The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-02
A NATION. EXCHEQUER.
The People OF Virginia Agttating for a
European Plan OF Banking and Fi-
mace.

The People or VirA,inia Agitating for q
European Plan Of Banking and FL.
mace.
RICHMOND, 'ya., Feb. %, 1874.
An informal meeting composed of members Of
the General Assembly, bankers, merchants and
others interested in commercial Affairs, was held
here tonight, and was addressed by the Hon.
James Il. Platt member OF Congress from this
State, in favor OF the establishment OF national
exchequer. On motion of General James II. An
derson, Of the Tredegar Iron Works, the following
resolutions were adopted as the sense OF the meet
ing on the SUBJECT
Whereas, experience has that the exist.
ing financial system in the United States detective
ticity or other cause money is sometimes rendered
ne TO thar AIS ns @
nishes an irredeemabe and consequently fuctuatng
poys na%ser national s sanss w esiaosaes
s sa s1n as
believed to be essential to prevent ward Of quiet
% % pSsr' s '9s
soeu Wofs be OF the
he BY Syp hs ss % ne
rency can be satisfactory to the people this country
them ~oq S Which e no wa s OF the
a., at in me opinion Of this General Assembly
but should be regulated by the wants of the business OF
Ta1d-Tiat in the opinion OF this General Assembly
assuming the power OF Congress to banks to be
a early day as prsctca6e to esta6sn one contro
the several States which bank shall be fiscal agent
of the government and shall be In organization
and administration, independent of political CONTROL
and shall have power to prevent ward Off quiet such
commercial or monetary panics as all business commu
mites liable to. by the accumulation OF adequate
cash reserves of coin and bullion the of the dis
counting power and when need be. the regulation OF
the rate o. interest that it may charge
Fonrth-That IN the opinion of this General Assembly
1t is wise in government unlike the leading
commercial nations to mold its large balance coin,
amounting usually 500 0O00N locked up in the
Treasury and useless. while the people struggling
against pane that may be speedily queted or pre-
vented by its wise Witness the crisis
OF September last
FVth-That in the opinion Of this General Assembly
the bill before the House Of Representatives the
United states entitled "A bin for the establish
national excheIuer seems to embody substantially
the foregoing principles, and is worthy the careful
consideration of Congress.
Sir-1hat the senators in the Congress of the Urited
States from this State hereby Instructed and the
members of the House of Representatives requested
endeavor by all proper meaus to out the
this General Assembly a, herein before expressed.
Serenth-That His Excellcncy the Governor of this
Commonwealth is hereby requested 10 communicate a
copy of this preamble and Of these resolutions
Governors Of the several states with that thew
will lay 1t before their ctive Legislatures and
further to transmit copy thereof to the Sena
and Representatives from those States in the Con-
gress 0f the United states with request that they will
present the same to their respective bodies
1t is the purpose OF General Anderson to intro.
duce these resolutions in the General Asse mbly at
an early day.