Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-08-11
THE BANKERS, CONVENTION.
Opening Addrs - of President Witch-
eli On National Finances.

SARATOGA, n. y. ArS'st 1.-The American
Be pkeiS ASsociatlon met at IL O'Clock Tbs
nolr'ng IN the Town Ha" and WIS csll-i -
order by j. ID. Veimilye, or New York who tn-
I. oducNd The president, Alex Mitchell, OF NIL
sfatulat'ng the members or the convention on
the change IN the financial Condttion OF the
county. which has ts ken place during the pest
Two years In speaking OF the ease with witch
specie pa, ment YVES restored he said. beyond
doubt tie succc g OF resumption wes lsrgely, a.
rot ent"ely. due TO the cordial effort and o.
Uni, d States End thus one OF the great obi c's
OF this associaiion has b, cn happily achieved
Resumption he's only teen tested under
the most favorable circumstances 1t wps
proceed by loEg and elaborate prepara
lion. Since that time the couu ~ ha
entered on career OF rpeNampled bus'ne-s
prosperity; Laige crops md r'gh p..cos abroe 4
nave lsrn'Shsd the Stimulus ID vest TIRE ie
to the wants OF which the volume OF the cur
rency las been found adequare. In this corn,,s
one extreme follows snother; pe..ods OF d.
ceIfe'nty almost. If not the rC8pls,uy, OF the
seesor" Such a Pc. iod of depression may now
oe iookrd for al eny tine IN the future, when
an extensive ff'lure OF the crops SHAH concur
With sessCn OF oyer-Jra ting aud ex,rayc
gfnce IN entei pi'se and expendtr J. D' cres
1pg the mefsrres that ere usually token to
reme6y OF ra'S'pg the rate OF t1tec-
est - meet the emel gency OF a
threatening partc, even 'f a combination
OF The bar ke.S OF the corrry were pr eic .ble
Tow mrs on ''or1t OF rhe obst9 lie pr
sentcd by the rsrly laW@. Z I'D without now
expressing an op'rton Oh the Wi 1om OF the
government eDgas ing 'n the business OF bq~'l-
lDg, so fer eS TO issue ro' 5 for circulation, II
ma! wei be question d whether there be lodg d
~ tEe L Geral government :ny power - pre-
vent hnanclsl Ci sis, or whethe any action II
might or could take would tn more effiCfenI
than that OF the bertS IN nitigatjpg the T'eq-
telS OF such en emei Sency. AID another
whiEo, vSE imloitant problem presents itse'f
wren may be found equally r'f1icut OF solu-
uon, growing out OF the continuous coinage OF
silver rpGer existing laws. AS long ps no spc-
clal effolt shall be me lie 10 force this silver 'nto
circulation, rs expense will aff ct chiefly the
goVeiI ment ire? SUy, - which it beloneJ and
10 Wfich it apparently SrStaipS the relation
subar ntia''y Of silver bnlton but whenever by
1fupte OF the crops or other eXgeDcies OF our for
eign trade. balauceS must be REMIT cd } Eurora
golG aione v I'll SUI eve the purpoee Doubt,
f aoy cor siderable drain of gold will throw
TVS SILVER into circrla lor, paper money viii
then Ic,i 10 the rsnk OF silver and our entire
c'rcu'af ION will be deprecated to the value OF
the silver dolor." Referring to the ta ( borne
by The bs rkS he said: NotW Outstanding the un-
snsWerable arguments that have taen advanced
or the government which first led the national
Congress TO 'ml ose it. have long since pa -sed
away. the tax Still col tinues. II stands one OF
the few remaining mementos OF class of taxes
Wplcn Tor SeN eTel yealS bore With crushing
weight on the lnduSt. ial and commercial
interests OF the county Every passing year
sddS TO the prosperity of our national fiuances,
eDd bi ugs more and more int1 relief the gro~s
injustice OF this tay. He stat ID that the men,
be- ship OF the aSsociation I'D Increased by 222
Inc number OF cfrcula' s. pamphlets and new
have been l55 deaths of benkeis and bank CT
feels du pg the year. In reviewing the work
OF the yer. 1t IS found that the spfi it OF cor
eg ,gs ana doo Union has osen e. y
aIe gre dua'ly uniting for the putpoGe OF car. s.
lng on common work for their mutual beneflt.