New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-07
DETAILS OF THE SESSION.

SARATOGA, Aug. 0.-Ile BankerS convention
met in the Town Hall al IL o'clock to-day with an
excellent attendance for the first session, the South
and West being largely represented as well
as the East Tne hall Is sometimes used
for theatrical representations, and the background
of the dIgnided bankers who sat the platform
was a drop-curtain depicting scene in Asia Minor
or some other distant land. There I'M
mense amount of blue in the picture. which was
decidedly not in harmony with the good spirits
and hopeful feeling which pervaded the conven-
non. Jacob ID. Vermilye, president Of the
Merchants National Bank, New-YOrk City,
and first vIce-presdent of the American
Bankers Association, was in the chair
There were also the platform Vice-PresIdeut
Henry Z. Baldwin, president Second National Bank,
Detroit; James Buell., president Importers and
Traders National Bank. New-York City, secretary
Of the association George ;. Coe. president AmeFi-
can Exchange National Bank New-York City,
chairman of tne Executive Council the Hon. L. 6.
Spaulilng, Of Buffalo; T. =. Handy. Of Cleveland;
and Dr. George Marsland, assstant-secretary Of the
ASSOCIATION.
Mr. Vernrlye made few pleasant remarks IN
calling the convention to order He expressed
qualification ut seeing 50 many representatives, of
banks present also that persons not directly
nected with the convention were in attendance,
especially ladies. All knew that ladies took
great interest IN money matters, but
did not believe IN locking up money.
They were in favor of free circulation, and some
thing Of that spirit would be desirable in the
veutlon. Mr.. YermIlye referred TO the absence in
Europe of Alexander Mitchell. of Milwaukee, the
president Of the association. and 70 the consequent
necessity, which be regretted, OF assuming he dg-
ties Of the presiding officer himself
ANNUAL REP RI OF SECRETARY BUELL.
Secretary Buell. then read bis annual report.
Secretary ShemaHs letter was received with most
enthusiastic applause. The following are the most
siHen. points Of the report of the Secretary:
The matter of tax been brought 10y parties IN
rested be"r" ne rontt7 oi lHsI -ul S,''7 IN Olo
Vs. uTW. ihl the courts nave deriltd tar the
BANKS are unconstitutional taxed. but iH this
STATE reverse ncrl-ioI mas been male Both these
uuIersdu " % cone before IN L tied dte-
ONO idea O., sustained fhatD uhs nave rights under
jbr Constitution uf tne United States OF beng taxed
ON " as otn.r taxed. the commercial cum
80 f.,r ~, ,o.-,,r,iv TLe, D,ye mo- sacitf ry-
o--~ except circulation. ihrN want none They M rely
oTr c,i1,oct mons and property ir. faxed mo- more
no Jess. N0H tuty taxed uy toe United states ana
ALSO By thr -tItrs thr otaer corpora ions and
-7ftv r, %. x,i U addition Ia the heavy taxa ION of
The Frleral GOV ruUrut. THu- rHey douHy taxed.
40 other species Oi property - 20 taxed within the
radical chnngr taxation OF tins KIND OF cap nearly
quite llI OF these l,nas must nIo liq aton,
frcir places l not Dee supplied by state Ja s cause
taxation IS a. heavy upon them a. upon the National
banks.
TIE caual now in National banks VIII he invested IN
where 10 Wi quite probably escape tax lton
the present. unjust system defeat Itself nv
cIplIa isses,Yr'- atog tuer. Already
there have bren retired from NtW-1orh Cay iiohe'
Wtun the past few years over s3OoJOCOO "f banking
capital and surpu.. Probably uot oue-ieuth part Of
t!Iat G pi,a &, now subj 10 taxation.
Banks nave PRIV e-rs Ike Other cofpOratlonsi ho
l. reaaru,d by man as uo privilege az all laIg
number Of banks take out circulating notes. as 10
profit for The public b. We currency af par every
where. There are now nearly es1O0OOOO OF ih.-r
Safioual bfuk notes. % which the Ddnk- air entitled bur
tuey profit IN their use. aud hence do not call ir
on the 3oth Of last month he total amount Of
rrIcv IN circulation Wa T734SOI 1914 IS, worth is
face 10 guid lA4S = ap'ui 9o''OytV'v ~ $3.50 VI az,
purchasIn1 power Of this Iuta outstanding currency al
any previous pcrOd American history
IL us letter, Secretary Sherman sand:
TIC ease AMI f'cuIy VITA which sucl vast reminding
OuerdtlOus nave been conducted uT the Government s
J, r., Inc g -fI0p Of the banks and rspe-
claiy 10 the arrugee made wItl the caring HOus,
iu New-YuIk. Few can comprehend berausc they can
see, the m-n I'D o. these opera ion- and tne co
rttencss OF Their success, beng lar larger than a"y
previous hnancisi transactions OF Government even
during the tire Of war
The treasurers report showed that the balance Oh
hand August 20 1878, was 50 273, and the receipts
during tine year were Sl1.232 80. The expeull-
lures during the year were SD ,24J, leaving bal
auce on August 1. 1879, Of S4,26O 10. There were
bills still to come IN which would leave about ST.,
800 60 begin the year with.
The following committee 10 nominate officers was
appointed by the chair: f. 5 Butts Of Ylcksburg,
W. p Halliday, OF Cairo H., ami Thomas Henry,
Of Mobile.
ADDRESS OF II. II. CAMP.
II. II. Camp, cashier of the First National Bank
of Milwaukee, read long paper on the history of
banking IN the West. lie considered ais subject
der a uIyision into three eras. He said in sub
stance:
The nrs era began 10 the states at the differ
ent daes when charters we're Eiaulrd bY the several
gisilturcs for various Kinds OF banks He reviewed
development ~ banking iu THIS era IN ip. indiana
Limos, Kcutucky, Missouri MiOhlgan, MscOnsln Iowa
and Minnesota IN most oi tA'ss states tls era wac
ended 1850 aud 1905. The Issues OF the bauEs
states had general circulation through the
m. second era began I'm 1852 and covered the entire
history Of Tree se banking up 10 ls5i Between tbosr
dates Indiana Illinois ald Wisconsin Hooded tueir own
states ana disiurbd the nna1e II tue entire West
Win me issues OF ..'se zee pans. lbs era Was
The third era began with rhe passing Of the National
Bau.lun lazy. Previous % A~b5 privileges Of
Law were not fully useu lac nnal perfection bI secie
tary ca -e VI AN alliance sweeu ne capital OF the
country the Government itself under De operations
is Ol the greatest financial events OF our
time.
Mir Camp reviewed at considerable length the
evils of vicious legislation during the first In
the States above named. In reference TO Michigan
be said
From all can learn OF the unwrt.eu history II loose
banking, think Michigan could bear away the palm.
10 tuls stare that "WIld Cat" banks frs
known AMI here also the Red Dog" ibis
latter term was DESCRIPTIVE O notes OF which had
changed their location ana instead OF | aq,, notes
tueIr new location stauIr ed red printing Tue
face OF the originally ssued notes. Thesr banks al
very soon failed and d b, .uppo-eI mat nor over %
Per cent Of their issues were nnallY redeemed.
luIlana h-5 Aad lac grea.es quality
OF it, Dankmg Institutions = had of tle best
banks EXISTING IN tue Uued States many years aud
later, during tine second Of banking iu us West,
had class Of banks WI 80 Issues proved a lie
lns and snare. Men OF the stamp OF
LOnOred veteran banker. Mr. IcCGllYCh those 40
early cared Tor the interest OF tie people Tor
their Own, Dui cl2ss Of advruuTcrs cueau men aUd
Spectators came EKe buZZaras prey took adj
vantage OF the TOO Oera free banking law wAicn
40 nreuf a nnaneia dlsa.ter Was brou sht abnuI.