hlt'
Inconvenience, provided We in the meantime eraGu
ally reduced our business, reduced the rates OF ex
change with the Northern cities, and supplied suel
moderate sums in coin as our several neighborhood
| might require. Ii has, however, been suppose
/ that some anticipation Of the period liked by law
for the resumption might render that process easier
| by preventing what Is technically called run on
the Banks at that particular time, and by removing
4 the impression that would never resume, unless
coerced by legal penalties; and IL is for this
| ing, after due deliberation, TO decide IN what
manner and at what time We shall proclaim our be-
Ing ready 10 open our vaults Internationally. For
my own part, have 80 much reliance on the good
sense and the good feeling Of the people OF virginia
as to believe that far from desire TO injurc their
own institutions, they will have pride and pleasure
an sustaining them with their confidence, when they
clearly by the published statements OF the eont.
ton OF the several Banks, thitevery thing tina, could
be done with proper regard TO the pecunary enbar
easements OF the State has been done. They will see
that the Banks are much stronger than they were
twelve months ago. and infinitely more so than they
were for long series OF years when they maintain
ed specie payments without any Apprehension what
socver. l am aware that strong proludces have
been excited against the Banks and their managers.
To them all the sufferings the country have been
attributed IN very summary way by superhcial
observers. They may take their just share of this
charge and still leave much blame to others. They
arc not the constituted guardians oil the people or
OF legislative bodies; the CONTRARY they are the
mere creatures Of both. They did not authorizs
the establishment Of nine hundred bank, in the u. 5.
They did not create State debts TO upwards OF
two hundreds of millions Of dollars. They did not
originate the numberless speculailons into which
men thought proper TO engage They have been
swep; along with the public current, and were not
the OF il. To change the igue, II they have
been intoxicated by the spirit Of the times, tempe
rance is now the order Of the day, and they must
take care not to furnish the means of excess TO
others. Ii may seem, that the circulation OF the
two older Banks is still too much extended; but
when the wide spread field OF circulation in Virgin
IA and the adjacent States is considered no danger
need be appiehended from that cause-espeeially as
reduction IN that circulation is in progress aud n
considerable proportion OF il must, in the course Of
thirty and forty years, have been destroyed. The
whole amount Of circulating notes Of oil the Banks
IN Virginia but little exceeds six millions Of dollars
AN amount certainly not too great for the regular
business OF the State.
There are some details 10 he settled, which will
readily occur to those familiarity acquainted with
the subject, as are the members who compose this
meeting, and not the least difficult of them will be
an arrangement by which the issues Of the various
departments shall be made Of equal value through
out.
Mr. Maciarand offered the following resolution
which was unanimously adopted:
Rss0lred. That committee of one delegate from
each Bank be appointed TO take into consideration,
the present condition Of the Banks, and report TO
the Convention day on which it would be expe-
dent TO resume specie payments.
On motion of MIR Mason, il was ReSoivfd, That
the Chairman Of this Convention be member Of
said committee, and that he appoint the remaining
were appointed: MIR Macfarland, MIR Caskie, Mr.
Brent, Mr. Jacob, MIR Shrever.
On motion of MIR Maclarland, it was ReSOlrtd
That when the Convention adj ourns it will adjourn
10 meet 10 morrow, at 10 O'clock.
On motion of MIR n. L. Venable, the Convention
adjourned.
Tuesday, July II, 1912.
MIR mcfarland, from the Committee appointed
yesterday 10 report upon the condition oi the Banks,
and nix day for the resumption ofspecie payments,
made verbal report accompanied by the following
resolution.
RcsOlpsd, That in the opinion Of this committee the
Convention should FIX on the LIST day Of August
next, for the resumption Of specie payments.
MIR w Venable moved 10 amend the resolution
by striking out the words, "Ist day OF Augusta
which was decided in the affirmative, as follows:
.9yss-Messrs peterborough, Bragg, Dabncy,
'SSufhlc1 AO"ncs, NuAuulcFt NihCln
land, Mason, Robertson, n /. Venable, Boiling,
Jacob, Shrever-20.
.Noss-Messrs Caskie, Brent Of Winchester.
Grggs, Mcdowell, Brent of Leesburg-5.
MIR Wallace moved to fill up the blank 10 the re-
solution with the words "I5lh day OF September"
which was unanimously adop.ed.
MIR MacfaTland offered the following resolution,
which was unanimously adopted:
RssOlUtd, That the several Banks OF this Com
monwea!Lh will resume specie payments on the 18th
Of September next.
On motion OF MIR Mason, the following resolu-
ton was unanimously adopted:
RssOtUed, That the thanks OF this Convention be
presented to DR.. John Bfoekenbrough, President of
the Bank OF Virginia, for the able and impartial
manner with which he has presided over its delihe-
RI lons-and that he be requested, hereby, to fur
""" TO ths Cso'vtNry vVIy Vi tiis stvs s-t.- nd
instructive address delivered by HIM TO the Conven-
ton when orsanised-to be spread upon the mi
nutes and pu blIshed with the proceedings in he
papers Of this city.
Ga motion Of Mr. A w VenaLle, the following
resolution was unanimously adopted:
ReSoipsd that the thanks Of this Convention he
presented 10 IL NJ Brent Esq'r, the Secretary, for
the very satisfactory manner with which he has dis
charged the duties imposed upon him.
On motion Of n Venable, the Convention nd
journed, sine de.
JOHN BROCKENBROUGH,
Chairman.
II. NJ. BGEHT, Secretary.
N Chesterfield County Court. April ist 1872: