The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-09-13
THE MONEY BAGS.
MEETING Of AMERICAN BANK
ERS' ASSOCIATION.
How They WOuId Doctor the
Finances-COin,G Gold Coin. TOR
the BOndhOlders-SDpci
Resumption I'm 1879.
Bankers Association.

American Bankers Association.
NEW YORK, September Il The third
annual convention OF the American
Bankers Association was held to-day.
About 100 members were present. Chas.
=. Hall, of Boston, called the convention
to order He spoke OF the panic, which
had depressed business interests and
caused great shrinkage IN values. lie
thought the dark period WAS passed and
that with the splendid crops and the large
surplus which will be wanted BY Europe
the country was again on an inclined
plane to pros perity. The time had come
when some legislation Was required, When
the burdens with which the banking bust
ness was trammelled should be dispensed
with forever.
The Executive Council reported total
correspondence 80 600 letters during
the past year, 100000 newspaper slips
circulated, and $4,000 newspapers and
pamphlets distributed They Also re-
ported that ii bill was prepared last Feb
rusry Tor the repeal OF the bank tax and
copy sent to every member OF Con-
gress.
The Assistant Secretary had visited the
west TO promote unity OF action. IL WAS
resolved to extend the membership ot the
executive committee from nine To twen-
ty-one, 50 MS To have quorum At all
times. The Treasurer reported the dues
received from the members At SlbOOO
and expenses $l6,0OO, leaving remain
der OF $1,000 The following officers
were chosen tor the ensuing year: Presi-
dent, Chas. b. Hail, Boston National
Bank, Boston; Executive Council, Geo.
Scoer, President American Exchange
National Bank, New York; Jas. Buell..
President Importers and Traders
National Bank, New York, Thom-
as Coleman, President OF the FIRST
National Bank OF Troy; Morton McMi-
chael, ir Cashier of the Fust National
Bank of PhiladclphIs; j. 5. Morris,
President of the First National Bank OF
Baltimore; Edward Tyler, Cashier OF the
Suffolk National Bank, Boston; j. w.
Lockwood, Cashier of the National Bank
of Richmond; j. d. Hays, Vice Presi-
dent of the Merchants and Manutactur-
ers Bank Detroit; l.. j. Sage, Cashier
of the FIRST National Bank of Chlcagc;
Secretary James Buel, President of the
Importers snd Traders National Bank,
New York, and Treasurer, Geo. r. Bs-
ker, Ca. hier First National Bank OF
New York. United States District AT.
torney WoOdtord WAS expected TO be
prt sent, but did not attend.
The President announced that the next
business in order WAS the consideration
of the subject Of specie resumption. In
the absence of United States District
Attorney Woodford, Mr. Hall intro.
duced Sir Francis Hinck, Canadian. NJ.
f. Hayes, of the Merchants and Manu-
tacturerS bank. then addressed the Con-
ference.
He SAID that so long ~ the govern
ment bonds remained in the United
States, specie payments oi interest on
them would remain in the United States,
and il there WAS no extra CAL on the gov
ernment TOR specie, 1t would have no
difficulty in meeting the demands In
com. The balance OF trade was IN our
favor, and we were acCumu!atlng specie
basis, which would enable Us to resume
in 1879, if we continued in the
present channel of our circum-
stances. different law providing
tor resumption ut that late would
be Only legislative prophecy; we should
be able TO resume, whatever laws might
be passed. we could not resume until we
mad power to do 50. lie hoped the law
in question would be warmly sustained
by all the banks.
The following resolution was referred
to the executive committee:
Resoloed, That a committee be appoint
cd by this Convention 20 memorable
COngres TO pass al act authorizing the
general government 10 sell the new four
per centum bonds NJ par in currency,
and guaranteeing 10 National banks in
vesting in these securities that
they be allowed under the law to
issue in circulation the par value
of these securities.
Mr.. Grubbs, n merchant of PhiIsde-
pha, warmly endorsed Secretary Sher.
mans Mansfield speech,
Ex-Governor Stewart Woodford read
scareiully prepared paper on resumption.
He said that some pulses OF tn" "cviviug
trade are beginning to beai, but there has
long been enforced ldIene,s all over the
land Many men have no work however
skillful, their hands are wiling and their
hearts are more so. They have been on
partial time and nj reduced wages, and
there has been many sad won q ard
hungry children. The polnttnst | would
have you consider Is this, the ch!et pr, 5
ent legal hIndrancc to the resumption OF
specie payments is the partial legal ten
der quality ot National bank bill. |
will say deliberately that / do not be-
!ieve tue national banking Iaw Is Cons llu-
tlonal in so far MS ii cuniers the power
on banks to issue paper aud makes
that paper n legal tender for ANY purpose
except in the payment OF the bank that
issued it. Wnat we need To have our
people taught is this that money Is the
measure OF value; that under our na-
tions constitution, II Is only Congress
that can provide this measure sud the
only money Congress can provide i that
which 1t can coin. You complain OF eX-
cessive taxes, and possibly your COM
pIsint is very just. For one, think 1t
is unwise to tax banking capitsl, or any
sther capital, or any honest business, 50
highly rs to force capital to seek other
investments; but while You make com
plsint, you hold and use the sovereign
ppwer-the highest sovereign power OF
issuing paper, which | am compelled to
accept from the govern ment a. money
whether will or no. And
now few direct words on your
duty ~ the government and to the peo-
pie In this mstter OF specie resumption.
This administration stands pledged 10
the convention that placed II in nomina-
tlyn, to these who gave it their votes, by
assumption by It's great honors and grave
duties to all people of sI parties, and
still more pledged by every suggestion
OF commercial wisdom and commercis.
honor, to al who in asy land have dealt
with US or with this government, TO pay
coin, gold coin, for every dollar of greet
hack debt on and after January lst. 1879.