New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-13
BANKER DISCUSSIONS.
RESUMPTION OF SPECIE PAYMENTS.

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Association Hall. The attendance was not as
large as had been anticipated only 200 or 800 dele
gates being present The Convention called to order
after o'clock by the President the Hon. Charles
D. Hall of Boston, who congratulated the delegates upon
the in attendance and expressed the belief that
the Convention would prove advantageous TO the country
al large. He felt satisfied that they had passed the bot
| tom line of depression and shrinlsage in values. AT
present It was evident that the general business Of the
country moving, aud the dawn OF better times had
arrived He thought legislation needed that
would, in time. give permanent specie resumption. and
also 10 remove the tax OF two-cent stamp on bank
| checks
James Buell. OF this city the Secretary read the report
OF the Executive Council showing mat during the past
year 39j letters had been sent out The Council had
also sent out 90 $40 newspapers and over 100000 clip
pings from newspapers containing favorable references
to of relief demanded by the bankers Refer
made to the action OF Congress the petition
OF the bankers and the report expressed hope that In
the future favorable action mght be secured The trea
surer, George T. Baker OF this city, In his annual
report, showed that the amount received during
the year GBcludng the balance on hand was
S17,946 49, AMI the expenditures, Sl2,72l go. TIE
Committee Nominations reported in favor of con
nuiDg the present officers and the report was adopted
The officers President Charles B. Hall Executive
Council George s. Coe James Buell. Thomas Coleman,
Morton McMchael, J. = Norris, Edward Tyler. j. W.
Lockwood, j. D. Hayes and L. j. Gage; Secretary James
Buell.; Treasurer, George L. Bakef Inc nsl vi 'lcc-
Presidents includes one from each State. Among them
are W. H. Foster Massachusetts,; s. H. Pennington New
Jersey Jacob ID. Vermye. NewYork; Daniel j. Falls,
ODio and Joseph Patterson, Pennsylvania. The const-
tuition was amended as to increase the Executive
Council from nine tweny-one with power to delegate
its authority to n subcommittee OF five.
Sir Francis Hincks, Montreal then introduced,
and read paper the subject OF resumption He said
that the Canadian system based upon that which
formerly prevailed in the United States the charters of
the banks containing the double lab lty-Stockhoder
clause At the time Of the late confederation, an at
tempt made to have the banks surrender their right
issue aud adopt the Government notes, which were
IegaerIers very similar to the National bank issue of
the United States The Bank of Montreal alone adopted
the scheme and after struggle. the bank char
ters all renewed AMI the Issue went on as before
The only tax in Canada bank notes ami not on
deposits and capital. So far as the speaker could
ascertain sach a tax was imposed nowhere In the world
except the United States He explained IN detail the
differences between TIE American and Canadian system
OF banking saying that Issue was hreGt rom Canadian
banks, secured 10y lines OF discounts wnc the Issue DIV
the American Government was secured by Upgi states
bonds on deposit in Washington. The Canadians. he
nd felt deep interest III me question OF ile rsun
tiou OF specie payments in America This he strongly
urged, declaring that system such ~ prevailed IN me
Provinces wond materially benefit the BANKS and the
people at large, by the retirement Of legaen lers.
large, tn capacity to meet obligations must corresp nd
There now in the country, he Asserted about SO,
coo OF railroad aud other bonds the interest on
which payable IN cJin ana when those bonds were
issued and passed u9 the hands OF Individual owners
ye property The present prospects. he thought were
somethng unusual and unforeseen should occur he he
Leyed that the law liking January l. 1873, as the date
for specie assumptions wonld b. Carried INTO effect and
lint law he Thought should be maintained by the banks
with an the power they could exert The following res
outjon was offered by j. H. McAden, of ClarlOjtc y. c.
and under the rule. was referred to the Executive
CcuDcl
Eetr.d That committee be appointed BIZ Convention
tomemora Congress to act authorizing the general
Government sell e iolr cent bonds a par in cur
circulation The par value OF their securities.
Joseph C. Grub, % Pna ielp a, next addressed the
C0nvenlio. His essay reviewed the history OF paper
money colonial days to the present time, strongly
urged the resumption OF specie payments ana hearty
approved the policy plrsucd by Secretary Sherman The
National banks he said. stood between the people and
an absolute chaos % values and 70 cf could be hoped
for only from the Resumption Act OF 1879.
The lion. Stewart l.. Woodford tne next speaker
addressed the Convention at enSh in favor OF the
enforcement OF the law providing for the resump-
a. The special champion of Secretary sherman and his
dnancal policy lie denied the constitutional rgnt OF
fIc extensive issue OF National bank notes which had
been mlde and held that the promise 10 pay which
these notes contain was of more value than an ind.
{ redeem ihr promise. lie favored the Resumption Acc,
which, ne SAID must be carried out because the Admin
israon had given pledge 80 to do to the Nominating
Convention, to the voters, and to me en-.
OF sacred promises Gold the oaly standard
of currency Gen Wo1dford urged tn bankers to pre-
pare fully for the day OF early resumption and TO ante
pale the Government ia putting that law into effect.
lie closcd his address with the following words: Prces
have found their bUtom Enforced economy hos
wrought It's patient wOrand tahgh It's saddest, wistst
lessons Labor waits, capital waits. Golden haryests
wall, and unopened mines are wa'ihg All IS ready Tor
revival But thing is needed, and THAI thing is
the command go forward The Government speaks
word III ats brave purpose ana N us STEADY WORK
TO make that purpose sure in Its iniflment You
can make tais work The more easy, ana tue
end more evidently certain. % not peheVe
YOU could prevent even yOu would But as recall
that g.ea meeting OF the banks Of Boston, Now-ICrk
aud Philadelphia, when IN 1851 yol pledged three times
your pta 10 aid the struggling Government, am sure
you would not hinder even yon could saf ~ Tor YOU,
profit for you safety Tor tne people piOh Tor he people
Tor tho idle and bread Tor the hungry lie aike IN
the path OF keeping unbroken the pcigc anu faith
of the nation. Success waits upon courage aud
honesty. When shall have Kept the promise OF the
| be In demand Capital VIII be employed. wages
| and interest will alike be earned and paid.
| Nothing but cOwardoe and dishonesty keep
from this land the future that already dawns. Here are
the most fruitful fields Here the mines whose untold
Here good brains II only we shall be true to tae old
ideas of SIMPLE honesty of patient industry, of frugal
commercial power to watch we may not with confidence
aspire But let not forget the inevitable conditions
honesty industry aud economy THESE three ABIDE and
the greatest Oh tnese Is honesty"
A resolution by Mr.. Camp. OF Milwaukee, which was
referred to the Executive Council asked the Executive
Committee to prepare ana lay before tnis convention anu
sume to BANKERS OF the United States, rs soon as
practicable plan by winch tue entire banking system
of tie country could be united TO aid the Treasury De
partment In ITS efforts to resume specie payments
describing new $50 counterfeit issue OF 1874,
Dye The Bank Note Dector to be one Of the most
dangerous cOunterfeits ever Issued
PLAN PRESENTED.
At evening session. George g. Coe OF this CITY, gave
compete history OF money Its interchangeable values,
and rccounted the plan adopted by the banks of New
York Philadelphia and Boston, TO aid the Government
at the early part Of tho and the first issue OF legal
tenders. He submitted plan for the easy resumption
of sp.ce payments which, hc said, he had lad before
President hayes and Secretary Sherman. aud which was
dent not committing himself but declaring his purpose
fixed for an early RESUMPTION by the most feasible
plan Secretary sherman, he said expressed fear that
the banks not sincerely IN favor OF resumption,