The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-08-14
GENERALNEWS
Bankers Meet.


Saratoga, 10. = The American
Bankers Association assem- bled
IN annual convention this morning.
There was a large representa- ton of
prominent bankers. The meeting
was called to order by President
Lyman J. Gage, OF Chicag'. Gage
delivered the inaugural address,
Treasurer Bakers report showed a
balance of $6,394. Secretary Mars
land read the resolutions submitted
by the executive council as follows:
Resolved, That it is the sense of
the American Bankers Association
that the coming of standard silver
dollars of 4l211s grains il against the
welfare of the country, and we re-
commend to Congress discontinu-
ance of such coinage.
Geo. Butler concurred with the
resolution, and thought we ought O
suspend the coinage of silver until
other countries Joined with the
United States.
Mr.. Groesbeck, of Cincinnati, by
request, addressed the convention.
He favored bi<metallic currency
and went on to show that for cen
turtles gold and silver had been of
equal value as currency. The
change took place in 1871 or 1872.
What had been done in the past
could be done in the future. It
might be impossible for one country
to carry god and silver alone for its
currency and be favored under the
present conditi rs. The suspension
of silver coinage in the United
States until other nations took ac
ton on the subject.
A vote of thanks was extended to
Groesbeck and the res luticn then
carried.
The following resolution was
adopted:
ResoIoed, that in view Of the fact
that articles OF association of Ma
Lional Banks of the country are
rapidly expiring without sufficient
inducement for renewal owing to
the constantly diminishing amount
and high prices of government
bonds upon which bank circulation
is based, thus threatening The seri-
GUS curtailment of the currency OF
the cou try, and eince bank note
circulate n absolutely secured and
issued under ample safeguards for
its redemption on demand in coin,
is necessary far the convenient
transaction of the business of the
country, and such condition can be
best provided through the continued
operation OF the national bank act,
as b IS besn aitested by the responses
of the last tweniy-one years, the
attention of the Congress of the
United States be urgently called TO
the necessity of immediate legisla-
ton to N ct the impending emer.
gency.
Judge Poland, of Vermont, one
of the committse on commercial
paper, made remarks on the subject
Of commercial paper. He said it was
an important part and factor Of all
commerce, and so far as negoti
able paper is connected with trade
Congress has full Jurisdiction over
it. He thought the bill went further
tndu ConSIeSS HAS pUWeI W SO LIE
present House of Represe utatives
was not favorably constituted to
pass upon the subject Of national
banks. The advice of Congress
should be asked to pass law to go
to any extent that Congress has jurs
isdictioD.
The matter wss referred to the
executive committee, to press the
matter to early action.
Secretary MaFsland then read a
paper Oil the banking and currency
sy-te min It's Citations to the business
of the country, furnished by Hon.
Hugh McCuIiucb, who was unable
TO be present.
B. B. Camegys, of PHILADELPHIA
presented paper upon the condi-
ton of safe banking.
After reading a number OF inter-
esting papers the convention adj
journed until tomorrow.