The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-11-06
Chamber OF Commerce special Meet
ing 0f the Board of Directors.

i a special meeblDg OIL the bOaTu otsbHec
tors of the Chamber Of Commerce was held
on Saturday evening last, at the request o.
IDaniel Fl. London, Esq, formerly OF this
/ citv, to hear a financial proposition pro.
posed by him, an idea of which may be
formed from the following paragraph In the
plan: 20
j "We think 1t susceptible Of demonstra-
tion that !, ,769 registered banks (abOut 1,722
absolutely in existence), all bottomed upon
| the public debt, and doing the chief busi.
ness of discount and banking in every quar-
ter OF the country, actuated by self-Inter-
est, are very poorly organized for produ-
cling low rate Of interest, or likely TO
| desire specie payments, when their returned
|profits accumulated since the act Of 1864
!, ouer and aboue the diUidends already pad
| their roDrietors are about One-third oftheir
enormous capitals of $3.50, ,000,00 Still the
institutions have their rights guaranteed by
the Government OF the United States, and
! we do not propose to violate them-our
aims are higher than warfare upon vested
lrights. We propose to remedy the evils OF
| both, an inconvertible paper currency ana
an exorbitant rate of interest, by creating
an institution germane to the banks, ana ca
pable of saving them from ruin, whilst It
brings about q resumption oil specle'pay-
ments, and secures to the country an IN
| crease OI IOauuDlc
with our necessities"
| , 1t is proposed to have an act passed by
! Congress for the creation OF q body polite
land corporate, to be styled ''The Governor
land Managers of the Exchequer Of the
I, United States of America, ,"-the capital to
be 500, 100000 in shares of 81 900, each.
The sixth section Of the proposed act reaGs
as follows: .
| "The corporation hereby created shall be
divided into toco departments, the one for
the business Of banking exclusively, IN
cluding the discount of negotiable notes,
bills OF exchange, drafts, and other eVi'
| dences of debt, which is hereby limited to
Twice the capital In amount, except upon
! States, and to One-half OF one per cent. as
the rate of interest for thirty days, pro-
vided that not over ten per cent. upon the
capital may in the discretion of the Govern
or and managers in addition thereto be ad-
yanced upon stocks or bonds for period
| not exceeding six months, which is
likewise fixed as the longest period
| for which any loan or discount can
be made. The other department shall
! be the Issue Department, which shall con-
! sist of three commissioners for each branch
and the chief office. One appointed by
! the President Of the United States with the
| CUuStuU VI ouC ~ lhS wv
ernor OF the State in which the office is
| located and one appointed by the Gov
ernor and managers Of the office or branch
| for which he shall act. Said commissioners
| shall give security in such sum as the pro-
prietOrs shall name for the faithful per-
| formance Of their duties, as is hereinafter
provided for, and to hold their office for
one year."
Mr.. London, after careful discussion Of
| the question by the Board, offered the fol-
lowing preamble and resolution:
"W hereas the Board OF Trade of
the city of Richmond have in com.
mon with every section of the Uni
| ted States a deep interest in 4 sound
currency and Il refunding Of the ma
tional debt at lower rate Of interest, and
deemtng these objects appropriately mat
| ters about which they may confer with the
Government Of the United States, and
deeming an cXchcquer in the accompany
| ing bill and the letter explanatory thereof
| by Daniel III. London as worthy of the at
| tenti0n and consideration OF the proper au
thorities, and being desirous that the Sc
| cretary Of the Treasury and the President
| Of the United States may, on behalf of this
Board and the interests OF the commerce
and manufactures and agriculture Of the
country, be appropriately but earnestly re-
QueSted to consider this measure be it
Rcsoloed, That Gen. William Z. Wick
ham be requested, on behalf Of this Board.
to confer personally with the Secretary of
the Treasury and the President ofthe United
States upon the subject, and to associate
with himself in the measure any other two
gentlemen from Virginia or elsewhere that
| be may deem best suited to satisfy the Gov
ernmept of the United States of the pro-
priety Of adopting the policy indicated in
the accompanying bill, believing as we do
that it will contribute greatly to the well
fare of the country" -
On motion, the preamble aud resolution
were referred to the Committee on Finance,
and the Board adjourned. -.
| DISTRICT SCHOOL TRUsTEEs.-Th follow
| ing district school trustees have been ap-
pointed In addition to those already pub
1ished:
| Albemarle County.-All the onC-year
trustees have been reappointed.
Botetourt (Amsterdam DistricD.-Wil-
| liam Z. Eaker ricc Benjamin Moomard;
term expired. In the other districts the
one-year trustees arc reappointed.
FYoyd (Litte River District. D.
Sewers reappointed. Owen Wade, Henry
Showalters, Benjamin Z. Elliott, Hosea
| WINNER, and William T. Lester have been
apnoiuted in place of one year trustees