The Wellington enterprise. [volume] (Wellington, Ohio) 1867-188?, 1879-08-14
TELEGRAPHIC.
MlACELLANEOUS.

MlACELLANEOUS
Saratoga, N. Y. Aug. 6.-There is a
large attendance of American bankers at
the annual meeting of their association.
In the absence of the president MIR.
Mitchell, vice president Vermilye was in
the char. After reading the reports OF
the secretary and treasurer, MIR. Camp, OF
Milwaukee, read an interesting paper on
the history of western banking.
Saratoga, Aug. THE proceedings at
the bankers convention began today by
John j. Knox, comptroller of the cur
rency, reading a paper on banks anu the
banking system.
Mr.. Knox introduced his paper by CIV
ing the number of banks and bankers,
and the amount of their capital, as fol-
lows:
Geogr'dl No.
pisisions, Banks. Capital. Deposits.
States, 555 3 11,1l6,Go5 8 4a,s57, ,72s
Mid. States, 1872 677,Oss,slS 544,075,5 ,533
SouthSlates, $40 3,559,O29 47,774,074
w'nStates, 1,7s2 47,47O,2s6 126,2si, ,766
PacSta
& Terr., 2l7 s4,14s,O94 1O1, ,sO2, ,sO4
U. States, 4.4OO 2O5, 1892 ,S32 1,242, ,794 ,9O3
Speaking of the taxes of banks and bank
ers the comptroller said one OF the evil
results of the system has been to largely in
crease the rates of interest in the rural
districts and thus to place its burden upon
the people who, of all others, are least
able to bear it. Bank taxes, state and ma
tional, have been most arbitrary and un-
justin many cases of the collection of
twice and three times the amount I'M
posed upon other capital, while the law
provides it shall be exactly the same Its
| evil effects are seen IN the rapid reduction
| of banking capital which has taken
place. The tax upon deposits should
| long ago have been repealed and If the
carefully prepared tables and sound argu-
ments in favor of such repeal, which have
been so frequently given by this associa-
| tion, had received the favorable considera-
tion from congress to which it is believed
they are entitled, it would have long since
been accomplished. Why, then, has not
the desired legislation been obtained?
The two and only reasons are the fol-
lowing:
| 1. The income from the tax has been
needed by the government.
9. An unreasonable prejudice has been
excited against the banks.
The first named reason has abundant
answer in the $14 0OO, 600 saved the gov
largely at the expense of the banks,
who were large holders of United States
bonds. rr.r.
The prejudice against the banks in this
country has undoubtedly partly arisen
| from the losses sustained by the people in
former years upon the circulating notes
of these institutions, but the present gen.
Grafton OF young men have not experienc.
cd such losses and the reasons for this pre-
| iudice must be looked for elsewhere. The
refusal to loan money except upon
1 L. .lxv f,xr sl,a, Nrnttr
dice against banks and bankers as a class,
but when good times come, and people
generally are prosperous, this prejudice
will cease to a large extent. The holders
of bonds bearing per cent interest can
hardly be called bloated gold bugs.
Those who loan money at from to 4
per cent. per annum cannot well be termed
money sharks. / look for a change OF
opinion among the people in reference to
banks and bankers who have survived the
evil times through which you all have
passed. If people change their minds the
minds of members of congress will also
upon deposits will be repealed by the
next congress.
The comptroller, referring to resump.
ton, said that every one feels pIoud ofthe
| late achievements of the treasury depart
ment. No nation ever before, within 100
DAYS, sold $537 900 900 of bonds at as low
q rate of interest as per cent. no ma
tion ever before in 100 days made an
annual saving of $S,OO0,OOO in interest
upon its public debt. No nation ever
before resumed specie payment with $66S,
0OO, 600 or $670, ,OO0, 600 of paper money in
circulation. Never before have any peo
pie evlnced such unbOunded faith in the
credit of the nation as has the American
people during the last six months. A
man cannot be found in all this land who
since the resumption of specie payment
has demanded a dollar of coin because he
lacked faith in the issues of the country
or of the banks
The amount of gold coin in the treasury
and in banks is to-day greater than on the
| day of resumption. The treasury has re-
deemed $12O, 100000 u. 8. bonds with
legal tender notes. Not dollar of coin
has been demanded in payment of the
five hundred million called bonds. The
comptroller then told the story of the au-
thorship of the section in the coinage act
of 1878 which discontinued the coinage
of silver dollars, and said the coinage act
1874 simply registered in the form of a
statute what had been really the unwrit
ten law of the land for nearly 40 years. In
my opinion there is not properly any such
thing as a double standard. That which
is called double standard is simply an
alternative of standard and silver circu.
lating to the exclusion of gold. When.
ever the mint and market rate is such
that silver is over valued in Its relations
to gold and in turn gold circulating to
the exclusion of silver when gold is really
the over valued metal. so
Hollister of Grand Rapids read paper
4 a.
| the people; plea for less mercanary NO.
tives for more carful study of the rela.
lation between affluence and property
capital and labor and the duties Of capital
as well as its privileges.
After recess. Sneed of kentucky read a
short paper on silver and gold, arguing
That only specie the basis, gives wealth.
That no distinction should be made be.
tween the money of the poor and the
rich, that nothing could be more disas.
trous than the repeal OF the resumption
act; that when prejudice gives away to
intelligence few can be found unfavOrable
to specie. The poor are first to feel the
events of debascd currency. Sound cur.
rency and a firm adherence to compacts
is the only foundation on which TO build
| fortune and reputation. Congress has no
more right to demonetiZe silver that ii
has to demonetize gold. Should congress
demonetize both we should be left with.
out constitutional currency. AGE
Sneed argues that silver coin in accord
ance with the constitution, was legal ten
der for every thing. He claimed that the
relative value of silver and gold have re.
mained and will!remain with slight fluc.u.
aticns, regardless of supply.
Some other papers were read and the
day closed with a presentation by Hugh
s. Flemming, of Pennsylvania, of a reso-
luton requesting the executive council to
report some feasible plan to be pursued
for bringing before congress the present
unjust and enormous taxes now assessed
on the national banking Institutions of the
4 country.
4 Sarafooa Auy THE comntroller mr.