The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1863-02-19
Revolutions adopted by Ihe Bankers A.
aaciR af0u. - 90

At a meeting of the Bankers association of Wis
%consin, held at Milwaukee, February 5, 1863 the
following resolutions were adopted; @01 10
WHEREAS, All classes of the citizens Of Wiscon.
sin, and especially its responsible Bankers, have
suffered severely in the past from the issue of
Bank notes by irresponsible parties. and soE
WHEREAS. The suspension Of spcie paymSnt,and
the stimulus given to all forms Isf industry and
trade, by the immense expenditures of the Nations
al Government, and the large amount of legal
tender Notes it has been necessary to issue, furnish
at the present time a strong indueement to those
engaged iu banking, to issue a larger circulation
than their actual capital would justify, while en-
oppo rtunity is also afforded for parties oflittle or
noresponsibility or capital to organizeBanks with
scarcely any other objecti in view than to set afoat
q currency which, however well it may keep up
for a time, may, on the decline in value of its SO.
curity, OF the resumption of specie payments,
eventually become deprecated, thereby csusing
u recurrence of all those troubles and Losses which
the business interests of our State SO recently ex'
perienced and fr... .... f.r.- .F,.
WHEREAS, The present time is unusually favor
able for the issue of Bank notes by persons of
doubtful responsibility, we believe such q curren,
cy must aoao be discouraged i'll every legitimate
way, and that it behooves eyery responsible
Banker in the State to cooperate with and
strengthen the wholesome restraints imposed by
law to check til is evil, and ward off its deplornbls
results We therefore feelimpelled by our duty
to the business community and citizens generally,
as we'll as Ourregard for the character and safety
! OF the Banking institutions of our State, to adopt
the following resolutions: rrr
Resolsed, That we, the members ofthe Banker's
Association of Wisconsin,, will not receive the
notes of any Banking Institution which may be
hereafter established in this Stale, unless said
Bank shall fret have been ssnctiOned by q mas
jority of the Directors of this Association.
ResoLred, That no Banking Institution now in
existance in this State shall add TO its circulation
without having first have received the written
consent of a majority Of the Directors OF this AS
ISOLATION, and in case any Bank shall do 80 with
out such consent. we agree to not pay oat its notes
but proceed 10 wind up by protest. s. TT
RsSOtced, That when q majority OF the directors
! Of lie Association decide to sustain the establisbs
( ment of a new Bank, or an increase of the Cir
/ ~culst;on or she old one, they shall publiah a notice
TO tllst effect over their own signatures for two
weeks III 1870 Of the daily newspapers of Milwau~
kee. aud a new Bank on the new circulation of an
old one shall nat be considered to have received
the approval of q majority of me Directors OF The
| Assnciation until such notice has been given.
ResOlUed, That the Directors of this AssoCi6-
tiou be Instructed, and are hegeby instructed TO
| carefully sud lmpartlSlty scfutlnlle me character
and condition az the existing Banks of this State,
and if any of them are found in their Judgment 70
lie 30 unstable and unreliable as TO render their
continuance incompatible With the public good,
and as likely in time OF financial trouble to bring
loss OH the community and injury to the Elore sta-
Die Banks Of the State. they shall proceed 70 wind
up ali such Banks without delay, ilasmuoh az
they can now do 80 without loss TO the pubic -
and their attention is more especially called to
those Banks who have n~o'office, and are not en-
gagged in the transaction OF a regular local buzz
ness. ut are exclusively banks OF circulation.
Res0ired, That whenever the Directors o. this
Association shall deem it advisable to wind up any
Bank As contemplated i'll the foregoing resolutions.
they shalt D0tiiy the several Banks " this Associ-
alton, aud Ipon the receipt Of such notes we here.
by severaily agree 10 essort and send to our COZ
J Respondents in Milwaukee the circulation OF such
Bank.
ALEXANDER MITCHELL, Pres't.
J.. ". MOORE, Sec'y. na'r gNr *. .#."
DIRECTORS Of THE ASSOCIATION
.Alexonder Mitchell, Chas. Nash,
Il. ID. Holton, Saml Marshall,
J.B Crosby. WIN M Dennis,
K A. Darling. JnO. r. McGregor,
J. w, Azu0Fa. rH.T