, 1877-09-15

Ll08lnM Af0E6GulHG6 GI tH0 convention III
Now York.
Nnw YonK, scpt. H.-Tho Bankers Convea.
tton scst,n.cd ita sesAton ttts morning. a rcso-
luton pledgtng tho banking interests to aid tho
Government III Efforts to rcstore specie basis
was rtiorred to tho Executive Council, rs was
also another giving It ~ tho opinion Of tho
Convention TINT 1t was aflvIsabio for tho Fed
cra1 Government to exercise surveillance over
Faylngs bunks, loan anl trust companies, aud
fire, marine, and lifc-fnstlflnce companies.
Charming r. Williams, OF Albany, read long
paper OH "Taxat!on OF Danks," holding tho tax
was entirely illegal, anl was collected without
any authority Of Law.
Tho Hon. H. Thurman, Of Troy, N. r., read
remarkably rt,lie!sc md a6lc paper on bank tax-
alton, commanding tho closest attention OF
tho bankers md publietsts. prceent. s!r. Thur:
showed tiIat real estate Ii assessed a. onc-thrd
its actual value, and that banks nre asscsscd at
more than twrthirtls their market value: Or, In
addition to State and ltxal tn1allon, tho United
statcs lertes tux Of haf Of per cent on de-
posts, half Of per rent OH capital not invest
cd in United States bonds, md per cent on
circulation. All real estate and other personal
cstate aru exempt from United Statcs taxation.
co,ncs Into the bank tn she morning and
deposits &t,0D. and t,eforc noon next day haa
checked It oil out. Flftv men call anil do tho
States Tor doing business from whicl Il has
not received ono cent ol pratt.
A paper was then uffcre.! by delegate. from
Philadelphia. prepared BY Nr. Edward l.. Lewis,
Ct pillMlephlaL T. showing t!'as' pF;or 70 ls', t.,e
on tho tiollar, hut Ia 1851 the Stats Legislature
enacted law Imposing tax OF ! Der cent on
National Bunk stock. The Clearing House
justlsc, aad hs gave II - h7s opinion that tio
State act was in conflict with tho second section
OF Artitao VI. Of tho Constitution Of tho United
States, and xrantcl al Injunction. During 1870
! the Legislature again passed III aet 10 tax Na.
tional lanks per rent On bank stock, but tho
Clearing ltouso aKalu cafrfcd tho cast to court
before Chief Justice Tl.onipsor. who decided
| .nat thr net WAS unauthostzea; that the State
| tl,u dollar, and aguiu granted IN injunction.
The paper then showed that philadelphia was
/ totally opposed to state taxation.
lowing resolution, which was uuanlmousIy
| adopted:
Rtsolrsd, That in tho opinion Of this Convention
Silver money sutsldlary currency r. deslFed ny
Wit sssss; I'D Is ;s.tot'nx shs .s'as os ost paper
| money.
4n supporting this resolution Mr. Hayes, ol
Detroit. quoted and read the twentieth verse
eies, and said that 1t was The action Of 4 wise
n.au In thuse days. lie thought that some men
| lad deteE[oratcd since that time.
| Tho following resolution WA8 alao reported By
tha Executive Council ~ tho embodiment o1
scverA! referred to that body, aud WAS unani'
noasly adopted:
Rss0!pfd. A. tho ssasa Of this Conseuhon. that
tho business Ut the country demands that tho
banking interests Of tho cnfteh States b relieved
from ail taxation by the ticMesat t;orernmenI *
eenI An &uhnAl tar On heir circulation to coSss ths
expenses ot tho Currency Bussan m! that tha
taxation OF bank sharca by Sta.ea be lested tn tht
anna manner only, aud to tho extent. and u
leet to tbs same privileges and lmmuuitiss q
other persona! property.
The Executive Councii reported tho names q
twelve pew members Ut that body, atl Of whom
were unanimously elected. II follows:
william 4. Dsshler, President National Ex
change Hank. Columbus. o.; E. b. Judson
PRESIDENT ttrst National Bank. Syracuse. N
III: the Hou. 61tnusl Merrill, President
Citizens Nattoual Bank Of Ues afotnc&, Ia.
IL. koppsrcs, President National Bank ol Gal
yeston, Tex; Charles Parsons, President Stat
Cashier FIRST National Bsuk. slitwaukee, Wis.
3lr. Christensen, cashier Bank OF Neyada, .
San Francisco, CAL; q. L. Baldwin. Cable
aiechanica' National Bank, Newark, N, J.; L
c. Murray. Louisville, KY; J. L. New, pses|
dent ol the Fsrst National Bank, Ipdianapolis
Ind; J. b. Mullsn, Cashier Mobile Gayin0
Hauk, Mobile, ALI; J. d. Moss, Flrst Nastonal
64udusky, @.
Jsmra Buell. read paper on "siuntc!ps
BonIs." aIld short debate arose, slt tho 8pcak
err supporting thc tdeas put forth In the paper
After tue passage Of several routine aud CON
pll1nent2ry resolutions aud , abort Addreaa iou
the President, ths Convention adtouzus4 sta
die.