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# BANK CONVENTION. At meeting of the delegates from the Banks of Mississippi and Tennessee, convened at the Commercial & Rail Road Bank of Vicksburg, the following Banks were represented, viz: Farmers & Mechanics Bank of Memphis; Planters Bank, Natchez; Agricultural Bank, Commercial & Rail Road Bank of Vicksburg, West Feliciana Rad Road & Banking Company, Commercial Bank of Natchez, Commercial Bank of Manchester, Commercial Bank of Rodney, Bank of Lexington, Vicksburg Waterworks & Banking Company, Mississippi Rail Road Company, Citizens Bank of Madison County, Mississippi Union Bank, Real Estate Banking Company of Hinds County, Bank of Vicksburg. On motion, H G Runnels was called to the Chair, and J J Chewning was appointed Secretary. On motion, Resolved, That Messers. J Wood and George G Skipwith of Nashville, be invited to take a seat in this Convention. The following resolutions was offered by Stephen Duncan: Resolved, That the first monday in January next be the period fixed on for a resumption of specie payments by the Banks represented in this Convention; provided the delegates from the Union Bank of Mississippi will give assurance that the post notes of that Bank will be redeemed with specie, or its equivalent, when presented at her counter. On motion to strike out all after the word "provided," the yeas and nays being called, the vote stood thus; Ayes. E Montgon.ery, of Planters Bank; M B Irmer, Commercial Bank of Manchester; J C Bole, Lexington Bank; S P Webster, Vicksburg W W & Banking Co; J A Quitman, Miss. R R Co; W Hardeman, Citizens Bank of Madison county; H G Runnels and R M Williamson, Mississippi Union Bank. Nays-E W Lucas, of Famers and Mechanics Bank, Memphis; S Duncan, Agricultural Bank, J J Chewning, Com. & R R Bank of Vicksburg; G H Gordon, West Feliciana R R & Banking Co; L R Marshall, Com. Bank of Natchez; Thos. Freeland, Com, Bank of Rodney; A M Paxton, Bank of Vicksburg. This being a tie, the motion was lost. S P Webster proposed to strike out all the above resolutions, after the word "resolved," and proposed the following as a substitute: Whereas, in the opinion of this Convention, a resumption of specie payments by the Banks of Mississippi on the first day of January next, would be prejudicial to the interest of the community, for the following, among other reasons: 1. Because the month of January is the middle of the business season, and the period of the year when both planter and merchant stand in most need of all the bank facilities which can be afforded them. 2. Because it is the season of the year at which the largest amount of engagements have usually been made to fall due, and causes the months of January and February, in ordinary times, to be seasons of peculiar pressure in the money market. 3. Because the engagements maturing in January and February have, to a considerable extent, been passed to foreign creditors, and would immediately be demanded in specie or Eastern exchange. 4. Because of the present high rate of exchange against this state, in which condition a resumption of specie payments is unprecedented in any state of nation. The recent resumption in New York not being made until exchange had been for a period of two months in their favor, and in Philadelphia not until five months after that condition of things existed and at a time when the importation of specie by the banks of those places was a business of profit. 5. Because a resumption in January would cause the whole bank note circulation of the State to come in upon the banks, and leave the state without a circulating medium at all, to the great detriment of trade, and to the utter ruin of all who have money to pay at our spring courts, or provisions to purchase for the coming season. 6. Because it would be a burden of from 2 to 5 percent. of their whole circulation, upon the resuming banks without corresponding benefit to any class of persons, other than the Northen holders of our circulation, who have purchased it on speculation at from 15 to 40 percent discount.
