The New York herald., 1877-09-12
THE BANKERS.

THE BANKERS.
PREPARATIONS FOR THE ANNUAL CONVENTION
ro-DAy's sEssIoN-MEETING OF THE ExEcU-
TIVE COUNCIL LAST EVENING.
The Executive Council OF tho American Bankers
Assocation met last evening ut the Windsor Hotel
The following named gentlemen were present
George s. Coe. OF New York, President Of the
Clearing House; J. W. Lockwood, OF Richmond
va Mr.. Charles B. Hall, President OF the American
Bankers Association; James Buell., President I'm
porters and Traders National Bank anu Secretary OF
tho association Morton McMichael, Jr Of Philadel-
pha; Thomas Coleman, Of Troy; j. 5 MOTIFS, oi BAL
timorc; j. b. Hayes. OF Detroit. The comm'''ee re-
vised ito arrangements for the three days session o
the annual convention, beginning to-day at eleven
O'Clock the following being the programme 30 lar 40
completed
First Ddy-l. Opening remarks OF the President,
Charles b. Hall =. Call Of the roll Icp,na hcpof.s
OF the xccuuys Counsel and Treasurer Eect!on
Of ocers. rhe consideration oi subjects % ,,der
in the report Of tho Executive Counci IN tue orue1
in which thcy are submitted unless changed oy sus-
pension OF rules by twothrcs voe' nes"c ~r
ttons and new business not upon the Official pro
yamma 4 Paper resumption, by Ex-Governor So
Stewart L. woodiord, OF New lork; Taper r,,ol On
resumption with historical sketch OF the CANADIAN
system of banking, with The arrangements Tor the
issues ol bank circulation and government notes, ny
Sir Francis links AT the evening session there
viii he discussion on resumption ail the members
OF ne as ssocialion being invited to participate
w s Groesbcck, OF Cincinnati, Ohio. q Paper
on the silver question, by Professor A. L. Perry. oi
Williams College, sna paper on the taxa
ton ,o Of banks. BY Mr. Chnuncey i. Williams of Al
X win the ,S. isenus ssss,GI o
Discussion on the taxation OF banks. In tho evening
there VII be read puPs, on @ 0ona nner Dy
on municipal bonds and discussion will follow.
Tho committee has received large number OF COM
muncatons from clearing houses, chambers of COM
merco and other associations especially on the qucs.
tion OF bank taxation. The following is the only one
which the committee prepared to give TO tho
nrMonrAL or rnE CINCINNATI CLEARING HOUSE.
s o%posinS the Cincinnati House
Ss the % act
0nsa Of cent upon the deposits o the bAnks
u Tirs-t Is tax upon debt OF the banks and not
Srond 1T is tax upon all the deposits, while dcduc
ons made for amount held as legal reserve or held IN
7rd-under the present Of doing business the de-
disc or produce forwarded by FAC
81 large T
smeuu which the government derives taxes On SO
ad deposits exceeds the currency OF the country three 10
fourt-Becausc the that while the tax
deposits nomnay oneha OF one per cent ~ s IN ~ iact @
fully two per cent On the amount o. money G M
knds) actually in use, making due allowance ior legal
fTtn-N tho severe burdens which tho banks
now struggling continued serious results will fol-
low & hS s1s 14s.d rs 20 s thy 5
going Into total sas ths hr . o ,s ss
nictins blow Industrial pursuits of the
% ss sAnf % a asP0s s ssem
property The war having ceased TINS iaacy snnuad Dc
Sicned BY all the members of the Clearing House.
OF THE BANKERS
A largo number OF bankers arrived in town yester
day and last evening" aud the Convention promises to
be very large The following bankers registered yes
terday at Of the Bankers Association No 247
Broadway james Buell., OF the Importers and
lockwood, Of tho National Bank Of Virginia, Rich.
mond Sir Francis Hncks, of the Consolidated Bank
q Canada Montreal Ea Tye hs sq6 Rosio0
BANK, President OF the American Bankers, Associa-
ton, R. BriuksrhOr, Maraeld, ONO; w. :: Dinsmore,
Mechanics' National, Georgetown, b. T.: Daniel $.
Printup. OF Rome, Ga; John H. MOAden, President
DAVIS. HD'a Isaiaaapas M sSs1''l s Giinus Moline M
as H3ss vs fii IL e. Hickman s As@s augusta N1ss s
w.B. Burden. Charleston, $: C.; John lhd!ow Pres.
8. NJ. Nckerson, President OF the Firs: National Bank
OF Chicago; F. 9: Clarke San Francisco; J. b. McMil
Ian, Mcs.is; T. r Roach, Cashier vtckspurs s; Bank
Smith, Baltimore; William q. Dcshlcr, President Of
the National Exchange Bank, Columbus ONO; W. Q.
LELAND, President Of the Springvillc Bank n Y. II.
G. Leland, Cashier OF the Springvile Bank, N. Y.
WALL STREET RUMoKs.
All sorts of aioat Wall street yester
day concerning private meeting of bank presidents,
with as alleged. confederation of national
banks. The question of the resumption OF specie
payments the probable action thereon by the Con
vention set forth the cause for the meeting.
Several plans were proposed and committee was ap
pointed 10 consider the subject. One bank
thosty, who will be prominent IN the Convention,
SAID There is a proposition looking TO a union OF
oil the banks Of the chief cities OF the United States,
with sustain the government IN the nesotia
ton Of such loans as may be necessary Tor the re-
sumption of specie payments Details OF the plan
are yet made public but We unde that they
have been the subject Of much anxious deliberatlon
by clearing houses oil several OF our large cities.
The chief features OF the plan are said to resemble IN
many respects the organization which was found so
Effective In 1861 in the negotiation OF the first war
ioans OF tho Treasury"
1t was intimated that Sir Francis Hincks had thrown
suggestions which were not unlikely TO pc
incorporated with the plans under discussion, but
no said tnat he had gwen no expression oil opinion
On the question of united action among Tho
Dlnks. He added 81 great difficulty about
resumption, inasmuch the Treasury ought to be
able sell It's four per bonds either Tor gold
legal tenders TnIs Of couse, would be gradual it s
is that the rcsumptionsts have common policy
This serious for the other hand the nhaonists
are united Some oil the advocates OF resumption
for having government currency: others are for no
government currency, and Tor having all national
bank notes, aud still others advocate keeping 10 the
present system-that Is, they adhere TO Secretary
Sherman vewsp Sir Francis alluded to the safe of
four per cents the other day, and in view of this
stated that IN his opinion tine government needed
union of the banks. He thinks that there lar
many greenbIcks out, and that national bank notes
should be substituted. Far from believing that such
substitution would contract the currency, many
leur. he expresses the confident belief that II would