, 1866-09-13

!EaEr.aef Column Will tje found i report !
ef slle Convention Of the National Banks of !
tae Vest. which was lrid in this city yes
tcEday. The attendance. Was large and i'm. !
posing, there being representatives from !
every Stctc in the Wrst AND Southwest, and |
the Convention was, in i financial sense, ;lte !
most important that has ever taI,cn place |
this side Of the A1!-Ehanies. The Interests t
represented arc Large, ag.rcgatir- lnatay |
millions OF dollars, and from ...t ability Of !
the delegates, and their ,:,uaintancc with |
the resources and business OF the West, !
the diSc,;.~iuns involved, and the sen. j
tlEents expressed cannot Gli1 to hare !
considerable influence with Co.lsress, in its
deliberations Oh our rational tnancc7, and
more especially On the National Bank system.
Tic Gail owes its origin to Mr.. Hooper: 7,ro-
posed amendment To The National Bank law,
Ituivsiir;S for central redemption, which was ,
laid user Till tl.c i.ext SESSION OF CONGRESS.
The appearance of this amendment WAS The
signal ior widespread alarm among tic
National Bankers Of the West, who foresaw
that If passed it would have cntai1cd a sar.
ious injustice on them. The Western mc,r,-
bcrs Of Congress also saw the danger.
and voted in 4 solid body for its
ro5tponcmcnt. TIC great objection
to the Giil consists in the fact that II would
compel the country banks throughout the
West TO lork up n large per centa:sc Of tlelr
funds in New Idfk, where at most no greater
Interest tli:H fonr per cent. could be realized,
If indeed SD much could be had, thus matte
rally restricting, their ability to aid the co1n-
mcrcial enterprises Of their own immediate
ncighborl,ocd- Chicago is the great 1inan-
cfaI centre Of tile Northwest. Hcrc the trade
CT the West centres. Here all til: country
banks arc Obliged to Keep their accounts, as
: all tho exchanges are made here and for the
country banks to be obliged to
keep two laryc deposit accounts
one in Chicago aud one in Nc;y
York, was looked upon as too great a l,ar,l-
Ehip-one that The banks could i'll afford /,
bear. At the time that Alr. I!oopcr's BILL
made its appearance. it was suggested that
tic points Of redemption he :,eoys;l phically
asran.el-Chicago Tor the Northwest: st.
Louis or Cincinnati for the Southwest: New
Orleans for the South; New York for the
Easti and San Francisco for the Pacific This
arrangement would b. fur moTc bcne.
fcinl than the one proposed, rs it
would not ccntralixe the whole capital
Of the corutry, for the exclusive benefit Of
9 lot of stock gamblers, whose only desire is
to have an easy money market to enable
them to prosecute their srec1ilat.ons. The
aca4o1l VI lhc Convention on tllc Question Of
Genital redemption was exceedingly pointed
Mr. Couibaugh's resolution, disappearing Of
TIC citirc sclcine, was unanimously adopt
cd, without even going through the form Of
discussion.
The question oftaxntlon was also taken M,
ane in the course If the discussions, II was
plainly evident, that the delegates wcrc op-
posed 10 any Municipal State or County tax-
aticn. In this we do not agree with them.
Tic profits Of National Banking are large,
judging from The quotations VI i.c stock OF
sciEe OF these institutions, and it is our
opinion That they should contribute to tho
expenses oil Municipal and State Government,
as the capitalist does, Wlla Invests lis money
In merchandise or ,tal estate
In the consideration If the question Of il.
terrst and discount, il was recommended
that the exception in the 1hrtirth section Of
the National Banhsu. Law Il. stricken o,,t d..
II reads as follows: "Eycrnt tia. ,rhcra Tie.
"l,ic laws Of apy State q different rnte il
.!:udt ed C.y hanks or is.,,,. ,r*.,,,;-c, ,,,,r
estate 1aws- t],c mice =, I,,u;tc1 s1,,,1 ~, ,l
.sioycd FIR sssnri,1;ons or,,,,;,,u1 l., .,,ol,
estate ,,nlrr Ills .c,,, Th:s crco,t;,, -r,s
m Loub,. ,,tedlco,c1 an thc f,ct ,,,t IN
eo,uc instances tLc s,a.c ,avs restricted
State banks ,o onc ,-,,c of intarcst ,vhi,c
private Individuals and o;bcr cornor,.,n,s
charged another.
We lpll 10 discover t4c henrtits ,h,. ,r;n
accrue to The Sa,io1,1 Banks or the ,,r.l;c
by the rc1 cal Of the twcnty-nint,, section al
the Currency Act, which forbids any a,,n.
pcrs.n or corporation from obtaiu;n. more