Suspension of specie payment.
--Many of our citizens will no doubt be gratified to learn that all the Banks in
Richmond have suspended specie payment.
This result, it is hoped, will give relief to our manufacturers, and enable many of them to continue the employment of their present forces, and thus save the working classes from the many horrors which would inevitably follow a suspension of employment at this particular season of the year.
We append the resolutions adopted by the Board of Directors of each of the Banks, to show that the political disquietude all over the country has brought about a distrust in financial affairs which is truly deplorable to be looked upon.
The Directors of the Farmers' Bank on
Virginia, by whom the initiatory step to suspension was taken, adopted the following resolution:
‘
"Resolved, unanimously.
That, in view of the distrust which prevails of the suspension of the large money trade with the
South usual at this season, and of the pressure of the law requiring the Banks of this city to redeem the circulation of their branches — a law which bears with special severity on this Bank, because of the number of her branches — specie payments be for the present suspended; and that a course of policy be pursued which will prepare for an early resumption."
’
The Directors of the Bank of the Commonwealth, at a called meeting held on the night of the 20th inst., adopted the following preamble and resolution:
‘
"In view of the political troubles of the entire country, by which confidence is being almost to tally destroyed in commercial circles; and also of the mercantile distress in our community, which if it continue must devolve a heavy loss on the
Banking Institutions of this city: Therefore,"
'Resolved, that this Bank suspend
specie payments until the further order of the Board'
’
The Directors of the Bank of Richmond met yesterday morning, and after duty considering the question of suspension, adopted the following resolution:
‘
"Resolved, That the other
Banks of this city having suspended specie payments this Bank deems it due to itself and to the community to do so likewise."
’
At a meeting of the Traders' Bank of
Richmond, held on the 21st inst.,
Hector Davis,
President;
John B. Davis,
Jos. Brummel,
Geo. W. Smith,
Franklin Stearns,
J. Thompson Brown,
C. E. Whitlock and
Thos. Jones being present, the following resolutions were unanimously adopted:
‘
Resolved, That the
President and Directors of the Traders' Bank, influenced alone by a desire to do justice alike to the stockholders and to the commercial community, determine to suspend, for the present specie payment.
Resolved, That they will pursue such a policy as to enable them at the earliest practicable day, to resume the usual routine of business.
’
The Directors of the Exchange Bank in this city, held a meeting and adopted the following resolution:
‘
Resolved, That this Bank for the present suspend specie payments.
’
The Directors of the Bank of Virginia also held a meeting, and resolved to suspend specie payments, in consequence of some of the leading
Banks having adopted that course.
