New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-08
TIE PROCEEDINGS.


The attendance was much larger than that
of Yesterday. and the general public was
we'll represented in addition 20 the men,
hers of the convention. Marked interest
was shown in Controller Knox's papersand cordial
applause was heard at short intervals. The Hon.
Charles b. HALL of Boston, declined the position OF
yice-president from Massachusetts,, and nominated
the former occupant OF the position. W. H. Roster
of Saiem who was elected.
The first paper read was that of Controller hhoA'
In spite of its length 1t received with the clos
est attention to the end. MIR. Knox read with clear
ness. force and just emphasis and every point az
presented by him was impressed deeply upon MS
hearers The principal parts of the addresses were
as follows:
THE ADDRESS OF MIR, KNOX.
ONE OF THE ADVANTAGES OF TIE TAXATION OF
BANKS.
As l have before suggested, the
taxation OF banks and bankers has produced az least
one beneficial result that it has enabled the Control
Ter 10 compile in reference 70 The entire pa
ing business OF the country, which heretofore h pe'u
utter unattanabe To be sure the Golfers OF the Gov
ernnent have at the same time been largely repeh-
isned but il this tax has been excessive, and collected
TO the detrmeut OF the business and commerce OF the
country IL cannot be considered on unmlXed oeheh'
One Of the evil results OF tins system Of taxation mas
been during all the time OF It's imposition, to largely IN
the rates OF interest Ia tnt TuIai N's'io'o' anu
thus to place ITS burden upon the people, wno Of all
others are least able bear It, The bank taxes both
Etate aud NatiOual, have been most arbitrary ana uh
lust IN many cases, resulting IN the sXacon OF twice OF
three times the amount imposed upon other eapltai,
while the law provides that II shall be exactly the same
It's evil effects are also IN the rapid reduction OF
banking capital which has taken place. ana when Ia
most noticeable in the City OF NewYoIk The tax upon
deposits should long have been repealed ana II tne
carefully prepared statistics and the sound arguments
IN advocacy OF such repeal which have been so ire
auently presented by tins association had received the
consideration Congress 10 which 1t Is iet they were
entitled 10 would have long suce been accomplished
WHY TAXATION HAS NOT BEEN ABOLISHED.
Why then has not the desired legislation been OBJ
lnrdl The two and only reasons are tie following
First-Temo,mo from the tax has been needed by the
Government; See0nd-An unreasonable prejudice has
existed against the banks
Ty,- frstnamed reason has abundant illustrations in
The 81 600 900 secured to the Government during the
last two years. which been derived chiefly from the
banks who we're large holders OF United states bonds
The prejudice against in this country mas, IN
doubtedy partly arisen from the losses sustained by the
people I'm former years upoD the circulating notes OF the
then existing institutions But the present generalloh
OF Young men experienced such losses ana tne
reasons this prejudice must be looked for elsewhere
Irrmembor during my early banking experience 70
have read irou tile te-page Of The Bankers Magazine
TINS motto: "kO expectation Of forDearsnce or ~ iu
geuce should be encouraged fayOr ana OeheNoIenlce
are not thr attributes Of good banking suict justice
sud the rgi1 performance oi contracts aIe nc Ropc
foundation" IL n probable thht the aLIcJ oPseI
OF motto like his would account IN arge degree Tor
this unreasonable prejudice g9ol banker Is Que T2o
takes better care OF other peoples money tnan OL hS
own. good bank whose assets can be converted
into money on snort notice II should be necessary TO
nav rs DEBTS and the pleasure OF tue acquaiht-
ance OF macy such iDsufuuons.
Dining he prevalence 81 hard times people generally
fud themselves short Of money. Tue borrowers are
many the lenders are few and good OOrr9" ers are
scarce also. Money only be loaned by good bankers
ary ~ I'M All new Countries there Is an abundance
nd
IL banker lends, tue nSk Is bis; lhc prom.
& m, borr0wer's Those who will not lend
other peOple's money on the security OF doubt
mi enterprises are money sharks" or q" gold bugs
an eoated hondholder" The clever fellows those
who borrow other peoples money and spend 1t
Ou-lv, ana their friends frequently coming 10
speedy greet; while the prudent. careful banker sur
wives be times and wine the confidence OF all The
refusal loan money except upon the oes security may
accOun, LARGELY Tor the Irt4dce agalnsI ou1he @n
banAels class, Du when times Improve ana genera
prosperity prevails, this prejudice Is virtually extl
can hardly be called " bloated" GOld-bugs" who
loan money in Wal street AZ from 10 per cent per
annulu cannot well be called none! snai rs. loga
confidently change OF opinion among the people IN
Feierenc banks ana bankers Who lave survived tne
EVIL times through Whch you az nave p'sscu. ~ 'ne
people change thrir MINDS the minds or members OF
fbaf one of The results of such change. the
deposits VIII be repealed b. tue next CONGRESS Atany
rAie 4 Is tBs duty hls association 10 persist win
line upon ana precept upon precep uhul It's repeal
is accomplished.
THE SUCCESS OF RESUMPTION.
Every citizen of this country, and particularly every
one IN the immediate service OF sac Government, feels
proud f the late achievements OF the Treasury Depart
mont During the last two and one-thid the Sec
rotary has sold than S741 522OOO OF per cent
bonds He has also sold sG5G10,O00 Of IA per cent
bondp S5O.OOO.0O0 Of them at premium OF ll2 per
cent Tor resumption purposes. Five hundred ana Six
teen millions OF the per cent bonds were used 10 pay
OF the on standing per bonds and the awaits OF
OOOO-sl 900 900 Of which were sold AT pre-
mum of "a Der cent-were used 10 redeem DouGs bear
ing Interest at per cent The annual saving Ia inter
EST these transactions amounts 10 more man SI4
I3ut tue hudac.al marvels Of the 1rst four months
succeeding resumption Ga{ tJahu - do'Si ar ne
ISL wac 291 S11 900 francs, or ABOUT @4oOOOJ
BOO Me ioau was al 3 per cent, and sofa ~ $3.50
f-aDou equivalent per cent bond ~ par Toe sub
sequent lsrle loan OF about S50OOOO,OOO was neKo-
fatrd ut on slightly favorable These loans
are nov quoted al 1854 IN the Lon0On markell and
rrshEe touvestOrs ,O0ut Ala tAS4 per cent No nation
1sSs7 $40 500 Of low rate Of interest as
per cent No nation ever before 20 TO Gays niade
an annual sasiug of SsOOO,OOO ePo $40. 415l IN u
ferest upon IT'S public debt No nation ever be
fore RESUMED specie payment win soo9 ,;'
VI S67OOOOOOO OF paper money I'D cISuat. t,
Never before maze any people sViicsd sucn unDOGhded
faith in the credit the Nation nave the American
people during the laas SIX moDtns. me bah cahAO' 90
found IN al tAis iaudi WhO' since tho Resumption OF
specie payments, demanded dollar OF com because
be lackcl iaith III me Suts oi tne OF Ve
banks TIE unit OF gOd coin IN the Treasury anu IN
the bauEs Oday greater tnAn ON the day 81 rrsunp
tlop The Treasury redeemed nearly sl%OOO0,0OO
{Sll95Oi 1907 u United states bonds "Ih ioSdteDdor
n.trs suc not q dollar OF has been demanded ia
BoonSddi'.. '' y 80
now TIE GREAT WORK HAS BEEN ACCOMPLISHED.
How has this great work OF specie payments. which
has been Tie chief topic discussion IN this country for
the past fourteen years. been Accomplishment In the
fret place the bead OF Affairs IN the Treasury
Department a WIZ long eIpsrienceas Chairman OF
the Finance COMMITTEE OF the United States Senate who
vas familiar with all the financial LEGISLATION OF the
country suce suspension Of specie payments. lie
entered upon Tue uoTk Of resunpten i'm energy VITA
drmaes with paNsnce AMI indspsn1 sDos OF Judgment
m he A. any time doubted 10 one knew his dOuOts He
exhibit IN thG WORK what tue American people most
squire IN "a public maHpluek. lie had full fslth IN the
ACKNOWLEDGEMENT his purpose from the CONNIE nee
m M 81 e its conclusion and Do thus Inspired
confidence thousands or othofs who favored resump
The resnlL who beleyed ID ~, but