The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-25

tttiSiucl tiC
Of financial affairs in the city.
[Signed] "TnoMAs W. McCANCE,
"Prcsidcut Chamber of Commerce.
LEWIS d. CEESsHAw,
President Richmond Corn and Flour Exc.
"B. G.. GRAY.
"PrcSdent Tobacco EXchange.'
Although the notice was not generally cir
cuatcd, at the appointed hour large num-
| Der Of business men assembled at the Corn
| and Flour Exchange. Being called to order
| hv Alr. Lewis u. Crcnshaw. the meeting
was, on his motion, organized hy calling Mr..
| Thomas W. McCancc to the chair, and The
election OF Captain Z. G. Coghlan rs sccre-
| tary.
ENCOURAGING SPEECHES.
Mr. McCancc. on taking the chair, made Il
| few remarks. which were heard with pro-
! found attention Alluding to the excita ble-
ness of the public mind just now, he said
that if distrust and want Of confidence en-
| iSicd it existed without cause. 1t was pro.
posed 10 express the confidence Of the Dusi-
ness men OF the community in the stability
and entire reliability OF our financial instIlu-
tionS. At Sucha time as this, coolness and eau
ton is above all things necessary. Men col
lect on strect-corpcrs, gather in front Of the
banks. and by these acts and the repetition
Of unioundcd rumorS do much 10 bring
about the very state of affairs which all good
citizens wish 10 avoid, and which would
otherwise not be brought about. lie saw
10 reason whalcycr4to apprehcnd any iinan-
cial troubles here. The banks are as firm is
the hills. All we want is confidence. In
stead of spreading excitement, we should try
TO aIIay il. Let us help on the banks by
showing the community 1T large our faith in
lI IL
dent 10 show how individual influence might
accomplish great dca! in the present state
of affairs.
lion. James \. Seldom followed Mr.. Nc
Canoe in the same strain. Our banks are
pcricc:ly solvent; they were never in better
condition: all we need is quiet and conf
tcnce. As 10 the national banks, everybody
knows that the stockholders, who represent
u arsc proportion Of the wealth Of the
city, are Individually responsible for money
conliicd to their carc--ior loans us sell as
deposits. No bank III the world can stand
the withdrawal of all its deposits in i day or
two, and people who draw out their money
at time like this are those who should be
blamed in case of disastrous result. Such
a course persisted in leads TO the suspension
of all business, and every claSS-merchanf,
mechanic, manufacturer. .tarmer-eferyOody
is affected. The men Of the most abundant
resources would be unable to command Il
cent. Let us all show, then, our confidence
in the banks, strengthen rather than weaken
them. and discourage rather than bring on
panic. Let it be understood that the busl-
ness men are opposed to the Withdrawal OF
deposits; let us pledge ourselves not TO dis
turb our balances in bank. Then healthy
public sentiment will be created, and all
classes will rejoice in its benefits.
Mr. Seldom then moved the appointment
of committee to prepare resolutions cX-
pressiye OF the sense Of the meeting.
The motion being agreed to the following
committee was appointed: j. A. Seddon, L..
u, Crcnshaw. John Euders, Jr., James IL.
Blair, +. +. GRAY, c. r. Whitlock, \. H..
Elicit. G.. +. Watson. \. Y. Stokes, Archer
Anderson, j. B. Pace, NJ. Milhiser, Il. +.
BMnkcnship, y. NJ. Wilson, :. NJ. RoSen-
baum, G.. w. Allen, aud q. K. Palmer.
On motion the Chairman Of the meeting
was added To The committee.
ON motion, the meeting adjourned to
meet 1t ) O'Clock 10 hear tie report OF the
committee.
VOTE OF CONFIDENCE.
punc;uallv 1t O'Clock the meeting rc;t>-
>rmbleG, and Sir. seldom, chairman of the
committee, presented the following report.
| Which he read:
Il. RcSolrcd, by the merchants and manu-
facttlvcrs Of Richmond. assembled in meeting
convokcl by the presidents OF the Chamber
| of Commerce, OF the Corn Exchange, and
! Of tie Tobacco Exchange, as follows: That
! the present mclacing condition or financial
| affairs in this city has arisen entirely from
| causes and influences external to the bank.
| ing and mercantile business thereof, and are
| in uoWiSc attributable to irregular opera
| lions or undue expansion OF either banks or
| merchants, whose business and banking
| have never been conducted i'll more con-
seryatiye and prudent manner, nor rested on
a soundcr or more stable basis than at pre-
sent.
| - RcS0lrcd, as the deliberate con-
yiction of this meeting, that the banks OF
| this city are at present OF undoubteti
solyencv, and that no loss can ultimately
result 10 either nole-holders, dcposltors,
or other creditors if they lie allowed TO
proceed in their l,abitual and regular ope-
rations IL heretofore managed ard con-
| ductcd and that in reference to the ma
tional banks, besides the adequacy and even
| surplus Of their existing assets, there Is III
iordcd the added security OF the redeem
ability Of their notes by the United States
and the obligations of the individual stock
holders to contribute for all liabilities to an
amount equal 10 the original subscriptions
| of the stock held by them.
| IS. That recognizing, however, the most
| legitimate banking to rest and be conducted
| ONLY on the trust and confidence of CUSTOM
ers and of the public. and that, from the eS-
scntial principles on which every bank OF
| dcposit is known 10 be conducted, dealing
more or less on its deposits, not one, however
! solvent. can fail to be arrested and forced 10
>u>pcnsion by the simultaneous general
withdrawal by its depositors OF their FUNDS,
this meeting dcprccates the uneasy ana aSl-
1;acd feeling rulnorcd 10 prevail in the city,
tending to produce panic and general ''nt
upon the banks for deposits and other funds
in their charge. which may indeed, II actet,
on, cause suspension Of the banks ana loTce
the national ones Into liquidation; but must
cause in the whole community the arrest ana
overthrow of well nigh all business, the ina
| biitv on the part of the strongest to coh-
mana their resources, the blocking up OF all
produce, and the stoppase O! buying ana
selling, and in short great prlratlons anu Ills
TO every individual.
a. In view, therefore, of the undoubted
solyepcy of the banks, in their opinion, and
to proye their confidence therein, the meu-
bers of this meeting accord in plcdging
Themselves to each other and to the public
that they will abstain from any I" run" on
the banks, or withdrawal of funds on dc.
posit Herewith, and will confine themselves
| in drawing to the strictly regular and neces-
sarv checks or drafts in the course OF busl-
| ,,I will nntnovor TO make them as