New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-13
THE BANKERS CONVENTION

lBr TELEGRAPH THE rRIBuSri
NiA"AhA FALLS N Y, Aug. 12.-Ths Bankers
'."''on was brought to close to-day before
ocock' and without the promised discussion ON
"'uN taxation having taken place The atteDd-
ance was not as large that of YESTERDAY altbouga
IL was a good represen tatiye ,oeeti,,g -. .,
prayer was made by the Rev. DR. Weldman Ma.b
oilst, OF Niagara Falls George s Coe DreS:a,d
anu presented the report of the Execntive Cancel
'ss'o its organization. Jacob d. Vermilye has he,
h snoseh chairman of the Council, George f. Baker
! c, Eu"ard ID. Randolph secretary aud
george Aarsiand corresponding secretary
Edward A So wleS, of st. Albans. real a ,a,ar :,
"inch ne discussed bank taxation and narfsaa Ies,
'Soh ,hereon as a disturbing element In busi.,,.ss
| w '"ie 10 produce panics. ." Panics" said the
SPonAer' come when least expected and aris.. ccn-
''S ,ron the extended credit wh n is essential "a
- enterprises" He sketched the noted panics
al .ilis country since 1897 aud tIleir c.ns.s o,a
sad that an important question was how, 40 ,,,a..
'uon ciises In finance. His answer was bx, 0roa,,r
,'ci Fdoisn on the part of moneyed men ana ins,i
greater moderation aud wisdom in
S"ion on all subjects relating In
u"nAs ana more rigid observance on the mart 81
the pubic of those rules which goycr,, the ia,. %
@ tii,ie ana give protection to banks and bankers
other conservatOrs of the public good and nro,sc,
VI 'he highest interests the great railroad and
telegraph managers of the country: they hold 70
,'"Sioie postlos IN respect TO panics The railroad
AneS nave IL IN their power 10 prccipitate a manic
~ any 'ihe IL they see fit TO abuse their positions.
oh the contrary their cooperation with the banIars
mouo enable them to stem the tide of a manic
lhere is no stronger evidence of This ass.r.io, ,t
,naI there are two men of enormous wealth hoIdin,
."o largest trusts of any individuals on the CON
, =, ine ohe starting In obscurity and penurv
,pr ohe other child of fortune-the two together
hoiog the power for good or evil second to tba, 90
no o'her TWO men on the continent On mora tb.n
one occasion they have prevented nar;o, -.
na'eIy rhelr interests prompted them fo do CO.
sho"id however, either both of these man
become ambitious to display their mower tbe
oiny nope Tor the country would be in
,he prompt conservative and liberal action of
banks and bankers of the country baada5
Dy the Government. The present satisfactory CO..
ui1ioh cannot long continue unless Congress oivos
heedIui legislation in regard TO the banking institp
'iois OF The country, by an extension of tbs
chartered privileges of the National system ,itl,
the abolition of taxation the reduction thereaf
banks are now paying double and in sooe caaos
treble taxes on the SANE fund on deposjt frs, "a
the country bank second at its hank vVhcr. :, go
Wy pank keeps It's deposit, aud third where a hank
keeps deposits In other banks than its own II tbe
becomes apparent that the country hank cannot Lone
exist under the National system on a 2 or e,,o, .
o2 per cent bond. If relief is not given at An early
uay, the National banks will soon BEGIN closno nm
Inns process must necessarily be attended by con-
traction, and the consequent increased rates 70,
interest '0i
LII was intended that discussion of hank
taxation should follow the reading Of
TINS address, but a delegate suggested
.nas as There were orher papers to be
read 1T would be better to refer the matter t ,h
Executive Council The suggestion was odonted
THE SOUTH ATLANTIC COTTON STATES
Ihe Industrial resources and industrial pro0,ess
OF inc south Atlantic cotton States were discnsse5
" u Andrew Simonds president of the First Ma
uoiiai BANK OF Charleston, s. c. The paper called
attention TO industries outside of ocricpI,nro
especially To those arising from the dis
coVery of the phosphate deposits ON
the sea coast of South Carolina. The distrihu,io1
OF theSe fertilizers through the South Atlantic COS.
ooh neit Is telling on the increased production Of
COTTON on the Old aud worn lands of the Southern
states as compared with the rich alluvial soils Of
the West ana it is predicted that with it's increased
use 1he Atlantic States will ultimately became the
largest producer of cotton. The rnanufactur. -,
e cotton IN these States is another evidence of in
dustral progress But the most gratifying featura
connected with the establishment of factories in
'he south is that the great bulk of the capital in
vested has been furnished by Southern people.
southern capitalists putting their shouldens 70
tho wheel diversified industries are talin,, ,h
place of the exclusive cultivation of cotton ana
southern money and Southern muscle are moving in
new directions. New enterprises are opening up the
way TO great and brilliant future
THE CANADIAN BANKING SYSTEM.
George Hague, of the Merchants Bank of Canada
read paper on Canadian Banking Banlung
said ne like most other things in Canada il n,rtlv
American and parity British. All forms of ,noDe,
other than the American have been discarded the
only difference being that the dollar is gold and al
ways has been. There are in all 2S7 banks and
branches In Canada, and their is $50 Ooo 600
ne circulation of the banks is free and is limited
only by the amount of paid up capital there are no
special taxes on bank capital, the Government bav
ing oeen convinced that by taxing their canital IL
would only burden trade, hamper manufactures and
nJnre ITS own revenues If the Canadian banks had
suffered the miicton If the same taxes as the Ameri
'an, they would have brought such a pressure "a
bear that the strongest Government would have
been unable TO resist il.
THE MISSISSIPPI RIVER EXPORT TRADE
George. l.. Wright, of st. Louis presentea
paper on Export Trade by the Missis.
lppi River" The paper opened with a sketch
u western progress and the part which the
mississippi River bears in relation to it, In 1878
mere was exported by the Mississippi of grain
'oo,ooo bushels IN 1879, 100000 bushels in
$50, lo,5O0OO0 bushels and in the months of Nav
ha June, 1881, more than 100000 bushels
'Ver @3' 900 is invested in barge tonnage alone
io here is capacity by this means of t1ansporta-
ION OF 100000 bushels per month The steam
oat interest is proporionay large So great are the
aciities of the Mississippi route that the conviction
las become lodged on the minds of thoughtful men
hat 1t must be regarded the solver of the prob
EN- OF cheap transportation that the system of
all carriage must become tributary 10 it and that
he General Government can only meet the demands
the West by dealing with it in the spirit of broad
and liberal or fesmau.l;,