Savannah morning news. [volume] (Savannah) 1868-1887, 1884-08-06
THE BANKERS, CONVENTION.
Subjects which VIII Claim the Attention
of American Fiuanciers.
Nan Yna.I- Tf.nnn


NeaO York Times.
The annual convention of the American
Bankers Association will be held at Sara
toga on Aug. 10 and IA. Invitations to
attend the meeting have been addressed
to the 2,647 national banks, 3, 49S private
bankers, ,126 State banks and sS4 savings
banks of the country. All of these banks,
1856 in number, will be represented at
the convention either by officers delegated
for the purpose or by Vice Presidents of
the association, of whom there is one ap-
pointed for each State and Territory. In
the absence Of any Vice President nom
represented banks in his jurisdiction Will
be cared for by an Executive Council,
which is composed of twenty-one mem.
bers. The attendance promises to be I'M
usually large, and the topics to be cOnsid-
cred are of great importance, not only to
the bankers but to the country at large.
Communications will be presented at
the convention from Secretary Folger, ex-
Secretary of the Treasury McCulloch, the
Hon. John j. Knox, the Hon. Z. G..
Spalding, of Buffalo, known as the father
OF the greenback; from Secretaries of
state, and from number of bank Off
GERS IN the principal cities Of the country.
Resolutions will also be offered from
various committees appointed at the con-
ventiOn last year on the Improvement of
the banking system, the prevention of
panics, the promotion of national bank
rupt legislation, and on the regulation of
the silver coinage and currency of the
country, so as to promote productive in
dustries and give steadiness and activity
to the business of the country. Several
Western bankers and some from other
sections have signitied their intention of
Offering suggestions as to the basis of
our bank note circulation and the sub
stitutiOn of some other foundation, so as
to prevent mischievOus cOntractions of
the currency as the government bonds
continue to be paid off from the surplus
revenue in the Treasury.
The address of the President on the first
day will be followed by an elaborate paper
from the Hon. Hugh McCulloch ON the
present and prospective advantages and
perlls OF the banking situation, as related
to the rapid growth of the commerce and
business of the country, and the recent
decision of the Supreme Court of the Uni
ted States on the constitutiOnality of the
legal tender legislation. A report on this
decision will be presented in full. The
prevention of panics is another matter of
general interest to be considered on the
first day. Several propositions have been
offered to the Executive Council for pre-
sentation to the convention. They have
been divided into three groups. The first
cOntemplateS the intrusting by Congress
of power to the Secretary of the Treasury,
in times of threatened panic, to issue
$lO0,0O0,000 of greenback currency, as
loan to national banks, at high rate of
interest, on the pledge of government
bonds. The second proposition extends
the benefits of these issues of currency on
government collateral, and proposes that
private individuals, trust companies,
State banks, and savings institutions
shall be permitted to receive currency
from the Treasury on the same
terms and in the same manner as national
banks. The third proposition recon-
mends that no greenbacks be issued from
the Treasury, but that $100,000,000 of ma
ti0nal bank notes of special issue shall
be held in reserve by the Treasury until
time of threatened panic. The Secretary
of the Treasury is to be clothed with
power to receive any United States bonds
not exceeding $100,0 600 in amount, and
to issue therefor the reserve notes equal
in amount to the par value of the bonds
deposited, interest on the bonds to accrue
meanwhile to the Treasury, the depOsitOrs
to be allowed to redeem the bonds by the
deposit OF greenbacks at any time with
out notice. The advocates of these three
details by which each banker desires to
complete and render practicable the legis-
latlon proposed. Besides these new plans,
the old and lOng-tried method of dealing
with panlcs by the use of clearing house
certificates will also be discussed. The
advocates of the different remedies con-
cur in speaking in the highest terms of
the old system Of the New York Clearing
House.
The rapuIatiOD of oo,,,,,,o ro;o1 ,,o,,o,
which has attracted considerable atJen-
ton at previous conventions, will be
treated by Judge Poland, of Vermont. 1t
is expected that the recommendation of
the last convention will soon be embodied
In law. The foreign demand for our
securities, the recent tendencies of usury
legislation, especially in connection with
panlcs, the growth of direct trade be-
tween the West and Europe, with its in
nuence ON American banks, the compare
tive growth of national, State and private
banks IN the various sections of the
country, and other equally important
questions will be brought up. Bank eX-
aminatiOns and the publication of bank
returns in their relation to the solvency,
stability and rapid progress of our bank.
ing system will be the subject of an eX-
haustIye report. The President of the as
socIatiOn, it is stated, is anxious that
some method should be devised, if posi-
bic, by which the benefits may be ex-
tended to private banks and State institu-
lions which have given so much conf
dence IN national banks. Among these
advantages great Importance has always
been attached to the arrangement for
publicity by periodical examination and
the presentation of the results to the
scrutiny Of the public. In Illinois, Penn
sylyania and some other States adequate
provision for such examination is not
provided by State legislation.
The education of bank clerks is another
important subject to be considered. MIR.
Odell, of Chicago, has collected a great
number of facts which will open the
question. The subject of financial educa-
ton has been made more prominent by
the London Institute of Bankers, history
OF whose arrangements for this purpose is
to be made public. Bankruptcy legisla-
ton will be considered, and an effort will
be made to discriminate between the pro-
visions of bankruptcy legislation proper
and the regulations, constitutional and
otherwise, touching exemptions and
preferences. A bill for this purpose was
suggested last year by Mr.. Davie. of Ken
lucky. 1t has secured the approval of
Southern Legislators, bankers and bust
ness men, and it is expected that the re-
port on the subject will aid materially in
removing some of the difficulties which
have so long prevented practical legisla-
ton in Congress,