Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-07-31
and COmmerciaI.

Monetary and Commercial.
TUESDAY EVENING, July 80, 1861,
On the third day (July 2G) of the session of the
Bank Convention at Richmond Col. G. c. TORBETT,
of Tennessee, offered the following preamble and
resolutions, which he desired should lay on the
| table for future discussion.
Whereas, 1t is in the opinion of this Convention.
the duty, and hope the desire, of all the Banks
in the Confederate States to give their concentrated
credit to the Of the Government; and believing
that this be most etfectualy done by all agree
| ing TO receive the Government Treasury notes on
| deposit, and in payment of debts due the Banks,
and pay out the same TO their customers and this
Convention. representing nearly all the banking in
forests of the States, with the exception of sis
ter State Louisiana, have determined upon and
adopted the aforesaid policy and cIeTedS, 1t is I'M
derstOod that the Banks of Louisiana willing
cooperate with those of her sister States in aid of
the Government but it is understood that there is
constitutional barrier In the way of their imme>
diate CO. operation, this Convention believing that
it is so vitality important to have complete con-
centratOn of the credit of all the Banks to fully
justify the assembling of a State Convention. If
need be- to remove the barrier: Be it, therefore,
ReSOUed, That the Banks of Louisiana are hereby
urgently requested to take the earliest opportunity
by their combined influence, TO procure the removal
of the prohibition alluded to-
RESOLVED That his Exceency the Governor of
Louisiana, is hereby respectfully requested to take
such action in the premises will most promptly
effect the desired object.
RsSOlUed. That the Secretary is hereby directed
to forward to the Executive and each of the Banks
of Louisiana, copy of the proceedings of this
Convention.
Mr.. GEoRGs A. TRENHOLM from the Committee on
Business, made the following report:
The Standing Committee of the Bank Convention
instruct me 10 report that they have had the sub
jects committed to them under consideration and
have made some progress, and ask leave to sit
again. They now recommend the adoption Of the
following resolution by the Convention
ResclUed, That it is recommended to all the Banks
in the Confederate States TO make arrangements
with the Banks in Richmond, Va, and in other i'm
pOrtant cities, to receive their notes in payment
and on deposit and to the end that soldiers may
not be subjected to any discount on their money,
the Banks making such arrangements be requested
TO give public notice of the same.
The resolution was adopted.
Mr. G. A TRENHOLM, from the same committee
submitted the following additional report
The committee beg leave to report that they have
had under consideration the resolution offered by
Mr. Whiting, and they recommend that the action of
the Convention, or so much Of the same as relates
to advances on cotton by the Government, and on
other produce, or the purchase of the same, be
postponed until an adjourned meeting of the Con-
YentiOn. And they have also considered the resO-
luton offered by Mr. Trenholm, recommending ad-
VanCes to be made to planters by the Banks, and
Lley RECRUITMENT an duOp.lOu VI the SdLle
The recommendations of the committee were
concurred in.
Mr.. J. G. HOLMES presented plan for arranging
the Confederate Loans also plan for equalizng
the value of certain portions of Bank notes. of such
Banks have subscribed or may subscribe to the
Confederate Loan, which was referred to the Com
mttee on Business without being read.
The President read communication from Messrs
W. c. ToMPkNs and J. o. NIXON, representing the
Crescent City Bank of New Orleans, stating that
they had received information that no other Bank
in Louisiana would be represented in the Conven-
ton ard asking leave to withdraw their names from
the list of delegates
The following important report, from the Business
Committee of the Bank Convention, was unani-
mOusly adopted at the afternoon session of that
body.
The Standing Committee of the Convention of
Banks beg leave TO report the following matters
submitted TO their consideration:
On so much of Mr.. Whiting resolution as relates
to Il further issue Of Treasury Notes by the Gov
eminent, they of opinion that at least one hun
dred millions of dollars in addition to the notes al
ready authorized by law, may be simply issued and
put in circulation by the Government. Tney are
persuaded that all the citizens of the Confederacy
will readily accept them in payment in their mutual
transactions; and the Banks with equal unanimIty
will adopt them the currency of the country
As the resolutions upon this subject adopted by the
Convention held at Atlanta, Georgia, applied neces-
sarily only to tie notes then authorized by law to
be issued they recommend the adoption Of the fol-
lowing resolution on this subject:
RsSOlUed. That the Banks here represented agree |
that they will receive in payment aud 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 Confederate States as may |
not be represented in this Convention to adopt the
same resolution, and communicate their concur |
renee to the Secretary of the Treasury.
The object of the Government being to adopt |
these notes to perform the functions of currency,
the committee of opinion that the notes should
bear the date and carry the same rate of |
interest 1t will be impossible for the Telers of |
the Banks and other persons engaged in handling |
mOrey. to use these bills as currency if they vas
ried in date and in the rate of interest. Ii, on |
the contrary they all bore the date and the |
same rate of interest, they could be conveniently
counted, and the sum ascertained in the of |
Bank notes [; for it would be as easy to compute |
the interest on a hundred bills as one. No loss |
would accrue to the Government, because in pay |
ing out the bills the disbursing officer would be
careful TO charge the rescnder with the interest
well as with the principal Of the notes. The in
terest should be per cent. on every SlOO, or at /
the rate of : 3-lOth per annum. That the Totes (
should be redeemable in three years, at the option
of the Government and he receivable in all public
dues, except the export duty cotton and be fun>
dabe at the will of the holder in per cent stock
or bonds Notes of the denomination of s., SO, |
$50, in the opinion of the committee, ought not to
bear any interest. These would more appropri- !
ately perform the functions of a currency and |
they are of the opinion that the larger notes. such
as $40 and 500, would be largely taken up by /
class of our citizens who are not IN the practice of
making such investments These notes would pass /
into their hands in the course of business, and ]
they would very soon discover the advantage
well as the merit of thus contributing their aid in /
support of the Government of their choice and OF |
affections. The committee gave also respectful /
consideration to the plan submitted by Mr.. Holmes,
for the adjustment and final extinguishment of the
public debt; but, without in any way impeaching