Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1857-10-14
Convention of Suspended Banks.

OF SOuLn Sar0Illld, OGdte lHSClUullOu, VI WulOu
@. NJ. Firman is President.
Convention of Suspended Banks.
A meeting of officers of a portion of the Banks
of this State, which have suspended specie pay
ments, was held in Charlottesville on the 7th
inst The Banks in Winchester, Charlottesville,
Fredericksburg, Alexandria, Charlestown, Harri-
sonburg Wheeling and Staunton, were repres-
ented. H. NJ. Brent, of Winchester, acted as
Chairman, and W. Fl. Tams, of Staunton, as Sc
cretary.
The object of the meeting was to take into
consideration letter addressed by Gov. Wise
to the Auditor and Treasurer of the Common
wealth, and forwarded to the suspended Banks.
After stating his belief that the Banks are anxi-
Gus to aid the Executive in protecting the State
credit and collecting the revenue, the Governor
says:
''To that end suggest that it would be well
for you to correspond with the leading suspen-
ded banks Immediately, and propose that ifthey
will agree to meet their notes received for pub
lie dues, in fifteen days. with specie, at the pub
lie repositories, the repositories will receive their
notes on State account, and the executive will
not proclaim prohibition of the receipt of their
notes in payment of the revenue of the State"
A business Committee was appointed, and the
Convention took recess. At the evening ses-
sion, the Committee reported the following re-
solutions
l. That we regard the maintenance of the
credit of the commonwealth as the first duty OF
the banking institutions as well as the citizens
of Virginia, and therefore assent heartily to the
spirit of the letter of Gov. Wise to the auditor
and treasurer, which has been read.
g. That, with all respect to the source from
which it comes, we feel bound to say that in the
opinion of this meeting the specific remedy sug-
gested in the letter is unnecessary, impractcable,
and unequal as between the repositories and the
other banks of the State, and also calculated to
excite an injurious competition between the
banks in regard to the funds sent on in payment
of the revenue by the collectors.
8. That q provision for the amount of the
State payments to be made abroad for interest
on her bonds on the 1st January next, amount
ing, as we are informed, to the sum of $3.50, 900
in the aggregate, will fully protect her credit.
4. That contribution of specie or New York
funds by each bank of IL per centum on its
capital, will make such provision.
5. That in our opinion, the spirit of the gov
ernor's letter will be complied with, if each
bank, for itself, shall undertake with the deposit
banks to redeem, TO the extent just mentioned,
by the LIST day of December next, its paper
which may have been received in payment OF
the public revenue, in Richmond, in specie or
New York funds.
6. That the suspension of the banks in Vir-
gina, so far as it has gone, was without fault on
their part, for the public good as well as their
own, under the circumstances; that whenever
the eastern cities resume, our banks should be
prepared to resume with them and, in the mean
time, the paper of our banks should be maintain
ed, without exception, current in the State.
7. That when this convention adjourn, it adj
journ to meet tomorrow at Richmond, to con-
fer personally with the governor on the subject
of his letter and these resolutions.
Which resolutions were, after discussion, a.
dopted unanimously.
MIR. Conrad offered the following resolution,
which was also adopted unanimously, to wit:
Resolved, That this meeting recommend to the
banks in the commonwealth, holding demands
upon the State for interest or treasury notes,
to notify the treasurer of the State at once, that
all such demands will be satisfied by payment
in Richmond by the deposit banks in the issues
of such creditor banks respectively, received 5y
said deposit banks in payment of the revenue.
The Convention then adjourned to meet in
Richmond on the following day, when person
al interview was obtained with the Governor
Without expressing a decided opinion upon the
suggestions contained in the resolutions adopted
at Charlottesville, Gov. Wise assured the dele
gates that it was not his intention to issue pro-
clamation prohibiting the receipt of notes ofsus-
pended Banks in payment ofpublic dues, so long
as he remained convinced that they were acting
with bona tde intent to protect the State cred
it and the communities in which they are To-
Gated. As yet he reposed the greatest confidence
in all the Banks of the Commonwealth. Should
the deposit Banks in Richmond continue to re-
fuse the notes ofsuspended Banks the Treasurer
would provide place of deposit, and would re-
ceive and pay out the rejected notes in discharge
of demands upon the State as far as ne could
And for such amount of them as he could not So
pay out, the Governor would rely upon the in
tegrity and public spirit of the Banks issuing
them, to redeem them at the treasury as rapidly
as may be required by the necessities OF the
Commonwealth, and as in the power of the Banks,
in specie or such funds bankable in Richmond,
as may be convertible there in time to meet the
interest due abroad on the public debt.
The Convention, having returned to the Hotel
and resumed its session, adopted resolutions ap-
proving of the Governors sentiments, and pledg-
ing the Banks to carry out his views.
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