New-York tribune., 1882-08-17
THE BANKERS CONVENTION.
nrrr oprN1NG SESSION AT sARATOGA.

ID. N
,,no,, , sppc, At, CORRESPONDENT OF THE TRIBuNE.l
S,p,rocA. Aug 16.-The American Bank
ers, Association began it's third annual convention III
Putnam Hall in this city to-day Ihere were apou' ~"
delegates present. representing various nnahcia nSu
tIons I'm different parts Of the country Although "
snecol invitation had issued TO ladies, only ne"
NJ toem were in the hail. The warm weather KEPT
ood many delegates away from the halt The proceed
inCs were opened by prayer by the Rev. Dr. Harper o
Philadelphia George s. Coe, of New-Iork presuent VI
the association, then introduced Mr. Foster, who NE
said was the father OF the association and had Deen
fifty nine years bank officer.
After a few words from Mr.. Foster the president de-
vered his address, calns attention to the business o
the convent on and concentrating the ASSOCIATE upon
the generally favorable financial conditions under
which ii He referred to tue serious apprehehsiohs
Of commercial revusion which were but recently iei'
country having been d-peled Dy 'he
prospect of an abundant harvest The failure OF CON
cress to relieve the banks Of the oppressive
and unjust taxes imposed upon them was
adverted 10 toll upon the icSou'o''
and Industries OF the people. As basis OF all business
in this country there two qua oi Naoha
coined dollars differing In commercial value yet "'t"
equally legal tender for debts while not exeh"ngeahie
at the Government Treasury. BY force OF peremP'oiS
law the resources of the public treasury are diverted
from the coinage Of the kind and quality OF money ''
commerce demands and are driven into that WHICH IL
pcrsstcnty rejects. COmpulsinn Is the stroSesi oN
dence that the specially prescribed thing s not "hou'
I'm this remarkable conflict between statute law
and the law OF nature the ineViaoe ro-
suit i simply question of time and Of public endurance
single bad harvest with the continuance OF the pres
ent compulsory coinage and the rapid accuhulai"h o'
inferior silver dollars the Treasury would preciphe
This Nation irrecOyeraby into the lower stadatd oi
value and most seriously impair our commercial inhe
pendence. There is popular msconcepton as 10 'he
function the banks perform. 1t is not "deallng ID
money" but the reverse bank I'm its real, practical
WORK agent Of the community 10 receive ana carry
away what that community produces in exce~so It's own
needs and bring back the same value OF what wants
IN return The soundesi OF bank do not consist
in money but of the moneys worth OF eXchanscaoe
commodities dealt in required by tne population III
which the bank Is Ocated-wheat, coal cotton or nlsce
laneous articles Of valne, as ths case may be
BANKS THE ENBODIMENTs OF LABOR
Banks are thus the very embOdiments Of labor exist
ing in tangible and eXchangeabe forms IN any c"mhu-
nity the pvos upon which industry and soc" comforts
continually revolve. And accordingly, experience mas
nroved that I'm the current daily business of commercial
cities less than parts hundred eGher OF deposits
in banks OF the sums withdrawn rom ihcln CONSIST o
money That Is TO say. more unan a2c v AN
ccntum OF financial tralrclols III s"cleS ar oi, nn
exchange useful thing for anotier, ana DANAS
simply perform the function Of e1ccung lhOse cA-
changes. Banks are the worlds accohhtlts ns III ~
the products human labor are divided an usIlDutu
Ii mat thcy are n rule the mos per
maneni and enduring institutions III an nod @ I'd, tr
Railroads ships and every kind oI Vehlce employ ca ol
the properIj nirsed 10 llth lh"h 90 oanhS ~ anu uiN
crs perform substantially he same service III pr3mohg
the exchange and distribution OF the articles placed a.
tueir control Clearing House where settlements De
tween banks daily mtGo, Is but general "cpo
Meeting lines which there moct. the smA.i
difference ia aggregate value OF @ @D-nhS
4 currency Of a country should be based directly non
the properly of the country not upon ls d'D Oro1
Wnat ID has uOn WBal IL owes II Is strange ana
'o"yrr.9i mus be KEPT 10 r aud IN dcDt, in
llt
come rich necessary tha either our Local or
M general Government should prolone poverty 80
tna tue ,opc may Insured anst poNer.y ana los
bat Father tnat the WcttA oi tio community Shvtu
provide facilities for defence and Independence
ADEQUATE PROIECTION FoK CURRENCY.
A currency can be- provided ami he sufficiently pro
tected py the true and only security which tne country
possesses s own property ana productions running
concurrcuty with the paper II represents Ihs Is ali
that ever gives stability and value 20 Nanona, State or
munic icpal debts, only tnen 1t is not tnus naturally
allied Thus would It ne made concdent with, az tie
place where and at toe time wncn, existing roduct- are
49, ~, ,no,r,l ana a would ID. redeemed ana rcurod 10y
Inc procres products aftcr tey nave reached
| lut market ana Urcn converted INTO money Naiue.
Ouanity regua, cd the property convey d.
tUn ana Withdrawal would d. vigorously cAaoten
by tie IaciAuts no competitions o. m"u IN bunIncS.
When the TRAIN Is fully recognized thit Odnkr,hhe olhcr
essential ee.nenls Of sOcieS, nave grown up ~ the
natural esults 81 IN Des SOCIAL HN We s'.i
moi nd necessary, now 10 defend our rght 10 NC
ture,t considerations LOr forever he compelled 10 hdt
apologize eAls.ence The best ulng lOf the country
rs w is best for IL, brcau-e sc are ihsepafaoJ IN
/ IA Ilu
| mai can affect the community or good or Tor ev'l.
Mr Coe .relucauy app.auded during nls address;
committee oi seven Was hut"OIilcd 10 Dc HppolAl'd
By tne president 20 make Hohin" o"s io ooc'7 d" 'o
| uorrUW . session.
zion Aau d DaaHcc SJ,Jli on nand. After the ans
acuon 81 some rouun, bu-hes' Judge l. = Poland, oi
Vermont resolution L. refer TO the executive
council SUBJECT OI preparing "a re or 10 tnc ncAt
| convention upon me Jaws III vaIlou' states Ia
| re-. ard tO commercial paper, ana whether IL Il
CON mpetent ana pedent Tor Congress 10 Dass a law
,nI tn, sub,ct winch viii protect oOlnncrC.a paper
| Ale p.Na
| MIR Honury OF Cnicsgo, SAID that 1t was well known
that pronlssOry notes. Uils Of adng ANA COMMERCIAL
paper GENERALLY are governed by otdte Laws pIOnis-
sor, II re drawn III state ndorsed IN another aud
| n'yanIr m "A thlrd Is subject now TO three
| aicient OF laws and decisions. TINS oisen
| resulls III mi,takep aud losocs, and Is a con
ant subject ainOyauc, 20 bankers ana others tOn
grt A as power 10 re- ulae commerce. whch power
Ine RENE Court Ids .ecded eA'ehNs 10 ai inStru
InentA OF lnter-oCite commerce. even a4-
pNIng % tel graphic messages 1t, therefore, pass
| a umiom Law governing promlssory n0ies. Inc
English Parliament naa recently unlertaken
| the nuDiect. IL not the intention 10 connect
th- matter with uniform collection Law or bankruptcy
Fre.ident Coe, l.. J. Gage, OF Chicago Others
spoke Of necessity OF action upon the subject and
| resolution was adopted
| THE CURRENCY OF THE FUTURE.
Dr LYMAN H. AtwaIel, Professor of Political Economy
in princeton College delivered addresss the
currency Of the country. No money, be sid ought to
be toera which not coined by the National author
ity from the precious metals, paper by
the same auIhOny' mmedlaIeI1 cohNeruDle Tor thelr
face into such coin me question, then,
| is How shall the requisite elasticity be
rs sanndness and convrruOy BY elasticIy II IS
meant ht the currency should adap Itself, To avail
aOe quantity, without serious rctoh or sacrce 10 te
needs OF business and exchange among tie
ucDple inclndIng eXgcncl III which sucn legitimate
| nave Decn temporarily augmented,
even througd egltima,e adventures, speculatons
and eAlr.tV agamce OF and reckless people
deficit Of me currency needed Or the proper conduct
of the climate business oi society may come frOm
| various cslIscs;
l. From any Onght upon the productive resources Of
serious lalluIc OF crops, lanuidc-
tures ctc 2 Wars, ciyl lOreau Produce IKE rsuts,
somemes on tremendous scale, uc.crllued Dy thelr
| magnitude and duration. j. Inc large absorption VI
capital III unp Oductye enterprises, whether a. nome or
abroad, ana IA speculative rejects. l. 1cre are ID
miar conditions normal tIaIc Whlch re tlIe large
temporary Increase OF currency Iol lie easy ana scceon
M IL