The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-10-10

should be the object of all to do nothing at such
moment to impair confidence in the alternate and
early ability of our banks to redeem their credit
and Resume specie payments. The banks doubt
less, anxious to aid the executive in protecting
the State credit aud collecting the public revenue.
To that end suggest that it would be well Tor you
| to correspond with the leading suspended banks
! Immediately and propose that IL they VIII agree
TO meet their notes received for public dues i'll tt-
teen days, with specie, at the public repositories,
the repositories will receive their notes on state
account, and the executive will not proclaim pro
hbtion Of the receipt of their notes Ill payment OF
| the revenue Of the state.
HENRY A. WISE.
| To the FIRST AUDITOR, and the TREASURER OF the
Commonwealth OF Va.
| Dir. Conrad having submitted to the eonsidera-
ton Of the convention series OF resolutions, ana
/ the same having been discussed, it was, upon the
/ motion Of MIR. Southall,
| Resolved, that a committee of five be appointed,
OF whom the chairman shall be one, to report to a
meeting of this body TO he held at ~ o'clock this
! evening upon the resolutions offered by Mr.. Con-
| rad and generally upon any other matter OF bust
! ness they may deem important.
The chairman named, as four of the said COM
mittee, Messrs. Conrad, Southall, Jacobs and Ste
| vens.
Adjourned to meet at ~ o'clock this evening.
OCTOBER 7,715P.M.
The convention assembled pursuant to adjourn
ment.
MIR. Conrad, from the committee appointed for
that purpose reported the following series of
buttons, being those originally offered by himself,
as amended by the committee
l. That regard the maintenance of the credit
of the commonwealth the first duty of the bank
ing institutions we'll 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.
z. 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 suggested in
the letter is unnecessary, impractcable, and unc-
| quail as between the repositories and the other
banks of the State, and also calculated to excite
an injurious competition between the banks in re-
gard to the funds sent on in payment of the rove
| nus by the collectors.
g. That provision for the amount of the State
| payments to be made abroad for interest on her
| bonds on the lst of January next, amounting. as
We informed, to the sum of S3JU,0O0 In the az
| gregate, will fully protect her credit.
4. That contribution of specie or New York
| funds by each bank of 2 per centum on its CAPT
| tai, will make such provision.
s. That. in our opinion the spirit Of the Govern
ors letter will DO complied with, if each bank for
itself, shall undertake with the deposit banks to
deem to the extent just mentioned, by the LIST day
| Of December next, Its paper which may have been
received in payment of the pubic revenue, in Ricl
mond, in specie or New York funds.
6. That the suspension If the banks in Virginia
| so far as it has gone, without fault on their
part, for the public good as we'll as their own, UNI
der the circumstances; that whenever the eastern
cities resume our banks should be prepared to re-
SHINE With them: and, in the meantime, the paper
of cur banks should be maintained, without cXcep-
ton. current i'll the state.
:, That when this convention adjourn, it adjourn
to meet Tomorrow 1T Richmond, To confer person
ally with the Governor on the subject OF his letter
aud these resolutions.
Which resolutions were after discussion, adopt
cd unanimously
MIR Conrad offered the following resolution
which nj 81, aIDutel unanimously. To
Resolved, That this meeting recommend to the
| banks in tue commonwealth, holding demands up
the state for interest treasury notes to notify
the treasurer vi the state at once, that all such de-
| mands Will be satisfied by payment Ill Richmond
by the deposit banks in the issues ofsuch creditor
banks respectively, received by said deposit banks
| i'll payment Of the revenue.
such being the of the convention, the
chairman appointed MeSors. Soutlali, Stevens and
| trlngle committee to wait upon the governor, on
the arrival Of the delegates III i,ichmoud, aud re-
quest an interview with him.
Adjourne, 10 meet at the Exchange Hotel in
| Richmond on tomorrow evening at o clock.
| RICHMOND, Oct. s, 1857.
The delegates from the several banks. agreeabl,
| To adjournment on yesterday, assembled to-day AT
| the Exchauge hotel in Richmond, and sought aud
| obtained an interview with Governor Nise-and.
presenting him with the action and resolutions Of
| the convention, were received by him with all
| kindness. The result of this interview, in which
| the governor expressed views, the tone, temper
aud bearing of which were gratifying to the dele
| gates, was
| The governor expressed himself pleased at hay.
ing the views of the suspended banks represented
relative to the maintenance of the public credit, as
expressed in said resolutions, and their wish to do
what they could to aid the State in suidating its
liabilities abroad.
And, without expressing a decided opinion
either way upon the suggestions contained in the
resolutions OF the convention presented to him in
| reply TO the plan proposed by his letter TO the
| treasurer, which has been sent to the banks, he
assured the delegation that it was not his inten-
| ton to issue a proclamation prohibiting the re-
| celpt OF the notes OF the suspended banks in paw
ment of public dues, so long he remained CON
WINGED that they were acting with a bona fiie in
tent OF protecting the State credit and the COM
| munities in which they were located, and so long
| as there is no evidence OF fraud on 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 with
out seeing that far greater good than evil would
| be accomplished. He had no means to compel the
/ deposit banks to 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 notes, the treasurer would have to
take the initiatory step, by reporting to the Gov
ernor, whose duty it would be to provide deposit
tory, in case the deposits were removed, or place
Of receipt and disbursement OF all funds which the
| deposit banks, if continued, would not receive
lie saw no good to be attained by removing the
deposits
| The deposit banks might refuse still to receive
| the notes OF suspended banks; and in case thew
continue to do So the treasurer would under the
law, provide place of deposit, and would receive
and pay out the rejected notes in discharge of de-
| mands upon the State far as he could. And for
/ such amount OF them as he could, not so nav ont
/ the governor would rely upon the integrity and
public spirit of the banks issuing them to redeem
them at the treasury rapidly as may be required
| by the necessities OF the commonwealth and as in
| the power of the banks, in specie or such fund
hankable in Richmond, as may be convertible here
in time TO meet the interest due abroad on the
public debt.
The convention having returned and resumed Is
session, the following resolutions submitted
by Mr. southall and unanimously adopted:
| l. Resolved, That this convention, approving of
the sentiments Of the governor, hereby pledge the
banks II represents, that, in good faith and to the
utmost OF their ability, they will carry out such
/ the views of Governor Wise.
| 2. Resolved, That this convention respectfully
| recommends to such suspended banks az are not
| here represented, TO unite with us in the policy
herein indicated.
8 Resolved, That the secretary be instructed To
send copy ofthese proceedings TO each of the sus
pended banks not here represented, witha request
that they communicate aresponse TO the chairman
| at Winchester.
And the convention adjourned.
n