The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1860-11-21
The Financial Pressure - Suspension by
the Farmers Hank-.Proceedtngs Of Mer

WEDNESDAY, MOkNlN0., .. NON.ti lo08'
The Financial Pressure - Suspension by
the Farmers Hank-.Proeeedings Of Mer-
chants.
The political condition of the country mas
produced the worst effects upon Commerce
and Industry that were arprehended by those
who endeavored to avert the triumph OF sec
tionalisrn In the National elections. Appre-
nendinx this result, thera had been an evident
waning Of confidence and security among
business men and capitalists, prior to the
Presidential election. That event brought its
dreaded consequences, and they have pro-
duced stringency aud pressure such as
has not been felt here for many years
There is general feeling Of apprehension
aud distrust, proportioned In it's intensity 10
che deplorable nature of the present nationai
exigencies and the uncertainty OF their dora'
ton, and the extremes to which they VIII
bring the country. II has been Tor some oaSs
evident TO all rejecting men mat we hios'
submit TO all the inconveniences attehoah'
upon a great commercial revulsion, aggravated
by the nature of the causes which have pro-
duced the present one. Among these. OF course
n suspenson of specie payment by the Banks
was 10 be expected. Indeed, that measure, al
a time like this, is regarded by the commercial
community as indispensable to the public re-
iief.
Under this view, for some days past sus-
pension of specie payments by the Banks has
been talked of and advised by influential men.
The Banks had been compelled to reduce their
discounts TO a degree which, at time like
Zhls-when men are unable to pay, or inclined
so hold on to what they have, TO meet an ap-
pretended calamity-greatly embarrassed the
business community. Satisfied that something
ought TO be done for their relief, the Directors
OF the Farmers Bank of Virginia yesterday de-
termined to suspend specie payments. The
following are their proceedings
AT meeting of the President and Directors OF
November, 1860: Present-W n. Mactarl md,
President; VIM. c. allen, Joseph K Anderson
J. J. Waggoner, sam'l y. Robinson, mes Dun
hnp, Tbe0dorick Robertson, Jno. +. Wadsworth
Rd. D Haskins-
Rssoteed. unanimously, That. in view OF the
d strust which prevails, OF the SUSPENSION OF Inc
large money trade with the South usaa at tals
season ano ct the ei me n, .a~
of their branches-a law which bears with specla
her branches specie paymsnIs be lor the present
suspended; and that course oil policy De pursued
which vi" prepare Tor a" saiy Ss4m
The news of this act of the Farmers Ban
excited much interest among business men,
and there was an in formal meeting held at the
office of the Virginia Life Insurance Com
pany at 6 O'Clock, TO consider the subject
HORACE L. KENT was called to the chair, and
JAMES L. APPBRsoN appointed Secretary
After some conversation, it was deemed best
In order 10 obtain larger meeting TO post
pone any action until O'Clock, at utich time
the spacious room OF the company was
crowded with merchants, manufacturers and
mechanics. The following proceedings then
took place:
Alta large meeting of merchants, manufaotur
ers and Others held at the Office OF the Virginia
Life insurance Company, Move mher 10Th, 1860 Ii
L.KENT was appointed Chairman. and J. l.. AP-
PERSON, Secretary.
After few remarks by the Chairman IN e1pla
nation of the object of the meeting. Mr.. JOHN
HOWARD offered the following resolutions:
RESOLVED, As the sense of this meeting,
That IN view of the unprecedented political
condition OF the country, OF the present wl1e,
spTead and increasing financial stringeLcy. and OF
the strong prospect OF still gleater difficulties, II
10 the oIctate of wisdom and prudence, that the
Banks OF the Common e. 18th suspend specie pay
meat, In time to dlniInish or avert as far as may
lie DONE the existing nd ANTICIPATED evils conse-
Vue upon this state OF things.
4. That In order that such suspension OF specie
payment shal result IN any Haterlai rellef and
fenefG 10 the people, 1t should continue long
enough to allow the Banks to discount TO an e1
mand for cun.me rclai, AGRICULTURAL, and general
business accommodation.
mat the suspension OF specie pay ment TINS
day mace by the Farmers Bank oil Virginia, man
Tests, on the part OF President and Directors
aprompt and intelligent appreciation OF the pres
emit emergency, ana deserves this CONNER nj 4tlou
OF this community.
The resolutions being read, were unanimously
adopted b, the meeting.
On motlon of Mr. W GoDDIN, the Chair ap-
pointed the following gentlemen a committee to
communicate to the several Banks of the city the
resolutions adopted by the meeting Messrs. Cor
bin Warwick, Thos. r. Price, w. Goddln, K. b.
Haxall and H. Z. c. BaAkerviil.
On motion of Mr.. GoDDIS, the resolutions were
ordered to be published the city papers, and pei
sons present were requested to sign their names
to the resolutions.
On motion, the meeting adjourned.
II. l.. KENT, President
J. l.. APPERsoN, Secretary.
The crowd was so dense that it was impos-
sibIe to carry out the object of the resolution
relative to signing the resolutions; but the
following names were signed. A great many
left without signing. though heartily endors-
jnp the resolutions: