Weekly national intelligencer., 1857-10-17
CONVENTION OF VIRGINIA SUSPENDED BANKS

Convention of the suspended Banks of Virginia was
held at Charlottesville the 7th instant in which the
following represented: Bank of the Valley Month
cello Bank Bank of Commerce. Bank of the Old Domin
ion, Bank of Winchester, branch of the Bank of the
Valley, at Charestown Bank of Rockingham, North
western Bank, Merchants and Mechanics Bank, and
| Central Bank. HENRY NJ. BRENT Of the Bank of the
Valley, was appointed chairman and W. H. TAMs of the
Central Bank, secretary.
The object of the meeting stated to be to take into
consideration the matters contained in the following com
munication, addressed by the Governor of Virginia to
the First Auditor and Treasurer of Virginia copy of
which communication had been forwarded to the sus
/ pended banks:
RICHMOND, fVA.J sKPT. so, 1857
GENTLEMEN Information received in the last few davs
leaves no doubt that number of the hanks Of the Cam,
monwealth have under the pressure of the ener.l o
ney crisis in the country been compelled fo spsnepd
specie payments The Of some Of these
nave Deen refused to be received by the depos
tories OF the public revenue. Among these are the Val
ley Bank and its branches and the Northwestern Rank
and others have great confidence In the officers az
snese banks and rest in the conclusion firmly that this
SUSPENSION is but Of ems seen
RELUCTANT to exercise the 5;.. e # res.
biting by proclamation the receipt of the dofe Of sus-
pended banks in payment of public dues To make pro-
clamation to such prohibition would seem to threat
en- injury to the banks individuals and the State badd
ing to the prevailing panic and destroying confidence
1t should be the object Of all to do nothing at such mo-
ment to impair confidence the ultimate and early abb
y OF our banks to redeem their credit and resume spe
Gle payments. The banks doubtless are anxious to aid
the executive in protecting the State credit and collect
ing the public revenue To that end suggest that it
would be well for you correspond with the leading s
pended banks Immediately and propose that ifthey will
agree to meet their notes received for public dues in m
teen days with specie at the public repositories the de-
posltories viii receive their State account and
the executive viii not proclaim prohibition of the rec
cept OF their notes IN payment Of the of the
4 State. Respectfully YOURS &c
| HENRY A. WISE.
Mr. CONRAD having submitted to the consideration Of
the Convention series of resolutions and the same sv-
ing been discussed, it was upon the motion Of Mr..
| SoUTHALL-
..Resolued That committee Of FIVE be appointed Of
whom the chairman shall be one to report to meeting
this body be held at u o'clock this evening upon
the resolutions offered by Mr. Conrad and generally
upon any other matter of business they may deem
4 portant
| Messrs Conrad Southall Jacobs and Stevens
Adjourned to meet at y o'clock this evening.
OCTOBER z, y P. M.-The Convention assembled pur-
| suant to adjournment
Mr.. CONRAD, from the committee appointed for that
purpose reported the following series of resolutions
being those originally offered by himself amended by
| the committee:
l. That regard the maintenance of the credit of the
the first duty of the banking institutions as
well as the citizens of Virginia. and therefore heartily
to the spirit OF the letter Of Gov Wise the auditor and
| treasurer which has been read.
e. That with all respect to the source from which IL comes
we feel bound to that in the opinion meeting
speclnc remedy suggested in the letter unnecessary
practicable and unequal between the repositories and the
other banks OF the State and also calculated
urlous competition between the banks regard the funds
sent on IN payment Of the by the collectors.
That provision for the amount of the State payments
to be made abroad for interest her bonds
January next amounting, informed, sum of
$35o000 in the aggregate will fully protect her credit
L. That contribution OF specie New York funds by each
oank OF two and half per eentun its capital win make
s. That opinion the spirit Of the governors letter
Will De complied vita f each bank for itself shall
with the deposit banks redeem the extent lust
toned BY the ist day Of Decem6sr next i paper which
may have been received il Of the public
| Richmond In specie New York funds
g. That the suspension of the Vrgin SO FAR as
has gone without fault their part the public
whenever the Eastern cities our banks should be m
pared to resume with hem and mean time the parer
| rent in the State.
That when this Convention adjourn it adjourn to meet
at Richmond to confer personally with the Gov
Which resolutions were after discussion. adopted
unanimously.
Mr.. Conrad offered the following resolution. which
was also adopted unanimously, to wit:
Resoued That this meeting recommend to the banks in
the Commonwealth holding upon the State for in
terest or treasury notes notify the the State
at once that all such demands will be satisfied by pay
ment Richmond by the deposit banks the issues of such
creditor banks respectively received by deposit banks
IN payment of the revenue.
Such being the sense of the Convention the chairman
| appointed Messrs. Southall Stevens and Crange a
committee to wait upon the Governor on the arrival of
the delegates in Richmond, and request interview
/ with him.
Adjourned to meet at the Exchange hotel in Richmond
| on tomorrow evening at o'clock.
OCTOBER S.-The delegates from the several banks
.areeaby to their adjournment yesterday assembled
loday at the Exchange hotel in Richmond and sought
and obtained interview with Governor Wise; and.
presenting him with the action and resolutions of the
Convention, received by him with all kindness The
result of this interview, in which the Governor expressed
views the tone, temper, and bearing Of which were
gratifying to tie delegates, was
The Governor expressed himself pleased at having the
views of the suspended banks represented relative the
maintenance of the public credit expressed in said
resolutions, and their wish do what they could aid
the State in hqudating its liabilities abroad And
without expressing decided opinion either way upon
the suggestions contained in the resolutions of the Con-
venton presented to him reply to the plan proposed
by his letter to the which had been the
banks, he assured the delegation that il his
ention to issue proclamation prohibiting the receipt Of
the notes of the suspended banks payment of the pub
lie dues SO long he remained convinced that they
acting with bona de intent protect the State credit
and the communities in which they located and SO
long as there is evidence of fraud their part As
yet he had reposed the greatest confidence in all the
banks of the Commonwealth and he would do nothing to
impair public confidence in them, without seeing that
far greater good than evil would be accomplished He
had to compel the deposit banks receive the
notes of suspended banks They were bound to receive
only the notes of specie paying banks In case they
refused to receive such the would have
to take the inatery STEP by reporting the Governor
whose duty it would be provide depository case
the deposites removed, place of receipt and
disbursement of all funds which the deposit banks if
continued, would not receive. He good to be
attained by removing the depostes.
The deposit banks might refuse still to receive the
notes of suspended banks and in they continue to
do the would under the law provide place
of deposit and would receive and pay the rejected
notes in discharge of demands upon the State as far as
he could And for such amount of them could not
pay out the Governor would rely upon the integrity
and public spirit of the banks issuing them redeem
them at the treasury rapidly may be required by
the necessities of the Commonwealth and the power
of the banks in specie such funds bankabe in Rich
mond may be convertible here in time to meet the in
terest due abroad on the public debt.
The Convention having returned and resumed its ses
sion, the following resolutions submitted by Mr..
SoUTHALL, and unanimously adopted