Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-07-21

BANK CONVENTION, AND The RESUME
lion OE SPECIE PAYMENTS.

BANK CONVENTION, AND The REStAF
TioN OF SPECIE PAYMENTS.
The Convention has come and gone,
and we now lay its proceedings before
our readers. All The Banks Of Virgiaia
will resume on the 18th of September
They have counted the cost and are will.
ing 10 meet the consequences. They will
throw open their vaults, with the deciara-
ton OF the President Of the Bank OF Viz.
GINA, and the Chairman of their Conven-
ton, ringing in their ears Another
abortive effort will bring down on US dis.
trust, which must inevitably ruin the
Banking System in Virginia" 1t is true.
Ii they egain susponl, they seal Their late.
Public opinion will pronounce them to be
Bankrupt--and if they close their vaults
again, they may as well pass at once into
liquidation.
But, they will use every exertion, and
we firmly believe, that they will be able
to sustain themselves. They are entitled
to a reasonable share Of the public conf
dence--and they are now determined to
prove themselves worthy Of it. The Con-
yen,lon hes separated in harmony, in good
spirit, and with firm resolution to com.
ply with their public engagements. 10
60 days they will resume specie payments
--45 days sooner than The law allows
i1pm--and we are assured, that I" the
Convention would not have anticipated
the period fixed by law for their resnmp-
ton, if il had not felt perfect confidence
that the Banks were able to maintain spe.
Gle payments. One comparative fact is
certain, amid the other statistics OF the
case that, whilst tho Banking capital oi
the State has been increased upwards ol
millions, since the suspension Of 1887
the circulation and other liabilities have
been 50 reduced, as not now 10 exceed
about ats for one dollar in specie--and
that they are still in course Of reduction.
The first effect Of the arrangements Of the
Bank Convention is to bring down North
eIn Exchange, by degrees, every Is days
the next, to carry out the Resumption
on the 18th day Of September.
BANK CONVENTION.
At meeting OF Delegates of the Banks
of Virginia. held at the Banking house oil
the Farmers Bank of Virginia, in the Ciiy
of Richmond, on Monday, the 18th day
of July, 1912. Present:
From the Bank Of Virginia.
At Richmond, DR.. Jno. Brockenbrough.
At Petersburg, Joseph Bragg.
AT Lynchburg, Chiswell Dabney.
AT Fredericksburg, VIM. |. Roberts.
AT Buchanan, James l.. WoodvIle.
AT Danville, George Townes.
AT Portsmouth, John A. Chandler.
From the Farmer Bank Of Virginia.
AT Richmond, VIM. II. Macfarland.
AT Winchester, james NJ. Mason.
At Petersburg, VIM. Robertson.
At Farmville, Nathaniel E. Venabe.
At Charlottesville, John r. Jones.
AT Fredericksburg, John II. Wallace.
At Norfolk, N. e. Whitehead.
AT Danvlle, Samuel Ayres.
At Lynchburg, David Walker.
From The Exchange Bank Of Virginia.
At Richmond, James Caskie.
AT Clarkesville, Abm. w. Venable.
At Petersburg, Geo. W. Boiling.
From The Bauh Of The Valley in Yirgisis.
AT Winchester, II. NJ. Brent.
Al Charlestown, Thomas Griggs,
At Romney, John Mcdowell.
At Lecsburg, II. NJ. Brent.
From the North We,,em Bank Of V.rgiqia,
at Wheeling, z jacob.
From he Merchants and Mechanics Bank.
At Wheeling lanes Shriver.
On motion OF VIM. II. Macfarland, DR..
JohE Brockenbrough was appointed Chair
man and, on motion of Mr.. Robertson,
Il. NJ. Brent was appointed Secretary.
On motion of Mr.. Macfarland. il was
Resolred, Tia, when the Convention
adj,urns, i, will adjourn to meet lo-mor-
row, at 10 o'clock.
On motion of Mr.. N. E. Venable, the
Convention adjourned.
Tuesday, July IL, 1912.
Mr.. Macfarand, from the Committee
appointed yesterday to report upon the
condition Of the Banks, and fix day for
the resumption Of specie payments, made
a verbal report, accompanied by the fol-
lowing resolution:
Resolued, That in the opinion Of this
committee the Convention should fix on
the lst day OF August next, for the re.
sumption of specie payments.
Mr.. A. w. Venable moved - amend
the resolution by striking on, the words,
&" Is, day Of August which was decided
in the affirmative, as follows:
Ayes--Messrs. Brockenbrough, Bragg,
Dabney, Roberts, Woodville, TONNES,
Chandler, mcfarland, Mason, Robertson,
N. E. Venable, Boiling, Jacob, Shriver
30.
Noes--Messrs. Clarke, Brent, Of Win.
chester, Griggs, Mcdowell, Brent, OF
Leesburg-5.
Mr.. Wallace moved to I'll the blank in
the resolution with the words 5th day
Of September" which was unanimously
adopted.
Mr.. mcfarland offered the following
resolution, which was unanimously adopt
ed:
Resolred, That the several Banks Of
this Commonwealth will resume specie
payments on thu 18th of September next.
On motion OF MIR. Mason, the following
resolution was unanimously adopted:
Resolred, Tha. the thanks Of this Con.
yenton be presented 10 DR.. John Brock
enbrough, President OF the Bank OF Vir-
e. 81 h. Al -