Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1881-08-25
The American Bankers Association,
FIRST DAY.


, the 10th, and, in the absence Of the Presi-
dent and ce-President, was presided over
by +. G. Spaulding, Of the Farmers &
Merchants Bank Of Buffalo.
Treasurer George F. Baker reported the
finances of the Association In good condi-
ton.
A resolution was unanimously adopted
conveying to President Garfield the hearty
sympathy of the Convention, in bis severe
suffering, and expressing Its earnest hope
for his speedy recovery.
An address by Mr.. John Thompson, OF
New York, was read on the subject OF
panics. Panics, he said, occurred about ev-
cry decade; this ten-year period Is quite
natural; it takes about five years after n re-
vusion to paw up, compromise, or wipe out
Indebtedness; then follows i've years OF
prosperity, expansion, confidence In credits
lin fact, boom;' the last panic
was in 1873; the present prosperity COM
menced in 1878; we have now had three
years of extraordinary augmentation Of
riches, much of il real and solid, but most
of it emanating from raising prices or
putting up quotations; the signs OF an
approaching ''biizzard'' are numerous,
but very delicate as yet. When the stock
market becomes '.mixed," and the bulls
and bears become desperate, and when the
courts grant injunctions literally, and the
financial knavery of the opposing parties
and schemers is exposed, then capital
and credits insidiously notwithstanding is
considered the best investment, or loans Sc
cured beyond any contingency, even
at nominal interest, which Is akin
to boarding. This species OF financiering
involves cOntraction; distrust follows, and
the credit system is annihilated. At present
there is but one alarming indication OF
trouble, and that is in the number and mag
nitude of new enterprises, involving the
issue Of millions of obig atoms. He advised
caution on the part Of bankers in the use OF
deposits, that they might always have sure
and speedy cOntrOllability over a sufficient
amount Of assets to meet any % demand OBJ
ligation," even In the light Of a raging panic.
He said: 1--WE are positively going too fast,
and it is the part Of wisdom, and conceive
1t to be but our duty, to put ON the brakes
that the wreck, when it does come, may be
am not prophesying evil, so do not stone me.
l am only ringing the bell to awake the
brakeman, for unless we slow up and
guard our assets, nothing In the past will
compare with what Is in the future. The
negOtiations-the issue of stocks and bonds
ARE fourfOld what they were in 1873"
After the reading Of some other papers
and the discussion Of some minor questions
the Convention adjourned for the day.
SECOND DAY.
Among the papers READ on tne 18th was
one from Secretary Window, on "Govern-
ment Finances" i'm which he gave history
eminent, under the Refunding act of Con.
gress, to provide for the registered bonds Of
maturing loans and the interest payments
on the coupon bonds. Under the plan final
ly matured and adopted SIS. O55, 80 Of the
siX.per-cent. bonds bad been converted in
to three and-one- half per cents. leaving to
be paid off from the surplus revenues, S24,-
211 400, for which the Treasury has ample
resources. Concerning the five-per-cents.
the Secretary says the transactions were not
quite complete, but probably there will be
continued by October in all about $780,
600, 900 of this loan, leaving to be paid $780,
70S, $50, the remainder of the loan having
already been paid from the surplus revenues
under calls previously made. As result OF
the annual Interest a'' Charge arg v which was.
March 1. 1881, $76.S45, $3.50, will be, on
October 1, 1881, as nearly as can be now
stated, SCI ,475, $40. %.
John Jay Knox, Comptroller Of the Cur
Banking and the Currency of the Coun-
try" He stated that on May 1, last, there
was $500, PSI ,5S3 Of paper money outstand-
ing, all of which was and Is readily con-
vertible into coin on demand. There was
on that day $500, 000, 900 Of gold coin in the |
country, according to the estimates Of the
Director of the Mint, and about SIP, 100000
of silver coin, which is still increasing ut
the rate of $2,3O0,000 monthly. The total
amount of coin and paper currency on that
Gates, was II, 430, 100000. The amount of
gold, silver and paper currency held in the
Treasury was $273, $40, 519; in National
Banks, $223, IA 1888; in State Banks, ST.
1924; in Savings Banks, ST., 012, $50. II |
the amount of coin and currency In the |
Treasury and in the banks is deducted from !
the total amounts estimated TO be in the |
country, it will give a remainder of $751; |
49,, 794, as the amount, May !, in the hands |
of the people outside of the depositors.
The report of the Nominating Committee !
was adopted, and George s. Coe was elected |
President of the Association for the ensuing |
year; Lyman j. Gage, of the First Ma |
tional Bank of Chicago, First yice-Prcsi- |
dent; Edmund ID. Randolph, Secretary; |
George w. Baker, Treasurer, and George |
MorsIand, Corresponding Secretary.
D.. Several papers were submitted without
being read.
THIRD AND LAST DAY.
On the 10Th Z. A. Towles, President Of the
First National Bank Of st. Adams, VT, read
apaper on Bank Taxation, embracing his
tory of the panics since 1887, remedies for
such evils, and deductions made therefrom.
A paper was also read from Mr.. II. III.