Merchants' meeting.
--An adjourned meeting of the merchants of
Richmond was held at the hall of the Young Men's Christian Association, yesterday afternoon, at 6 o'clock.
In the absence of the
Chairman,
Mr. H. L. Kent, on motion of
Mr. Wm. G. Paine,
Mr. Andrew L. Ellett was called to the chair.
The
Chairman, after calling the meeting to order, stated its objects, and called on the committees to report their action.
Mr. J. B. Fickle, from the committee to ‘"recommend suitable measures for adoption in regard to exchanges and currency."’ reported that owing to the difficulty of agreeing to any plan that would suit all the merchant, they had not been able to agree upon a report.
Some of the largest houses in the city had but few liabilities at the
North, and it was not probable, therefore, that they would agree to terms that would suit others.
Mr. A. P. Fex. from the committee appointed ‘"to confer with the officers of the various
Banks in this city upon the subject of Northern exchange, with a view, if possible, to fix upon some reasonable and uniform rate,"’ reported that the committee had yet come to no conclusion.
They had held a meeting that morning, and had waited upon
Mr. McFarland, from whom they learned that the Directors of the Farmers' Bank and Exchange Bank had appointed committees of conference, but that the Directors of the other banks had not yet made an appointment.
Mr. J. B. Ferguson, from the same committee, stated that the Directors of the Farmers' Bank, Exchange Bank, Bank of the Common wealth, and Bank of Virginia, had appointed conference committees; but they had failed to meet at 5 o'clock, as appointed, and therefore he had no report to make.
An effort would be made to get those committees together, and when they determined upon some plan, it would be reported to the meeting.
Mr. Fox did not see what good was to be effected by another meeting.
From all he could learn, he was satisfied the Banks did not intend to make a speculation on the necessities of the mercantile community, and he was therefore in favor of adjourning
sine die.
Mr. Geo. J. Sumner concurred with
Mr. Fox.
No general plan in relation to exchanges could be adopted, and the merchants would, therefore, be compelled to act each man for himself.
Mr. Taylor favored another meeting, to hear from the conference committees of the banks.
Mr. A. K. Parker could see nothing left for the meeting to do. Merchants owing debts at the
North would be compelled to pay the current rates of exchange, whatever they were, or to decline to pay. The matter was in their own hands, and each one must act for himself.
He desired to see some arrangement made with the city
Banks by which the notes of solvent country
Banks would be received, and thus save the retail trade from a ruinous sacrifice.
He therefore offered the following resolution, which was unanimously adopted:
Resolved, That this meeting recommend to the city
Banks to receive on deposit, and pay out as current funds, the notes of all
solvent Banks in the
State.
On motion of
Mr. J. B. Ferguson, the meeting adjourned to meet again on Monday evening next, at 6 o'clock.
