New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-12
PAPERS BY WINDOW ANn KNov

4
THE BANKING AND CURRENCY OF THE corn
TRY" BY CONTROLLER KNox-NEw oFFIcrRs
ELECTED: 'i'iOi-''9
lbf TELEGRAPH THE rRrRvxEt
NIAGARA FALLS, n. Y Aug I1.-Ran.ors or5
.her friends entirely filled the paylion in prosn,
rark this morning this being regard a. &C a. ,',s
Important day of the Bankers Convention An
AFTERNOON session was also held Among the ,a,-
arrivals To-day were Charles II. Budd Mon,ov;doo
Mihn.; H. ID. McAlpinc, Rochester: A. Jos,nson
Stra1nfoy' Canada John Gaut and John VI. Burns
na'nlton' Canada; John Fawcett. Waterford
! canada; NJ. Minkler, Waterford. Canada. A !.
I Mhippie, Kansas CITY, Mo-. James F. Trott RnfTalo.
Joseph Walton, Pittsburg, George F. Baker. New
York Edward A. Sowlcs, st. Albains VT: II. Scar
roiI, Clarksrille. No.; A. ID. Lynch IndiaDanol,s
Il. Ii. Jewett Buffalo; s. Mape Batavia. \. Y.cx.
senator k f. Fenton, jamestown. N Y; w. Cum
g nigs Ioiedo y. S. Gore, Syracuse and w. H
Miller Suffolk, Conn.
Ihe Convention was opened with prayer by the
rev. John ,. Bacon, Presbyterian of Niagara Falls
In absence of E. c. Spaulding who presided veste,
dav' Thomas Henry president of the Mobile Saw
ings Bank, was called TO the chair
shCRErAisY WINDOW ON FUNDING OPERATIONS
secretary Randolph then read a letter from tho
Hon. William Window, Secretary of the Treas,,,,-
bearing date Of August 8, and addressed 20 George
iaisianu, corresponding secretary of the Associa-
ZION. In his letter Secretary Window saws:
rTnff
cept your invitation To be present and a. Tie fp5i,
or 0lefanans TO which you refer qne competed
~ may be stated however, that when entered mon the
OF the bonded Indebtedness Of the GoSernS ,ca mat
We're OF hye per cent bonds redcemabe at the opfon
smonnt ,@ @ q siG9320e5O Of which the amopt os
Of SIX per D, TaS nasd by COUPON bonds and
eieu ~ aiIer july l. 1881, the amount S2o2 266 $50
bonds only the coupons the qnarferis interest sl
ner u cn3 9n ay S l. ISL remained upon the coupon
the the next scmannual Interest upon which wonid fal
was proposed TO retire an these bonds and 70 issue
scScr % ooies bearing lower rate of interest. with
@ toa SI payment after having received much consder
become law and the only resources Of The sovern
ment TO meet the maturing OBLIGATIONS were the surplus
bonds being part Of those authorized hy the Acrs OF
H@s Issued a. 1870 and January 90 ISL ana u
The resources were sufficient to provide for all the
such @ io2r 9sr cent bonds had before siHrty t
snc s ueenGa aaSisaoe @ to issue Of the loan.
iwra; swe ooud Wei be avoided While there
iIaSraiVe necessity Tor providing for the regisured
meet meet the interest payments the coupon bonds: and
ese 10 oe no raeicable method OF meeting
Sillien as well as 60 the holders OF the bonds
FINALLY to meet the demand Of public creditors and ar
me same time TO avoid the calling extra session Of
& pn @ was matured which was put into operation and
Under this plan April H. there was called for as
solne payment on July ], 1851, the small loan of
200 bearing per cent interest and known A. the
OREGON war debt and at the FOR payment ON
the same date the per loans Acts og Jmv and
March B. 1903 amounting TO 55l45 $50 bni the so,5
ee OF the ponds OF the two latter loas permission 10 have
with interest at the rate Sa per centam Per ann1m
pr oylasd lael & should 50 request and the bonds should
fore the 10th day of May, 1881 and m case of counou
sued therefor The six per bonds 10 oe continued
weIe a proap1y ply received In large amount and
continuance stamped upon their bnt II was snbse
qnent deemed advisable 20 extend the for the re-
/. ais
onnd that fore holders of The six percent bonds we've
send them to the Treasury for exchange and the inn
to cause drai coin from this country an To- .,istS
lisiless an agency for the exchange bonds in
This plan for continuing the has proved entirely
or c"ntnnance sf nlNg l Deen Presented IN due time
'enne S2i2ll 400, for which the Treasury had ample
Having vi succeeded in disposing Of the per cents on
'onds of the loans of July L. 1870 and January DO
II continuing the bonds 32 per cent to sueh OF the
loliers as might request; and at the time the
treasury offered 10 receive for continuance n c man.
Ter any OF the nncaet registered that loan to
n anonnt not exceeding S250oO0 0OO remainder of
he loan being reserved with view payment from
The continued three half per cent bonds having
pato1 siaet e pre- sghy aeovs par the i've per cens IN
extend somewhat the limit fixed for the amounf ~
G cred bonds 70 be accepted for con1nnanoe
ON July notice for the payment ON October 1881
tne resisered lives not continued given the
ayment. The transactions concernn the ye pcr rnn,s
ro, as before stated, quite conSpleted Prob,bv
pan, leaving to be paid SS97OsO5o the REMAINDER ~
he loan having already been paid from the surpns rev
nues under calls previously made.
by This plan the Department has been IL relieved
rom he embarrassment of the payment OF the coupon in
crest but has reduced all the 5per cens loans Of the
rnment, and bearing interest only ga Oer cent
er annum and this, with the tfiiug expense 10 the
paying the actual expenses OF the London sgenc at
wesR o rSe peS@s ro@, sye Say 30, sees c employed Tor
ed bonds The saving To the Government through the
OF these bonds is very graiifying w
On the per continued the ANIMAL saving here
ter IN interest VIII be ~, ,45l 1873 75. the Hvs per
nts.assuming 800 900 TO be continued fhe snp1s
lvng will be about SO 600 000 making a total anp@ai
1vng ereailr In the interest OF the public debt OF
Meanwhile, from March L TO October l. ISL. when
lese operations VIII have been completed, there viii he
m a oi SIX per cents S212ll 400 and of i've per cents
o9,320o3o, making an additional annual saving IN
erest OF $i9i s,716 5oa reduction of the inter
t charge IN seven months OF slS,S7o0S5 %. In other
1881, $76,si5,937 30 will be October l. lSsI AS
early as een now be stated S6l,475ss2 25. This saw
the debt thus reducing il and the burdens arising
lerefrom more rapidly than heretofore
The letter listened to with close attention.
nd was frequently applsuded. 1t was ordered TO
; printed, and vote of thanks TO the Secretary
as passed.
THE CURRENCY OF THE FUTURE
The President of the Executive Council Mr.
Gorge 5. Coe, of New-York, read an address en-
tied What Shall be the Currency OF the Future ?,
summary of his paper is given below:
IL is very obvious that the continual reduct,o-
undation of the National banking Currency.
aracteristie support is approaching dsssoIs,,an s
Notwithstanding the social Inconvenience Which NAV
sentiment undeniaby faSors u IT, se eiS sS as
Junction rhis sentiment costing as IL does the con-
repr ~ u,.hll