In the City article of this morning's Times, we find
the following statement, bearing upon the subject of American commerce and banking-
" The great southern convention of merchants and planters had again as- sembled at Augusta on the 2d ult., in order to follow up the resolutions entered into in October last for opening and encouraging the direct trade with Europe, with a view to shake off their dependency upon New York. It was expected, however, besides this subject, that the banking question will occupy a large share of its deliberations. Upon the resumption they are strongly urged out of doors, but from a quarter subject to some suspicion, not to go with the New York Banks, but to recommend the Southern and South-western banks to defer their return to specie payments at least till the month of October next, as being from various causes a more favourable period. The delay was more particularly sought on the ground that by an earlier resumption the banks would be induced to curtail their discounts, which would operate to restrain purchases of cotton, of which one-fourth of the last crop was still calculated to be on hand, and could not be cleared off for some time to come."
Previous page
