Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-08-16
THE BANKERS ASSOCIATION.
SOME REsoLUTIoNs-NUTs FOR THE GREEN
hackers TO CRACK.

SOME REsoLUTI0Ns-NUTs FOR THE GREEN
BACKKRs TO CRACK.
SARATOGA, Aug. Sin the bsnker's as
socistion to-day, j. d. Vermilye. of New
York, presented an elaborate table prepared
at the Clearing house showing the disss-
trous effects produced and still menacing
the country by the excessive taxation of
banks lie asked the executive council to
bring the facts to the knowledge of
the congress. The executive council
by q. S COe. of New York, and l.. c. Muir
raw, of Louisville, reported as follows:
Resolved. that in the opinion of this as
sOciation the near approach of the day ap-
pointed for the resumption of coin pay
pent and values is to be hailed as an event
of the highest significance to the prosperity
and welfare OF the whole nation, because it
is the only means by which industry, trade,
general tranquility and contentment can be
restored to the people. The American
bankers association, therefore pledge
aid and support to the government
in the return TO specie standard in the
transaction of the financial affairs OF the
country.
Resolved. That the resources of the
country arising from tie abundant crops
Of several successive years extraordi-
nary mineral wealth. large credit
balance Of trade with other nations, and
the rapid development Of mechanical in
ventions and appliances by which produc-
tive industry has been utilized and in
creased, all happily concur in supplying the
necessary means for coin resumption.
Mr.. Falls. Of Cincinnati. and one or two
other western men, opposed the resolution
on the grounds Of expediency, although ap-
proving their character. They were finally
adopted unanimously.
Geo. Wilson. Jr. cashier of Hull savings
bank. Lexington. Mo-. presented a paper
arguing against the federal government
chartering banks. and favoring Il return to
the state bank system.
Is. +. Nourse. of Boston. presented a
paper on ths popular demand for the sub
stitutiOn of greenbacks for national bank
notes. The demand, he says. is for a none
tary revolution. lie hoped the supporters
OF the system are sincere. Ii cannot be
stopped by derision or contempt. Tho
reasons for it must be fairly considered
and answered with better reasons.
The fiat money" system would be a new
experiment. Nowhere. except in this coun-
try, has it entered the mind OF a sane man
that the act of the government to stamp on
a piece Of paper or leather, This is a dol
lar. and making it legal tender. could i'm
part to it commercial or txchangeable
value equal to coin dollar. In
old times, absolute rulers. when
pressed, forced the people to use and
creditors, it not too powerful, to accept de-
based coin. Though clothed with despotic
power and able to enforce the use of de-
based coin they were never so silly as to at
tempt to enforce the use OF fiat money as
currency. No commercial nation can afford
to employ currency o fmoney whe ther me
talic or mixed, that is Of less value than the
money of the world. The least
depreciation from that standard creates
disasters. increasing in rising ratio with
the degree of depreciation, to the country
it The project of q govern
ment currency has been openly and ably
discussed in this and other countries. Here
the question has been opened anew. II the
true nature and consequences of what is ask
ed in the way of the substitution of green
backs were understood, the demand would |
cease. Its concession would inhict severe
punishment. not alone upon those who igno-
rarity ask it, but on all classes, and most
oppressively upon those whose transactions |
are small, the wages-earning and small
trading classes.
Mr.. Judson. of Syracuse. gave an inter
estng chapter OF "reminiscences OF old |
bankers. There will he another session to-
morrow