Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1870-06-16

G Mr.. Chairman aad Gentlemen 0
the Committee:
2 We come here at this time an
o ask a hearing before you as the rep
? resentatives of national banks, be
, lieying from long experience a
bankers under different laws and il
different States, that the presen
national banking system is by fa
the best ever inaugurated in this
country, and we most heartily de
sire its preservation; we also ap
pear here in an official capacity
representing the national banks o
the whole country. 1t may be wei
to say that in 1864, a convention
Of the then existing national banks
about five hundred in number, was
held in the city of New York, very
largely attended, at which an orga
nization, called the "National Bank
ing Association" was formed, ap-
pointing a general committee OF
twenty-five, and this general com
mittee appointed subcommittee
of ScVen, whose duty it should be
to look after the working Of the
National Banking law, try and have
uniformity Of action under the
law, procure the decisions of the
courts on doubtful provisions. and
generally to have charge of all mat
ters relating to the National Bank
ing law, and to take such action as
they might deem expedient. I'm
der this authority, that committee
found it necessary to contest sever
al provisions of the Banking law,
concerning taxation; also, to con-
test several claims under the U. S.
revenue laws, where a fair differ
ence of opinion existed, for the
purpose of getting a legal decision.
The number Of banks having so
largely increased since the organi-
zation in 1864, and that all might
feel an interest, and participate in
such an association, a convention
of all the banks in the country
was held in the city of New York,
in juno, 1860, at which meeting
new association was formed with
the same general powers as the pre-
vious one, constituted of general
committee Of seventy-iive officers
Of banks in each State, and this
committee was organized by the
choice of e. B. Judson, President
of the First National Bank, of Syr-
acu2e, N. Y, as President, end 2.
c. Calhoun, President Fourth Ma
tional Bank, New York city, Thom-
as Coleman, President of the First
National Bank, of Troy, N. Y, and
Charles B. Hall, Cashier Of the Bos-
ton National Bank, III Boston, as
Vice Presidents; and Clarence H.
Clark, President First National
Bank, Philadelphia, j. 8.
Norris, Vice-Presdent First Ma
tional Bank Baltimore, B. f, Loom
is, President First National Bank
New London, Conn, John W. Ellis,
President First National Bank, Gin
natl, w. F. Coolbaugh, President
Union National Bank, Chicago, ILL.,,
and F. W. Cornenbold, President
First National Bank, St, Louis, Mis-
souri,, ten in all, as names to con-
,titute an Executive Committee,
% watch over the general interests
If the national banks, and to Sc
.ure such proper amendments to
he National Currency act, from
ime to time, as will be alike bene-
icial to the national banks and TO i
he business of the country" !
This power and duty, conferred {
y the convention named, will &
how the committee that we are {
ere in an official capacity, repre- l
enting the banking interests of
he country. !
Now, Mr.. Chairman, I venture {
he assertion that nothing would t
lduce these gentlemen before You g
} have left their important duties 9
t home, and come long distances |
'om various parts of our country, i
ut the conviction that the provis- S
ms of the Funding bill, so seri- a
usly affecting national banks, r
ould, fpassed as it came from Il
le Senate, break up the present a
,stem, produce great contraction t
the legal tenders, thereby vastly b
amoralizing the whole business in s
rests of the country, and necesSa- b
'ly breaking down the price Of it
nited States government bonds to 6
lat point that would inevitably s.
'event the Government from fund CT
q any considerable amount at the Il
ties Of interest named. fC
Now, sir, it is claimed that banks g
&c making a great deal of money. u
hat is not true Of the banks, as a OF
hole, or of any considerable num- tr
n. Some few banks may be so
tuated; but you are expected to pl
'otect the system as a whole, if it h'
worth saving, and therefore you de
nnot legislate to cover few ex id
ptional cases, which, upon ex st
nination, will show that such 10
INKS make large profits out of &C
.avy deposits, incident to their th
.culiar locality or class of depos- OF
ors, aud that state ofthings would N
list whether the institutions were is
.tional banks or not. ez
1 grant you, that during the war Sc
a three or four wears after the su