Savannah morning news. [volume] (Savannah) 1868-1887, 1881-08-12
AMERICAN BANKERS.
Second Days Meeting of the Annual
Convention.

NIAGARA, August 1.-THE second days
meeting of the American Bankers Associa-
tion was called to order at IL o'clock this
morning by Geo. s. Coe, Of New York.
There were three hundred delegates pres
ent. The Chairman stated that Thomas
Henry, Of Mobile, one of the Vice Presi-
dents, would preside. On calling the con-
vention to order, the Chairman, Mr.. Henry,
made brief, humorous speech. The first
paper read was written by Hon. VIM. Win
dom, Secretary Of the Treasury, ON Govern
ment Finances"
dress on the subject "What shall be the
currency of the future" It was a careful
review OF the financial outlook, and was
well received. John Jay Knox, of Wash
ingtoD, d. c., Comptroller of the Currency,
was introduced and read an explanative ad-
dress on the Banking and currency of the
country"
Secretary Window, in his paper, furnishes
q brief resume Of the funding operations Of
the governments since the incoming of the
present administration. He states at the
outset that the funding operations are not
quite completed, SO no precise statement Of
transactions can yet be given. Owing to the
failure of the refunding act during the last
session Of Congress, the only resources of
theEgovernment to meet its maturing obli-
cations were the surplus revenues and the
amount of $l04 0O0, 900 of 4 per cents. author
lied by the acts of 1870 and 1871 remaining
unissued. These resources, he says, were
not sufficient to provide for all the maturing
bonds. Finally, to meet the demand of the
public creditors and at the same time to
avoid the calling of an extra session of
Congress, plan was matured, which has
been put into operation and has proved sue
cessful. In conclusion, Secretary Window
says:
''By this plan the department has been not
only relieved from the embarrassment of
providing for the payment of the coupon in
terest, but has reduced all the and 5 per
cent. loans OF the government to a loan
payable at the option of the government
and bearing interest at only 31S per cent.
per annum, and this with the tr fling ex-
pense to the government of preparing the
new registered bonds and of paying the
actual expenses of the London agency, at
which only three persons have been employ
ed for few weeks The saving to the gov
ernment through the continuance Of
these bonds is very gratifying. On
the 6 per cents. the continued annual
saving hereafter in interest will be
81 451 1873 as. On the per cents, assuming
S4UO,UOU,OYO TO De conLlnueo, the annual
saving will be about Sc 100000, making a
total annual saving hereafter in the interest
of the public debt of $40, 451, 1878 rs. Mean
while, from March l TO October l, 1881,
when these operations will have been com
pleted, there will be paid of the per cents.
$24, ,211 400, and of the 5 per cents.
$69, 800, $50, making an additional annual
saving in interest of $4,91S,7l6 50-s total
reduction of the interest charge
in seven months of SIS $40, ,095 25.
Iu other words, the annual interest charge,
which was, on March 1. 1881, sac, ,S45, ,937 so,
will be on October l. 1881, as nearly as eau
now be stated, $6l, ,454, ,722 so This saving
in interest can hereafter be applied to the
reduction Of the debt, thus reducing it and
the burdens arising therefrom more rapidly
than heretofore"