New-York tribune., 1877-09-15
THE BANKERS CONFERENCE.

PAPERS BY CHAUNCEY p. WILLIAMS AND JAMES
NEUTRALITY-SUSPICIOUS. ADOPTED FAVoIiNG Sill
YER AS SUBSIDIARY CURRENCY, AND De
NOUNCING BANK TAXATION.
The attendance at the third days session OF
the Bankers Convention showed decided tilIhg on
and great lack Of interest the action OF Thursday ne
ing considered decisive to the proposed action Oh e
banks and in reality, covering the main OBJECT OF
the conye ion. One-haf OF the delegates either re-
turned home or visited Creedmoor yesterday Az the
opening of the session, Mr. Williams. Of Albany submit
ted resolution pledging the banking interests oil 'he
country to aid tue Government IN bringing aDou' tue
speedy resumption OF specie payment Jonn Hltz' OF
washington offered a resolution suggesting Government
supervision OF savings associations, and IRE, lie anu
marine insurance, and loan and trust companies
Chauncey p Williams, OF Albany, next read paper Oh
tho tavation of hanks He denounced what he termed
81, stem Of denagogsm, which viewed banks as mon
strons monopoly, and, therefore, fit subject ior all
speces of unjust taxation and cinimed that was very
unXi.e Iegislaon tnat imposed bardensome taxation
upon banks which were In fac public DcnelactOr- ana
indsnensabe to the conduct Of business Referring to
the bank at Albany which he represented, be said that
from 1888 to $685. the annual average total taxation was
10 per cent upon its capital and for the ten years
after e65 the total average tax go per cent on
the capital Tho remedies for these evis he held we're
more courage among bankers in defending their lnte.
ests more labor IN dfusing correct information OF 'he
affairs of the banks, and more unity OF acton among
bankers on all points Of vital interest to the various In
titntlops Another point that the State taxation o
National bank capital was Illegal and void, except where
snecaly authorized by Congress Paper' on the same
srrhtsct by Mr. Thurmon. oi Troy and Edwin NJ Lewis,
Niam H. Rhaan oi Phi alep phia, offered resolutions
rng the Executive Council 10 secure legislation 10 re-
dncc Govcnmcnt taxation on bank capiiai ann neposts
ana "a axruipt National banks fron all taxation Whit-
ever Hpon deio.tug bonds with the Secretary OF the
Treasury bearing not less thal per cent per ann"'
The Executive Council reported the tollo"lhS'
esoir silver money a subs aTy saTreney vi is de de
red n the peope and tlat its Tree but ot eOice use vi"
Greatly ad IN restoring the value oi paper money
D. Iycs Of Detroit, urged the pa iSe Of the silver
resolution aud IN It's sRboat rehu M ' ye n
King solomon were Of gold, and all the vessels OF the
houee of the Forest of Lebanon were OF pure gold none
vcre oi syer il was anything accounted of IN the
dnys of solomon" solomon" he said, was reported
:" be wise man and We now have men,
Thn resolution was unanimously adopted The
following o, Se Executive Council william g. Dc.h
i"r y b. Ju,Ison the Hon. Samuel Merrill, NJ kopper,
Charles Parsons, II. H. Camp, Mr.. Chrsteasen, ID. l.
H"idtvn H. G. Murray, John c. New, j. b. McIil'an, IL.
ID Moss The Executive Council presented tine follow
nc. which adopted:
ng interests United states be relieved from All
sxtion by the onerl Government except annual
ts 10 cover the expenses OF he Currency BIT
rran that taxation Of Dink shares Nv te states De-
t. ihe same pry and iumunes as other personal prop
erty.
TIE Secretary, James Buell. then read paper on
municilial bonis, investigation Of which, he said
ehwrd u many instances great abuse IN the exercise Of
+ . poyer of creating lOca indebtedness, and reckless
npss IN the creation O obligations Otglgng the ture
.',Dtnps of many genrratiOus Ho said Tnc
mons debt of the CITY OF N:wYOrk "a especially descry
mo of attention, it is at prscnt, after dedcing the
sinkinc fund, upward OF Sl13,OOOOOO, ana Without
deducfinr tnat fund, upwards or SllO,OOOOOO; an
nniut exceeding entire sam requisite To Celray all
o pxpenses the state GOVeTnmept Tor the present
eor and exceeding the entire expenditure Of the cry
and ouuy OF NrW-NuTk for year 80 recent AS 1860,
when the cy had popui .tion ol 100000 The magn-
,ude and r1pd increase of this dcOt are not less
rn,rlani rlau the poverty or the results exhibited
49, tbr return Tor 80 prod, glOus an expenditure. IL
xy.s ohudatly sufficient FOR the construction or all pub
lie ,vntk. of "A great metropolis for century to come,
ana h. nave adorned il besides with the splendOis OF
r.hitert,re and art. Instead Of this the ~narVes aud
ncrs ar, for the most part. temporary and pershable
strcttes the streets poorly paved; tue sewers IN
r,i measure imperfect, Insufficient ana IN bad order;
ne tubic buildings shah anu Inadequate, AM mere Is
iitte which the citizcn gard WIN satisfaction, save
to and its appuri naces. ana publlc PARK
E,n these should said tO be tue product Of tue
for the expense accustomed by tncin L. or
rhould have been, the most part, already eXtln
g,,shad In truth, the puOic debt OF the city Of
N.W- York. tue larscr part or H. represents vast
aggregate of moneys wasted embeLLicd or msapplled'
Referring 10 the issue OF municipal bonds, SIR Buell.
s,d that The ageg gate OF bonds OF ths character ont
staudg country Was very lue snort ot Tl,lOu.
n,O OOD and referring this ciJy, said "it
iunnrtan 10 know how much Of this vast sum Is devoted
10 ordinary objects Of annual expenditure" He pre-
s,Jltrd TINS tame:
whole amount appropriated s5O.0si.26o i5
De.uct state taxes. SZuoo,'VO w
Deduct interest on debt with IN
stAluirnt OF punrlpal........ blfn1ol 'S
Deduct TcdempiiOno oi special .- 49,. -.
paw ------ l3.3sOs9G 81