New-York tribune., 1876-10-06

PHILADELPHIA, Oct 5.-The American Bank
ers' Association completed its organization at its meet
ing this morning by the appointment by the president OF
the foowingnamed gentlemen 20 constitute the Execu-
tive Couucn George s. COe, President OF the American
Exchange National Bank OF New-YOrk; James Buell.,
President of the Importers and Tradesmens National
Bank OF New-Y0rk; Thomas Coleman, President OF the
First National Bank OF Troy, n " Morton Mehlchael
ir Cashier of the First National Bank OF Philadelphia;
j. Morris President OF the First National Bank OF Bal
tmore. Md; Edward Tyler. Cashier of the Suffolk Ma
tIopal Bank of Boston, j. W. lockwood Cashier OF the
National Bank OF Virginia. Richmond; j. d. Hayes VICE
President of the Merchants and Manufacturers anK OF
Detroit L. j. Gage, Cashier OF the First National bahk
of Chicago.
yicePresidcnts of the association were then chosen
ope tn represcu each State of Union. Among them
were the following: Maine, W. f. Gould Cashier First
National Bank of Portland; Now Hampshire the Hon
Henry smythc OF Manchester; Vermont, H. T. Hitch
cock of BuIlington Massachusetts, W. A. Foster OF
Salem; Rhode Island j. W. Werner of Providence; Con
ueoticut f. g. LJOmia, President Of the First National
Bank of New-Iondon; Now-YOrk. Jacob ID. Ncrmiye
Presiden: o the Merchants National Bank OF NtW-lok
City; NewIersey, Samuel II. Pennington, president o
the Newark City National Bank Pennsylvania Joseph
Patterson of Philadelphia.
Mr. Lockwood OF Richmond offered resolution tender
ing the thanks Of the association to Mr. James Buell. OF
NewYorli Chairman of the Executive Committee OF last
wear for his services perfcctng the organization OF
the association, which was unanimously ao"p'e MI
Buell. thanked the convention, and then onered e io
lowing important resolutions, each OF which was adopted
as soon read:
Besol,eg That the Executive Committee be requested
10 receive from hank officers Of the different states et
laws in regard to notes ana 9i,S & a9u n - e roce s
their particular state, and IN WHICH 80 ~, 80 |i;ca
allowed. Said committee 10 prepare them l0i !nD"ca-
PesaJ That any ban kcr upon invitation Of tho prcsi-
dent and payment Of $40 may bccouc incl'Doi o 'S
Fsoirei That it is the opinion of this convention that
as the original Legal Tender act autn"ihe" t @ s -
f., sf,fgg tn
would De proper and eNpedicn 10 restore ti' '7,
and thai gold bond bearing four per cent interest," "ouu
DC Beeo5 n That the Executive Council be authorized
md requested TO appeal Congress ior ~ alclioat
of excciyc taxes ana abolition stamp tax ON checks
Resopci That in the sense Ol this con ~ ~ ~ =, o
duty Of the Government and the banks 20 nHca % Lilo no
time the resumption OF specie pdymeHi7 Dy Il" uo"n'
PeSor That the president be and be is hereby author
lied to revoke the appointment oi any NCepivrtttuo t
who may have been appointed by MINI Sucl WGT
shalt nol accept, OF fail 70 act abd tue pr'Slucn' ' "
such or any vacancies. q, , -. So
Resoir,d That the Executive Council be hereby re-
cucsted 10 print and distribute 10 the bahas Sh" e
bankers IN pamphlet FORM the pioceeohss o. u f ms
vention and papers have been suOniItou /" S
convention. 49,
MIR Sherman Of New-York chairman Of the committee
appointed yesterday to suggest suitable ac'loh DJ me
association touching the death of Mcssrs Haywood and
Martin, bank officers, murdered while deichohS u'e
funds inrusted their reported proper entries
to be made upon the minutes Of the convention ana the
following resolution:
ResoJrs5 That the names of Nr Haywood and r. n. c.
MS S pc t men WHO have not only reflected great or dit
upon the profession to which they DclOhEcu Ut WIZ uo
served 20 be enrolled among the Ge anu M % m ~ %
OF his cry that their heroic conduct DC heid ~, 10 c
peOule OF this country for their admiration lla' thty
NAV realize tie fact that acts such as thei are more
precious TO a hlti3n % @lG ~, ne Void and Trirrt not
only on their country hut On manbnd tSeli utt teI
example 10 TIA, OF great corruption VIII 90 more 20
restore aith IN mans honesty ana intesI 'ar "5 & C' M
tber feiSes m their sad bereavement we cannot hut
death death III ''''' '''''''' ~
MrJ. D. HAYES Of Detroit was then introduced, and
read paper on the subject Of Panics" Panics he
said are not generally the products of the everyday
fair honorable prudent business Of the country Ihey
are the offspring of abuses Of credit, OF sudden
calamity Of widespread shrinking OF values or OF inc
exposure OF some huge combination OF specuniolS 10
force values Generally speaking, panics and man!acs
are very loosely allied 10 each other II NOT porn t"hs
they seldom fail to meet in financial crisis. Panlcs
may be classified into individual, local ana general
Public or general pauics OF slow growth IEey con-
tain under the OF cOucealment the elements
of wide-spiead abuses among largo Class OF
commercial and finanC al men, each Of thein seek
ing to make money out of the same Transactions con-
sumng the substance both ends until they meet III TIE
middle and fad but little nothing left When the
actual situation realized each dupo makes haste TO get
out whole and discovery made that hundreds ANA
thousands haye been sailing IN TIC samo bOa' "Ic Is
fast sinking ont Of sight, leaving The ccmmcIc.I
community floating about upou the great sea OF
uncertainty aud doubt. Business moves slowly
and cautiously for long time to avoid the same
kind OF disaster, while in fact it may un-
consciously bc runnng into other dangers m the oppo-
site direction as bad If not worse.
OF the panic of s73 and its causes 1ir Hayes said:
So eager were interested parties TO make money at both
ends Of their prtci, that 10 less than from 1900 TO
1900 miles Of railroads rushed 10 completion In
about three years mostly upon the proceeds Of bonds
Sold held. or pi lssl t,r Ieoncy by their financial
agents. and nearly SOD o. '..ch promised eight per cent
gold interest ono company wlth nominal share cap
ital Of SIOOOO0OO said TO have Lad the full sum OF
81 400 paid up wnen they started out begging aid from
towns counties and cities. They secured bonds or
pledges for abou 81 COOO0O which rctted only $1UOOOOi
next they issued bonds for S1j0OO0O which ncttcd 81
10000 showing discounts and commissions upon the
two sets OF bonds of $4,000 Tho western division
provided for such shI1hkage by ifShE b"hHS IoI oo
4s3 TO the mile It's road and land grant ana PROMISED
eight per gold interest. Bonds Tor f3oOo0oo cost
81 sos .375 this amount aud stock bonus Oi 81
742,OOO Tor negotiation
Mr. HAYES said that il WAS settled principle that
productive capital must reduce TIC owners oi 1t 20 the
necessity OF living without IT, ana introduced the ioioW-
ing table to show tho amount o unrouuctEe represent
alton OF capital in the United States counting oy lhe
great losses; - 40, ooo ooo
RS,iro4a stock paying no diyi icrds-.. 800 oo0oO
Ii9iiroaI iouds I'M deiaul aboat. ....... 7,OUo0O0
Vessel property paving nothing, about. Gu0W0J10
Manufacturing establishments, about 1OOu'"JOo
Total about ............. a3 s40OOOCOO
The speaker closed with reference 20 the influence
which the Bankers Association can exert 70 avert
panics. Power TO let ~ should DC Tue s6hbO3rd 10
every place where productive labor can DC uocd ahI
money let should De the motto OF every DAM ag4
capital.t no is fully satisfied that IT will DC Properly
used To reproduce wealth and TO give osp liy 10 lle
land. After passing resolutions 9l tAa2hs 10 pr
for his paper and the President the Association ad
jOuTnod sine de