New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-12
never been more than makeshft and is altogether un-
of NeW-York
PROBLEMS OF BANKING.
THE BANKERS ASSOCIATION.
PREFERENCES IN BANKRUPrcY-MR. THOMPSON on
"sUDDEN CONTRACTION"

PREFERENCES IN BANKRJPIC1-Mh' lhO'iio'-' w.
SUDDEN CONTRACTION"
LOUISVILLE, Oct. 1.-THE Bankers AssO-
citation continued its session to-day
George NJ Davie OF Louisville, submitted paper on
bankruptcy in which he argued that the best substitute
for National law would be act Of Congress
limiting prcferepceg aud exemptions in cases OF DanA
ruptcy A resolution was passed declaring thht " lno
interesls Of the country demand the speedy ehactv
by Congress OF regulation OF commerce among t
States equivalent for the debtor and creditor IN Ill "
lions Of tho country"
Mr. Davidson Of Cincinnati submitted paper con-
tanning digest of the laws Of all the states on e1ehP
tions and preferences which will be subject Tor luJulo
discussion by the association.
The delegates from the Southern States then gave IN
teresting sketches OF the material prospects u
various Southern States, with statistics wmch
supplied startling information TO those VIM
were not personally familiar with that secuon'
The sneaker, we're Judge Carroll, Of Texas; Messrs
Printup of Georgia; Lockwood Of Virginia; Snead' Oh
Kentucky; Parks Of Tennessee; Colonel Nelson OF Ala
bama; and Logan II. Roots, Of Little Rock Ark
The following officers were elected for the ensuing
year George g Coe declining the unanlmo US rececIon
rendered him: President, L. J. Gage, OF Chicago HI
treasurer George F. Baker; general secretary Eu
muud D. Randolph corresponding secretary George
MarsIand Henry WlttersOn then addressed the aaso-
citation in regard the South Resolutions OF regret ~
the decnatlou thanks for the services etc. Oh to
retiring President, George s. Coe' OF New 1orh were
adopted by a unanimous rising vote. Mr. Coe' WIN
much feeling returned thanks for the honors pau n
A. G. Dodge, late OF New York and now OF KENTUCKY
addressed the association behalf Of the Development
Of the mountain section OF Kentucky
A poper ON " contraction" by John Thomp'on, vice
president Of the Chase National Bank Of New-Hork was
referred TO the Executive Council Mr. Thompson ID lid
paper says;
sbrInkage in prices may be attributed In part to the
fact mar while the business the wealth, and the money
REQUIREMENTS Of the country have been vastly ncreasel
has been diminished and is still being reduced. The
Imports have exceeded the eNPorta OF gOid 2ut u
evident this excess is being boarded leaving ony
our mining product meet increasing currency re-
quremenis During these twenty Years. &c, PIlhE oy
a short period during the panic oil IS - n
substitutes Tor money, that IT, cheeks nas
almost perfect Deposits IN DAMS nav osV Tor
nancy nave become the medium for payments 10 the
enormous extent OF % per cent OF business transactions
Whenever the confidence whlcl peru!lI5 Ino use ,
substttes shaken and there arises dslru5t OF bauh
OF bil-drawers, aud OF credits generally, then VIII
come a syceppg reyusiOn, and violent scramble Tor
the inadequate actual money ana the hOarded currency
been ruuousy reduced II be said that the ass Is
OF "a bank are good Tor double t19 amount 81 on '
these assets IN panic may bring disaster upon Gus
toners a~d stockholders alike. go, -,
Tbs object of reviewing these features OF the financial
situation direct attention TO Que sIrou, url.ot "a
our currency arrangement Is inc 1usehce oi 5
ama InS i"T i anoIpt OF bauk notes thus fng the
vacuum cuu.rI by the impairment OF Individual ana
Ioc hank credits This breks the force Of Tue panic aud
irsIIr-- guc return ot confidence There I7 no cur
Tsfy controlling power either iu our excellent national
h,uk ,y.frl or m our state bank systems rus power
rIclu-iVely with tho Government Irea,ury lhe
amount OF Ie.a tender, Tor use Is fixed. In paaic
National banks quite sure 10 reduce cir,uh'ou anu
specie currency Co lyrci "luE' anu WI" IedPpts
only when bankruptcy aud forced sales nave reduced
prices dlsastruu7ly. IHc Government treasury bclng
the sole controlling money power, Congress should
gufb0r,zr some measure tlat VIII give the needed ela-
ttcy TO the currency under proper rc7trlcAphs Al!
ugvts OF the country even tuu most dsthu ar" bound
by yery close sympathy business aull. through tue
wonderful connections OF wire aud rail- Therefore, ms
il = matter of no local sectional Interest bll deeply
concerns every member OF tus convention IRON WHAT
ever section be- may business has been subject
uerodlrly % season, u financial distress SANITARY
measure are Instituted for protection agMu-t threat
ruipg pr-tleuce; aud Cerlaluy 10 efforts should bc
suurrd 10 devise measures Y lcA sHhl
serve 10 break the OF financial ftFuHlnn, ANA
preyput the widespread disaster 10 cnu'rs "Ien
unchecked. This view OF the situation has Inns
pI4,scd mo % fJrClJly that | would strongly
urge that acme decided expression DO gwen, ana tHA'
tbr attention Of Congress called by tu7 Convention
TO ne urgent need OF egsatiOu WHOA shall as Tar "a
possbe protect business Interests whenever tue DgsJm
Of nuaucIa destruction shall sweep over tue land
Mr. Thompson at the close Of his paper recommended
tie passage % resolution by tho association asking
Congress TO pa, law authorizing the Secretary Of the
Treasury to l,sus SlOOOoO,ODO 10 currency notes IN
tunes oI financial slrugcury.