The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-09-19


be regarded as legal tenders, and exchanged
as such By some arrangement q the stat'
banks. Tho letters, which cslled forth NJ
discussion, we're placed on file.
EEK oPPosIrIox TO mn EEDEEPuoE.
There were in the meeting twelve banl
presidents who had at previous sessious oP
posed the proposed redemption Of Nationa
Bank NOES. After the letters we're resd
the report was cal ed up for discussion BY
the chairman, and, after very brief de-
bate,
Oae Of The opposition" said il was mex
pedient TO consider the question then. The
present time was not opPortune for any
change.
Another gentleman said he differed from
the last speaker on that point. It was abso-
lutely necessary for the banks 70 adopt some
plan at once by which national notes, which
/ they received daily in large sums, should
/ be redeemed. He thought they should take
I prompt action on the matter.
A gentleman on the Opposition side then
, rose and suggested that the meeting as a
| clearing house association, had no right
| vested IN it 70 take action on the proposed
/ redemption. They had exceeded the limits
Of their power BY considering it and any
action they might take upon Is would, be
held, be N violation OF Their rules.
Il was here remarked by another member
that the difficulty could be obviatsd by the
meeting disbanding as clearing house as
soclation and organizing as a body Of bank
officers
The Presidents Of the Bank Of Commerce,
Bank Of the commonwealth, and the Bank
Of North America also expressed their be
lief that the Association could take no ac-
ton on the subject; and il is said, they
urged postponsment Of the whole question.
several members said there ought 70 be no
posiponement agreed to, - time enough had
elapsed since the subject was introduced to
consider it.
A motion to disband as a clearing house
association, and organize as bank officers
was then proposed and carried almost unani-
mously.
THE OPPOSITION CALL FOR Az ADJOURNMENT.
When the report was about to be consid-
cred, gentleman opposed TO the redemp-
tion Of Nationals" urged that the meeting
should be adjourned. He believed it was
improper for the meeting to take action on
subjects which interested banks, not then
represented. There were many Presidents
of banks absent from the meeting who
should have voice in the matter. Under
such circumstances, he held they should
adjourn until an opportunity should be given
70 these gentle bon 10 attend, whose banks
were not permitted 70 exchange at the clear
ing house.
Mr.. C0e, of the American Exchange Bank,
replied warmly TO this proposition to ad-
journ. He said il was no use in gentlemen
opposing matter which was OF vital cone
quence to the banks; and be was surprised
that any such suggestion should be made,
which be regarded as an effort 20 defeat the
object Of the meeting. The clearing house
had not admitted the banks which the last
speaker wanted TO have presented there; and
Is the bank officers present also formed the
Clearing House Association, there should be
no adjournment ordered on account Of the
absence CT officers not belonging to the Of
ganization.
Several gentlemen then spoke against any
adjournment and no motion in its favor was
presented.
REsoLUrToN IN FAVOR OF REDEMPTION ADOP-
TED-THE VOTE TWENTY-NINE TO TWELVE.
Mr.. Coe said he was ready to present the
question to the meeting in order 10 ascertain |
It's views, preparatory to the consideration
OF the report. He then offered a resolution.
That 1t was the opinion Of the meeting
that system Of redem ptiOn of National !
Brnks' notes, in conformity of the law
ought to be adopted.
On a divisi 4, this motion was carried by |
a yo'e Of twenty-nine to twelve.
The meeting then adjourned till Tuesday |
next at noon, when the report will be con-
sidered.