Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-26
THE BOARD OF TRADE.
A,Confereuce with the Bankers OF the
City.
rne Financial lsituation Debated.
The Course of the ssnks.IEndorsed.

A called meeting OF the Nashville Board
OF Trade was held at O'Clock yesterday
afternoon in the office of the Commercial
Insurance Company, President 81. C. Hens
,ar in the chair, and r. L. Armistead Score.
tarv.
President Hensley stated the object was
to confer with the bank officers as to what
was bests toEbe. done.Hnaer existing circum-
stances.
Judge Whitwerth, President of the
Fourth National Bank, being called upon,
said the present state Of affairs was a novel
one to him. He had never seen anything
like it. He was here to consult with the
business men as to what was best to be done.
The banks be thought were entirely solv-
ent snd able within very short time to
meet all their obligations, but could not do
it in day without great sacrifice OF their
means and total destruction of the Grade
of the community for the time.
At er consultation with all the National
Parks it W ass agreed that they should par
tially suspend payment on all balances,
over 5000, but with this understanding that
all deposits made after that hour should be
paid in full and the business in all respects
20 far as the public was conceived should be
conducted Just as it was before the suspen-
sion, trusting to the collection ofmeans due
the banks and such cash means as they
have IN bank to pay. off their depositors in
| full, which he felt confident could be done
in short time. The banks expect to go
on as usual and take bills of exchange
drawn agsinst shipments TO the extent of
their ability, which he believed would be
sufficient to meet the wants of the mercan-
tile immunity. He said he had been ask
ed if check given by bank here on a
bank in New York was not 1ono1ed, then
what would be the result. He replied up
on the return of the check dishonored, it
would be taken up and paid! by the bank is
suing it.
The alternative was presented this day
to the banks, SIS he believed, to take the
course they have taken or to be SO crippled
by run of their depositors as to be unable
to afford the mercantile community any
| facilities in conducting their business or
handling the produce of the country.
Mr.. Hensley asked the question of Judge
Whtworth whether some arrangement
could not be made by the banks by which
settlements could be made between ner-
certified checks.
| In reply to which he stated that he had
no doubt it could, but no plan had yet been
formally adopted by the banks looking to
| that end. And also sal that with an sp-
probation OF the situation by 10th mer-
chants and bankers, there would not be
much difficulty in carrying forward the trade
and commerce of the country.
naohia- IF. tha Third
National Bank, endorsed fally the remarks
made by Judge Wbitworth and referring to
the question of certified checks, said he pre-
sumed some system would be adapted of
that sort, for all settlements between banks
ton in New York were made by certified
checks.
Mr.. John w. Terrass wished to know If
the banks would furnish facilities for the
| moving of produce as usual. In response
to which the Off ;ers of the several
banks present stated that that was the OBJ
jet of the partial suspension, and that every
facility in that direction athe banks could
afford, would be given.
Mr.. Jas. A. Mclaughlin, President of the
Second National Bank, in few brief re-
marks fully endorsed the statements made
by Judge Whitworth and Edgar Jones, Esq
Nj. 4. D.. Craighead offered the following
resolutions:
Resolved, that the Board of Trade sane
ton the action taken by the banks to-day,
believing it to be the wisest measure that
could be inaugurated.
Resolved, that We continue as usual to
deposit from time to time in the banks and
render them all the assistance in our power;
and that our confidence in our financial
institutions remains unimpaired.
The resolutions were adopted by Enela-
nation, without dissenting voice, and the
meeting adjourned.