New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-09
THE BANKERS IN COUNCIL.
RESUMPTION UPHELD.
STRONG RESOLUTIONS ADOPTED BY THE AssocrA-
TGoN-INTEREsTING PAPERS READ.

STRONG RESOLUTIONS ADOPTED BY THE AssoCIA-
MOUNTAINEERING PAPERS READ.
SARATOGA, N. Y, Aug. SIN the American
Bankers Association meeting to-day j. ID. Vermilye, OF
NewYOrk presented elaborate table prepared at the
Clearing House, showing the disastrous effects which
had been produced and still menaclng the country
with further mischief, by OF excessive
taxation Of banks. He showed how the capital and sur
plus OF the banks had been depleted during the past few
years. and asked the Executive Council TO take action
to bring the facts to the knowledge of Congress.
The Executive Council, by G. S. Coe, Of New-York
and L. c. Murray, of Louisville, reported the following
ReS0ired. That In the opinion OF this association the
near approach of the day appointed by resump-
ton Of coin payments and values Is TO be hailed as an
event OF the highest Significance to the prosperity and
welfare Of the whole nation because IL is the only
by which industry, trade aud general tranquility and
cOnentment can be restored to tic people. Tue Ameri-
Bankers Association, therefore, pledges aid and
support TO the Government in return to a specie
standard In the transaction OF the financial affairs OF the
country.
Resolred That the resources Of the country arising
from abundant crops in several successive years, the
extraordinary mineral wealth, the large credit
balance of trade with other nations aud from
lions and appliances by which productive
industry has been facilitated and increased all happily
concur in supplying the necessary means for resump-
ton.
Mr. Falls OF Cincinnati, and one or two other Western
men opposed the resolution grounds OF nexpediency,
although approving their character.
l.. G. Murray, Louisville Mr.. Henry, Mobile j. w,
Lockwood, Richmond Mr. Root, Arkansas; Mr.. Atkins,
Michigan; Mr. Hays Detroit; A. H. Moss, Sandusky !;
Geo g. Cox and Mr.. Fry New York, and Mr.. McMichael
advocated the resolutions, and they were hnauy
adopted unanimous.
e. w. Rowell Of Maine read paper practical bank
ing ana National banks IL was nf technical ehafaC-
ter and Sill be printed In the proceedings.
George A. Butler OF NewHaven presented paper ad-
vocating the necessity that every bank system there
should provision for the conyertbty Of paper into
coin All paper money not convertible into specie on
demand unsettes values and dsturbs industry and I'M
der no circumstances should be allowed to ex-
list. COnveTtiby should be something more than
name; calculated to sustain
the severe test without causing financial disturb
ance To that end the issue Of notes OF less denomna-
ton than IS should be prohibited There should be
central reserve and redemption system To insure these
requires system OF National banks. The only way to
have what is called elastic currency is to abandon the
National system, and give the banks authority to issue
notes unsecured.
George WILSON, ir cashier OF the Aull Savings Bank
OF Lexington NO.. presented paper arguing against
the proprety OF the Federal Government eharterng
banks and favOring return TO the State Bank system
b. T. Wourse. OF Boston, presented paper on he
popular demand for substitution OF groenbacks for Ma
tonal bank notes. with objections to it," He said the
demand is for q monetary revolution. The people VINO
supper. this scheme sincere, and cannot be
sopped by derlsion or contempt Tie for the
scheme must be fairly considered and answered by
better reasons The " fiat money" scheme would be
new experiment Il has never been tried No
where except In this country has It entered the mind
of sane man that the OF the Government to stamp
OH piece Of paper or leather "This is dollar" and
making 1t legal-tender could impari to commercial
or excbangeable value equal 10 com dollar. In Oh
times absolute rulers. when pressed forced people to
nae and eredtors-if not too pOweriu-to accept de-
b. sed coin. Though clothed wit despOtc power and
able 10 enforce the of debased cOin they were never
$40 ey as 20 attempt enforce the Of fiat money
as currency There is constitutional power IN the
country TO mako anything but gold and silver coin legal
tender.
Mr. Judson OF Syracuse, gave an interesting chapter
Of "reminiscences OF bankers In the State of NewYork
shom he had known There will be another session to-