New-York tribune., 1869-06-24
NAnoNAL BANK CONVENTION


at the St. Nicholas Hotel yesterday The temporary
ganizaOn effected by calling the Hon. f. c. Spaul-
ding to the Chair aud appointing w. W. Teall and J VIII
bur Secretaries The permanent organization was COM
peed the election OF the Hon. Theodore NJ Pomeroy OF
Auburn, President; Vim. Sutton Of Mass, j. c. Mouton
of N. H. H. A. Thompson Of Md. ]. s. Thomas OF oho'
and f. b. Lomis OF Conn.,. Vice Presidents; W. W. Teal
George Adams and Edwards Belts Secretaries. On mo-
ton of Mr.. Coleman, it resolved that Committee OF
sevenyve be appointed whose duty it shall be to take
such action they may deem for perfectng
the banking laws for securing sound and legitimate
banking and to attend to all matters OF mutual interest
TO the public and the National Banks Ten members OF
the Committee shall constitute quorum for the tansac
On OF business and they shall have power TO appoint an
Executive Committee. The address delivered by
the Hon. Theodore M. POmerOy. After some exchange
ourned after which the COMMITTEES OF seventy held
q meeting for the purpose OF organizing.
on assuming the chair, the Hon. Theodore NJ Pomeroy
GESTIENEN OF THE CONVENTION: deem 1t most dis
tngushed honor TO have received this compliment from
YOU esteem it especially that In retiring from political
life and being removed from the sphere OF political use
funess where might aid In perfecting the great ana
beneGcent system OF national banking born Of the brain
and nurured by the muscle OF the distinguished gentle
who presided over your preliminary organization,
receive such kindly greeting from the great business
interest which you represent In American lie assocla
ton the law OF progress This fact Acknowledged
and acted upon by national banks Immediately upon
the Inauguration OF the present system. How much OF
past prosperity and OF present security TO capltal EN-
barked in time of national peril and in a
spirit OF patriotism for which capital never has
0H,
especially TO tho indefatigabe labors OF the
Committee to whom the supervision OF your interests
was committed you will not yourselves ever adequately
comprehend 1t is desired now to make this association
originated in the infancy OF the SYSTEM aud when the
entire capital OF the National Banks was less than $4,000
000 as comprehensive as the system ITSELF Inc common
interests can only be protected and strengthened by free
relations The foundation laid in time OF civil reyOlu'
tiOn, aud which could have been laid only under the
pressure Of great public calamity and amid the enthus
OF people stalking their fortunes upon the manen-
ance OF nationality, remains secure; ana upon IL mas
policy both lust and comprehensive and not only better
adapted TO the wants OF American industry and progress
than any which has preceded IT, but the only one which
IN ls adaptauOn ana GapaDiliIles can LuIIy eet
the demands OF our anomalous situation That II Is not
is not perfected Is the fault OF the nation Itself Let but
the National Government return TO lts integrity
asa the the ecSSasaG money Of the
commercial world, and the National Banking
redeem every dollar " outstanding circulation without
stopping wheel or spindle or parayZlng the oss sehs
ed aud does not now assume to dictate the time or means
when or by which this consummaton so deY0uty hOped
loyal people hndlng expression IN cossututohMa M !Vs ]
through Its legislative assemblies, and Is at all times
ready 20 redeem I'm loyal money, whether II DC green
backs gold whatever shall be accepted by the Govern
men for ITSELF and by designated TO the people as tne
believe or aver that the National Banks have as
body any interest adverse either TO the Gov
sIaT6 e returR RH0TtS Specie payments
They accept the situation IL is, with the lawful money
lA. VI
gold as the only Of commercial value, desire
only 70 express their readiness for all of their
obligations that standard OF valuation whenever tue
national Government shall deem II practicable TO meas
urr It's own obligations by the same standard without
detrmcut 70 the public welfare There is no conflict De-
tween the Government and the banks upon this question
OF resumption. The latter but wait for the former,
meanwhile redeemng on demand their Obligations in the
lawful money OF the day. ana dlsDursng ther
OF individual wealth through organized forms 70
strengthen labor and stimulate Industry. IN the
practical working OF the banking system but
few radical changes are necessary. fTncipal
ever beneficial I'm itself withstand the pressure OF
popular opinion. The people are Jealous OF nothing
which is open 70 free competition Inc prlnclpe Oh Tree
hankiEg eliminated the banking interest IN ire state OF
time Of It's inauguration Inc same penencla result VII
follow the henetcent cause IN the national Dank-
ing system ana u can ue -, & ~ ,b ~
inability 20 organize further banks with the plFege oi
cruation is equivalent to the grant OK special
charter 20 every existing bank "netner 1ne pres
eut circulation or the country, the treasury
notes ncUded. is more or less IMAM the
country demand no man knows or can calculate Al
speculation upon the subject is the neresI
There tombstone which IS infaable, and that Is re-
another promise OF the GoVeEhheu uul W WaetIaI
In the actual value OF gold Let the puDc then u
IN to-day behind its legislative t oI H n9t Oh
Its choice but an imposition by the national GOV,
eIhheh heCeesay a'i I',,i, Win re-
SUSPENSION and to De TemoHsn e op,ien Of the nrip
cpe OF free banking Will not oaly dspe most OF the op
position existing TO the National system, but VIII
Of itself remove many OF the burdens and
the present law The old idea, exploded for a
quarter Of century IN this state that banking IS
be exercised by the citizen Is the origin OF most OF the
grievances contained in the present law The right to
Issue circulation pass current as the representative OF
money, II granted 10 should be open 10 all. Beyond
the question Of such circulation and its redenp
ton the Government has concern with this than
with other business. II choose TO place my plate
In the vaults OF bank with its permission II my priv
ege and 40 II is to place my money In It's Keeping t Is
mere private transaction in which the public at large
have possible interest. No more Is II proper func-
of %
which bank shall Keep IN IT'S vaults wien " don't want
10. and shall not when II does IL would be Just
sensible absurd whichever you please TO call IT, TO
apply the same restriction 10 every corporation
aud Individual Rs o protection in the prosecution
Of their respective business Let II come 10 be under
stood that the stands sponsor for the bill.
holder alone and that stockholders and depostors
look for themselves aud not only true business
principle will be established but greater efficiency in
management will be secured and frauds and defacaons
become commercially less. do not propose, however,
20 array tins occasion the matters OF detail susceptible
OF legislative amendments. They are many, but IN my
opiuion. beyond the questons Of resumption and free
banking, OF no vital Importance and such as this
ganzauOn, with patience and wisdom, can adjust The
future rather than the past must demonstrate whether
that patience and wisdom for the centrifugal force
OF State and local jealousy, which Is the continual and
necessary corrective OF the tendency toward centraza
lion National Government, disturbs to-day, aud
Will continue To disturb, all legislation upon this
subject We call our currency uniform IN value.
As local currency II Is In fact uni
FORM because everywhere redeemabe If not in gold
AT least In the uniform representative Of the Govern
ment faith. expressed in the Treasury notes As Ma.
tOnal currency 10 is not uniform, and never Oo made
So for the issues OF commercial must ever
eror n actnnl ynlue t the issues OF commercial cen.
tho extent Of the temporary and nuctuatng diff
ference OF exchange THIS natural dlmculty however,
like friction In mechanics is simply to be recognized and
the machinery adjusted accordingly. lt produced no
practical element of dscord In the state system OF New
York. 10 will produce none In the National system when
practically met and adjusted by the common OF
practical bankers THIS and other similar questions
should be settled In conference OF your own Executive
Committee aud whatever legislation may be necessary
VIII readily follow