New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-12
THE B4yKERY CONTENTION


THE BANKERS CONVENTION
A great deal of good might be done by the
Bankers Convention which meets to-day. The
association is new, and yet 1t represents di-
rectly a large proportion, and in some sense
nearly all, of the 5000 banks in operation.
Acting separately, these institutions have not
great influence, and even in financial matters
the wise counsels and wise action of some Of
them are neurallzod by the unwlsdom of
others. We have not great faith, it must be
confessed, that conference once Il year, per-
sonally attended by very few of the managers
of banks, occupied i'll a large degree with
experimenting, and tempted, as such associa-
tons usually are, to try to consider many
important and difficult questions will result
in much unanimity of opinion and action.
The few who are present will advocate with
some Warmth opposing opinions; the debate,
it is not unlikely, will only intensity the feel
ing of those who, though Out-voled, are not
convinced; and the many thousand bank Off
GERS who do not attend WILL in like manner,
take sides, disagree and divide their influence.
This is the prevailing vice OF associations,
which discuss without the sense of response
billty which power gives; the influence over
public opinion, which they might exert, is
usually FILTERED away in the phantom of a
debate The Bankers Association, if the pub
lished statements prove correct, is likely also TO
fall into another common error. lt will try
we are told. to consider the question Of re-
SUMPTION the silver question, the taxation of
banks, the organization of savings banks, and
the growth of municipal indebtedness. No
intelligent body of men can expect to arrive
mt even approximate unity Of action on all
these subjects within three days session.
Very great good might be done by the meet
ing, if bankers could be brought to united eff
fort for restoration of specie payments. By
united action, TIE banks could wcll-nigh in
sure the success of the Government in It's en-
beavers, and, by strong expression of opin-
ion as to the safety and necessity of that
change. they could do very much to remove
the vague apprehension which is felt by many
merchants aud manufacturers. That apprehen-
sion, as all know. chiefly concerns tine course
of the banks. Merchants and manufacturers
fear that, in consequence of any practical
measures for resumption, those bank credits
will be curtailed which are necessary to carry
on the business Of the country; contraction OF
currency, they think will cause much greater
contraction of loans, and this will involve
ruin to a great many men i'll legitimate bust
ness, who are strictly solvent, but are engaged
in operations which they cannot carry forward
without credit. No one imagincs-no intelli-
gent man, at leaSt-that the mere physical
scarcity of greenbacks can bring ruin, except
through the contraction of loans and credits
which it is supposed must follow, and it is
peculiarly the business of the banks to en-
tighten public opinion as to the nature and
magnitude of this danger; to show how far it
is real and how far imaginary, and to point
out those methods of preparation for resump-
ton which will make the danger as small as
possible. The Bankers Association ought to be
precisely the body to speak on that point
clearly and usefuly. If it would declare, with
some unanmity, what we believe it ought to
declare, it might not only settle the question:
and render resumption certain, but it might
also prevent, to a very great extent the actual
Inconvenience and losses which the change
may otherwise occasion.
Every intelligent banker in the Association
ought, we think, to realize and to be prepared
strongly to affirm, Q) that specie resumption is
the one vital necessity for legitimate com
merce and industry (2) that the country now
has peculiarly favorable opportunity to eff
feet that change, and may not have another
for many years (3) that every attempt to
postpone the work of resumption is most fool
ISL as respects the business interests of the
country, and most wicked as respects the
plighted faith of the nation (D that every
effort to get a better resumption act from the
Congress which is to meet this Winter if not
insinccre, is stupid in the last degree, in view
of what is known of the character of that
body 90 that no other policy in respect to
essentials can be expected from the Govern
ment for years to come than that which has
been adopted by the present Administration !;
(6) that it is, therefore, the duty of every bust
ness man, and especially of every banker, to
adapt his movements to that policy, aiding 1t
rs far as possible, not only because its success
is of the last Importance to the trade and in
dustry of the country, but because great losses
and sufferings may be avoided by sustaining
and helping it forward. which must result if
the operations of the Government are embar-
raised by resistance.
| All talk about q change Of policy as to time