Year: 1873

AS announced in Yesterdays JOURNAL
the business men of this city reassemblet
at p. m. in the rooms Of the corn ant
flour exchange, to hear the report of thu
committee appointed at the morning meet
ing upon the condition Of the banks of the
city in the present crisis, and to adopt some
concerted plan of action for to-day All
the appointed hour President McCance
called the meeting to order, which was the
largest ever held in the city, being COM
posed of capitalists, merchants, manufac-
lures and business men of all classes,
when Mr.. Seldom presented the following
report, which was unanimously adopted :
Resolved, By the merchants and manu-
facturers Of Richmond assembled in meet
ing, convoked by tho presidents Of the
chamber, of commerce, of the corn
exchange, and Of the. tobacco exchange, as
follows: @4
l. That the present menacing condition
of financial affairs in this city has arisen
entirely from causes and influences external
to the banking and mercantile business
thereof and are in n0Wise attributable
to irregular operations or undue expan-
sion Of either banks or merchants, whose
business and banking have never been con-
Quoted in more conservative and prudent
manner, nor rested on a sounder or more
stable basis than at present.


2. AS the deliberate conviction of this
meeting, that the banks of this city are at
present Of undoubted solvency, and that
no loss can ultimately result TO either note
holders, depositors, or other creditors, il
they be allowed to proceed in their habit
ual and regular operations as heretofore
managed und conducted, and that in refer
ence to the national banks, besides tho
adequacy and even surplus of their exist
ing assets, there is afforded the added Sc
curity of the redeemability of their notes
by the United States, and the obligations
of the individual stockholders to contribute
for all liabilities to an amount equal to the
original subscriptions of the stock held by
them.


8. 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
essential principles on which every bank OF
deposit is known to be conducted, dealing
moro or less on its deposits, not one how
ever solvent can fail to be arrested and
forced to suspension by the simultaneous
general withdrawal by its depositors Of
their funds, this meeting deprecates the un-'
easy and agitated feeling rumored to prevail
in the city, tending to produce panic and a
general run upon the banks for deposits
and other funds in their charge, which may
indeed, if acted on, cause suspension Of
the banks and force the national ones into
liquidation, but must cause in the whole
community the arrest and overthrow Of
well nigh all business the inability on the
part of the strongest to command their
resources, the blocking up of all produce
and the stoppage of buying and selling,
and in short great privations and ills to
every individual.


4. In view therefore Of the undoubted
solvency Of the banks, in their opinion, and
to prove their confidence therein, the men1-
bcrs of this meeting accord in pledging
themselves to each other and to the pub
lie that they will abstain from any run on
the banks or withdrawal of funds on de-
posit Herewith, and will >confine them
selves in drawing to the strictly regular and
necessary checks or drafts in the course of
business, and will endeavor to make them
as limited as practicable, and will continue
as heretofore to make deposits of currency
Oh notes in the banks as the same may





in earnestly urging on all their customers,
correspondents and the general public to
pursue like course of confidence and
dealing as sure means with security to
themselves of averting from all the gravest
contingencies of prostration and disaster.
THE CRISIS OVER.


To-day all is quiet on the street, and
many persons who have for the past few
| days been drawing their funds from the
banks are redepositing them, feeling salts
| fed that the suspensions and failures in
other cities can in no way affect the
standing of our banks, and that
to their action alone is to be at
tributed the excitement and unea.
siness which was felt for awhile yesterday.
Too much credit cannot be given our busi-
ness men for their prompt and courageous
action of last evening, which we are sure
has had the effect to restore full confidence
and produce perfect quiet to-day. All feel
satisfied that, as far as our national and
state banks are concerned, the crisis is
over. st3 s.t A+FlA


ANOTHER SUSPENSION.


4 Messrs. Lancaster e Co., bankers and
stock brokers, suspended this morning il
consequence Of the suspension of Brown


Lancaster & Co., of Baltimore, which wa.
. announced by telegraph in this morning.
I papers, and the suspension of the firm
here was looked for as q natural cOnse
quence, and produced no excitement.
MEETING OF BANK PRESIDENTS.