Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1875-06-29
Correspondence of the Herald. ]
Bankers Convention.
SARAroaA SPRINGS. July


Der of representatives of banks who
have come to attend the convention has
been considerably increased since yester-
day. The morning was fine, the air de-
lightful, and the delegates seemed to
feel. when they assembled, that If there
was any real work to be done, they were
ready to take hold of it. But everything
in this place tends toward idleness, and
in order that this convention should not
be an exception to the general rule, the
| convention was not called to order till
one hour after the appointed time. The
punishment of making every member
rise and respond to the roll-call was
omitted. The President announced the
names of the Vice Presidents dele
CATION from each State having sent in
the name of the person which it had Sc
lected for that office. The selection for
Vermont was the Hon. c. E. Houghton,
of North Bennington The chairman
invited the Vice Presidents to take seats
on The platform. The invitation was ac-
cepted by MeSsrs. Foster, of Massaehu-
sets, and McGrew, of Ohio. The chair
man stated that Mr. Foster was the old
est cashier in America, he having been
connected with the Salem Bank for
fiftY-two years. The convention ap-
plauded most heartily as he went on the
platform.
The next business in order was the re-
port of the committee on resolutions
and Mr. James Buel, President of tue
Importers and Traders National Bank,
and chairman of that committee, read
such of the resolutions as the committee
had deemed it advisable to report !
will not take up your space with the
resolutions, because the substance of a
tbiog is sometimes better than the dress
ing. The first resolution favored re-
turn to specie payments.
The second resolution favored the re-
duction of the taxes which were imposed
on the banks during the war.
The third resolution favored the neces-
sarY legislation TO authorize the Treas
coupon bonds in exchange for registered
bonds of like tenor and date, on appli-
cation.
The fourth resolution favored the
abolition of the two-cent stamp tax.
This resolution was passed with con-
siderable expression of feeling 1t
seemed as though every member wanted
to vote several times in its favor.
The committee further reported that
they had considered the matter of per
mauent organization, and thought it adj
visable TO appoint committee to draft
the necessary papers for such an organ
izatiop, appoint q place for the next
meeting, invite speakers to address the
meeting on designated subjects, and to
take such further action rs will tend To
make such association permanent and
effective.
The resolutions were considered sep
arately.
After the reading of the first by the
| chairman, Mr.. Buel of New York adj
dressed the convention at considerable
| length. 1t was the carefully prepared
speech of a practical man, and to at
tempt TO give an abstract, would garble
| it.
Mr.. T. F. McGrew of Ohio, next ad-
dressed the convention. His speech
went over considerable ground. Among
other things he favored the postpone
| e 4l,o Of or1noia rNaU
ments till January 1885, and advocated
the insertion of clause in the resolu-
ton specifying that date as the proper
time for redemption.
Several amendments were offered, but
| finally the original resolution was adopt
ed. The other resolutions were unani-
mously adopted.
Mr.. Sherman of New York next adj
dressed the convention, stating that ii
was desirable to know how extensive a
banquet the convention wanted, so that
it might be ordered. He also thought
that if each member of the convention
was assessed $15 or $40, that the
amount raised would be sufficient to pay
the expenses of those who did not at
tend the banquet
Some of the members thought the
hotels supplied their wants; others car
ried their settled principles of life witt
them to Saratoga, and thought they
| could not consistently attend, aud die
not want to furnish means to pay for {
lark for everybody else others did no
feel as though they wanted to leave
their bank in Saratoga or participate IL
its convivial life. After one or tive
viva vOce votes, rising vote was taken
and less than forty members favored
the banquet The faces of some O
those voting in favor of the banque
showed considerable disappointment
The large grist of wit, fun and happy
speeches which had been prepared
seemed to be doomed to obscurity.
Isn't it too bad How can the banker
of this country, who so much admire u
see the great American eagle sit on I'M
top of the rocky mountains, dip Its oil
in the Atlantic and spread its tail feath
ers over the Pacific, ever know nov
much they have lost ? As the write
contemplates the magnitude of the sub
iect 400 members at $15 each-$6, 900
a tear ~ comes unbdden to his eye, ant
he feels like saying, s.Such as L have
give 1 thee" Here is my entire stock
bottle of cider presented by friend
take it, and may the evening breeze, a
it floats through the trees surrounding
the u. S. Hotel, breathe soothing re
auiem over the burial of your lost hopes
The next business in order was to pre-
vide for the expenses of the convention
1t was proposed to assess the member
of the association $50 apiece. A spirit
ed discussion followed. The committe
were asked to explain why SO large
sum was necessary. They estimate
the expenses already incurred to amour
to about $4,000 The man who coul
explain in detail was not present. Th
treasurer got wrathy because OF suI
gestion to defer voting the assessmeI
) till proper account could be RENDERED