New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-12
commit the country to q policy Of aggression
and conquest,
THE R4NKERS IN COUNCIL.

| THE BANKERS IN COUNCIL.
| One regrets to criticiso the address of Presl-
dent George s. Coe to the Bankers Associa-
ticp, because 1t was an able and sound presen-
tation of difficulties in our financial system,
and was characterized by great clearness and
felicity of expression. But the abstract does
not indicate that he submitted any adequate
| practical measures for overcoming the difficult
| ties SO admirably stated On the other hand,
the able and very INTEREST," ng address OF Con-
troller Knox, If criticised at all, must be criti-
cised bee ause he suggested too many measures
The idea that United States National banks
should be allowed to invest in and deposit as
security for circulation bonds of European Gov
ernments is in truth "a MI. Knox remarks, one
that it Is not probable that Congress will con
slider. At all events, it is one that ought not to
bc considered. This country needs, and for
long time will need, all the capital it has for tho
development of its own resources, and is not
ready to begin lending to European Govern
ments. Moreover, it would be slightly embar-
RAISING to have the sOlvency of United States
National Banks depend in any measure upon
the disposition OF the British or French Govern
ment, if this Nation should be forced into War
with Great Britain or France, or if those Pow
ers should go TO war with each other.
1t is a pity that thoughtful and expert
enced banker who portrays existing dangers so
clearly as Mr.. Coe does should not have been
in position to concentrate the opinion of bank
ers upon some definite measure of relief. The
whole tenor of his admirable remarks on the
silver question showed the Importance of a re-
r,,i, opI hut ia
step, which Congress is not likely to take, the
bankers can hardly promote. On the other
hand, they have within their own reach remedy
of much effectiveness. If the banks of the
country should resolve that they would not
receive on deposit any silver certificates, or sill
yer dollars except to a small amount, aud would
not act in Clearing House with any bank or Off
cal that may tender silver dollars or certificates
in payment Of balances between banks, they
would 20 far to check the use Of such forms of
money in place of gold, legal-tenders and bank
notes.
Again. In respect to the threatened extinction
of bank circulation 10y the retirement of United
States bonds, the bankers might do something.
They might consider whether bonds of State
and local governments, which exist by author
ity Of the United States cannot DO made avail
able. in some form, aud under some cOndi
tioas, it Is certainly possible for the United
States to so far indorse OF replace these bonds
that they, or bonds substituted for them, can
properly serve as a basis for banking circula-
ton. Very likely the best mode has not yet
betu suggested. But the banks embraced in
the National Association have the knowledge
and experience to mature some plan to that
end. BY doing So and strongly recommending
a well-devjsed measure, is the Civil Service
Reform Association recommended the act now
in force, the bankers would do moro to guide
Congress, to help themselves, and to save the
country from evil. than can possibly he done by
many DAYS of miscellaneous talk To devise
some safe and practicable measure of that ma
ture would not be hard. Then public opinion
would compel Congress TO consider it, lust as
public opinion forced action on the Civil Ser
vice act. The difficulty is to get busy practical
men to give serious attention TO work for
which ordinary politicians are conspcuously
unfit.