New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-08-14
THE pROCEDINGS

recommended tnaJ steps Dc tahth w piiSO INC -
tonal bank circulation on specie basis.
THE PROCEEDINGS.
lFPom THE SPECIAL CORRESPONDENT OF THE TRIBUNE
SARATOGA, Aug. 13.-When the Bankers
Convention called to order TINS morning there were
mere people the hall than at any time since the
opening day. Several fashOpahy dressed women occu
pied among the delegates. and seemed to take
deep interest addresses. There was much pusi-
ness to be sposed o. and the osre was universal
TO get through time 10 allow those delegates VINO de
sired fhe by the afternoon trains thefe
was little delay
The fl So real business OF the day was the report from
the Executive Council announcing that IL nae oFgah%c
follows Chairman. George = COe iIes.o9nt Anuir
can Exchange National Bank. New 1oik; treasurer
George f. Baker. President FIRST National Bank New
York; Secretary, Edmund d. RindOiph fIcsledht Oohd
mental National Bank. Nea-NOrk City Corresponding
| Secretary George Marsand No. 2l7 Broadway, Now
| YORK..
Mr. MITCHELL the chairman, announced that copies OF
the proceedings Of The Convention III previous years
would to the representatives. oftHe J"ese
Minister as IA proof OF the appreciation OF the conVch
ton o the valuable paper forwarded by the Minister on
Iapanese finances The resolution on bankruptcy re-
ported Yesterday by the Executive COUNCIL was V0"
| up. 1t rs follows:
Resolccd That the judgment Of this association the
ntere~ls all Uf the business community "chhd
The Immediate enactment OF a National Bankrupt lhW
of suc character to discourage fraud IN mercantile
TRANSACTIONS TO afford ready ana tfoelt reei TO non
EST debtors pace All creditors Wherever located
upon an equal footing. to establish uniformity OF admin
stratiOn throughout The country, ana 1" secure th
prompt and equitable dstrlDnioh OF OF Ihs"Neh
estates the least possible expense lbat shch Ia"
saOuld Iucuac judiclous system OF composition where
by The lenent may effected IN proper cas- upon
sucn terms may I've Satisfactory TO sumcitni ma
ory of the creditors without the delay ana eX eHse III
cidenta t. full bankruptcy proceedlues; ana 'hat we
respectfully upon the legislative BODY the necessity
| OF early action thereon 49,
Inc resolution was adopted without debate, and the
subject referred to the Executive Council Tor such
| action : may be deemed fit.
George :. Coc SAID that solicitude had been ex
pressed as TO Of the Executive Council in re-
| ation to the question OF taxation. The Council con
sidercd the question Of paramount importance, but 1t
WAS difficult one to treat. The Council, however. was
giving most dihgent and siudious attention The
utmost was being dOno thal men HneW no" 10 10
| EVIDENCES OF PROGRESS
Edward Atkinson OF Boston, spoke OF the condition OF
ipdus,r al and commercial progress. The chief cause
which has promoted industrial growth of the coun
try Mr. Atkinson said. has been that the Government Is
ceasng in degree interfere with personal rights
| and freedom Of contract. TIE foundation of au In
dusria union thus been laid. and 1t viii make the
political union impcrisnaolc The Government Il III
some degree ceasIng 10 misgovorn ana IT. force mas
been compel state Governments to cease the
attempt To mIsgOyen the IVES the contracts tnc acis
| and tue Industry OF men, w T. Iao.S pllHs hone ~
Iner minds that than 10000 miles oi railway. on,
OF ovel 5OO0nOw IN u.s. have 1et constructed sucr the
enotd teen crops o cotuu n'. SIno, y, I
uatr exceed the fifteen aLtewdr crops nearly lOOOOOOo
| nalr-. When the SKI -cutn crop i tutfu ilir
wear vii III IKE the excess more t'ih u OVV'VVp
Ia Is. Tins Is the first frult OF personal HncIN. Ine
value Of the fifteen crop Stree The war has b-en
81 900 600 ln gold com, SUN Jut cqh 10 'h' cost
10 tne Nation Of frrcng the slaves measured ~ lcr
money Nc; tod once tlat wnhou. save labor.
without the dena Of the Ti2ht OF irce contract cotton
In me same period orr great cereal crop has
| han doubled, vast new Industries have grown up
around tie Oh wells oI'fenhsy ~ a ana VI Siii' ana
our yield evcrincTe"sinB Abundance OF Tho ueIu4
Mr. Atkinson went on to show that IN all the changes
.lf.rn
! and naubing lie claimed thar tne NAuOnal banklus
TEN ranked among tue first the OF proGIoss
sketch the important paIt thc banker played IN tAe noN
in of the worlds products, a-d Row The masses ma
| NJ OF bauAln- flstitli Is the prejudice az in-t
| banking next co.si'eiod a'a ! was attributed 10
Of The TIMES OF /" ne u'ts "I
The old ited states Banh, OF 40 none recent Instances
OF Mid cat O'nhne I"T hP'l po'eut IaSvn ior ~,
stOn 10 sound ana rue oh-hnE' s"lu VI, A,h'h7' i
| tue Iallacous assumption iiat "oternmeht can
govern ot money control IT. value ana secure
pioiit or save 'aA Dy uhG'riahnH ,ho '"nouoh9 81
bank for The issue O rcdeoin1u ale notes. me vast
benefits that have ensucd from the re-c'hbI 'hmcnt
OF the specie sanoHic ana from we u4t''l H ioSsI')
temporary resumption oi specie payment nave been 80
patent 10 That ony thosc whose influence j. 81 least
account sustain Proposition Tor the Cover nulcni
stu tempt to furnish paper money Ins bent N 81
apparent resumption 81 payment 10 rendered. hu-"tory
by tn' I,SSo % mi nf p,n.i sn,n J,nrrr P,nrr
money issued 10y Government can never be Representa-
| i've OF cl.ita existence Governments possess no
capital True representative paper mono! - nu a. ~
strucut by which the tile capita ual exist
ece j. Transferred ard ma he cunycrplc IN case of
o mn real ,nu1ey or com II must po,srss che two
iod attribute beng sentative OF substance 81
capta IA nd process or USE IN assured by
thr snecle Standard and also beld by
- 6,pk n readiness foi redemption. Government
uOte lacks first an most essential qdaily oi beng
representative Of capital measured at t't com stau"rd
ury 1hc bank circulation VIII always ADJUST Itself 10
tIe Transactions ~ progress me COY .nlh' h"ir7
can a in,t standard IN II reissue de-
peud. IN accidental circumstance, ana /! roi,ncd fol
tho pulcase 90 DJhd not Htl "u " . ~, u ,i'
owl service .eVcBt corruption ana fraud ih The
manipu.atio,l thr nark,t Inc Government can a.
tac gu iy q money bnt can hrNet M i,"e us
0uIntIty InrTc can be no ai'quttc extension Oh ihc
der act j. repealed declared void a. 10 cissa' Aoies
UnUl thn tAcre can b. no alb, tut stability "a oar
/ commerce aud NJ credit 10 our &tcsudnship
Referring to Secretary sherman's letter which was
READ yesterday, Mr. Atkinson said:
Asa statement Of principle which The National
hank y.rin D. founded l-ttcr leaves nothing o. bee
dce.icd ItIs compec demonstration # 'hc capacity
ideal OF r., preventative paper money convertible ino
coin demand, ana IN volume MY adequate TO tAc
want Of trade II may we Doe asked II this is MT
equally good domouatat.n oi the denc TO use no
stronger word, o Go, ucnt ceaslnS to incddc wiin
OF an N .Iiunon wncn nothing nat money
| in disguise, wltA tine business Of the people.
| In conclusion, Mr.. Atkins N said:
vast c,ponslby rests upon the Executive Depart
men a. en-. is - eroa. End even m mi, ycar i\
gga crerred the cvh DAY; but now Inlucnt the dan
ger !, papers roai mere yesterday "li "ilne,s II
iDese advantages are not S'aepcd sat" Gear ana
eg,c pur O4c ana with absolute frames ana courage.
anOjc. long cuapcr may have 10 b, wHltrh' III hlch
lie lost o opportunity VIII nc recorded The sun iins
viii be eau, BY neglect Of the simplest rrnrpc- o,
financial ana the pIanest dictates oI National
integrity.
TIE SILVER ELL CONDENNID.
Mr.. Gee chairman OF the Executive Council presented
| the following resolution:
Rcs0'Ued IS tnr cbcrate sense OF this convention,
thai the coiua-c iWO Ia iOur millions per month ol
SILVER oo ar- Il commercial value below tIc STANDARD
az "A gOI do larw,Ihrut regard 10 any conn rcd need
ar mss 40. such SILVER dollars. reatcns tac 0crrofaun
of our standard OF cure. tuc dcIuernrht OF Dust
ness tie ultnate onta.Tassncnt OF the Government
IRE suIy, The expulsion foreign cOuntrirs 81 oui
gold and general nuancial COMPLICATION. And W. ur-
e, v request Congress to amend the act of Congress