North Western Bank of Virginia (Wheeling, VA)

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Highly Important Meeting of a Portion of the Suspended Banks. At a meeting of a portion of the Banks of this State, which have suspended specie payments, held in Charlottesvile on the 7th October, 1857, the following Banks were represented, to wit: The Bank of the Valley in Virginia, at Winchester, by H. M. Brent, Esq. The Monticello Bank, by Messrs. N. H. Massie, B. C. Flannagan, Val. W. Southall, E. A. Watson, R. W. Duke, and J. Wood, jr. The Bank of Commerce, by J. M. Herndon, Esq. The Bank of the Old Dominion, by Wm. N. McVeigh, Esq. The Bank of Winchester, by Robert Y. Conrad, Esq. The Bank of the Valley in Virginia, at Charlestown, by Andrew Kenuedy, Esq. The Bank of Rockingham, by W. G. Stevens, Esq. The Northwestern Bank of Virginia, at Wheeling. by Z. Jacobe, Esq. The Merchants' and Mechanics' Bank, at Wheeling. by R. Crangle. Esq. The Central Bank of Virginia, by Messrs. Wm. Kinney and W. H. Tams. On the motion of Mr. Massie, Mr. BRENT was appointed Chairman of the Convention, and Mr. TAMS Secretary. The object of the meeting was stated to be. to take into consideration the matters contained in the following communication. addressed by the Governor of Virginia to the First Auditor and Treasurer of Virginia, a copy of which communication had been forwarded to the suspended Banks: RICHMOND, VA., Sept. 30, 1857. GENTLEMEN: Information. received in the last few days. leaves no doubt that a number of the banks of the Commonwealth have, under the pressure of the general money crisis in the country, been compelled to suspend specie payments. The notes of some of these suspended banks have been refused to be received by the depositories of the public revenue. Among these are the Valley Bank and its branches. and the Northwestern Bank, and others. I have great confidence in the officers of these banks, and rest in the conclusion firmly that this suspension is but a means of protecting our own securities, public and private. This conviction makes me reluctant to exercise the executive discretion of prohibiting by proclamation the receipt of the notes of suspended banks in payment of public dues. To make proclamation now of such a prohibition would seem to threaten injury to the banks, individuals, and the State, by adding to the prevailing panic and destroying confidence. It should be the object of all to do nothing at such a moment to impair confidence in the alternate and early ability of our banks to redeem their credit and resume specie payments. The banks, doubtless, are anxious to aid the executive in protecting the State credit and collecting the public revenue. To that end I suggest that it would be well for you to correspond with the leading suspended banks immediately, and propose that if they will agree to meet their notes received for public dues, in fifteen days, with specie, at the public depositories, the depositories will receive their notes on State account, and the executive will not proclaim a prohibition of the receipt of their notes in payment of the revenue of the State. Respectfully, yours, &c., HENRY A. WISE.

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VIRGINIA BANK CONVENTION

WASHINGTON, Oct. 11, 1857. The Richmond Dispatch says that on the 30th ult. Gov. Wise instructed the First Auditor and State Treasurer to correspond with the leading suspended banks, and propose that if they would redeem in fifteen days with specie such of their notes as have been received for State dues, a proclamation of prohibition against the future receipt of their notes will be withheld. The representatives of & portion of the banks met at Charlottesville on the 7th, and resolved that the course indicated by the Governor was impracticable and injurious; but that the object would be attained if the banks would contribute 21 per cent by the 1st December, to meet the interest on the State debt due 1st January. Also, that all the banks in the Commonwealth holding demands against the State be requested to notify the Treasurer that such demands may be satisfied by payment in the issue of the creditor banks. The resolutions were presented to the Governors who did not give & decided opinion, but intimated that he had LO intention of prohibiting the receipt of suspended bank issues for the State revenue as long as the banks acted in good faith; but he said he had no power to compel the banks of deposit to receive the notes of suspended banks; but as far as practicable, he would receive and pay out their issues, trusting to their integrity to redeem as fast as possible. The Convention approved of these sentiments, and pledged the faith of the respective banks to carry out his views. The following banks were represented: The Bank of the Valley in Virginia, at Winchester; the Monticello Bank: the Bank of Commerce: the Bank of the Old Dominion; the Bank of Winchester; the Bank of the Valley in Virginia, at Charlestown; the Bank of Rockingham; the North. western Bank of Virginia, at Wheeling; the Merchants' and Mechanics' Bank, at Wheeling; the Central Bank of Virginia WASHINGTON, Saturday, Oct. 10, 1857. The Navy Department to-day received dispatches from Commodore Armstrong, dated Shanghae, July 15. On arriving off Woosung, Commodore Armstrong found the Levant ashore on North Bank, but by aid from the San Jacinto she was got off without having sustained any apperentinjury. The Levant left on the 26th for Hong Kong. The ship Portsmouth arrived on the 13th of July at Woosung from Hong Kong. Commodore Armstrong states that the principal reason for leaving Hong Kong was that a portion of the senior officers of the San Jacinto, himself among the number, were suffering very severely from the disease incidental to that climate, and it was deemed absolutely necessary that they should seek & colder climate. The change had already been beneficial. Late advices have been received from Ningpo, to the effect that the Chinese (Cantonese) and Portuguese were former the which have had an engagement, in victorious and destroyed the vessels of the latter, but committed no outrage or depredation upon foreign residents or shipping, Quiet is now completely restored there, and our citizens have no apprehension of any further disturbances in that quarter. tShanghae all is tranquil. Our citizens pursue their commercial enterprises without any difficulty or molestation on the part of the Chinese people or authorities. $180,000 of Government stock. including interest and premium, was redeemed at the Treasury to-day. WASHINGTON, Oct. 11, 1857. The Southern mail from all points as late as due has been received. The Tallahasse Sentinel states that Governor Perry was inaugurated there on the 5th inst. The inaugural was short, and contained pledges of official influence for the advancement of the cause of education and the completion of railroads inaugurated by the State. The portion of the address commenting on the Federal relations and Gov. Walker's Kansas policy was greeted with applause. The inaugural was not published, and consequently a synopsis of this part of it cannot be given.

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MASSACHUSETTS FINANCE AND BUSINESS

[From the Boston Port, Oct 12 Saturday WAS quiet day and mercandie payments generally were made with comparative case At the opening of business the banks held $2,636,100 in coin, an aggregate gain of $300,000 in the week, over and ab ve the considerable demand at their counters, the calls of the country banks and of N W York the payment of duties, & &s. This increase of specie in the midst of difficulties is bighly encouraging With their largely reduced de posits the banks stand strong with $2 ,650,000, than they would with $3,000,000 in 0 dinary times And we are glad to be able to report an easier feeling among those who relain back confi ience The raising of large sums is as as ever. The outside market is as bare as ever, both of money and confidence. But wishin the banks, for regular deslers and for mode ate and money is not extraordinarily scarce at this moment or course, we are not blind to the fact hat few pm any thing but notes, that neighbors help each other to the timost, that trade is Dext to nothing, and that some of the leading retailers are beginning to offer their rich goods a ext emely low prices All these -idences of hard times are Date: to every observ r. while the newspapers are filled with other and equally signideant facts bearing upon therame sobject Money isvery scarce everywhere, beyond doubt: but what we meat to say 18, the it in by no means as scaree in the banks noit was fort nightago Many of the heavie borrow both outside and in have been killed off and thus far, at least, the Beston banks do not h Id ruspended not to say bad) DM per. to an inconventent amount The outside lenders and the and brokers have the banks capitalists, country for had the large: share of the failed notes about It thus sappens that our banks we apparently fait approximat to be & which they can take care of all the eur in vivors that are eld be worth sving Some of the atilutions true, are yet smely poor; but, speaking generally the money market has improved very much . within fortnight, to esteemed back borrowers With strong note or favorite security presented by a statement applicant there new good chance of getting the m sey at six 10 ten per cent, within & day or two 11 not the of moment ication. app And from two curious features of the market it is res sonsble to believe that the banks mig his safely do even more for their customers than they are now doing These features are the comparati esse within the banks, and the almost utter impossibility of making transactions out. side, on anything at any price. The fear that our Decle might FREE to New York, to case of any expansion of our backs, has been constantly present to the minds of the cautiers Bus " is now fact and not is ueesion for disoccasion. that If OUR backs ex canded three millions to. morrow New York would scarcely get more of our gold then Timbactes. The best New York paper with the best Boston names, or the best Boston n paper with the best Bos ton names, coult not be sold & any price in State street, to any considerable sums There is no doubt of this fact, and 11 is prominent one at the same time that hundreds of thousands dollars are daily borrowed of our banks at $0 cent ten six per There is an utter lack of confidence in paper in State street, conjoined with very great lack of means. Espe clally is any thing New Yorkish to disrepute All that New York can get of us at present is from the drawing of specie OD small obecks, which amount to nothing in the aggregate. New York funds are in demand and in limited mus pty with us: but the movement of specie, either way, has been inconsiderable for some days past. From judi. clous increase of discounts on the part of our banks, sicanl taneously and to those only who have notes to pay, we are confident that New York sould not possibly derive the means of getting any notic table amount of specia. Every thing seems to be on firm ground in Boston with the mass of the me cantile community The feeling here is quiet. but somew hopeful. The only great cause for anxiety is New York, where things seem tobe getting into "a dead lock -where the banks are bviously 100 weak to do anything of consequence, in the face of meetings and letters that cost little and am unt to less INSURANCE COMPANY ENJOINED IN BOSTON. [From the Beston Advertiser, Oct. 12 On the application of the Insurance Commissioners made before His Honor Justice Merrick of the Supreme Court, the follo in; injunction was on Saturday granted against the People's M tual Insurance Company of this city Whereas has been represented to the Justices of our Supreme icia Court, situ *88 'ourt of Chancery, by John Field Alibu B ker and George Stearns, Insurance Com m issioner of the Common of Massa husetts that am ong other things the People Mutual In urance C mpany is. and form long time has been insolvent refusing and being unable to DRY the just claims of its creditors we, therefore, strictly comm nd each of you from fur proceeding with any usiness of sale company the further order of our said Court or some of the justices thereof LEMUEL SH W. Witness To the People's Mutu al Insurance Co. their officers, solicitors and agents. The petition on which the above Injunction is grauted nets forth that on the 20th day of Apail, 1855, on applica ion of the ID urance companies a temporary junction was granted against raid company, which injunction was COD sequently made perpetual as far as regards the issuing of policies and in other respects was dissolved: and futher, that while asid junction was ID force, the company con Linued to Issue pulicies, and at a meeting of stockholders endeavored to ratify the isme, and that the parties hold ng said policies were then and are now acting as members MI (11) cere of the company And the commissioners further say that the company 12. and for a long Time has been involvent, and refuses and is ELAT le to pay its just debts Also, that the officers have used audulent means to secure the control of the com pany and that since the first 12 jaction was made perpetusi, the ffice ra have mw large collections of assesment upon deposit noter. which amounts they have failed and refeeed to pay in discharge of the debta of the company, and to the best be lief of the commis sioners, have used the same for their OWD OF and benefit: and 140 to this end they are instituting rexations suits against former policy bolders for the recovery of assesinents upon their deposit notes For these reasons and 042078, the com miss oner applied for an rjus cuon and an appointment of receivers, which was to Ony grandied as above The People's office is locat ed at No State reet, and is officered as follo Abijsh Richardson, President and Treasurer C. T. Rich. ardeun, Secretary Alweit Richardson, Alfred Loring, C. B. Fannce 8. Histings, J. B Flagg, A Richardson and C. T. Richarson. DI ectors The office at one time did for *iderable business, and now owes about $70,000, with nothing but deposit notes to meet the same. VIRGINIA BANK CONVENTION. At . meeting of the banks of LOIS state, which have suspended specie payments, held in Charistierville on the 7th October, 1857, the following banks were represent wit to ed The Bank of the Valley, in Virginia, at Winchester, by M H. & Req. The Montinello Bank, by Mesurs. N H Massie. B C. Mannegas Val W Southall, E. R. Watson, R. W. Duke Jr. Wood. and The Bank of Commerce by J. M. Hernion, Esq. The Bank of the Old Dominion by Wm N. Veigh, Rsq. The Bank of Winchester, by Robert Y Conrad Etq The Bank of the Valley, in Virginia, at Charlestown, by Andrew E.q. Kennedy The Bank of Rockingham, by W G. Stevens, Esq. The North western Bank of Virginia, at Wheeling, by Z. Jacobe Esq The Mer bants' and Mechanis' Bank at Wheeling, by R. Orangie The W Central Bank of Virginia, by Measrs. Wm Kinney and H Tame On motion of Mr MASSIB, Mr. Brent was appointed Chairman of the Convention and Mr Tams Secretary The object of the meeting was stated to be to take into consideration the matters contained in the following com munication, addressed by the Governor of irginia to the First Auditor and Treasurer of Virginia, a copy of which con munication bad been forwarded to the suspended banks RICHMOND GENTLEMEN rmation received the Va., last Sept fe days 30. 1857 DO doubt that number of be backs of the commonwealth have under the press of the money criels in the country been compel ed to sus: end specie payments The noies of ecome of three suspends: banks have been refused to be re celved by the depositories the public revenue Among the these are and Valley Bank its ranches and be Pack there and Borthwestern save reat 0001 denoe be officers of these banks and rest the conciu stop firmal has this suspenson 1# mean protec ing our own securities public and private This conviction makes me reluciant to exercise Las executive discretion of probibit. ng by claination the reseipt the atem of suspended banks in of public dues To make proclemation now such crohi 1000 seem ary vothe banks viduals and the State by adding to the prevailing Danie and destroying confidence abon be the nb do othing steuch moment to impair confic in the imale and early ability of our banks redeem their cre and eac payments The banks, doubtless areaux 0118 aid be the State credit and leading the revenue To that end suggest that would you o correspond with the leading suspend ed banks imit edistely and propose that they will agree me their notes received for public dues, to sen days with specie at he public depositories, the depositories will receive notes State account and the live will pro claim proble don of the useir 00.00 in payment of the revenue of the State Respectfully HENRY yours 4c A WISE to the First Andlinr and the Freasurer of the Common wealth of Virginia Mr CONRAD having #ubroitted to the consideration of the Conses: 10 series of settolations, and the same har. tour been discussed, It was, upon the motion of Mr. Monthall Regoised That committee of five be appointed of whom BIR Chairman bod 10 f this to be Velock this eventog upon meeting **resolutions of of loss may sinees lored by hey By Outrad deem sad nera upon any other mater of

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NIORGANTOWN

FRIDAY, OCTOBER 16, 1857. Important Bank Convention-The Governor's Decision. Says the Wheeling Daily Times, we publish the following proceedings of a highly important meeting of the Directors of the suspended Banks, held in Charlottesville last week. It will be seen that the Governor has very wisely determined, that if the Banks at Richmond refuse to receive the notes of the suspended Banks on deposite, he will authorize the State Treasurer to withdraw the deposites from the Richmond Banks, and to create a deposite else. where. We like this move of the Governor's. It shows that he is willing to do justice to all the Banks of the State, and not to lend the weight of his official influence to the propping up of the old Banks of Richmond to the exclusion of others, equally meritorious at least, in other portions of the State.The proceedings of the Convention are as follows: At a meeting of a portion of the Banks of this State, which have suspended specie payments, held in Charlottosville on the 7th of October, 1857, the following Banks were represented, to wit: The Bank of the Valley in Virginia, at Winchester, by H. M. Brent, Esq. The Monticello Bank, by Messrs. N. H. Massie, B. C. Flannagan, Valentine W. Southall, E. A. Watson, R. W. Duke, and J. Wood, jr. The Bank of Commerce, by J. M. Herndon, Esq. The Bank of the Old Dominion, by Wm. N. McVeigh, Esq. The Bank of Winchester, by Robert Y. Conrad, Esq. The Bank of the Valley in Virginia, at Charlestown, by Andrew Kennedy, Esq. The Bank of Rockingham, by W. G. Stevens, Esq. The Northwestern Bank of Virginia, at Wheeling, by Z. Jacobs, Esq. The Merchants' & Mechanics' Bank, at Wheeling, by R. Crangle, Esq. The Central Bank of Virginia, by Messrs. Wm. Kinney and W. H. Tams. On the motion of Mr. Massie, Mr. Brent was appointed Chairman of the Convention, and Mr. Tams Secretary. The object of the meeting was stated to bc, to take into consideration the matters contained in the following com+ munication, addressed by the Governor of Virginia to the First Auditor and Treasurer of Virginia, a copy of which communication had been forwarded to the suspended Banks: RICHMOND, VA. Sept. 30, 1857. GENTLEMEN: Information, received in the last few days, leaves no doubt that a number of the banks of the Commonwealth have, under the pressure of the general money erisis in the country, been compelled to suspend specie payments. The notes of some of these suspended banks have been refused to be received by the depositories of the public revenue. Among these are the Valley Bank and its branches, and the Northwestern Bank, and others. I have great confidence in the officers of these banks, and rest in the conclusion firmly, that this suspension is but a means of protecting our own securities, public and private. This conviction makes me reluctant to exercise the executive discretion of prohibiting by proclamation the receipt of the notes of suspended banks in payment of publio dues. To make proclamation now of such a prohibition would seem to threaten injury to the banks, individuals, and the State, by adding to the prevailing destroying confidence. It should be the object of all to do nothing at such a moment to impair confidence in the alternate and early ability of our banks to redeem their credit and resume specie payments. The banks, doubtless, are anxious to aid the executive in protecting the State credit and collecting the public revenue. To that end I suggest that it would be well for you to correspond with the leading suspended banks immediately, and propose that if they will agree to meet their notes received for public dues, in fifteen days, with specie, at the public depositories, the depositories will receive their notes on State account, and the executive will not proclaim a pro-

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Highly Important Meeting of a Portion of the Suspended Banks. At 2 meeting of a anortion of the Banks of this State, which have suspended specie payments, held in Charlottesville on the 7th October, 1857, the following Banks were represented, to wit: The Bank of the Valley in Virginia, at Winchester, by H M. Brent, Esq., The Monticello Bank, by Messrs. N. H. Massie, B C. Flannagan, Val. W. Southall, E. A. Watson, R: W. Duke, and J. Wood, jr. The Bank of Commerce, by J. M. Herndon, Esq. The Bank of the Old Dominion, by Wm. N. McVeigh, Esq. The Bank of Winchester, by Robert Y. Conrad, Esq. The Bank of the Valley in Virginia, at Charlestown, by Andrew Kennedy, Esq. The Bank of Rockingham, by W. G. Stevens, Esq. The Northwestern Bank of Virginia, at Wheeling, by Z. Jacobs, Esq. The Merchants' and Mechanics' Bank, at Wheeling, by R. Grangle, Esq. The Central Bank of Virginia, by Messrs. Wm. Kinney and W. H. Tams. On the motion of Mr. Massie, Mr. BRENT was appointed Chairman of the Convention, and Mr. TAMS Secretary. The object of the meeting was stated to be, to take into consideration the matters contained in the following communication, addressed by the Governor of Virginia to the First Auditor and Treasurer of Virginla, a copy of which communication had been forwarded to the suspended Banks: RICHMOND, Va., Sept. 30, 1857. GENTLEMEN :-Information, received in the last few days, leaves no doubt that a number of the banks of the Commonwealth have, under the pressure of the general money crisis in the country, been compelled to suspend specie payments. The notes of some of these suspended banks have been refused to be received by the depositories of the public revenue. Among these are the Valley Bank and its branches, and the Northwostern Bank, and others. I have great confidence in the officers of these banks, and rest in the conclusion firmly that this suspension is but a means of protecting our own securities, public and private. This conviction makes me reluctant to exercise the executive discretion of prohibiting by proclamation the receipt of the notes of suspended banks in payment of public dues To make proclamation now of such a prohibition would seem to threaten injury to the banks, individuals, and the State, by adding to the provailing panic and destroying confidence. It should be the object of all to do nothing nt such a moment to impair confidence in the alternate and carly ability of our banks to redoom their credit and resume speelo payments. The banks, doubtless, are anxious to aid the executive in protecting the State credit and collecting the public revenue. To that end I suggest that it would be well for you to correspond with the leading suspended banks immediately, and propose that if they will agree to meet their notes received for public dues, in fifteen days, with specie, at the public depositories, the depositories will receive their notes on State account, and the executive will not proclaim a prohibition of the receipt of their notes in payment of the revenue of the State. Respectfully, yours, do.,