The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-09-13
Convention Of American Bankers

1
p. Hall, Of Boston, called the Conyen
tion TO order. He spoke Of the time o
the panic, which had depressed busines
interests and caused great shriDkage II
values. He thought the dark period wa
past aud that with the splendid cropl
and large surplus which will be wanted
BY Europe, the country was again on At
inclined plane to prosperity. The time
had come when some legislation was re
quired, wheI the burdens with which the
banking business was tramneled shoulC
be dispensed with forever.
The Executive Council reported 10.
tai correspondence Of $4,000 letters, dur
ing the past year; 100000 newspaper.
slips circulated and $4,000 newspaper,
and pamphlets distributed. They also
reported that a bill was prepared last
February for the repeal Of The bank tax
and copy sent to every member Of Con-
gress.
The Assistant Secretary had visited the
the West to promote unity OF action.
1t was resolved 10 extend the member.
ship Of the Executive Committee from
0 to 81, so as to have a quOrum at all
times.
The Treasurer reported dues received
from the members Of $1,000; expenses
$4,000, remaining 81 900.
The following officers were elected for
the ensuing year: President, c. b. Hall,
Boston National Bank, Boston; Execu.
tive Council, &. Scoef, President Of the
American Exchange, New FORK; J. Buell.,
President Of the Importers and Traders
National Bank, New York; 7. Coleman
President OF the First National Bank,
Troy; NJ. McMichael, IT,, Cashier OF the
First National Bank, Philadelphis; ]. S.
Morris, President Of the First National
Bank, Baltimore; L. Tyler, Cashier Of the
Suffolk National Bank, Boston; ]. w.
Lockwood, Cashier Of the National Bank,
Richmond; J. d. Hayes, Vice President
of1he Merchants and Manufactures Bank,
Detroit; L. J Sage, Cashier OF the First
National Bank, Chicago; Secretary, J.
Buell., President Of the Importers and
Traders National Bank, New York, and
Treasurer, G. f. Baker, Cashier Of the
First National Bank, New York.
United States District Attorney Wood.
ford, who was expected to represent, did
not attend.
The President announced that the next
business in order was the consideration
OF the subject Of specie resumption.
In the absence Of U. S. District Atttor.
ney Woodward, Mr.. Hall introduced Sir
Francis Hincks, a Canadian.
NJ. F. Hayes, OF the Merchants ard
Manufacturers Bank Of Detroit, then aG-
dressed the Convention.
He said that 80 long as Government
bonds remained in the United States
specie payments of interest on them
would remain in the United States, and
il there was no extra call on the Govern
nent for specie it would have no ditticul.
ty in meeting demands in coin The bal
ance Of trade was in our favor, and we
were accumuluting u specie basis which
would enable us to resume in 1879, if we
continue in our present channel. II our
circumstances were different, the law
providing for resumption ut that date
would be only legislative prophecy.
Whatever laws might be passed we could
notresume till we had the power to doso.
Believing in our ability to resume at the
time specified, he hoped the law In ques.
tion would be warmly sustained by all
banks.
The following resolution was referred
to the Executive Council:
ReSolrtd, That committee be appoint
ed by this Convention TO memorialize
Congress TO pass an act authorizing the
General Government to sell the new four
per centum bonds at par in currency,
and guaranteeing to national banks in
vesting in these securities that they be
allowed under the law to issue in circu-
lation the par value OF these securities.
Mr.. Grubb, merchant Of Philadelphia,
warmly endorsed Secretary Sherman's
Mansfield speech.
Ex.Goy. Stewart WoodiorG read u care
fully prepared paper on resumption. He
said that some Of the pulses Of reviving
trade are beginning to beat, but there has
long been enforced idleness all over the
land. Many men have no work, how
ever skillful their hands and willing
their hearts. More have been on par
tial time and at reduced wages, and there
has been many sad women and hungry
children. The point that would have
you consider is this: The chief present
legal hindrance to the resumption OF
specie payments is the partial legal ten.
der quality OF the national bank bill. /
will say deliberately that I do not
believe that the National bank law is
constitutional in so far as It confers this
power on banks TO issue paper and makes
that paper legal tender for any pur-
pose except in the payment Of il to the
bank that issued it. What we need TO
have our people taught ia this, that
money is the measure Of value; that un.
der our National Constitution it is only
Congress that can provide this measure
and only that. The money that Congress
can provide is that which it can coin.
You complain Of excessive taxes, and
possibly your complaint is very Just
one. l think it is unwi.e TO tax bank.
ing capital or any other capital, or any
honest business, SO highly as TO force
capital to seek other Investments, but
while you make the complaint you hold
and use the sovereign power, the highes.
sovereign power Of issuing paper, which
| am compelled to accept from the gov.
ernmeut as money whether | will or no.
And now 4 few direct words on your
duty to the government and the people.
In this matter Of specie resumption this
administration stands pledged 10 the Con.
yenion that placed il in nomination; to
those who gave it their votes, by is great
honors and grave duties 10 all people Of
all parties, and still more pledged by
every suggestion Of commercial wisdom
and commercial honor, to all who in any
land have dealt with US or with this gov
ernment. to pay coin, gold coin, for every
dollar Of greenback debt on and after
January l, 1879. l make this statement
without an ii or but, without any eva
sion or reservation whatever. The pres
ent resumption law is not all that II
should be, but it is enough to secure the
result. The power to resume is there;
the pledge to resume Is given, and the
administration has the will and with il
the power TO resume. | heartily
believe in John Sherman as Secretary Of
the Treasury, because believe his fixed
unyieldlng and unbending purpose is 10