Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-02-19
From the Philadelphia North American.
THE BANKS-PROCEEDINGS o.
THE DEL EGATES.

nearly all the Banks in the CITY and county,
convened on Saturday evening last at the
Philadelphia Bank, and adopted with en-
tire unanimity, a series of resolutions, a
synopsis of which we have obtained for
publication from some of the gentlemen
who were present.
As a few days may however, elapse be.
fore they can be fully carried into effect it
is deemed proper to inform the public, that
the paper of all other Banks, other than
that of the two the Grard Bank and Bank
of Pennsylvania which it is understood
have recently suspended their further is
sues, will continue to be freely received
by each other, and that, therefore, the
community may entertain entire confidence
in the paper which will be received and
paid by the Banks, now and hereafter.
The first resolution provides, generally,
that the different Banks will pay out their
own paper, as soon as the arrangements
now entered into can be perfected.
I'd. That they will make daily exchanges
with each other, and that the balances
between them shall be settled in specie,
or approved bills receivable, not having
more than 80 days to mature.
Sd. That each Bank will furnish ade-
quate security, to be placed in the hands of
Trustees, one to be selected from each
Bank, as pledge for the fulflment of the
engagements they entered into; and that
these securities shall consist of specie,
Treasury notes, or such other assets as
shall be entirely satisfactory to the TlI5-
tees.
4th. That the stpulatons thus entered
into between the Banks, are intended to
have view to general resumption of
specie payments on or before the first day Of
August neat
The above embraces the general outline
of the plan unanimously adopted by the
several Banks represented, and if fully car
ried out in the spirit with which their ar
rangements were made, las they assuredy
will be,) will go far to allay the excitement
which has grown out Of the late disastrous
occurrences, and restore entire confidence
in the stability of all our remaining mo-
neyed institutions.
The Philadelphia Inquirer of the 31st,
has the following notice of the Bank Off
GERS Meeting in that city, on Saturday
evening.
The Banks of the City and County of
Philadelphia assembled by delegates on
Saturday evening last at the Philadel phia
Bank, and organized by appointing J.
Read, Esq, President, and Josh. Jones,
Secretary.
There were in attendance delegates from
the following Institutions:
The Philadelphia Bank, the Mechanics,
Farmers and Mechanics, North America,
Commercial, Western, Penn Township,
Manufacturers and Mechanics, South
wark.
The following Banks were not repre-
sented, in consequence of not having re-
ceived timely notice:
The Bank of Northern Liberties, the
Moyamensing Bank, the Kensington Bank.
On motion of Mr.. Dundas, of the Com
mercial Bank, an arrangement to the fol-
lowing effect was agreed upon, subject to
the decision of the respective Boards, at
special meetings to be held this morning:
l. The Banks to issue their own notes
exclusively, of the denomination of $50
and upwards.
2. The Banks to make daily exchanges
with each other.
8. Balances TO be settled weekly, or
oftener at the option of the creditor bank;
to be paid in specie, or up to the lst of
March, in commercial bills not having more
than 45 days to run;-after the lst of
March, not exceeding 80 days to run; to
be approved by the creditor bank, and
guaranteed by the debtor bank.
4. A safety fund is also to be created,
thus:-the banks Of largest capital are to
deposite 100000 each, and those of a
smaller capital, $4,000, in the hands Of
trustees, each bank to choose one trustee
and the whole to form board. The above
sums to be in specie, Treasury notes, OF
equally satisfactory security. On the de-
fault of any bank, the trustees to have
power to convert the security to such an
extent as to pay the defacation, and the
defaultng bank thereafter to be excluded
from the arrangement.
S. To resume specie payments on the Isl
of August.
After the adoption of few further reso
lutions, not of general interest, the dele,
gates adjourned.
We may add, that the Bank of Pennsyl
vania was not represented.
The Philadelphia Chronicle says--Atthe
time of closing the doors, we were at the
Pennsylvania Bank, where great crowc
of persons had congregated both in and
about the building, but all left by degrees
until the place was perfect blank. Al
inside the building at the time of closing
had their notes changed and departed il
quiet. The Bank stood the run nobly, anC
we believe were il not that tomorrow i