The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-09-17
The Bankers Convention.

The Bankers convention. .a
The following resolutions reported by
the Executive Council upon tho subject OF
resumption were adopted as declaration
rby the Convention Of Bankers in New York
Resolved, That in the opinion OF this AS
ISOLATION the early resumption OF specie.
Yayments is necesssry to the restoration OF
general prosperity and social progress
~ Resolved, That the general use OF coin I'LL,
the measure OF value as formeriy-W
atone secure those certain rewards 10 iapo,
X and impart that steadiness to the Vaiuc anu
nrica az all nroperty which are required 10
as;u,T,a.e enterprise and give proper en-
conrarement to every useful INDUSTRY.
rYhat The time has fully come wnen al GU
forced currency-an expedient OF inc WI
should be gradually removed, while All the
conditions in the country are most iafora-
bic to that end. ,,;~,,
Resoired. That it is essential TO the high
est welfare OF the American people that
their trade and commerce should all De
conducted upon the standard OF value when
tho most advanced commercial nations IN
the world have adopted.
Resolved, That the general resumption OF
coined-paynient can be best secured ana
maintained by the cooperation OF tho Gov
eminent and the people, through the agen-
cy of the banks, which is earnestly recon-
mended.
Resolved, That by such cooperation the
resources OF the country will be most eAec-
tually reached, whether in smaller OF larger
sums, and absorbed into the bonds OF the
Government; and the. present Dountilui
harvest and increasing mechanical ana man,
ufacturine production OF the nation VIII
thus contribute to resumption.
Resolued. That this great end can DC Sc
cnred with the cooperation OF the people
BIZ means already provided for by law.
1t is necessary that the banks should CO.
operate with the Government in the meas
ures for RESUMPTION. That. they Will CO.
operatc In this manner we have no doubt.
II il their interest to do so; for they are
DESTROYS Of concessions from the Govern
ment which they could not be SO unWlsc as
to imperil by opposing the measures OF the
Government to resume. They want the
reduction of the bank-tax, and they want
the opportunity to participate in the agency
for the sale Of national bonds monopollzed
nv syndicates.. 1t Is the interest of both
Government and banks that there should
be harmony between them.
The New York Herald suggests that. il
the banks were indsposed to cooperate with
the Government they could force renewed
suspension OF specie-payment within three
DAYS after resumption, as they will more
than probably hold more than twice the
amount in greenbacks that there VIII be OF
the reserve in gold for the purpose OF re-
sumption. Then the Democratic party
have pledged themselves in favor OF fur
Their postponement Of the day OF resump-
tion. and should there be any combination
between the banks and the party opposed to
resumption in 1879 it might be postponed.
We think nothing OF these perls. They
are no periIs at all. The banks will do
nothing to enbarrasS the Government IN its
ATTEMPT to resume. They will be very
clear OF wantonly drawing out the Govern
ment gold with their greenbacks. They
would of all things dread return to re-
sumption, and will do every thing in their
power to maintain specie-payments once
they are resumed.
The Democratic party resolved against
Lne resumption Ill 1919 uuuei Wv wv WV
ton that it was too early. But we imagine
that if it appears that under the pacifcatlon
Of the country by the policy Of the Admin
istration there is such improvement OF the
industrial and commercial prosperity OF the
country, and such restoration Of confidence
and trust amongst the people, and such
general ease at home, and the balances be-
tween the United States and foreign king
doms are upon such footing that resump-
ton may safely take place, the Democrats
a. party will not oppose it. ,'
The Bankers Convention did exactly
what they were bound in respect to their
own interest to do-pledged themselves to
unite with the Government and do what
they could to help on resumption.