The sun., 1878-08-09
THE B.IyKERs' ASSOCIATION.
Pledgiug Aid and support to the Government
In "a Keturn TO ~ Specie stnndnrd.

SARATOGA. Aug. Sin the American Bank
crs' Association meeting to-day. J. D. Nermilye
# New York presented an elaborate table. pre-
pared at the Clearing House. showing the dis
astrous effects which had been produced and
were still menacng the country with
further mischief. 10y reason Of excessive
taxation Of banks. He showed how the capital
and surplus Of the banks had been depleted
during the past few years. and asked the Ex-
ecutive Council 10 take action to bring the facts
To- the knowledge Of Congress.
The Executive Council. by G.. 5. Coo Of New
York and L. c. Murray Of Louisville reported
the following:
R.-orei That IN the opinion Of mi. association the
approach of Tie ia, aronied hy law for resumption Of
w. . % ,ii @,g y. n y. n % me es sls T
industry trade aud general tram nlAty and cont ncnt
can be- RESTORED to ihe lsoYle The American Banker,
ernncnt in return % specie standard in the
non of the financial AFFAIRS OF the country.
Re.o That ihc resource, Of the country arising rom
abundant CROPS IN several successive Year, N" cNita-
mechamicai inVcnuons aud arniiancts by which ro,uc
ply concur IN supplying the necessary means ior re-
Mr.. Fani- Of Cincinnati and ono or two
other Western men opposed the resolutions on
grounds Of inexpedieney. although approving
t. {. Murray Of louisville. Mr. Henry q No.
bile J. W. Lockwood Of kirhmond. Mr. Boot y
y r.. a.,
and Mr.. Fry IT New York and Mr VI Michael
advocated the resolutions, and they were adopt
Geo. 4, Butler Of New Haven presented n
paper advocating the necessity that in every
bank system there should toe a provision for the
converiihility Of paper into coin. All paper
money MT convertible into specie on demand
! un.eitlcs values and disturls industry. and
/ under no clrrumstan 'es should be allowed TO
| exist. Conyeltibllity should bee something more
| than mere name; itmust be calculated 70 sus-
tain the most severe test without causing ilnan-
| cal disturbance. 10 that end the issue Of notes
| Of a less denomination than 50 should be pro-
! hlhiied. There should be central reserve and
redemption system, To insure these requires
n system of national banks. The only way 10
nave what i- called elastic currency l. %
! abandon the national system and give the banks
! authority 10 issue notes unsecured,
Geo. Wilson Jr.. cashier OF the Hull Savings
Bank Of Lexington. Mo-, presented a paper ar
guing against the prOprlety OF the Federal Gov
ernment charterng banks and fayOrlng re-
turn 10 the State bank system.
j. +. Nourso of Boston presented paper on
Grcenbaoks for National Bank Notes. with OBJ
icctions 10 It. He said the demand is for a
monetary revolution, The people who SUPPORT
by dcrislon or contempt. The reasons for the
scheme must be fairly considieredii and nm
swered by better reasons. The Hat money
has N never been tried. Nowhere exeeIl
in this country has It entered the mind
ot a sane man that the act OF the Government
. stamp on piece Of paper or leather. This
is dollar and making II legal tender. could
| eIlal { coin dollar. There Is no consttu-
| ti0nai power in the country 10 make anythlng
! ton in gold is constant guarantee against eX-
/ cessive paper issues for any long time. No
comuercial nation can qford 10 employ a cur
! ren'y OF money, whether metallic or mixed
| that Is u less value than the international
| money OF the world. Tho least depreciation
from that standard creates disadvantage, in
| crrN~iug IL rising ratio with the degree VI de-
lIcelHtIOn - the country permitting II.