Washington telegraph., 1862-03-12
WASHINGTON EXCHANGE COM
pANY.

Tue omce OF Mess:s Hempsfead a Williams
on the 18th ult to devise some plan for
supplying the want of small change in the
community, which might be perfectly safe
and free from the evils of indiscriminate
shinplaster issues. David Block, ESQ
presided and Hon. A. 3. Williams acted
as secretary
A committee consisting of Messrs.
Henry Gard-s, VIM. Ii. Carruth, Jno. d.
Jones aud the Chairman, and secretary
was appointed to devise some safe plan OF
issuing change tickets, which nigh. serve
the public convenience. ...#... .tr
The meeting convened again next day;
when the committee reported number Of
suggestions for the organization of a Com
pany, which were substantially followed
as hereafter appears.
Henry Gardes, Esq was appointed to
solicit the names of gentlemen to compos
the association
Whereupon the following gentlemen
were induced to unite themselves for the
purpose Indicated in their written agrees
ment. which has been duly recorded, as
follows:
The subscribers, David Block, Beoja>
mia +. Fall, Abner B. Williams, Henry
Gardes, William w Andrews, John ID.
Trilnble, William ID. Green, Ephraim Mi.
rick, having formed themselves into an
association to be known and styled the
Washington Exchange Company" for
the purpose of supplying the community
with safe aud s lvent circulating medium
Of small change, during the great scarcity
of specie change, by emitting the notes of
the Company in such sums and in such
denominations az they may determine, on
deposits of Arkansas War Bonds aud
Treasury Notes, Confederate Bonds and
Treasury Notes, Louisiana Bank Notes,
and Gold aud Silver, which deposits shall
be held sacred the redemption of the
Notes OF the Company--being actua,ed
alone for public benefit aud convenience,
aud without any hope Of profit to them.
selves. do by these presents jointly aud
seyerally bind themselves to any aud all
persons that the Cashier of the Company
shall, whenever the sum of Ten Dollars ia
the Notes of the Company is presented 70
him at his office, redeem the same in some
one of the kiud of funds here in before
named according TO the rules and regula-
tiuus prescribed by the BY Laws of the
Company for his government, and accord
ing to such additional rules and regula-
lions az may from time to time be pre-
scrlbed for hi, government, for the re.
demptioD of the Notes of the Company,
bat 10 no case snail they be held b,und
unto any person or persons, unless such
presentation be made to the Cashier at his
"tfice, and he fails Or refuses To pay the
same, or fails or refuses to tender payment
la some one of The kind of furds alure.
said aud further they will not be bound
fOr any depreciation below par value
which may occur on Arkansas War Bouds
or Treasury Notes, Confederate Bonds or
Treasury No:es or Louisiana Bank Nores
which may be in the hands of the Cashier
at the time when any such depreciation
takes place, but only hold themselves
oound and responsible for the payment Of
the nominal value Of any deposit accepted,
aud that the same shall be forthcoming
in such funds as may then be on hands,
reserving the right to the Cashier to
choose aud determine the particular kind
Of funds with which he shall make such
redemption.
Hon. A. B. Williams was elected Pre-
sideut of the association aud Henry Gardes
Cashier. ..Il
The following are the bylaws, which
explain themselves sufficiently
Tue members of this Company have as
sociated themselves at the suggestion and
request of the citizens aud business men
of the Town of Washington for the pur-
pose of supplying medium Of small
change as a currency in the absence Of
specie, without any hope Of Profit or
Emolument to themselves beyond the con
venience afforded aud ac,uated alone for
the public good. ~-'iY -N-
Therefore, in order more fully to accom-
plish the object desired, they do adopt
the following By Laws and Regulations:
BYLAWS.
SECTION l. This Company shall be
known aud styled "The Washington Ex-
change Company" la
SEC. 2. The Company shall never con
sist of less than six, nor more than ten
members. rq- ..sll.Hul ar
SEC. B. 1t shall require a vote Of two
| thirds of all the members to admit any
additional member to the Company, or to
supply any vacancy which may occur by
death or otherwise
Sic. 4 1T shall require two-thirds Of
all the members to constitute quorum
to transact business
SEC. 5. The Officers of the Company y
shall consist of one President, and one
Cashier, and the Cashier shall be ex-ofi
clio Secretary, who shall be chosen BY q
majority of the members Of the Company
aud continue in Office SO long as they dis
charge their respective duties faithfully
and promptly.
SEC. 6. The President or Cashier may
be removed from Office by majority ol
all the members for failing or refusing to
discharge any Of their respective duties
| & 81 c..ti Il ~~ou,nt1,, f,,r ann viala-