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[410] the Government Treasury notes on deposit and in payment of debts due the Banks, and pay out the same to their customers; and this Convention, representing nearly all the banking interests of the States, with the exception of our sister State Louisiana, have determined upon and adopted the aforesaid policy; and, whereas, it is understood that the Banks of Louisiana are willing to cooperate with those of her sister States in aid of the Government, but it is understood that there is a constitutional barrier in the way of their immediate cooperation, this Convention, believing that it is so vitally important to have a complete concentration of the credit of all the Banks as to fully justify the assembling of a State Convention, if need be, to remove the barrier. Be it, therefore,

Resolved, That the Banks of Louisiana are hereby urgently requested to take the earliest opportunity, by their combined influence, to procure the removal of the prohibition alluded to.

Resolved, That his Excellency the Governor of Louisiana is hereby respectfully requested to take such action in the premises as will most promptly effect the desired object.

Resolved, That the Secretary is hereby directed to forward to the Executive, and each of the Banks of Louisiana, a copy of the proceedings of this Convention.

Mr. George A. Trenholm, from the Committee on Business, made the following report:

The Standing Committee of the Bank Convention instruct me to report that they have had the subjects committed to them under consideration, and have made some progress, and ask leave to sit again. They now recommend the adoption of the following resolution by the Convention:

Resolved, That it is recommended to all the Banks in the Confederate States to make arrangements with the Banks in Richmond, Va., and in other important cities, to receive their notes in payment and on deposit; and to the end that soldiers may not be subjected to any discount on their money, the Banks making such arrangements be requested to give public notice of the same.

On motion, the above resolution was adopted.

Mr. G. A. Trenholm, from the same Committee, submitted the following additional report:

The Committee beg leave to report, that they have had under consideration the resolution offered by Mr. Whiting, and they recommend that the action of the Convention, or so much of the same as relates to advances on cotton by the Government, and on other produce, or the purchase of the same, be postponed until an adjourned meeting of the Convention. And they have also considered the resolution offered by Mr. Trenholm, recommending advances be made to planters by the Banks, and they recommend an adoption of the same.

They ask leave to sit again, having not disposed of other matters committed to them.

After some debate, in which Messrs. Coffin, Bee, McFarland, and Trenholm participated, the recommendation of the Committee as to the disposition of the Whiting resolution was adopted.

Mr. Trenholm's resolution was adopted, and is as follows:

Resolved, That the planters of cotton and other produce having responded with great spirit and liberality to the calls of the Government, and subscribed largely in produce to the proposed loan for the defence of the Confederate States, it is hereby recommended to all the Banks throughout the country, to make to planters who have thus subscribed a portion of their cotton or other produce in aid of the Government, such moderate advance on the remainder of their crops as their necessities may require.

Referred to Committee on Business.

On motion of Mr. J. G. Holmes, his plan for arranging the Confederate loans, also a plan for equalizing the value of certain portions of Bank notes of such Banks as have subscribed, or may subscribe, to the Confederate loan, was referred to the Committee on Business without being read.

On motion of Mr. G. A. Trenholm, Mr. James G. Holmes was added to the Committee on Business.

The President read the following communication from Messrs. Tompkins and Nixon, of Louisiana:--

Richmond, Va., July 26, 1861.
Gentlemen: The undersigned, representing the Crescent City Bank, of New Orleans, in your Convention, feel a delicacy in acting in the Convention, as they have received information that no other Bank in Louisiana will be represented. They therefore ask leave to withdraw their names from the list of delegates. With our best wishes for the success of the Convention in the objects for which it has assembled, we are,

Very respectfully, &c.,


On motion of Mr. J. G. Holmes, the Convention took a recess until 5 P. M.



Evening session.

The following important report, from the Standing Committee of the Bank Convention, was unanimously adopted at the afternoon session of that body:

The Standing Committee of the Convention of Banks, beg leave to report on the following matters submitted to their consideration:

On so much of Mr. Whiting's resolution as relates to a further issue of Treasury notes by the Government, they are of opinion that at least one hundred millions of dollars, in addition


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