The New York herald., 1877-09-15

OF New York is especially deserving OF attention, rs
is At present. after deductng the sinking und upward
OF $ll3 900; and without deductng that fund, up
ward OF $l40 900 900, amount exceeding the entire
sum requisite TO deIray all the expenses OF the Stato
government Tor the present year. and exceeding the
for year 1860, when the city had popu.
lation OF 100000 The magnitude OF this debt Is even
less alarming than the rapidly Of It's recent increase
In ls4o the debt OF The city was about $40 OOo
In 1880 about Sl2, 000. QUO, an increase during
the decade % Of - about o twenty per cent In 1880 =
cent. In 1870 it upward OF S7s O00 600, ar in
crease OF nearly iour hundred per cent the six
years which have since elapsed has been swollen by
The enormous addition Of $40 0o0 00o IL proper to
say that this last increase is, in largo measure due
TO the funding OF preceding floating debt Of upward
of $40 000 000 legacy from the corrupt caoa over
thrown IN 1871, ana which, or most o! which, ought
In 1870 The magnitude and rapid increase OF thii
debt less remarkable than the poverty OF the
results exhibited AZ The return for so prodgious an
expenditure.
trust this association win be enabled In the future
to do much for the achievement OF this most impor-
reform. We have mary advantages qualifying us
AN ASSOCIATION tor undertaking TINS work. We have
our organizations IN every state IN the Union. We
haye our constituents ana members IN every town
banker We have our officers Dusily employed
during tho Sessions OF Congress IN epdeavoring
and Representatives In regard to questions
OF bank legislation and bank taxation Tor tho
reason why an organized BODY 50 powerful and WELD
Ing SO much Influence as ours should not as soon na
tho most pressing tax questions are disposed Oh take
up with vi2or and success, other reforms When
that time arrives and hope Is very near. we fhal
hnd roady TO our hand important work in connection
with the municipai Indebtedness OF the country, To
which have had honor of directing the attention
OF this Convention to-day.
A short debate followed tho reading OF Mr.. Bueils
paper. After the massage of several routine and COM
plimcntary resolutions and a short address from
President Hall, the Convention was declared ad-
journed sine die
WHAT HAS BEEN
pronounced resumptionist, financial writer OF
great ability and bold in the expression Of MS convc
tions commented on The Convention and its work az
iolows:-
"what do you think OF the character and results Of
s.We.l, IL was an unusually intelligent body, en-.
bracng many men OF great experience and some Of
superior ability. As usual with such bodies, IL was
tmd lacked tho OF IT'S opinions did not dare
to propose anything new, and sngularly missed ~
most important duty when Il Jailed 70 % advise tns
for resumption No other matter before tho Conven-
tion as important as this, and the naked assur-
the banks would assist the Secretary or the
Treasury, and that they deemed existing legislation
sufficient, whe II was well enough and better than
many expected OF no service 10 guide the banks
IN their action This Convention ought to have told
the banks to prepare on their part for the great
change in the purchasing power OF tho currency Per-
haps IT opinion. but 1t had which Its mem.
bers dared to express. AS 10 the silver question
IL seemed know very little, and, wisely. did little.
and unjust taxation everybody knows, aud 1t needed
convention to show that Tho question of muni-
cipal Indebtedness very imperecty treated, tho
statistics submitted by tho Secretary being quite iu-
complee. The Convention should have taken def
mite action recommending somo remedy or some mode
protecting taxpayers but IN this In some other
tcrs succeeded in doing nothing OF practical value.
The really good thing was the declaration OF hearty
approval OF the efforts Of the government toward
specie resumption"
Mr.. James Buell. was asked what he thought OF the
Convention and Its work,
He answered -''l regard the Convention as remark
able It's representative character Nearly five hun.
mcm0ers representing less than w. thousand
millions Of the capital Of this country, or more than
half its banking capital were present at the Con
venton. No ono present could doubt that they were
men, Bank officers as general thing
are more thinkers than takers, and might not nls
press tho general public by speech.makng favoraby
as the average political speaker. But notwithstand-
ing this, the Convention furnished some very able
speakers aud thinkers, their proceedings will show.
think results OF the Convention Wall be decidedly
favorable It's effect upon the public mind, showing
that the banks moving in harmony with the gov.
ernnont toward The resumption OF speco paymentO
aud that there Is need OF any new Legislation, but
that forces ut work, ipauguratcd by the laws
Of 1874 and 1875, which will bring about that result
before January 1872 the day liked by Congress fos