The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1861-11-21
Wisconsin Banl4s.A Ii nnkers' COnven-


A convention OF the Bankers OF the Stale was
held at Milwaukee, Friday last. We under
derstand that all the Milwaukee Banks and about
ninetenths of the current Banks of the State were
represented Our city Banks were among those
represented. The object of the convention was to
devise measures and make preparations TO meei
the requirements OF law for cent? al redemption, at
81 of per cent. after the LIST of December next.
We understand that the convention was the larg,
est and one of the most harmonious, OF the kind,
ever held in the Stale. The most satisfactory ar
rangements were made. so that the requirement.
of the new law will be met without any panic Vi
confusion or loss to bill holders, IN inc IraSl'lon
Ar the Banks at present current, in tie State, Will
continue to be taken at par. Ofcourse several OF
those Banks will fail TO comply with the require
ments OF the law, but arrangements have been
made by the Bankers to meet such cases, while
the banks are being wound up aud their clrcula-
ton retired. A sufficient was subscribed oy
the Bankers to cover all the losses that may ac-
crue in the process.
The following are the resolutions adopted by
the convention in reference to the matters Cnder
consideration:
RESOLUTIONS OF THE BANKERS CONVENTION.
WHEREAS A few of the Bankers of this State
have failed TO provide for the voluntary redemp'
ton of their notes. i'll accordance with the resolu-
+ions of the Bankers Association i'll September last,
and have given no indications OF ther intention 10
comply with the amended Banking Law, which
talk ca effect ON the LIST of December proX.
ResOlged That the bankers Committee shall pro
ceed to wind up such banks as fail to make agree
ments for redemption, according to law, ON Tie ISL
of December next so to retire their circulation
m 1.a3 and that the cost of making up any den
cheney or expense that may SO arise, be paid out
I of funds now in the hands of said committee, and
ont of funds to be provided by an assessment on
| the other current banks and that ali assessment
Of one per cent on the capital of said Banks be
now required to bepaid into the hands OF SAID com
mittee, for the purpose aforesaid.
Rts0lged That the notes of all Banks now cur
rent be received and paid out as currency, on an
equal footing up the 1st of DeceruL or next, ana
that after that date the notes of BanSs SO tal4ng
TO reedem, will be returned to the Bankers Com
mittee TO be retired as above provided-Gxcept
thenotes of Bank of Portage Dodge County BaGk
and Waupun Bank.
Resolged, That if in the opinion of the Bankers
Committee, it shall become necessary to make a
temporary reduction i'll the volume of the curren-
cy they are hereby authorized TO make requlsi-
ton on the Banks of the State, to retire such
percentage of their currency as may be requisite
and to furnish exchange for the present ieverish
demand. -- --.-..
We may say, here, that the efforts which our
Chicago neighbors are making to create panic
in our monetary affairs, and to bring Wisconsin
Banks down to the level of Illinois stumptail are
like to fail entirely. No banks were ever better
secured or placed on safer basis than are the
current banks of this State. Fifty of the country
banks were represented in the above convention,
and they all made satisfactory arrangements for
the redemption Of their issues in compliance with
the new law. Our readers can see, from these
facts that Wisconsin currency is as good as any
in circulation, the insnuations of the Chicago
| Tribune to the contrary, Notwithstanding, The
| following is the