Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-09-09

MEETING OF THE COMMERCIAL EXCHANGE.
After the transaction of the usual business at
the Corn Exchange, this morning, the President,
f. NJ. Lawson, esq, called the meeting to order
and stated that Mr. Lewis Mckenzie desired to
make a statement To the Exchange.
MIR. Mckenzie said that it was known to
most st of the members OF the Exchange that a
meeting was held in Richmond on the 4th of
repcy, and that a delegation Of the Tobacco Ex-
change had been appointed to a Convention to
be held at Cincinnati on the 18th of October
next, ADD that delegation of twenty five had
also been appointed 10 New York of some Of the
leading mcu of that city. 1t was thought de-
sirable that delegation should be sent from
Alexandria to attend that Convention, ADD it
was for the Exchange TO consider whether it
was expedlenl to do 80 it committed 90 per-
son or community to any definite course OF ac-
ton. 1t was proper to say he had 90 particular
interest 10 the matter, but was governed by
desire to cooperate ID any measure that looked
10 an Improvement in our financial affairs. The
National Banking system, IN his opinion, did
not suit the South ADD West. The establishment
o. such banks, instead of increasing the capital
Of the community, was just the reverse, for
every bank Of $lOU, 900 capital established and
su bScrbed, the community Was S35, 900 or
$40, 900 poorer as regards accommodations than
before. except the deposits were large, and the
establishment of such banks furnished a plea
for deposits 1t might be said that he was op-
posed to the National Banks because, being
once President of one 10 Alexandria, aud turned
out, that he would like to see them expunged,
but all such people knew very little about him
he had no such unworthy motives, add trusted
he Was governed by higher considerations
mean people could have such opinions, but to
him it made no difference; that under the new
currency act strange state Of affairs exist; that
while the authority to increase the circulation
was intended to cid the South, West, and South
west, yet all the new banks established We're 10
Vermont, Maine and other eastern States, and
yet some OF the first organized National Banks
are withdrawing their bonds and reducing their
circulation. The result is that the banks North
lend their money 90 call. or on govern
mcnt securities, aud it looks very much like
as If the South will be nothing but hew-
ers of wood aud drawers of water, look
iDg to the North for everything. 1t seems
that in the next Congress there is to be
great fight oE this subject, aud the tendency
Of public sentiment 10 the South and West is
in favor Of greenbacks, changeable into three
s'xty-6ve bonds. Whether this will prevail or
whether the National Banks will be strong
enough to prevent it time will determine. In
his opinion a National Exchequer CO. operating
with the people, and local banking currency
will suit us best, however, all these matters will
doubtless be considered when the Convention
meets.
George r. Shiun, R. NJ Lawson, P. B.
lIooe, G. Il. Robinson, Lewis Mckenzie, w.
A. Moore, j. H. Burroughs, g. f. Lee, jr.,
and q. Y. Worthington we're then appointed
delegates to the proposed COW ention, though
Mr. Worthington declined to serve, saying that
III his opinion it was want of capital not want
of currency from which the South was suffer.
lug, and that he thought We had better let well
enough alone.