Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-08-12
BANKERS IN COUNCIL.
Annual Meeting of the National Associa
tion a, saratoga-Address of Alex. Mitch
j, of Milwaukee

Annual Meeting of the National Associa-
ton a, saratoga-Address of Alex. Mitch
J, of Milwaukee
SARATOGA, Aug. 1l.-The American bankers
association was called to order in the Town
hall by j. D. Vermilya. of New York, who
introduced President Alex. Mitchell. of Mil
waukee. Mr. Mitchell congratulated the
members of the convention on the change in
the financial condition of the country which
has taken place during the past two years.
Then the problem of a return to specie pay
ments pressed for solution, which all awaited
with anxiety and some with apprehension
Beyond doubt the success of resumption was
largely, if not entirely due to the cordial
and organized effort and cooperation of the
banks and bankers of the United States, and
thus one of the great objects of the associa.
tion had been happily achieved.
Resumption has only been tested under the
most favorable circumstances. 1t was preced-
ed by long and elaborate preparation. Over
trading had been checked by enhancement in
values which the currency had undergone in
anticipation of the day fixed for resumption.
The balance of our foreign trade was In our
favor. The prosecution of works of public i'm
provements had been partially sus-
pended and placed on o footing
of prudence and economy. Large
crops and high prices abroad have furnished a
| stimulant to the vast trades. In this country
periods of depression follow periods of pros
perity with the certainty almost, if not with
the regularity of the seasons. Such periods of
depression may now be looked for at any time
in the near future when an extensive failure of
crops shall occur with seasons of overtrading
and extravaganza in enterprise and expendi-
tnre.
It is therefore matter of most serious i'm
port what effect such depression would have
on the present apparent stability and equilib-
rum of our banking system. l may well be
questioned whether there be lodged in the
federal government any power to prevent a
financial crisis, or whether any action 1t might
| or could take would be more efficient than that
of the banks in mitigation of such disasters.
Another very important problem presents it.
self, which may be found equally difficult of
solution growing out of the continuous COIN
age of silver under existing laws. As long as
no especial effort shall be made to force this
silver into circulation, its existence will not
effect the government treasury to which it be-
| longs and to which it apparently sustains the
relation substantially of silver bullion Bat
| whenever by failure of the crops, or the exi-
gencies of onr foreign trade, balances must be
remitted to Europe, any considerable drain of
Paper money will then fall to the rank of sill
yer and our entire circulation will be depreci-
ated to the value of the silver dollar.
The report of the executive council states
the expedients suggested at the last conven-
tion with view to increase the membership
and usefulness, resulted in an increase of men,
bership by %. Number of circulars, PAM
phlets and newspapers circulated during the
year It's, 482. There has been 155 deaths of
bankers and bank officers during tine year,
among them Thomas Walcott, the oldest bank
| er in the United States at the time of his
death In reviewing the work of the year it is
found that the spirit of cordiality and union
has been gathering strength and the 5000
banks and bankers of the country are gradual
| ly uniting for carrying on the common work
| for mutual benefit.
| W. s. George, of Michigan, read a paper on
| Oranges and Greenbacks,' in which he said
the grapger's influence was not inlmical te
banks, aud many bankers are high officials in
oranges. The Greenbackers are speculators
who would give notes at banks and want them
ontinually renewed
A committee was appointed to nominate off.
GERS. Receipts for the year, $4,000; expen.
ditures, $4,000 Adjourned till to morrow.