The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-09-13
NATIONAL BANK CONVENTION.

Tho Bankers of the Northwest in Council-Shong
Opposition to Mr.. Hoopers Amendment toathe
National Banking Act-An Effort Being Made
to Have Judge Nelson's Decision Reversed, Etc,
Chicago September IA largely attended
Convention or the officers and managers of the
National Banks of the NorChwest is Ia session in
this city to-day Siyty-siX Presidents and
Cashiers are IN attendance, representing the
States of Illinois, Iowa, Wisconsin, Indiana,
Michigan Missouri and Minnesota, and one
delegate from Louisiana. q. w. Cochrane,
President of the City National Bank, New Or
leans.
The Convention organized this morning by
the APPOINTMENT of 4. ID. Jones, Cashier OF the
Second National Bank OF 81, Louis, Chairman;
Ira Holiness Cashier of the Third National Bank
of Chicago Secretary; and Ira NJ. Clifford, of
the First National Bank of Davenport, Trea-
surer. ~.
pOntnient Uf committees. The OBJECT OF the
Convention is consultation in reference to the
questions of redemption, taxation on circulation
and deposits, and also to bring pressure to
bear on Congress TO defeat the amendment IN
troduced by Mr.. Hooper, from the Committee
on Banking and Currency.
IL is more than probable that to accomplish
this and other objects, the Convention will effect
a permanent organization, so that 1t may act
unltediy upon financial matters before Congress
hereafter The principal business, however, will
be the question OF redeeming all national bank
notes in New York, Boston, or Philadelphia 1t
will not take long, however, 10 SETTLE the matter,
as all are unanimous in denouncing 1t.
AFTERNOON SESSION.
The most important business of the afternoon
session was the unanimous passage OF the fol-
lowing:-
Reso,ved Una nimously, as the sense Of this Con.
vention representing the national banks OF the
Northwest, that the proposed amendment 10 section
70 az the National Bank act, as reported bY the
Hon Mr. Hooper, CT Massachusetts, which requires
ali fhe national banks Of the country 10 redeem their
nntes in Phlladelphla, New York. or Boston, meets
onr arnest and decided olsapprobatiOn. We believe
fhe effect of such amendment, II substituted for the
nrovSOn in the law 1t now exists concerning re-
SSawnI;ons' will Oe TO seriously emOarrass and i'm.
nede the commercial and financial interest OF the
entire West and Southwest bY the forced concen-
trattons in the Eastern cities OF very large portion
OF Inc means of the banks winch tine commercial ne
csss tias eaneciay of the West require TO be used
MT home we can see good reason Tor Ignoring
the great CONNIE cal centres OF toe west ana south
west IN the manner d opposed ana believe that the
time has come when Is alike our interest," anu our
duty 20 demand a recognition OF the financial anu
commercIaI impor ance OF our section OF the coun
trv We therefore earnestly remonstrate agains
the passage of the proposed amendments, anu re
spectfulIv ask our SeaatOIs and Representatives n
Congress to use their efforts 20 prevent any materla
alterations OF the existing laws concerning re
demphOns. So,
The Convention also expressed itself by reso
luton opposed TO the taxation OF NatlOnal bhnt
stocks actually invested in United States secu
rites by State or municipal authorities, an'
hat they could co operate with parties nov
ngaged ia the East to have the New York de
,sion oil Judge Nelson reversed in the United
sates Supreme Court.