New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-11
BANKING AND FINANCE.

1INpFNBERGER, Z. c. BOHNE AND OTHrRs.
louisville, KY, Oct. 10-The Bankers
Association net here this morning in Masonic Temple
about 100 members being present. President George s.
Coe of NewYork called the convention to order and
announced prayer by the Rev. Charles Crak OF Christ
Church. Louisville.
ADDRESS OF GEORGE S. CoE.
In beginning his address to the association
its PRECEDENT George s. Coe Of NewYork congratulated
thu members that industry Of the country hal at last
been relieved Of the special bank taxes. described the
wonderful development Of industry and the relations OF
the banking system thereto. and affirmed the need Of
coined money as the basis, criterion and guarantee OF
ell exchanges. He then continued as follows:
standing in this place, gentlemen and speaking for
our pr0fps sion, am led TO he reeraton OF these ere
mental principles, because, while we nave eii Dend US
most Of the eyll @onsequehces ID %cI our own SaI
perieBce has verified their truth, they have not yet Sc
cured ina full and final confirmation by the decision OF
The supreme tribunal the Nation, they should have
done TO prevent their disregard FOR al future time
nouuced that stands SOLID barrier against the unlm-
tied Issue hereafter OF DaseIess PROMISES 10 pay, ros
caprice OF Congress.
THE NATIONAL SYSTEM.
We are confronted with the fact that not only the
paper circus ton ana Of the country but also
it's coined money subject 10 early and radical chance
and revolution The crisis may not be immediate bu'
IL Is sufficiently imminent to awaken attention, and we
are none too early for ts serious considerations The
National Currency act passed in 1868 permitted banks
TO organize for twenty years. M1ny OF them have
reached the limit Of their lifeand about oDe-hali the
existing institutions $685. representing more than half
ISI s6 Goo OOOl the outstanding National Bank crcua-
fiou viii eKHIe I'D 1854 and 49, and II Is coincidence
O VI is securcd by per cent bonds (S2O2 OOOs
OOO, witch be, aud is being PAID OH a. the pleasure
nj Govrrumen and which will to great extent be
called IN within intervening period under ne nece5-
sary operation OF existing revenue l&ws. MN These
wG sLe o hseTs ndS n them new life AZ The rate of 20 to 80
pcpnt DTpm Of
large extent prefer to renqush their currency ana re-
IRE from the sysfemR And II So with commercial
results to the country OF what substitute Will be per
mitted iOr such purpose The IDEA OF hauOuanty
Throughout broad land has been strengthened by
the eventual history of last few years, ana much
more 50 by immense extension OF rail" avs and lee-
iness and wiT Taversins them IN all directions have
woven diverse parts Oh inc S a m5epI n
THIS National sentiment, now 40 potent ana aPTeyal-
remove the existing restriction upon private currency
issues and will prevent return 10 the ancient ana
people of thus great country have irreyOcaDly pro-
nouuced against the gTeeDback heresy which crepI IN
Constitution was strained and tortured by civil war
The danger lies in delaying the subject until necessity
cOmpels some basty and rash legislation.
Iis we also TO bear in MIND that the thread OF az
auoD ingeniousy introduced into the National sys
ten whereby banks lu the country large bound
by interest to in the redemption cities, when once
weakened by many retiring members, may suddenly
dismember the whole organZan II So wnat will
take its place The present indication points TO an ad-
OF smaller capitals aud limited issues, but this does not
he and for currency The importance
of the subject demands the most careful investigation
and the combined attention OF banks and Congress.
THE COINAGE OF SILVER DOLLARS.
But equally, If not the more important financial ques-
ii Oh this Nation, is the silent progress OF the
Congressional mandate by which Two millions Of dollars
containing each 412la grains Of silver bullion,
minted every month AID buried IN the vaults OF the
Treasury as cls1 hand These dollars not created
in res Ouse any commercial demand 10 fact, COM
eroe repels them. Yet the mandate is imperative ana
inexOrabls They must be produced in defiance Of all
rules which govern supply and demand Congress mas
soleuuly dlcresd that commerce shall lcas;
million silver dollars mouth These coins have accum.
ulated and are accommodating in overwhelming quau~
tty until new vaults OF extraordinary capacity, ike
ARTIFICIAL silver miues have mad to be constructed TO
contain They lie size by side Win gold dollars,
the rign Of Jaw commanding tbem to be Of equal
value Iet tue Treasury which executes the law, de-
Cares thai ney are not because II j. dy purchasing
The contents OF Tor 81
for 100 cents ana with seven dollars Of the
E1Wspauer All over tue land daily declare this to DO the
difference In the commercial value OF the Two CONS 80
patent the aDsurdiy Of the claim that TWO pieces OF
metal Of such eoupseGIy unequal iutr sic value can
ey any miraculous lOTce OF a Government stamp, Dc
Instantly endowed with equal power Tor paying just
debis Here then, are Two CONS OF the deHOuna-
ton, OF OF sucu varying inherent power cOntehdnS
Tor supremacy, the weaker one sAetehg ljs acknowI
edged defect under the strong arm OF TINS great Nation
The American eagle against Justice ana against The
world, Can such an anomaly cOAbLtdtOHaIIy exist ID
this free Government
Here are two weights Of different pOuderosity two
measures OF VARYING ienslL JOIN estIy Lepulieu 70
equal jus Ice; TWO cArOuOmcteTs KEEPING ar
Of labor ana this most remarkable act is done before
the world, IN tho nineteenth century By Nation over
flowing In wealth. and holding commercial rralOus OF
magnitude with other nations OF the earh ILe
change was inauguraed under tue assumption that by
Launching boldly into the experiment these two once
eQnai, differing values, would return again TO
Their ancient unity; they 40 not On contrary
thew obstinatey separate and obey
mandate OF tue American Congress. 1t open
Commercial value Of SILVER bullion was brought about
by Data events sucu as the cost OF production or by
the restrictive legislation OF European States. But
there be no doubt that II tue realYe value oil the
TWO precious metals each other was disturbed
changed by the suspension OF tne coinage OF SILVER IN
one great European state, the attempt 10 restore II by
ted states Congress could only give market the
thing prohibited there and so not Ony relieve Europe
fion, bat throw upon tins Nation the whole incouve-
nieGce and responsibility OF changing ITS measure OF
value from COLA silver standard auU subject Us 10 tie
,, a. 6tydv IMAGES which onr commerce must
information 81 uis.u 49, to-t. o,-,.C,o -
curoyhOlds It's independent way, these dollars increase
its long SHADOW over the business OF the Nation.
THE SILVER CERTIFICATE DILEMMA.
In enforcing the introduction OF silver dollars Is now
Commercial standard against the natural and instructive
repuguance of bauk, to become the medium OF this
great revolution, Congress has decreei THAT no Ma
toual Bank shall be member OF Clearing House Assoc
saton whcureluses receive silver certificates IN pay
ment Of balances.
TDs law is expressed in ambiguous wOrds which rem
der Its meaning at least doubtful. But accepting them
for their probable intent greater difficulty becomes
apparept because
ist silver certificates not legal tender in payment
of debts,
right 10 claim lawful money or eaCn other or compel
them TO accept through Clearing Houses what they
cannot eDtOrcg over their couLisrs upon their own
creditors.
81 These balances, TO be legal money must therefore
be paid IN silver dollars themselves. These coins, as
general medium OF commerce. are the suDec-natter OF
this legislation. Any device by which the inconvenience
OF the hlng itself may be eyaGed cannot enter INTO tue
enforcement Of the statute But that such devices as GER
thcates necessity and yet are not legal money Is nj
once admission OF weakness both IN the law and IN
its object.
4,n. FOE average daily balances in the New York
Clearing House about six million.
btn. SIX miitiOn silver dollars weigh about $4,000
psunds aYordupOis. 10 move this would requI
1900 every day, each one carrying 80 pounds, or
au2n of 375 wagons, each drawing 1000 pounds, at
tended by the necessary conyOy OF police protectors
The effort OF Cor overcome this physical obstacle
L. L. .ILllE IN. L.