Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-10-11
MEN OF MONEY.
Meeting of the National Bankers Ass0-
citation Mt Lsuisville-The Report
OF Secretary Marslind.
Address by the Hon. John ]. Knox, Comp
troller of the Currency-Impor-
tant Resolutions.

LOUISVILLE, October 10.-The Bankers
Association met this morning in the Ma
sonic Temple, 100 members being present.
President George S. Coe, of New York,
called the convention to order, and an
nounced prayer by the Rev. Charles Craik,
OF Christ church, Louisville. After prayer
President Coe came forward to read his
annual address, being received with ap-
plause. He at once proceeded to read his
address, which occupied half an hour.
AT the conclusion of the address the
Executive Committee announced that they
were not ready to report.
|. Secretary Marslind read the treasurer's
report, as follows: Balance on hand from
last year, S59l4; received, SIG, ,444 13; dis
bursements, 81, ,0i6 80; balance on hand,
S4347 36.
The report of the Auditing Committee
was read and adopted
The Hon. Jno. J. Knox, Comptroller of
the Currency, was then introduced, and
received with every mark OF respect and
applause. After graceful reference to
Kentucky and Louisville, Mr.. Knox took
up the question of the different systems
of banking, the company and national
systems, with old State banks before the
war. The experience OF twenty years
shows that the national system is the best
yet devised, having won to its support its
former opponents. In proof OF this, Mr..
Knox gave large list of new national
banks organized last year, some of them
in localities where the den and was al
ready supplied. The average issue of
these banks was one-quarter of the capi-
tai stock. 1t was necessary that surplus
revenue should have an outlet, and the
Secretary of the Treasury had been forced
to call in outstanding bonds, thus disturbing
the banks, and Congress must make pro-
visions for bonds on which to base the
system. Mr.. Knox went largely into the
statistics of the bonds held by the govern
ment with the time when they should
naturally be called in. He did not be-
lieve the national bank system would
cease to exist as long as there was a bond
on which to base it. Mr.. Knox recounted
the loans by France in aid of the colonies
| in the Revolution, and the methods
adopted by the United States government
to meet and liquidate these claims, closing
with graceful tribute to George Wash
ington, under whom the debt was in
CURED, and who afterward completed the
arrangements for its payment. Then fol-
| lowed an exhibit of the public debt of the
great nations, with the average interest
borne, and showed that ON these bonds a
safe system of banks might be based, and
suggested that the United States bankers
might safely use them for that purpose
! He did not suppose it probable that Con-
gress would consider such a proposition
yet, but it was a subject which might
safely challenge the attention of this asso-
| citation.
The address was concluded amid the
applause of the convention.
Senator Joseph r. Hawley, of Connecti-
cut, was introduced, delivering a short ad-
dress to the convention, in which he re-
ferred to the duty of Congress to legislate
on the subjects discussed by the cOnven-
ton, and prayed them to carefully do their
work, so as to properly present them to
the law-making power and lead it to the
proper consideration of the same
]. II. Lindenberger, of Louisville, was
introduced, and read paper
Mr.. Lindenberger moved at the con-
clusion of his address the following resolu-
tons:
Resolved, That the adherence by the
government to a policy which will attest
to us an abundant supply of gold and
silver, the recognized money OF the world
and cause its general diffusion among the
people in the currents of business, will
encourage the most rapid development OF
our resources, stimulate to activity oul
productive industries and promote the
greatest steadiness and stability in the
business OF the country.
ResOtred, That the bank note circulation
absolutely secured and issued under am
pie safeguards for its redemption on de
nand in coin, is necessary for the conve
pient transaction OF the business of the
country, and such circulation can be bes
provided through the continued operation
Of the national bank act, as has been at
tested by the experience of the past twenty
years.
ResOlred, That the retirement of the
United States legal-tender notes by 4;
gradual process not liable to em6arrass the
business Of the country will be in accorC
with the purpose of the government at tn,
tiIae of their issue, and will be the fina
step accomplishing the full return by tn,
government to coin, and will tend to in
crease the supply of coin, and will give fre,
course to gold and silver in commerce anC
financial circles,
These resolutions will be discussed.
In the afternoon VIM. J. st. John reaC
4 paper discussing the three questions
aShall the redemption of the three pc
cent. bonds continued ~ "Shall a low-rat,
long bond be issued to the banks p
''Shall the tax on the national bank circu
lation be removed ?"