Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-08-18
THE FINANCIERS.
Second and Last Day Of the Bankers
Asseciati0n-An Of the Old OFF,
GERS Reelected.
Glowing Accounts OF the Unrivaled Pros.
perity of the S0uth-Speeches
and Resolutions.

SARATOGA, N. Y, August 17'-In the
Bankers Association Mr.. Hewey, of Mobile,
gave a 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 10 de-
velop it. The improvement of the rivers is
doing much for the State.
Mr.. w. III. Perkins, of Mississippi, read q
paper on "The Industrial Growth of Missis-
sippi and the Cotton S,ates"
Logan ii. Roots, president OF the Mer
chants Bank OF Little Rock, gave a glowing
account OF the progress and present prosper
GUS condition of business in that Stale. The
old times when the planters considered it
necessary 10 keep in debt to their com mission
merchants have passed away, and the new
crops are being made with great economy, so
that the planters will have much money
ahead next fall and winter. He called for
capital to develop the mineral and sgricul-
tural resources OF Arkansas; also for young
men TO act as book-keepers and accountants.
C. NJ. Nelson, of Selma, Ala, made q brief
presentation of the condition of things in
Alabama. He told how everything is now
prospecting, and claimed the South to be
the most prosperous country of the world.
He eulogized Thomas Scott, of Pennsylvania,
who opened railroads there and said that
now the railroads in Alabama cannot obtain
means TO move the freight offering.
The Executive Council presented a reselu-
ton, which was adopted, in relation to the
amount of notes authorized to be issued on
bonds deposited under recent amendments to
the national banking law. 1t claims that a
reasonable construction of section 10 author
ICES the comptroller TO issue to banks having
over 800, 900 capital circulating notes equal
in amount TO the par value of the United
Sfata cd IN
when the par value does not exceed ninety
per cent. of the current market value of such
bonds; also that such a construction OF The
law, enlarging materially as it would the
foundation on which rests the system of the
national bank currency, would be highly
beneficial 10 all business interest, as it would
tend TO retire a considerable portion of their
circulating notes; also that if the comptroller
of the currency shall be unable TO thus con.
strue the exciting law, this convention here.
by recommends such issue of circulating
notes to national banks upon the aforesaid
basis.
j. M. Fetter, of Kentucky, offered reso.
luton asking that some means be suggested
by the Executive Committee whereby ar
interchange of information regarding Dor
rowers be made between banks of the same
locality to prevent persons receiving toe
much credit.
w. E. Gould, OF Portland, offered a reso.
luton for the appointment OF a committee Of
three to take into consideration tine laws oil
the various States regulating savings banks
and present to the association next year 8
plan for organizing and maintaining such
Institutions, whereby certain essential feat
ures may be Incorporated into several State
laws, so they may be controlled by more uni
form legislation. Adopted, and w. E. Gould
Portland, A. B. Hepburn, New York. and d
Lynch, Indianapolis, were appointed as such
committee.
The Committee on Nominations reported
presenting George S. Coe, of New York, fol
reelection as president; L. j. Gage, vice
president of the First National Bank OF Chi
cago, vice president, with the same vice-pres
idents from the other States and Territories
Hs 4.st year,-.->arf 7 Thorn IA Srai.A, Of Raj
timore, in place Of Daniel Amman, for Mary
land. The Executive Counsel the same al
last year.
The officers were all elected.
A. B. Hepburn then read paper on "Sav
ings Banks, Dividends and Instalments," ant
was followed by w. B. Williams on the sam,
subjects.
S. Davis Horton, of Ohio, one of the dele
gates to the International conference on bi
metallic currency, thought that the subjec
had not received proper consideration in thi
country.
All other papers named on the programm,
were ordered included in the proceedings.
After thanks to the officers and gentlemen
who had presented papers the association
adjourned.