New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-14
BANKERS CONVENTION.
oN rur sII.vER QUESTION.

.nnprssrs ny W s. GRoEsBECX AND PROF. A. l.
prppv-poTH SIDES OF THK QUESTION PRE-
sENTED.
The second day of the Convention OF inc
American Bankers Association was more largely Az
tended than the frat nearly 600 delegates being present
careful estimate, made by one of the Oldest pankers'
shows that there are 500 banks represented In TINS CON
antion controlling an aggregate capital OF S3oOoOOooo
aivided a. follows: New-York, SS0.000OOO; Boston,
100000 coo: Philadelphia, S30,0OO,oOO; other cues'
$40 600 This, said the President OF one oil Tue
leading Boston banks is about onehalf the volume OF
ereenhacks and National bank notes TO be converted
into gold aud when Secretary Sherman declares ms
readiness 10 take bold step. the banks VIII STAND ny
him and sec that resumption is effected WIN aS h''"
disturbance OF values possible The Executive Cohh
ell held meeting yesterday morning, ana fuu discus
sion was had upon Mr. Goes plan for resumption Ihe
oorrc was generally IN favor OF il, and it will be re-
pored 10 the convention adoption with some slight
notifications.
AT the opening of the morning session F. Won Bon
per OF Phtsbug presented series OF resolutions pedG
ing the association 10 aid the Government Dy every
PRACTICAL means to specie payment at the dae
Indicated by law. urging all banks to make earnest e
forts "a resume simultaneously with the Government
and appointing a committee TO consult with the 9ecTe-
tarv of the Treasury Tho resolution was referred 10
the Executive Council
The Hon W 8 GrOesbeck made an address on the oii-
yer Question tie coutended that until 1874 silver oc-
then when the National debt becoming burden
some aud private debts greater than ever before
and when this had larger and better producing
silver mines any other country on the lace OF ihe
globe the Government then put away silver ana ser
mn COLD as the only true standard. Up TO tie middle
Of the proslt century he said. there complaint
of an excess Of coin prior the 1850 there
never had en- an animation that either silver gold was
produced to excess. and writer or nation took any
step looking towards ~ demonstration OF ei1ier lne
question before the country ne claimed was MOI so ich
What standard should be chosen rs whether one OF Se
metals should he thrown away Inc county, VIZ ~,
urged. state OF suspension on currency oi anout
S7JO,O0OOOO including bank notes. IhtIe must Dg "a
true ana best pan LOT re- uil ,'lon' ~ ~ -, -
conNenton might hud it, and recommended the icinone
tzaon silyc. There never mad been 100 uc eGi anu
silver ia the past and there never would be TOO te
future. IN concluding his address Ml Groesbcch sII
IN commercial accord with Europe II Is well Icy us,
Tor the reason. nave silver also mat w. may DE- -
cord win ai and that viii De ostter. Great nations DO
moi rv 10 HELM each other look alone TO their com
-: with each Diner Tor prosperity. They rivals,
rather and contend fJr The commerce or me WeaLci NJ
lions The commerce Of Earope-WG appreciate IL ioe
commerce OF silyer-ioving Asia, with her sVoOOOCOo
of thrifty and industrious peop-let US appreciate at
which enriched Alexandria and the CITIES 81
the Mediieranean, IN their utyi 10 T TS s LOT
and having found IT, enriched as never before or
snse If ioana ruer and other European nations
What were England without H. IS Tor ms, manly
nople It in search oi shorter PASSAGE TO this com,
mercetha America was found-iound for us How Grand
oIr possessions, how independent and commanding our
position! WHAT an opportunity Tor National develop
mcBt what variety and completeness OF treasure Can
n b that Il is too for and that We must waste
or p, .s ilvr FOR others and teeIuing ur,
ducts Tor all long, to control the commerce
Mr. Rules of the New-York Chamber of Commerce.
in referring To GrOcsbccks address urged caution
Am dealing win the subject OF resumption Unul me
silver CONS were unified AMI had proper staIlaIl OF
value, reconciliation, he claimed wOnd prove very EN-
barmssing Tho subject was lmher dis.I,sed ny H. "
Poor, OF Massachusetts samuel harris oi OI'si; D. j.
HAYES, OF Michigan; Mr. Vernon OF ono; Joseph O.
Grubb, Of Philadelphia and George a. Butler oil New
AT the evening session paner read by Prot; a. l.
Perry Of Wiliams College, the Silver Question, ~
xylich he took direct Issue VITA Crrnush Kelley and
roesbrr and e. pressed the belief that the country by
tbat led downward lie reviewed the history of gold and
silver, botn double aud single sIanGard, ana hrid
esntly y ,,ere tabor,ted M l'Itth wrre that as
lie value o gold strader imam That oil silver, gold
was better standard tnan slfeI OF tLah soid ana hi
VI no. ~ Nor strictlv n c,,uisting medium
and s me present stanGad ousat not to be Degraded
too great % IL added by edc 10 he monetary
material ~ the world, thus deb sing the Standard Prof.
Iey criticized much o. me li,seht ieI iSIon Oh inns
couy, calming that 4 Oppressed ana deIiaudgd tIe
uls.cs. Hc denounced a Protective tAlin, because IT
robbed Tia many and driud'd inc rev" ana ne eII sure
tllt abundant money always N can't poor money, Varl4
p,.iecton Money, he held, not lAe food, clothes
o. books. bat measure ner ~ ami STEADY hets
gold alone * thc standard.
~. o. No. = OF ONO. offered resolution recommend
in lhut silver TO be prac icaly remoncuz d. the
COZ. should Of such weight make them compare
lively OF value equal 10 gold com, aud consequently
inercAanl eaDc. Mir Buell. IepO tod from the ENccu-
tive Council the following resolutions, all OF Nhch were
adj ptcd, win few dissenting woes:
Ersf-ghat the opinion Of this association the early
sumption specie pay necessary The restoration of
g,nela prosperity and social throughout the nation
the general Us OF cOntAc urisuTe OF value
ana nlt AID pncs 4 al prop
eros which required % stimulate ana give
useful Industry tat the time na- iny
When an enforce currency an eAl coicnt m me wal
country most favorable 10 that end
is essential 10 tie highest welfare VI the
their at
ali be Onuucted the standard OF value
winch advanced commercial nations Ia The "Old
TgrfbETIat the general resumption Of coin payments
tanned cooperation OF the Government and te people
agency Of tAe BANKS which IS earnestly recon
FIg,6-That by such cooperation Of the
viii be most Cec.uy .oacnCd, whether IN larger or
absorbed INTO the BONDS of the Governments
ana tue Dounfu harvest AMI the ana creasing
TINS an contribute 10 resumption
S,r-Ihat this great end can be secured WITH the COOP
OF the by means already provided Dy law
the Non. kOppel, Ol ltAd~ 10
appoint special committee OF i've 20 present the scheme
fOl resumption. presented by Mr.. COe To the treasury
Deartmcnt, reported adversely ANA the matter was
referred 10 the Executive Council. Peter Cooper Oc-
cupcd seat the pa fOlm during the DAY, and among
the other visitors the Hon. B. Chttendcn, and
ex-Mayor Johu W. Hunter of Brooklyn and Col calvin
l. Barnes OF St. Joseph, Mo-
programme for day lnciu les papers on the TAXA
ton OF banks by JON &. Williams, President OF the
Metropolitan National Bank of New-YOrk, and Chaun-
cey r. Williams, OF Albany
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