New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-11
BANKERS ASSOCIATIONS.

EXCHANGING VIEWS ATNIAfttlA I'tF is.
A LARGE ATTENDANCE FE0H var. ,s pAljTs OF rlIE
! CoUNTRY-INr RESTING PAPERS paas..,;fs,D-
GREAT PANIC PREDICTED GV Az EXpEptENCrp
| OBsERyER-THE NATIONAL BANKS DEFENDED
lBY TELEGRAPH To r;lE raIGUNEl
NIAGARA FALLS, Aug. 10.--Dclegatcs to- tho Com
Vention OF the American Bankers Association have
arrived ever train since last night and there is
no doubt rs to the success of the meeting The hall
where the Convention assembled is in Prospect
Park, and is known as the pavilion; it is fitted mp
as theatre and Will seat about five hundred peo-
pc. There present to-day about three hum
dred persons, but all of that number were not
bankers. Several ladies occupied seats, and free
Invitations had been extended to all friends of
bankers.
In the absence of President Mitchell. of the
Association, f. G. Spaudng, of Buffalo, was
called to the chair Among those present,
IN addition to those toned in these dispatches
yesterday were John j. Knox, WASHINGTON: f. r.
Fox, Tonawanda f; Is. c. Brown, Little Rock David
ID. Paul, Philadelphia J. n. Vance, Wheeling, w.
Va; w. ii. Delaney, Louisville ID. Fairst, Phila-
delphia; OIney Arnold, Pawtucket, Il. /. A. Rent
llnger Louisville; Il. J. Flick Willlesbarre, Penn ;
II. IT, Sp ings, Charlotte, n. c.; b. Eggeston, Gin
cnnat; j. n. Porter, Texas; NJ L. Everett, Port
Jervis, n. Y; j. T. Sturtevant, Conneautville
Penn; H. }. Grant and l.. Il. King, Ithaca !;
j. ID. Fnsbee, Connellsville; j. n. Slaughter
~
}. Esterly, CoumbIana, Ohio; George r.
Preston. New-Oreans Thomas McHenry, Mobile ;
j. L. Head, Wilmington Albert Bowkcr Boston :;
10 NJ. Cudy, Youngstown. Ohio; i. T. Hardwick
Dalton, Ga; w. r. Bricker, Shelley Ohio w. Had
ley, Lawrence kaS.; j. B. Young, Sioux Falls D. r.:
Charles Parsons, ST. Louis +. A. Allen Grand
hapds, Mich; IL. w. Aen, Troy ; and George w.
Davis, Toledo.
Proceedings were opened with PRAYER by the Rev.
Robert b. Woosey. Mr.. Spauding then acknowl-
edged the compliment conferred on him He said
that the convention met under the most favorable
auspices the country and the banks most pros
porous, and the banks discharging their duties
faithfully to the best interests of the country He
trusted that their deliberations would be of char
acter 10 satisfy the country and Congress that they
were acting for the be interests of all concerned
The report of the Executive Council was at the
request of George G. Gee, OF New York its chairman
deferred until later day. The report of the treas
nrer, George f. Baker, showed "A balance on hand of
$4,O13 10. The chairman appointed Thomas Henry
H. n. Gere, ID. b. Northrup, ID. Frost, Charles H.
Smith, Thomas w. Holiday and Thomas F. Mc(irew
a committee to nominate officers of the Association
Edmund ID. Randolph, of NewYork, read paper
written by Henry Martha of Buffalo on the com
mercial growth of Buffalo. 1t dealt principally with
statistics, showing the increase of the commerce in
gram cement, salt, railroad iron and miscellaneous
articles. The growth of shipping and canal i'm
proVemcnts were referred to. In 1850 there were
twelve banks in Buffalo, with capital of
Sl,49o,ooO; in 1881 there eleven banks
with $3,0O0,00O capital, besides several savings
banks.
MONEY AND THE BANKING SYSTEM
Ex-Governor Reuben T. Fenton, of New-York
next read "A paper on the subject of money and the
banking system. After sket hing the grow h of diff
ferent kinds of mon y, he referred to the Monetary
Conference held at Paris three years ago. At that
conference the various banking systems of England
France Ii Jlland. Germany AMI Belgium were dis,
cussed, both in relation to the Governments of the
countries an" to their poop es. BY "A comparison
with these systems it will be seen that the American
system of banking is in advance of those of the
Older nations They are cumbersome and defective
iii essential features but in the main they bovo
proved successful. They have not the same safe
guards as tho American National banking system
has. The public good demands that bank notes
should circulate freely. Currency is an ingredient
OF banking. In exchanges of trade, in the work of
production, and in com pensaton OF labor il enters
as business agent. People here are absolutely
secured against loss, as Government bonds are
pledged for its redemption. The system being good
ana banks being necessary, why should people seek
It's destruction, he asked rather than its amend
lnent' 1t Is true that pr hts from banking have
been large IN the past, but have mercantile
profits. 1t is a question if the same amount of
the same small reward Heavy taxation onerotcs ~
an impeachment TO low interest and why sbould
caWtal thus employed be taxed more heavily than
in any other industry The Government no longer
needs the exorbitant rate il charges but II yvorld
seem that 1t is only too eager to pouncc unon ma,
exposed capital to tax il to its utmost Thu
speaker congratulated the country upon the r.fund
ing Oh the National debt AT 3 10 per cent and finished
"y rgigrhg TO re proyidental escape from great
Calamity e. the Nation which will occur in lie re-
coveIy OF President Garfield.
A PAPER on THE COMING PANIC
John Thonpeon, President of the First National
Bank, OF New York, of the oldest menhors Of
the Association, was unable to be present but for
Warded paper entitled "Thc Coming Papicv II |
was read by Edmund II. Randolph, of New y,r |
The following is an abstract of the paper:
when VIII this great prosperity end or ,xbor ,ri, |
another panic sweep the countryi The n,oa, T
SION SION Is TO he round in our trade balances win
iiorcIiin nations. As ovcrprospcriiy has bean |
SO, when the flow OF the precious metal is fran RHi
tuAt WIN inspire Contraction and contraction viii oad
uIrcuy 10 iuAbllliF to pay Money not only hrnonns
scarce nut II u absolutely At present tfar ~ s
one alarming indication trouble and t,t i oll
uucf liu hdShitude or new enterprises nvolvn tho
Issue OF millions on millions Oh iqitinns IT, cue
an" loI II nan o 1873, this same sign
was apparent but TO fractional extent aa co u"pG
WIN llo present. AS this is purely a c0nyentinn ~
@ anu as am PROBABLY the oldest member of the
aAsoc cation must be excused In utteriuv a sori W,
canton TO bank managers more particniar 70 uu VI
we heau Oh deposit banks In receiving dcposta ro
the general public morally ASSUME Iohi
ana III using the deposits the utmost cnnfiSyn
conservatism should be adhered to Inv avcvs h, ana
sure ana speedy controliahty over "A sufficient a'ntt
The height of raging panic. 1t is criminal f. oHeh IA
htpliles, or enter INTO n"rOtati0ne hnugh So 40