The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-08-14
AMERICAN BANKERS.
Annual Meeting of Their Association il
Saratoga, N. W

Annual Meeting of Their Association in
Saratoga, N. ".
SARATOGA, NY, Aug. 13.-The American Bank
ers' Association assembled in annual convention in
the Putnam Music Hall at 1O.45 O'Clock this morn.
ing, with a large representation of prominent
bankers present. The meeting was called to order
by President Lyman j. Gage of Chicago. Prayer
was offered by Rev. Dr. Harper of Philadelphia,
after which President Gage delivered his inaugural
address 1t was received with great favor, and the
speaker was frequently interrupted by applause.
Secretary Marsland 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 412 grains is against the welfare
of the country, and that they recommend to Con-
gress discontinuance of such coinage.
George Butler of New Haven spoke at length
upon the resolution. He concurred in it and
thought the coinage or silver should be suspended
until other countries Joined with us.
Mr.. Hughes of Cincinnati moved that committee
of three be appointed to wait upon and invite Hon.
William GrOesbeck to speak upon the question.
Mr.. Groesbeck of Cincinnati responded. He ia
vored b-metallic currency and went on to show
that for centuries gold and silver had been of
equal value as currency. A change took place in
1871 or 1872. What had been done in the past,
the speaker said, could be done In the future. 1t
ought to be impracticable for country to carry
gold or silver alone for its currency. He favored
under the present conditions the suspension of sill
coinage in the United States until other nations
should have taken action on the subject.
A vote of thanks was extended to Mr.. Groesbeck
and the following rese luton was then adopted:
Resolved, That in view of the fact that the arti-
cles of association of the national banks
of the country are rapidly expiring with
out sufficient inducement for their renewal
owing to the constantly diminishing amount and
high prices of government bonds upon which the
bank circulation is based, thus threatening the Sc
rious curtailment of the currency of the country;
and since bank note circulation absolutely secured
ton in coin on demand is necessary for the con-
venient transaction of the business of the country
and such condition can be best provided forthrough
the continued operation of the national bank act as
has been atested by the responses of the last TWEEN
ty-one years. the attention of the Congress of the
United States be urgently called to the necessity of
immediate legislation to meet the emergency
Judge Poland of Vermont one of the committee
on commercial paper made remarks on that subject.
He said that it an important part and factor in
all commerce and SO far as negotiable paper is con-
nected with trade Congress has full jurisdiction
over it. He thought the bill went further than
Congress has the power to go. The present House
of Representative is not favorably constituted to
pass upon the subject of national banks He ad-
vised that Congress be asked to pass law to go to
any extent that Congress has Jurisdiction. The
matter was referred to the executive committee to
be pressed to an early action.
Secretary Marsland then read paper on the
banking and currency system in its relation to the
business of the country furnished by Hon. Hugh
McCulloch Of Washington, who was unable to be
present. B. B. Comegus of Philadelphia then pre-
sented paper upon the "Condition of safe bank
ing" g. 1ohn - Nav vo.,, xuo.ou
ter refunding BILL which proposes to refund the ex-
listing public debt into 21a per cent bonds by means
acceptable to the government creditors and advan-
tageous to the government. Charles S. Graham pre-
sident of the Ninth Ward National Bank, of New
ark, N. j., read paper on 'The continuance of the
national banking currency.
The papers of John Thompson of New York on
"silver COINAGE; Henry w. Gates of Nebraska on
"the prevention of panics''; Sutton of Mississippi
Texas on thanks and their uses" were read as pre-
sented. The convention then adjourned until 10 80
tomorrow morning This evening banquet was
given at the Grand Union Hotel.