New-York daily tribune., 1857-10-23
COrNIRY BANK CONVENTION.

COl NIk1 DAMN SON hAON''
SYRACUSE, Thursday, Oct. p, 1917.
A Convention of Country Barks was called to meet
at Syracuse this day, by circular Of George W. Cuyler
Of Palmyra
They will bold session this afternoon. Some 80
Banks ere at present represented and more deleSaes
are expec ed in the afternoon trains.
The object of the meeting appears to be the estao-
lishneut of Country Bark Redemption Agency or
Cheering House in New-York which shall save all the
present expense Of country banks on the redemption
Of their bills except such as arses from the rec0unng
in New York on the part Of the banks
IL is urged that such Country Agency would cave
them three.fouths of the present tsx on their cir
culatiop, and that as specie redemp-
ton Is resumed unless some such plan is adopted,
their bills will be crowded upon them again by the
city banks 10 runous amounts. Some of the lesding
banks "a The country are already represented
SECOND DIsPATCH.
The Conference of Country Bankers was held a. the
Voorhies House, this afternoon.
Gee. W. Cuy'er Of Palmyra stated that the circular
calling tie Convention was ssued by him, after con-
sultaticn with several Of the country bankers the
eve Of the suspension Of specie payment by the city
bauks of NewY,rk, ard when itseemed likely that the
currency Of the country would be in the hands Of the
ana IL was Tue uuiy VI Ah0 Nouhliy o""N>'
to protect themselves and each other in the criss.
Although the immediate necessity for this movement
did lot now exist, yet it was we'll that preliminary
steps should be taken ct the present meeting to meet
such emerge roles might arise upon the resumption
of speoie payment by the banks lie nominated Ros-
well Burrows for President. Mr.. Burrows, on
takirg TIE chair, referred to the events
which had brought about this meeting. These were
tie suspension Of specie payments by the banks OF
New-Ycrk city and Of other States in the Unlon He
stated that much necessity existed for such combna-
ton of the country banks as should protect them
against the evils which exist under the present system
OF dempon of their bills. The crculations Of the
ocnItIy banks do not now average over thirty diys
she formerly three or -four months was the least time
for the return Of The circulation Of bank. tax Of
per cent was thus imposed on the Country banks
once in every thirty days. II they redeemed the whole
of their circulation in thirty days. each bank suffered
tax of per cent per annum. IL was thought by
tbose who had given The best attention to the matter
that threeouths Of this charge might be ed by the
country banks having agency of their in New.
loIk or Albany TO redeem their circulation.
1t was the opinion If Mr.. Cuyler, who had given
much consideration to the subject that this could be
accomplished at quarter or third OF me present
the Redeemirg Agency or Clesrng-flouse for the
Country Banks. Tie object of it's foundation was not
only duce the expenses, but also to do away with
the undue influence which the present redeeming
bar ks In the City Of New York exercise over the
country banks end against which the country banks
at present individually make efectual resistance II
tie country banks ho ud establish an agency, such as
proposed il would be simply machine for the coec-
lion ard return of their nOtesto be operated by their
own appoiItd agent whose duty It wOuld be to count
ard a. sort the notes. and charge them over to the
several barks, less sthe actual expense OF operet-
ing The ofico; ard thus a great expense would be
saved to the country banks. Some persons think
that capital should be at once subscribed for the
establishment of the agency-say two and half
per cent the circulation Of the country banks,
making I'D capital Of 800 900 or $500, 900.
Others however, obec 10 this on the plea that banks
that can take OF Themselves do not desire 10 take
care Of others ard that is the objection 10 having
capital paid in. ibis, as he understood was the main
subject 10 be brought btfoie the consideration Of the
meeirg and Il would be proper subject for discussion
whether a committee SOC ud now be appointed TO
report at some future meeting plan for carrying out
the ol Ct sought TO be attain ed or whether this meet
rg should at fix the details of the proposed
organization, should be thought best to enter into It,
For himself lie thought very desirable TO have this
E1ChaI Ige or Clearing in operation months
pror to tie resumption OF specie payments by the
Dol k Of the State. The system adopted 10 New
York Of sealirg up the Ills Of country banks 10 pack
ages and using them in the payment Of balances must
lead 10 sccun uste large portion, perhaps onehaf
Of the circulation Of tie country banks In the City of
New-YCIk end vicinity. The consequence will be that
the notes OF those bal ks will come back in food
when specie payment is resumed, and many banks
may rot be abe to answer 10 the call. II the pro-
pos,d pisn should have been in operation reasonable
time prior 10 resumption, considerable portion Of the
county circulation would be returned TO the banks Of
sue before hat event takes place, and will then be
circulating smopg those who know the banks and
have confidence IN item.
Dir Burrows knew il would be desirable TO him If
he could regain his circulation from the Metropolitan
Bank ard cuoua,e il in hs vicinity, where people
have full confidence in the stability Of his bank. For
these ressors be thought il desirable to put the Coun
uyBsIk Cesrir g-House in operation several months
prior Ia the sumption of specie payment. There
ICtber branch Of business which he thought OF
IL portsnce; it the sppoil tmeDt OF committee
10y tie present meeting TO call future conventions. He
deemed ii very necessary for the country banks, at
utery as to hold meetings and consult together for
tie promoticn Of their mutual interests, and II
1ecessary IL order to this object that such
mirtee should be chosen.
Mr Outwater. Of Syracuse, was named as Secretary.
Mr. George w. Cusler moved the appointment Of q
committee Of frevento report business for the Conyen
,iou Motion adopted.
The Chair tHen sppointed the following Committee:
Messrs. Cuyler, of'PalDyr.; Hswiey, Of Buffalo;
Rochester. Of Rochester; Styke OF Rome; Magee,
Of Bath; Judion Of Oswego; and Fitch, Of Syracuse.
The naIes Of the delegates then taken, aud
The following banks ard capital were fonnd to be rep
IeseIteo:
ho.wsNs Burrows, 3sni Of Alb.0n.... 100000
Mr. Wright. Bsi Of i00oo0
Mr. AvcTd Sat sprrgs Bank Of syracuse. $4,000
bsniion hite. Eson White Bank, Of Syracuse 10000
Mr Ei., Central City Bspk Of Syracuse. ITO go
h' VSasss, osoasss Cesaiy Bank. 0t sy'asass, uS"9