The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-08-08
THE BANKERS CONVENTION,
a Prediction that the United States vii
Soon Be the Financial Centre
Of the World.

/ SARATOGA, Aug. There was very larg
attendance OF bankers at the convention to
| Day. The body OF the large hall was filled
There were many persons in the gallery
The large number OF ladies in the audienc,
vas o notable feature Of the session.
U Is. Hull, vice president for Massachu
eetts, declined to serve and nominated N H
Foster, who was unanimously, elected.
TIE convention then listened, with much In
terest, to an address from the Hon. John Jay
knoE, Controller of the Currency. Many pas.
6ages were greeted with applause, which, at
NE close, was quite enthusiastic.
Eg-Congrasslnan VIM. J Bacon, of Utica,
. proposed a vote OF thanks to Mr. Knox In a
orief speech abonnding In happy hits and
ealiing forth frequent applause. This was
1conded by MI. Morse, OF Utica, and carried
unanimously.
fhe president introduced Mr.. Geo. S. Coe, of
+ New York, who said: eve have resumed
tspecie payments. The question is, Have we
acquired oil the conditions OF RESUME mption, or
+ y only accidental, partial or temporary
for the seven years OF plenty we have had So
great an abundance that our exchange with
other countries has brought us thousand
millions OF dollars. This happy commercial
eOndltton for resumption has done more than
NY government policy. War necessarily pro-
need great changes. Before that time the
snKs held this reserve coin of the country
Aow the treasury holds it for the banks and
Nerybody.. All things indicate change OF
numerical empire from the old world to the
eW, and 1t will b. but a few years before New
tWk will snpersede London as the worlds
nanclM capital, and we Will be negotiating
sMas TO foreign governments 1t cannot be
aole than ten or twenty years before we shall
Ma this commercial supremacy. Are we on
sound basis to perpetuate this prosperity?
.taenational bank notes rest upon other notes.
"a which coin can he had. What is the use of
.lls surplus note2 One OF the two notes clearly
fn htac no
|sdlng and exchange, the clearinghouse bank
Slecks, etc, We're explained ana their limits
sEAled. They must rest upon a basis of value
naustry is the only source of wealth and is
MFldual. The government has it not.
eannot create money; it can only Dor
vW. Legal tender notes are simply promises
pay. Before 1878 the centrifugal forces
esfe sending us financially to the bad.
~ lad gained a Thousand millions since
oARATOGA, Aug. AT the afternoon ses-
" ~ !, Of the bankers convention s. Fl. Sneed,
" We Henderson, Ky, National Bank, de-
1900 an address on the silver question. He
SSSas ~ tnat the poor man was more interested
49, 49, anybody else in having a sound cur
MltB. He believed that bimetaIism would
vssfate thlS. Silver was recognized as a
I'M tender when the constitution was
u9psed Z and Congress had no right to rob it
.aa @at quality: He made the usual argu-
@Ult ,at I'D favor Of silver as currency, and was
4ssaed with applause
as.pepet on assessments by James A. Briggs,
SSaN sN assessor Of New York, was then read.
- executive council, at the close of this
III was directed to bring before Congress
sneRRaesent Nh unjust system Of taxing national
As@alpaper salpaper by J. w. Proctor, cashier or the
sslai II National Bank Of Danville KY, was
hslit rad. 1t discussed the question "How
W. w. we Secure Needed Legislation?" He
6slsseo MI on the right and duty of the people |
siasrnct their legislators
NIX paper was presented by l.. II. Gay Will |
Em M ot Plttsbugg, on relief from State taxa |
~ Inns subject is to be discussed tO-nor- |