Morning journal and courier., 1880-08-14
News by Telegraph FROM ALL QUARTERS. Specie Resumption. Mir. Buffers Review of the
 Subject. A NATIONAL BANKRUPT LAW Favored By the Convention
 of Bankers. St. Julien Sold to Vanderbilt. Fifty Thousand Dollars Paid for
 the Flyer.
NEW YORK.

1 SARATOGA, Aug. l3.-Ihe following oh1 l cers for the ensuing year were announced to day Chairman, George s. Coe treasurer, l George E. Baker recording secretary, E D. Randolph. resolution was passed il favor of national bankrupt law. Edward 1 Atkinson, of Boston, read long paper or l the industrial growth of the country and the chief causes which produced it.
 Mir. George A. Butler, of New Haven, read paper on the question of specie payments and the relation which it bears to other great financial questions. Resumption has moi settled any of these great questions, not ever that of the lpermanency of specie payments, which will be determined by the disposition made of legal tender notes and by the char aeter of our banking. If specie payments
 should be made permanent the character ot
 such payments will depend upon the action
 of the silver question. The resumption ot
 specie payments is not final settlement ot
 any of the great questions of finance which
 have agitated the country for so many years
 past nor is it a demonstration of courage
 and highest financial wisdom of the nation.
 These things lie in the future, and it is for
 G1u0 to O6C6TIQln0 WnSCQ0r we dr6 D W1b0 duu
 prudent people. The outlook is not very
 bright for scientific settlement of any of the
 great questions of finance. Movements of
 trade are not steadily in one direction. Their
 usual course is, first, business activity, r1s-
 ing prices, general and profound confidence
 in magnificent future, followed by g gene
 ral enlargement of business of all kinds, ab-
 Il I.~41
 forms such as railroads, enlargement of fac
 tories and building of new ones, and gene
 ral expansion of credit in all it's forms. Fi-
 nally, the manufacturer is compelled to cur
 tail production because the mar
 ket is filled with foreign goods. The en-
 forced unproductiveness of capital and the
 enforced idleness of labor follow; or else
 the manufacturer continues to produce goods
 for which he cannot find a market locking
 up not only his capital, but compelling him
 to use his credit to the utmost by borrowing
 of others to continue the struggle. When
 this point has been reached we generally find
 ourselves with an adverse balance of trade,
 accompanied by a drain of specie; and if
 the financial machinery of the country be
 not sound a strong panic ensues, and is
 followed by period of business depression
 and falling prices, which continues until
 prices have fallen so low that the
 drain of specie is checked. Resumption
 may come about and specie payments be for
 long time maintained on an amount of
 specie wholly inadequate to the permanent
 maintenance of specie payments. This was
 the character of the resumption of January
 1, 1879, of which, as people, we have but
 little cause for boasting, though VIC have
 much cause to congratulate ourselves upon
 our good fortune. The credit of resumption
 does not belong to us for we did not bring
 it about by any intelligent act, and did not
 purposely contribute anything toward it's
 accomplishment. All that we did was to
 issue 8 resolution by Congress that we would resume on the 1st of January, 1879; but we did not take any steps to accomplish 1t. We
 only sat down and waited Notwithstanding Government sold bonds to prepare for re- sumption, it did not contribute anything to-
 ward bringing about the condition of affairs which made it possible to procure specie. The large balance of trade in our favor for 1876, 1877 and 1878 did not bring us any of the precious metals. It did not even cause what we produced to remain with us. The Government did not contribute anything to- ward bringing about the conditions necessary to resumption. Had it not been party to resumption it would have been accomplished earlier. The sale of ninety millions of bonds in 1877 and 1878 took from the market gold which would have been carried by dealers, or speculation in it would have been aban- doned, in which case the gold would have gone into banks in the ordinary course of business, and been used by them in daily transactions. If there had not. been any Government paper money, resumption would have taken place long before the time fixed by Congress. If specie payments shall have any degree Of permanency, 1t will not be through any deliberate purpose of ourselves, but because industrial and commercial con- ditions are such that we may for a long time 1rso 1o,r o-,l k1a fOr transgression be long deferred. If at the close of the war the Government had begun to retire legal tender notes and steadily pur- sued that course, it then would have been very active in bringing about the conditions necessary to resumption, and might have justly claimed credit for wise forsthought and manly courage.
 The Rochester Races-St. Julien Sold to William H. Vanderbilt s5O,OO0 for
 the King of the Turf.
 ROCHESTER, Aug. 13.-There was splendid weather and track for the fourth and last day of the races at the Rochester Driving Park. The first race was the 2:23 class. Palma Robert Bonner and Kate Middleton were drawn. In the pools Wedgewood sold at 50 to 22 against the field. In the first heat the start was made with Wedgewood ahead. On the first quarter Kentucky Wilkes and Dick Wright brought up, and at the quarter pole Katie Bates went from last to first place in rush. Up the back stretch Patchen displaced the Kentucky horse, thereby getting second place, and Dick Wright followed his example not long after and was therefore third in the heat. Kentucky Wilkes and Wedgewood brought up the rear, and these positions re- mained unchanged The positions as they finished were: Bates, Patchen, Wilkes, Wedgewood and Dick Wright time 35, 1:12, 1:474, 2:23. In the second heat Wedgewood started first Bates broke and went to the last place and stayed there. The struggle was for second place between Patchen and Kentucky Wilkes. They came in under the wire in the following order: Wedgewood, Patchen, Kentucky Wilkes, Dick Wright and Katie Bates time 34, 1:194, 1:454, 2:19f. Tn the third heat Bates had the best at the start. Wilkes broke and was far in the rear. The race down the back stretch between Wright, Bates and Patchen was very exciting, as the head of the first horse and then an- other showed in front. Passing the half mile victory had fallen to Patchen, who had man. aged to open daylight between his com- petitors, Wright being third and Bates fourth. From here no difference was made came in an easy winner, Patchen second, Wright third, Betsey fourth and Wilkes fifth; time 34, 1:O94, 1:454, 2:2o. In the fourth heat Wedgewood led at the start and kept it easily all the way. The wire was passed in the following order: Wedgewood, Wright, Wilkes, Patchen and Bates time 34, l.O94, 1:454, 2:23. Wedgewood took first money, Bates second, Patchen third and Wright fourth.
 The next event was the free-for-an pac ing race. Little Brown Jug was drawn. In the first heat Mattie Hunter got away first The wire was passed by Mattie Hunter first, followed by Sorrel Dan, Lucy, Sleepy Tom and Rowdy Boy in the above order; time, ss, 1:os4, 1:44aa, 2:17f: In the second heat the back stretch Rowdy Boy had almost put his nose ahead, but just then broke and went