The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-07-27
THE SOUTHERN BANK CONVENT ON
ECO Nd DAY.

RICHMOND, July %, 1851.
The President having called the Convention
20 order, additional Delag 4tes presented them
selves from South Carolina, Alabama, North
Carolina, Tennessee aud Georgia.
The Hon. u. q. Memminger, having been
invited to take Il seat in the Convention and
participate In its de,ibera ttons, appeared and
thanked II for the liberal manner in which the
Banks had responded to the call OF the Gov
0rument.
The following rssolu tions were referred to
the Conmittee on Debate
By Mr.. q. W. Mordecai-
Resolved, That the several Banks repre-
sen ted IN this Oonv ention will receive In pay
msnt or on deposit, and pay out during the
continuance of the present bles, the notes
of all the Banks in the Confederate States Oh
America, as may be designated by the follow
ing Banks ia the several States Virginia,
North Carolina, South Carolina, Georgia,
Alabama, Louisiana and Tennessee.
4ses0lUed, That the standing comml tteS be
Instructed 20 inquire whether 1t is ex pedien 1T
to adopt any, anu what, measures to provide
for the engraving and printing Of bank notes
and the manufacture Of bank paper within
the limits of the Southern Uonfedsracy.
By Mr.. q. il. Trenholm
R.soiUed, That the planters Of cotton and
other produce responding with great spirit
and hberaiity to the calls Of the Government,
and subscribing largely in produce to the pro-
posed loan for The defence of the Confederate
States, 1t is hereby recommended TO all the
plants who have thus subscribed port ton
Of their cotton and other produce i'll aid of the
Government, SUCH moderate advances on the
remainder OF their crops as their necessities
may req uire. 10 be refunded when the produce
shall be- sold.
BY Mr.. James Uaskie-
ReSolued, That the several banks OF the
Confederate States will receive and pay out
the notes Of each other, and also the treasury
notes that may be- issued by the Confede-
RAJ TIA pirrnldtiOU- of all deDOmlud-
lions, from five 10 one hundred dollars All
balances between them, when required, 10 DC
settled in Treasury notes.
ReSokcsd That each bank agreeing 10 ana
| entering into this arrangement, ne req ulred 10
| limit the circulation of its own notes, SO
| that the amount shall not exceed its actuai
| capital
ByMr. J. Whiting
| Resotusd, That, in accordance with the re-
| uues. OF the Secretary OF the treasury, the
| committee take into cons liberation, ana to re-
port to this Convention the character OF post
notes which they deem IL advisable Tor the
| Government to issue, and the amount which
may be safely put INTO circulation and TO in
quire, furt her, as to the propriery Of control
Ing, by advances on produce, the cotton crop
and oJner produce not peIishable, in case the
blockade shall not be raised, and 10 submit a
plan for the same in its principal bearings,
that the sense OF this Conyentio may be
known to the Government.
BY Mr.. w T. Sutherin-
heS0lUed, That, i'll the opinion of this Con-
yention, the most effective and ready re-
sources of the Confederate States, In its pre-
sent emergency, consists in the issue OF Urea
sury notes, large proportion OF which in
the opinion OF TINS CONVENTION, sho uld bear
interest at the rate or not less than II We per
cent. per annum.
RsJ0;ced, That any interference, on the
part OF this Convention, with the present
regulations of receiving and paying out the
paper circulation OF the Confederate States,
other than the agreement 10 receive and pay
cut the Treasury notes OF the CoIfeoeracy,
would be, al TINS TINS, un vice and InexpeoI-
ent.
On motion, the President appointed seven
additional members TO tho Standing Commit
tee Oh Business.
On motion, the Convention adjourned to
meet to morrow a. 10 A. IL