American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1857-10-16
MoNGANToyVM:
FRIDAY. OCTOBER 16, 1857.
Important Bank C0nyenti0n-.Thc
Governors Decision.

highly important meeting of tho Dircc-
tors of the suspended Banks, held in
Charlottesville last week. 1t will be
seen that the Governor has very wisely
determined, that if the Banks at Rich
monl refuse to receive the notes CT the
suspended Banks on dcpositc, he will
authorize the State Treasurer to with
draw the deposites from the Richmond
Banks, and to create a dcpositc else.
where. We like this move of the Gov
errors. 1t shows that he is willing to
do justice to all the Banks of the State,
and not to lend the weight Of his Off
cial influence to the propping up of the
old Banks Of Richmond to the cxclu-
sion of others, equally mcritorious at
least, in other portions of the State
The proceedings of the Convention arc
as follows:
At meeting Of u portion of the
Banks Of this State, which have sus-
pended specie payments, held in Char
lottosvillc on the 9TH Of October, 1857,
the following Banks were represented
to wit
The Bank of the Valley in Virginia,
at Winchester, by II. NJ. Brent, ESQ.
The Monticello Bank, by Mcssrs. n.
II. Massie, B. C. Flanagan, Valentino
W. SOuthall, E. A. Watson, Il. W.
Duke, and J. Wood, jr.
The Bank Of Commerce, by J. NJ.
Ierndon, Esq.
The Bank of the Old Dominion. bv
VIM. N. McVcigh, Esq.
The Bank Of Winchester, by Robert
Y. Conrad, Esq.
The Bank Of the Valley in Virginia,
at Charlestown, by Andrew Kennedy,
Esq.
The Bank of Rockingham, by W. G.
Stevens, Esq.
The Northwestern Bank Of Virginia,
at Wheeling, by 4. Jacobs, Esq.
The Merchants & Mechanics Bank,
at Wheeling, by II. Cranglc, ESQ.
The Central Bank Of Virginia, by
Messrs. VIM. Kinney and W. IL. Tams.
On the motion Of Mr.. Massic, Mr..
Brent was appointed Chairman Of the
Convention, and Mr.. Tams Secretary.
The object Of the meeting was stated
70 be, to take into consideration tho
matters contained in the following com.
municGtion, addressed by the Governor
of Virginia to the First Auditor and
Treasurer of Virginia, copy ofwhich
communication had been forwarded to
the suspended Banks:
RICHMOND, Va. Sept. 80, 1857.
GENTLEMEN: Information, received
in the last few days, leaves no doubt
that u number Of the banks of the Com
monwcalth have, under the pressure of
the general money crisis in the coun-
try, been compelled to suspend specie
payments. The notes Of some Of these
suspended banks have been refused to
be received by the repositories Of the
public revenue. Among these are the
Valley Bank and its branches, and the
Northwestern Bank, and others. /
hGvo great confidence in the officers of
these banks, and rest in the conclusion
firmly, that this suspension is but
'hcans of protecting our own securities,
public and private. This conviction
makes mo reluctant to exercise the OK
ccutivo discretion Of prohibiting by
proclamation the receipt Of the notes
of suspended banks in payment Of pub
lie dues. TO make proclamation now
of such prohibition would seem to
threaten injury to the banks, indiyidu-
ais, and the State, by adding to the pre-
Willing panic and destroying confidence.
1t should be the Object Of all to do no.
thing at such moment to impair con-
iidcnCc in the alternate and early abil.
ity OF our banks to redeem their credit
and resume specie payments. The
banks, doubtless, arc anxious to aid tho
executive in protecting the State credit
and collecting the public revenue. TO
that end | suggest that it would be well
for you to correspond with the leading
suspended banks Immediately, and pro.
pose that if they will agree to meet
their notes received for public dues, in
fifteen days, with specie, at ,hg public
dcpo8itorics, the repositories will re-
cgiyC their notes on State account, and
tho cMccutiyo will not proclaim q pro.
hibition Of the receipts Of their notes in
payment Of the revenue Of the State.
Respectfully, yours, &c,
HENRY \. WISE.
To the First Auditor, and the TreaSu.
er Of the Commonwealth Of Va.
Mr.. Conrad having submitted to tho
consideration Of the convention series
OF resolutions, and the sa,uo having
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