Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1884-08-15
BISMARCK, DAKOTA, FRIDAY, AUGUST s. 1854.

morning. There was quite large rerr=sesta-
ton Of prominent bankers. The meeting was
cal1sd to oyden by President LYman. J. Gage of
Ohieago. who delinered the inaugural address of
the chairman. Secretary MarsAand read resolu-
tions sutzaittet sy the exeortive oouaeit as
follows: y
Resolved That ii 10 the senseof the -A.srican
6ankers' aasooiatson that the e4eoining of stand.
ard silver dsllaS Of 4l1119 grams is against the
welfare 0s. the csuntry, and We recommend, to
Hon. SeainA G1osebeck, Of Gncinnstiwss- in.
vited to speak spen the qpessisn and responded.
He favosedss bimatallic cuarency and, went to
show thastfor centuries gold and silver had,b ,bsen
of equa,,valae : currency. The change took
place ih 1aEt q 1879. What had besndone in
the past could be Done in the. future; it might
be im1ossible. for one country to carry silvaE
alone fer lbs currency, and,he favored under the
present condition thesusaension of7silvert coia-
age in The United States antll other nations toek
action On the subject. A. vote of thanks. VAS
extendsd to- GEoesbecksa the resolution waa
then carried. The following resolution was
adopted: Il # .$4 5i 0
/. Resolved, That In yaw.of the &act that the
artiales Of asspciatiQn Of, the national bank Of
the country, ,areT Tapidly expiring without suf:
feaent, ipduesment for renewal, owing; ;to.the
oonstantl diminish amou and high. prices
,ofaoyernnent bonds upon which bank cirou!a-
itioA i hased, thus eeatening serious cartail-
ment q tie cnrrenn6,of the ocuntry And sinee
issasd aul1sr ample safeguards. for its.redemp-
tsan on demand in coin, is necessary for the
convenient TRANSACTION Of the business of the
cauntry, and such condition can be heat pro-
vided thSouRh tho continued operatisn of the
national hank act 9 has been attested By the
responsess Of the lest tweaty-one years, the
attention nofethe.oangress Of the United Ssstes
be called % the necessity % immedia4e legisla-
tion 20 meet the important emergency.
Secretary Marstand read paper q the bank
ing and d'ourrsacy system in its relation 70 the
business Of the oonntry Furnished by the Hon.
Hugh Mo0ullogh, who was. unable 70 Be present.
e. B. Connsg1kof Philaaelphia presented pa
per on, thssf Ftaonditiona of safe barking. After
oomplimenting the association be outlined the
work which. lies before the Organization and
said; Sat present We meet in th enidst Of some
of the most interesting and most important
phenomena of finance, the result of what is
. = - - r b. p
popularity known as a panic. A panic is possible
at any time; it means unreasonable fear among
the great mass of the people. At such times
eodeabt everything; they distrust their own
Judgment; refuse to act, or it they do act 1t Is
in an unreasonable manner. Your memories are
yet alive with the financial panic of May last
and the causes which led up to it.; the course
and range of its action. The results which fol-
lowed and which will follow must excite our
deepest interest, and proper understanding or
its causes will suggest the value of safeguards
for the future. Its course Of action if fairly
recorded would become the most valuable refer
enoe in similar periods hereafter. To conapre.
bend it's full and final effects is importantsto US
all am not setting forth any new doctrine
in affirming that the true remedy for pauics is
of twofold character, first, the maintainance
in all ordinary times of adequate cash reserves;
second, liberal use of cash reserves in times
of panic. '.-,'--.-.,.,,,5 -, 49,. -#.