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 to the notes already authorized by law, may be simply issued and put in circulation by the
Government.
They are persuaded that all the citizens of the
Confederacy will readily accept them in payment in their mutual transactions; and the Banks, with equal unanimity, will adopt them as the currency of the country.
As the resolutions upon this subject, adopted by the
Convention held at
Atlanta, Georgia, applied necessarily only to the notes then authorized by law to be issued, they recommend the adoption of the following resolution on this subject:
Resolved, That the Banks here represented agree that they will receive in payment and on deposit, and pay out again, the Treasury notes that may be issued by the
Government; and they recommend to all such
Banks in the
Confederate States as may not be represented in this Convention, to adopt the same resolution, and communicate their concurrence to the
Secretary of the Treasury.
The object of the
Government being to adopt these notes to perform the functions of currency, the committee are of opinion that the notes should bear the same date and carry the same rate of interest.
It will be impossible for the Tellers of the Banks and other persons engaged in handling money, to use these bills as currency if they varied in date and in the rate of interest.--If, on the contrary, they all bore the same date and the same rate of interest, they could be conveniently counted, and the sum ascertained as in the case of Bank notes; for it would be as easy to compute the interest on a hundred bills as on one.
No loss would accrue to the
Government, because in paying out the bills the disbursing officer would be careful to charge the rescinder with the interest as well as with the principal of the notes.
The interest should be 2 per cent. on every $100, or at the rate of 7-8-10th per annum, That the notes should be redeemable in three years, at the option of the
Government, and be receivable in all public dues, except the export duty on cotton, and be fundable at the will of the holder in 8 per cent. stock or bonds.
Notes of the denominations of $5, $10, $20, in the opinion of the committee, ought not to bear any interest.
These would more appropriately perform the functions of a currency, and they are of the opinion that the larger notes, such as $20 and $100 would be largely taken up by a class of our citizens who are not in the practice of making such investments.
These notes would pass into their hands in the course of business, and they would very soon discover the advantage as well as the merit of thus contributing their aid in support of the
Government of their choice and of affections.--The committee gave also a respectful consideration to the plan submitted by
Mr. Holmes, for the adjustment and final extinguishment of the public debt; but, without in any way impeaching its acknowledgement, they decided not to express any opinion as to the expediency of its adoption by the
Government, for whose purposes its adoption could be best determined, in their opinion, by the
Secretary of the Treasury.
All of which is respectfully submitted, G. A.
Trenholm, Ch'n.
Richmond, July 25, 1861.
