The New York herald., 1877-09-13

keep bank currency anoat by force OF the artificial
or business IL sets a.ide the great universal and only
safe law OF supply aud demand.
What need to have our people taught is this:--
That money iz the measure OF value; that under our
national constitution Is only Congress that can pro
vide this measure, and that the only money which
Congress provide IS that which IL coin; that
the greenback printed as the supposed sad ncces
sty OF tho war; that with returned peace IL promise
should DO kept; tnat bank note is only the promise
of tho bank Ia bay SO many dollars; that such prom.
good when Kept aud bad whom broken: that your
bank promise is no different IN KIND from my porsona
PROMISE that IL Is only better than mine because IL is
secured by the pledge o public socks that IL Is only
entitled 10 such circulation and acceptance
rive: that always and everywhere no man
need take II unless he wil and tha. when he wishes
II redeemed he eau always have 1t redeemed on pre-
sensation.
The Convention reasscmbled Ut eght O'Clock I. N.
The session was opened by elaborate address on the
history Of 1nanco In this country and plans ior
speedy resumption Of specie payments by Mr..
George :. Cor, President OF the New York Clearing
House He briefly com mented upon what mankind IN
all ages had regarded as standard OF vauc-gold NC
asked II wero well Tor US 10 take any other snura
thun that which tho ages have commended. He then
presented a plan OF resumption, the chei points Oh
which are as foows--
.'ro organize the national banks into q union, which
is practicable and simple whereby tho forces OF
the whole nation working through them in every part
of the country can DO concentrated upon upon
step OF progress may be thoroughly applied
and be firmly maintained. Let them conone II.
or more bonds for redemption purposes, with the
privilege OF such further rs may be found nee.
par less one-ha per cent provided by Law for all c1-
penses. The bonds TO DO then offered for sale
10 the public by any bank at p,,cs pa. and State, ac
Treasury itssf at the price, and IN coupon or
registered bonds OF such denomination OF even dsci,
mails buyers may prefer. The interest to run as
they arc taken by the banks In sggre.
gate sums. The banks to credit tho Treasurer
OF tho United States the sums as aehvered, 'eh,o,,
all banks participate who Will furnish coiatera,
security req uircd by law This to consist either Oh
packages to the full market value. with tho privilege
Of substituting the for tho other from time to
time through one Tho s0m%1I ponds so9 or esa
tcnder notes pledged to DO held III
Trcasury as special deposit. THIS wiil enao,o
OF bonds and surrender legal tender notes hitherto
held, The liberty OF exchanging collateral security
desired will allow them to temporarily recover tho
currency should they at any time withdraw II from
tho public too rapidly"
HOW TO RESUME.
At the close OF his speech the following RESOLUTIONS
were referred TO the Executive Counc:--
Resolved That in the opinion Of thi: association the
ssa to ns
parity and thrift anong .hs people "na TO ,hs
Tia. the reinstatement Of specie INTO general Hsens
sass sssn to labor and
scaduss the value and the price Of all property which
sourssemsnt to every industry; that the time
war should be gradually removed aud that
that end should be actively begun while all the con
That is essential tho highest welfare American
s OF
the experience of the most advanced commercial nations
to chan % condition relations q our coinage would
Ss1v "s, vSo ns sOutsy IN: al
resumption Of coin payments and place MS at continual DIS
1ns In OF ca in the is i" Rs opinion
attn nj "A
retention of the great instrument OF commeIcs
S il: 1sss
. he sudden a pSr"n Of
currency while large volume remains could
Of part would prove failure OF ali would tend
fer indefinitely any further efforts tor sesumpon
the combined action Of the Treasury and the 1Hnks BY
SoSds Of the may BY such
changed for savings Of the people and these again tor
That while tho needfu volume of coin thus in prog
% OF the
such amount OF government notes ss may prove
bank deposits become nterchangea1is with coin
the S & % y the Of
country industry in section
Ss ss seeS III.
"" the
all be ade TO work together for resnmptcn
simple ase u those Agencies which
itself in every D., Of the country sas sEs %
out public distress or disturbance
LIVELY DISCUSSION.
The discussion showed that there were two
parties he hall the great question OF specie pay
inents. 1t seemed at one time that IT
might be the G East ssa,ns, III n. 'Rs West IN
when the right time camc ranged themselves squarey
on the same platform with the most sturdy rcsump-
t,onlsts of the East General Brinkcrhor, OF Ohio,
mado probably the most effective speech against the
plan presented by Mr.. Coe and against the attempted
,S from S
minority of the Convention He announced himself
rs infationst but gave figures from the fnan-
c,al history Of this country and OF Great Britain
to provo that the Resumption act was altogether i'm
practicable. He was followed by Mr.. stout, Presi-
vigorous and telling speech IN favor Of resumption,
and tho applause with which he was greeted showed,
IN hearty and upmis,akabie way, that the resump-
tionists held the Convention with strong hand.
MORE RESOLUTIONS.
Mr.. Dsshler. of Ohio, offered the following rssolu.
tions:-
ure which should than required by the
necessities Of the government and the the people,
ing business necessity now exists thIoushoat the country
IN % w sr Countries BY the
States brought abont and main through
the Of The The ana es 1%a thu
to crsste revenue nodded rspe.ed
n.onai banks and Of their customers throughout tho
Mr.. Hoppart, of Galveston, offered the following
resolution
That committee be selected by the President Of the
from mebers various localities throughout
the country who shall take tho plan for resumption
submitted by NJ Coo with careful consideration, and II
they shall deem practicable after wish the
officers OF the government and with committee OF New
York bank officers who also have IL in conse
the necessary to tho banks
and bankers Of the nation.
Resolutions were also offered looking to the appoint
mcnt OF . committee to lake into consideration and
report upon what action Is Necessary with re-
spect TO savings Institutions: First, tax upon bank
checks; second, tax on the capital stock; third, re-
lief for deposit0rs. The Convention adjourned
eleven O'Clock this morning when the great attrac
tion will bo Mr. Grocsbecks paper silver. The
Executive Council will meet at ten O'Clock.
FIRES.
HOTEL BURNED.
CHICAGO, Ill, Sept IL 1877
Tho Hyde Park Hotel, an elegant 6vo story brcI
building at Hyde Park suburb Of the city, was burned