New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-08
was held at o'clock this evening There is increased
Attendance to-day.
TIE BANKERS DELLBERATIEG.
MEETING AT SARATOGA.
MEEIINU AT bAhAIUUA.
IMPORTANT PAPERS READ TO THE ASSOCIATION
POPULAR ERRORS REFUTRD.

IMPORTANT PAPERS READ TO THE ASSOCIATION
POPULAR ERRORS REFUTED.
SARATOGA, Aug 1.-THE Bankers Ass0cia-
tiOn began its annual session with brief address by
President Charles b. Hall, OF Boston. The Business
Committee made report Of the work done during the
to strengthen and extend tho influence of the asso
catOn, stating that 11OO00 sealed letters and $4,000
circulars and printed papers had been sent out to for
ward the return to specie payments. James Buell., Of
New-York sent letter expressing regret that sickness
prevented his ATTENDANCE and urging that every effort
should be made facilitate return to specie payments
as that would bring all the boarded gold and other coin
into circulation Letters Of regret at inability to attend
were also read from Secretary Sherman. the Commits
soner Of internal Revenue and the Director Of the Mint
o. C. Hale, cashier OF the State National Bank OF KeO
kuk. read a paper subsidiary silver coinage. He
thinks Congress should provide for the redemption of
subsidiary coin in legaender CON- This would relieve
banks OF the fear OF accommodating unavailable funds,
and would give currency to coln extending its crcula-
ton to the profit and convenience Of the people
j. ID. Hayes, OF Detroit, read paper on " Hard
Times" Speaking Of the against the monoposts
and bank stockholders he said: OF the 1432746 shares
of bank stock in the State OF NewYOrk 1874 persons
less than ten hares EACH 1903 twenty shares
or less and the whole number Of shareholders 341Sl
OF about fortyhree shares to each In the
whole United States only 767 out OF 20s,4S6 share
holders own over 500 shares each. What right, he
asks, have widows orphans and small investors to
few shares OF bank stockl The is wide open and
inviting all TO enter into the monopoly OF banking who
desire lie ridlculed the cry that the Government
should furnish money for all and asked "Wby should
not the Government furnish doctors for the people,
well as banks and money! Law is for the people, yet
the Government does not furnish lawyers for all OF
them" In reply the cry that banks receive double in
terest he read table showing that the banks paid d.
rect Government taxes OF S7O76O87 aud 7OI 732
STATES, conndes anu municipalities 4elns Sz'LSz,Slg
ON bonds held by them. Referring TO the cry
for cheap money, he showed how France was nearly
ruined by II. Regarding bank loans and interest he
said that banks had $50 per cent more loaned at an
average less tnan per cent in 1877 than was loaned in
Tel us how to invest from 81 TO $5000000 that will
pay expenses and bring back per cent and tne money
There are over S25O0 100000 Of railroad bonus and
socks which pay their owners nothing There Is $780,,
establishments idle, and there is $6O0OOO0OO IN ship
ping bODeessy tied up. Snal we clean the forests OF
lumber and convert 10 into money We make enough
now annually 10 load continuous train 10000 miles
long The purchasing power OF mOuey is about three
times IN times of imitation more irre
deemabe money VIII not nelp US out We have no
greater proportion poor than other couDtres In
1876 had 2,9lS spirit disterles and 1928 brew
paid taxes OF 939795339 on tobacco, cigars and
snuff, TO say nothing OF imported liquors.
We thus had 6,2l1 establishments for manufacturing
spirits ana beer and only OS9 National banks From
winch of the tw sources comes the greatest amount OI
suffering and miseryl The capital OF the prudent,
dustriuus and sef denying Is ned by the banks anu
pays taxes support Of the whole fabric OF
iized society. Destroy distribute capital upon pro
rata basis and the whole system OF government
would fail to the ground and the hatiOn would be o.
the downward road to barbarian ana ruin More money
wheprUmises nothing, would Ony be n arer apg roach
10 becoming nothing TINS convention SHOULD gave no
uncertain sound against dishonest money. Let u.s. as
nation, wth ourselves and creditors, aud
hard times Will gradually disappear
George Walker read a history Of banking, comparing
the National system with all others IN our States and IN
European countries showing the advantages Of own
system.
Among tho prominent gentlemen present were W. H.
Rhawm, OF Pbiadelphia b. b. sherman, OF NewYoFk
DAVID A. Wells. and George A. Butler, OF Ncw-Eaven
Halsey Williams OF Plttsburg q. G. Barrett OF Louis
vile; and Mr. TOOrey, of HOuesdale Tho Committee
On Officers viii report tomorrow,