Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-08-18
THE MONEY HANDLERS.
Closing Proceedings of the National Con
vention Of Bankers at Saratoga.

Closing Proceedings of the National Com
vention of Bankers at Saratoga.
SARATOGA, Aug. 17.-In the bankers asso-
citation Hewey, of Mobile, gave brief account
of the crop prospects in the Southern states.
which are good. The planters of Alabama
are getting rid of the incubus of debt. The
mineral wealth of the state is great and only
needs capital to deyelope it. The improve
ment of rivers is doing much for the state.
w. 81. Perkins, of Mississippi, read paper
on the industrial growth of Mississippi and
the cotton states.
Mr.. Logan, president of the Merchants'
bank, Little Rock, gave a glowing account
of the progress and present prosperous con-
dition of business in that state. The old
times, when planters considered 1t necessary
to keep in debt to their commission merchants
have passed away tand the new crop is being
made with great economy, SO that planters
will have much money ahead next fall and
winter. He called for capital to develope
mineral and agricultural resources Of Arkan-
sas; also for young men to act as bookkeepers
and accountants.
r. NJ Nelson, Selma, Ala, made a brief
presentation OF the condition of things In
Alabama. He told how everything is now
most prosperous country of the world. He
eulogized Thomas Scott, of Pennsylvania, who
opened the first railroad there, and said now
the railroads in Alabama cannot obtain means
to move the freight offering.
The executive council presented resolution,
which was adopted, in relation to the amount
of notes authorized to be issued on bonds de-
national banking law. 1t claims that rea-
sonable construction of section 10 authorizes
the comptroller to issue to banks
having over 100000 capital, cir
culating notes equal in amount
to the par value of United States bonds de-
posted to secure the same when the par value
does not exceed 80 per cent. OF the current
market value of such bonds. Also that such
construction of the law, enlarging materially
as it would the foundation on which rests the
system OF national bank currency, would be
highly beneficial to all business interests, as it
would tend to require considerable portion
of their circulating notes. Also that II the
comptroller of tine currency shall be unable to
thus construe the existing law, this conven-
tion hereby recommends such issue of circu-
lating notes to national banks upon the afore-
said basis.
J. NJ. Fetter, Kentucky, offered resolution
asking that some means be suggested by the
executive committee whereby an interchange
of information regarding borrowers may be
made between banks of the same locality, to
prevent persons receiving too much credit.
w. E. Gould, Portland, offered resolution
for a committee of three to take into consider.
alton the laws of various states regulating
savings banks, and present to the association
next year plan for organizing and maintain
ing such institutions whereby certain essen
tial features may be incorporated into the
several state laws, so that they may be con-
trolled by a more uniform legislation. Com
mittee: W. E. Gould, Portland; A. B. Hep
burn, New York; s. D. Lynch, Indianapolis.
The committee on nominations reported,
presenting George 8. Coe, New York, for re-
election as president; L. g. Gage, vice presi-
dent OF the First National bank of Chicago,
as vice president; with the same vice presl-
dents from other states and territories as last
year except J. T. Smith, of Baltimore, in
place of Daniel Amman, for Maryland. The
executive council is the same as last year.
The officers were all elected. A. B. Hepburn
then read paper on savings bank dividends
and investments, and was followed by W. B.
Williams on the same subject.
8. D. Horton, Ohio, one of the delegates to
the international conference on bi.metallic cur
rency, thought that the subject had not re-
eeived proper consideration in this country.
All other papers named on the programme
were ordered included in the proceedings.
After thanks to the officers and gentlemen
who had presented papers the association ad-
iQurued