The New York herald., 1877-09-15

OF New York is especially deserving OF attention. as
is at present. after deductng the sinking iund upward
OF 600; and without dcducting that fund, up
ward OF $l40 900 600, amount exceeding the onre
sum requisite to deiray all the expenses OF the state
entire expenditure OF the city and county Of Now York
for year recent 1850, when the city had popu
ation OF SEQ, COO The magnitude OF this debt Is
less alarming than tho rapidty OF Its increase
In 1910 the debt OF the city was about $40 00O
the decade OF about twenty per cent. In 1850 Il
upward oil Sis, 1000; AN increase Of Afty Dor
cent In ls7oit was upward OF SIs, 600 200, an in
years which have since elapsed u has been swollen by
The addition Of $40. 100000 II is proper TO
say that this last increase is In largo measure due
TO tho funding OF preceding floating debt of upward
Of $40 000 600, legacy from the corrupt caba over.
thrown In 1871, ana which, or most o! which, ought
added the amount OF the debt, above stated
In 1870 The magnitude and rapid increase OF thii
debt are not less remarkable than The poverty of the
results exhb bited The return for SO prodgious an
trust this association will be enabled In the futuro
to do much for the achievement Of this most impor.
tsnl reform We have many advantages qualifying us
as AN ASSOCIATION tor undertaking TINS work. We have
our ORGANIZATIONS every State In tho Union. We
haye our constituents and members IN every town
city of tho United States, where there is bank
banker We have our officers Dnsily employed
during tho sessions OF Congress In epdeavoring
10 enghten and inform the minds OF Senators
ana representatives. ~ resAfu axo,on qIss''Hns %
whole OF tho United states, ana there Is no
why organized BODY so powerful and WELD
ing SO mi uch Influence ours, should not, as soon
tho most pressing tax questions are disposed OIL take
up, with vi1or and success, other reforms When
that time arrives, and hope Is very near. we shall
lind rcady our hand porant work IN connection
with he muncipai Indebtedness OF the country. To
which have had the honor OF directing the attention
OF this Convention to-day
short debate followed the reading OF Mr.. Buelps
paper. After the passage of several routine and COM
plimcntary resolutions ana short address from
President Hall, the Convention was declared al
journed sine die
WHAT HAS BEEN DONE
A pronounced resumptionlst, II financial writer OF
great ability and bold in the expression Of his convtc-
lions, commented on The Convention and its work as
'what do you think OF the character and results Of
the Convention ?n
'Wc.l, IL was an unusually intelligent body, en-:
bracing many mon OF great experience and some oi
superior ability AS usual with such bodies, u was
tmid lacked tho courage Of IT'S opinions. did not dare
to propose anything new, and singularly missed ~
most important duty when II failed 10 advise the
country banks TO the steps necessary IN preparation
for resumption. No other matter before tho Conven-
ton important as this, and the naked assur-
anco nat the banks would tho Secretary Of the
Treasury and that they deemed existing legislation
sufficient while It was well enough and better than
many expected, was OF no service to guide the banks
In their action. This Convention ought TO have told
the banks to prepare on their part for the great
change in the purchasing power OF the currency Per-
haps II had an opinion but had none which It's mem'
bers dared to express. AS 10 the silver question
II seemed know very lttle and, wisely. did little.
and unjust taxation everybody knows aud it needed
convention TO show that. Tho question of munl-
cpal indebtedness was very imperlectIy treated the
complete. The Convention should have taken def
mite action Recommending sono remedy or somo mode
protecting Taxpayers, but IN this as in some other
matters succeeded doing nothing OF practical value.
The ono really good thing was the declaration OF hearty
approval OF the efforts or the government toward
specie resumption" !"
Mr.. James Buell. was asked what he thought OF the
Convention and It's work,
He answered :--'l regard the Convention remark
able Tor It's representative character Nearly five hun
dred memoers representing not less than thousand
millions OF the capital OF this country, or more than
one half its banking capital were present at the Con
vention No one present could doubt that they were
al Apnaru sol hina
are more thinkers than takers and might not ims
press tho general public by specchmakng as favoraby
as the average political speaker But notwlthstanu.
ing this, the Convention furnished somc very able
speakers thinkers, their proceedings Will show
Think the results OF the Convention Will be decidedly
favorable elioct upon the public mind showing
that the banks moving in harmony with tho gov.
ernmont toward tho resumption OF specio paymcntc
aud that thero Is no OF any new Legislation but
that forces at work, inauguratcd by the laws
of 1874 and 1875, which will bring about That result
before January 1872 the day liked by Congress foS
resumption"