The New York herald., 1879-08-08

corporations which should be authorized to issue
circulating notes In illustration of this will say
that the Legislatures OF the States OF Pennsylvania,
New Jersey aud Maryland, tor instance. could not
be induced to pass the necessary laws for the re-
demption of their notes in the city OF New York.
EVILS
The State OF Ohio would redeem its notes at Coiuln
bus or Cincnnati the State OF Illinois, at Springfield
or Chicago Missouri would redeem at St. Louis or
sssippi 1T their capitals the places issue only
Under this condition of things the bank currency OF
the country would necessarily be subject to various
The banks Would then reap much greater profits
upon circulation than ut present. while the people
would be subject to much greater losses in all their
exchanges with the different States the OF ex-
change at threefourths OF one per cent between the
West and the South and the East being estimated &C
not less than $40 900 annually.
The abandonment at this conjuncturo of a system
of banking which has just become tarly established
and which gives promise OF much future useful.
ness would also result in commercial disaster at the
time when the nation has just entered upon u new
It is for several reasons desirable that both sys-
TENS of banking. national and State. Shall continue
to exist and that they shall each be- improved aud
perfected. 1t is said that many of the California
banks propose either to go into liquidation to
organize under the national system on account Of
the adverse provisions contained in the const-
tuition Of that State. The national banks for .
preserved in order that they may have the privilege
of reorganzing Hereunder il unjust and adverse
legislation shall ut any time make it seem desirable
for them to do So
A CHEERFUL pRosPEcT.
The dead wood of many years in the banks has
been nearly cleared away. The years OF famine
have passed and already have begun the years of
plenty. look hopefully into the future and during
those years venture to predict that there will be
suspension of specie payments; that the gold stand
ard will prevail although the use of silver as coin is
upon the public debt Will be paid in gold dollars Of
25 $40 grains its equivalent that the legal tender
quality OF the legal tender note will disappear that
the United States note will diminish by payment;
that the national banking system will extend and
continue; that under good system OF finance or
honest money our farming and manufacturing in-
terests will rejoice in abundant prosperity and that
there will be seen numerous well bottomed and we'll
filed American ships in the principal commercial
cities OF the world.
At the conclusion Of Mr. Knox's address unani.
nous vote OF thanks was rendered him.
George s. Coe. OF New York, In an extcmporaneous
address argued against the ina ion OF the currency.
PLEA FOR THE PEOPLE
Mr.. Hollister, OF Grand Rapids, Mich, read paper
the relation of banks and bankers to tho people.
His address was plea for less merccnary motives,
for q more careful study of the relations between
afluence and poverty capital and labor, the duties
OF capital as we'll as its privileges. &c. and
plete with philanthropic suggestions. resolution
passed complmenting the late Executive Coun-
Gil. the Secretary and his assistant the work
compshed during the year.
at two O'Clock the Convention adjourned until
fourP. NJ
Upon reassembling at four o'clock the special
account OF the small attendance Mr. Sneed OF Ken
tucky. read short paper silver and gold. arguing
that only specie basis gives wealth; that no dis
tinction should be made between the money OF tho
poor and the money Of the rich. and that nothing
could be more disastrous than the repeal OF the
Resumption act. Congress has more right to
demonetize silver than 1t has to demonetize gold.
Should Congress demonetize both we should be left
without constitutional currency. Mr.. Sneed
argued that silver coin in accordance with the
stituton was legal tender for everything. He
claimed that the relative value Of silver and gold has
remained and will continue the same, with slight
fluctuations. regardless Of supply.
CURSE PAST.
An address sent by Mr.. Briggs. of Brooklyn. Of
the State Board of Assessors. read The follow
ing extracts from it,
The currency given us by the national banks
benefits most the working men and women of the
country. who are dependent upon their daily wages
for support. The loss by reason Of State
bank failures in the United States since 1900
is At least S1.OO0.000.000. They have
been in the past to those who earn their
bread by the sweat Of the face an unmiti-
gated curse and cannot but regard any man in.
sane upon the financial question who urges the
abolition of the national banks and the reestablish-
ment of State banks Of issue.
n " entitled .'How Shall We Obtain Needed Legis-
lstion? followed He argued that the people OF tho
country should exercise their right 10 demand just
taxation and eo utable laws that they should unseat
demagogues, elect statesmen and address to them
their arguments; that through the people alone
should they seek relief and hence should endcavol
to establish favorable public sentiment.
GRoANING UNDER TAXATION.
Hugh 8. Fleming. of Pennsylvania. offered the fol-
lowing resolution, which referred to the Execu-
tive Committee under the rule-
Resolved That Executive Council Of Convention
be aud they hereby requested feasible
plan be pursued for bringing bcore Congress the
unjust aud enormous taxes assessed national
banking Institutions OF tho country.