Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-07-30
Monetary and CommerciaI.

hoNDAr EvENNC, July -, 1851.
On the second day session July 2) Of the South
ern Bank Convention in Richmond, delegates from
the following Banks appeared and took their seats
SOedh CdyOtiRa.-Exchange Bank, John Caldwell:
| Bank Hamburg, J. W. Stokes ard Vim. Gregg.
A'a5amd--Central Bank. J. Whiting.
| North CtrOliHd.-Bank Fayetteville, W. G. Broad
| foot; Bank of Lexington, B. A. Kittrell; Branch
| Bank Of the same, Graham and E. F. Watson; Bank
! Of marlborough, II. B. Hammond.
1enHeSSCe.-Bank of West Tennessee, T. A. Nelson:
Bank of Memphis n. j. Wicks Branch of the Plan
| ters Bank, Memphis, d. A. Shepherd.
Georgia City Bank, ThOs. Barrett; Georgia Rail
road and Banking Company, J. W. Davies; Bank OF
| Medale, Georgia, W. B. Johnston; Merchants and
Mechanics Bank, ". B. Johnston.
On motion of DR.. J. G. N RAMSEY, committee
was appointed to wait on the Hon. C. C. MEMa1NGFE
Secretary of ATreasury Of the Confederate States
and invite him to participate in the deliberations Of
| the Convention. Mr.. MEDrxGER subsequently ap-
! peared, ard briefly addressed the Convention ex-
pressing his qualification and that of the Govern
ment at the liberal manner in which the Banks
responded to the call of the Government, and offered
several valuable suggestions for the consideration
of the Convention.
The following resolutions were severaly discussed
and referred to the Committee on Business
By Mr.. G.. W. Mordeeai-
ReSolUed, That the several Banks represented in
this Convention will receive in payment or on de-
pOsit, and pay out during the continuance of the
present troubles the notes of all the Banks in the
Confederate States of America as may be desigpa-
ted bY the following Banks in the several States
Virginia, North Carolina. South Carolina, Georgia
AlabaEsa, Louisiana and Tennessee.
ReSOlUsd, That the Standing Committee be in
structed to inquire whether it is expedent to adopt
any and what measures to provide for the engraving
and printing of Bank-nOtes and the manufacture of
Bank-paper within the limits Of the Southern Con
federsey.
ByMr G. A. Trenholm
ResolUsd, That the planters of cotton and other
produce responding with great spirit and liberaEty
TO the calls of the Government and subscribing
largely in produce to the proposed loan for the de-
fence of the Confederate States il is hereby recon-
mended to all the banks throughout the country to
MAKE to planters who have thus subscribed por-
ton Of their cotton and other produce in aid of the
Government, such moderate advances on the re-
mainder Of their crops as their necessities may
require, to be refunded when the produce shall be
sold.
By SIr. James Caskie-
Resolved, That the several Banks of the Confed-
crate States will receive and pay out the notes of
each other, and also the Treasury notes that NAV
be issued by the Confederate States for circulation
of all denominations, from five to one hundred del
lars; all balances between them, when required to
be settled in Treasury notes.
Resolved That each Bank agreeing to and entering
into this arrangement, be required to limit the cir
culatiOn Of its own notes, that the amount shall
not exceed its actual capital.
By Mr.. j. Whiting
ReSOLUed, That, IN accordance with the request of
the Secretary of the Treasury, the committee take
into consideration, and to report this Convention
the character of post notes which they deem it ad
Vsabe for the Government to issue, and the amount
which may be safely put into circulation; and to
inquire further to the propriety Of controlling
BY advances on produce. the cotton crop and other
produce not perishable in case the blockade shall
not be raised and to submit plan for the same IN
its principal bearings that the sense of this Conven
ton may be known to the Government.
By Mr.. W. T. Sutherlin-
ReSOtUed, That, IN the opinion of this Convention,
the most effective and ready resources Of the Con
federate States. in its present emergency consists
in the issue Of Treasury notes large proportion Of
which, in the opinion Of this Convention shJuld
bear interest at rate of not less than five per cent
per annum.
ResOlUed, That any interference, on the part Of
this Convention, with the present regulations of re-
ceivng AMI paying out of the paper circulation in
the Confederate States other than the agreement to
receive and pay out the Treasury notes of the
Confederacy, would be, at tbs time, unwse and in
expedient,