Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-07-31
snUTuEnN nlNK CoaVErrInr.


TIE following important report, from The
standing committee of the Bank Convention
was unanimously adopted by that body on the
25.b inst.
The standing committee Of the Convention
OF Banks beg leave to report the following
matters submitted to their consideration
On 80 much Of Mr.. Writings resolution as
relates to a further issue Of treasury notes By
the Government, they are Of opinion that at
least one hundred millions of dollars, In aHdi-
ton to the notes already authorized BY law,
may be simply issued and pat in circulation bv
the Government. They are persuaded that all
the citizens Of the Confederacy will readily &C.
cept them in payment in their mutual transact
tions; ana the banks, vi h equal unanimity,
will adopt them az the currency OF the country.
As the resolutions upon this subject, adopted
by the Convention held at Atlanta, Georgia,
applied necessarily only to the notes
then authorized BY law to be issued, they re-
commend the adop ion Of Tie following reso-
LUTON on this subject
ResolUel, That the banks here represented
agree That they viii receive in payment and on
deposit, and pay out again, the Treasury notes
that may be issued by the Government; and
they recommend to all such banks in the Con.
federate States as may not De represented in
this convention, to adopt the same resolution,
and communicate their concurrence to the Sec.
rotary Of he Treasury
The object of the Government bsingto ABORT
these notes to perform the functions Of curren-
cy, the committee are Of opinion that the notes
should bear the same date and carry the same
"a q Of interest. It will be impossible for the
tellers Of the banks ard other persons engaged
In handling money, to use these bills as cur
rency If they varied in date and In the rate OF
interest. II, on The contrary, they all bore tie
same date and the same rate Of interest, they
could be conveniently counted, and the sum
sscertained as 10 the case of bank notes; for it
would be az easy to COM NE the interest on {
hundred bills as on one.
NQloss would accrue TO The government, be-
cause in paying cut the bills the discussing
officer would be careful to charge the rescin-
der With the interest as we'll as with the prin-
cipel of the notes. The interest should be Q
per cent. on every 500, or at the rate of I g.
10Th per annum. That the notes should be
redecnabte In three yearz, at the option Of the
government, and be receivable in all public
dues, except the export duty on cotton, and be
fundable at the will Of the holder in 8 per
cent. stock or bonds. Notes OF the Genomi-
nations of s., $40, $50, in the opinion Of the
committee, ought not to bear any interest,".
These would more appropriately perform the
functions Of a currency, and they are OF the
opinion that the larger notes, such as $50 and
SlOO, would be largely taken up By a class Of
oar citizens who are not in the practice OF
making such inVestD ants.
These notes would pass into their bands in
The course Of business, and they would very
soon discover the advantage as we'll as the
merit of thus contributing their aid in support
Of the Government Of their choice and of If
~fections. The COMMITTEES gave also a respect
full consideration 10 toe plan substituted by
Mr.. Holmes, for the adjustment and final ex-
tinguishmeHt Of the public debt; but, without in
any way impeacbing it's acknowledged merit,
tley decided not to express any opinion "a to
the expediency Of its adoption b. the Govern
nen', for whose purposes its adoption could
be best determined, 10 their opinion, BY the
Secretary of the treasury. All Of which was
respectfully submitted.
G.. a. TRENHOLM, Chm,
RICHMOND. July %. 1861.