New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-14
BANKERS IN CONVENTION.
FINANCIAL roplos UNDER DISCUSSION.
TREATMENT on rANiCs-sArE RAINING -j JOHN
riioNraoN AND uuou M'cuLboCu OK rus
EttNrH QUESTION.

Al''HAt mug, I 81 NJ hln0lliAH it'HN'''
Association mot IN Putnam Music Hall this m"rnlns'
vi hi largo representation NJ prominent hnhkrra Tho
meeting wa called te urde bY President Lyman cage
OF Chicago Prayer was offered bv the Rev d. harprf'
Of PHILADELPHIA after which rfesdont uags devefedho
inaugural address ~ the oh rman Ito sad, IN par
We meet Ia the midst ut ~ IN. most iniereath
ana mos Important y enomena ~ imam =, the roan 9I
WI 10 populaily known a. panic. panic - possible
great mas. of poop r. Al lines men douhl every
thug. They di.trust their IA gmen AMI refuse to
Teasoaab manner s Your memor =, are Ss alive with
the financial panic ~ May Tae which led up 10
have followed and viii follow must excite deepest
interest proper unders aug OF its Gu es vii SUI;
gcst valuable SAT guards for the failure. Its course II
ac ION II fairly record ID. would come mo valuable
its full and final n cts IS important q us all am not
remedy for a oanio Is Of a tw"fold ch ,raetcr:
~ The main enance in all ordinary times OF huo-
| qua g cash
O. liberal USE ofthe cash reserves times Of panic nv
judcious loans. The wy rk backs. body are the
ultimate al holder Of the cash eserve. Ihey par
the Hsrk OF England in ~ relations to the Britt bank
Ing system. EIperieno has mt the Bank OF England
it, true duty ia path Of safety. II always lends III
panic freely than 10 or1in ry times us refusal ~
time OF financial alarm to maxi advances on Gust may
securities woul shake the whole tao 70 u a
ground suggestio for avertin pant ar otee a.
follows G-Ihe keeping ct cash res rves cohsi eL IN
larger than 70 per G. n In ordlnay per- us o{ nus
the reserve cities ola rep al OF nsu[y la~, '1
other oommodities, by tie Of supply ana de and
QIL)A wal Of the injurious restriction now mpoed
-
H. sr. o. PAM WV WV adoon OF some rule TO
a prac Ice Lending freely IN times OF
panic Our OF tn cash reserve.
The address was receiver with great favor throughout
the speaker being requen in tier uD cd by app au'e
Secretary Mars mi read q resolution submitted by the
Executive Council" that It is the ~ the American
Bankers Associa1 tlat the coinng Of The stan lard
silver dollar OF 4I2o grains against the welfare OF the
country and that they recommend to Co gress dlscon
nuanc" Of such co GO"
George Bltler Of NewHaven co1currc1 In the roso u
lion and thought the cIlnag' Of silver should b sus-
pended untiI other countries Joined with the United
sacs william Groesheck, Of Cincinnati was
inv te to speak He bimctallic currency, ana
shoH ed tina for ur god and sllve- nad been OF
equal value currency. Tue change took place In ISL
or 1872. VIVA had been done he past 60 I'D
be done in tn future II might bc tmposs bile
country to ca-ry god and siycfa lone
for it, currclc,, and ne avore unI p-ese con D.
ions. suspension or si!ve- cHnage In the Ultcl
States un'il other Nlt'ns sh uld have taken action on
Oh suffice TIA, r.s o'u ion was o rreI
The fO lowing oil D ion ZEN ado tel: " That I'm
VI w the fac me ia cles o. association ~
National k, ~ h. cpun-r' ar rapd expiring with
ont suni tent luluc,mcut for the d. owl 10 tue
cons atty diminish NJ im un and high pri es of GOV
erumcnt bonds. upoI VIA eli thu bank cirru ton IS
based thu. threatening tha seuols clrttilna e
o, he currency Of the cuurt. and since
me bank note circulation. absolutely secured,
and u der am -af guards or FIR mpuph ln
coin oq den d e. ry POI the veueut tr4nslc
of IA. pui 1855 Of the eco utrf. and uch 10 Idu "a
can best provided for thro gh ,ho conruu operation
of the Nlu nal Bank Act a. h,, been te'..I D.. h'
r, ptuses of tia lat weItyone wears the attention of
tc Con rr,. Of the United state. be- urE nt, cuel TO
On, ucccs yof lmc il .cg Station e. m eft tn cme-
.c.."
JUDGE POLAND oN COMMERCIAL rArrH
Iudes rol,rI. NJ Vernon. ono ~ IN Conm'tten ON
Commercial 'pc, mad fo ma bs ON tho subject ~ SID
wa. au imp tam part "a ia ail commerce and
e., fan o. u. otaro p,ueris connected w htrtl' CON.
.e-s las fIi lur sIcu'u owe it lie thought tho h
wont further tbtp uug esa hta power g. Toe pros
Ilous, NJ b o. rsan i,ca Is not svoraply oo. a-
ut dto asau tho 0loo 81 Ma onal hanha. lle ad
v,sd that ing a,Acd to pass law to 80 tp an,
ot,,pl tnat couRroaa paa ilriHi'cuou The matter
referred go tDe Gkoou 40 Go umoo Co bo ~, aaod AZ
Ga is action
uruu MoouiLnou'a VtrwH.
A paper was IN II r,ad from uurh MccuIosh. et
Secretary the lt n-ur, un The h'utins situation aud
tho rrrcnl ca ou ~ tho Nupf mo CONT ihu couau.
utoually r Tho Drro.b,ok legislation OF 1925. Mr
MoUul.ch spoke nr-t ~ tnc ~ rnco OF ,ho touli
banking systrm AMI of the qu ,no atoms o. bank "a
aiu u .i. tie tnou said g.
did not, however mmcnce wiring tins letter for
tn pu 10 NJ of -uloszug he National Bauaing S. iu
ot ~ p eakiug very briefly OF IA. dancer Will |
threaten It's pcrpetm y. II, great va ic, nay, ts !
We y existence. depends upon he county Of |
/ q 10 e.. issued by tho banks which are |
glnlzrd under H. I'- security co sts 81 mcnt
bon r, W b deposit al the a. aslr'r g. Wash |
ngtou. NOihiug else VII answer [ e purpose taus I
90 should Away be- edecmable lu coin. but hey ~ou
am mt Of coin in he van tn 5,nks. hey mus to
a ext nt be Das up n credit at me can be 30
frrncy. except the Ma iona credit No nins there
To-. but be DO DE- to Cove nm mt ca peri 81
cure a Nalona Bank note crcu at on. OF these
b.. DIS he Ma io.a' Banks are '~i laWoN
puOur revenues are largely reduced. The pu1hc chi
nent Gems t. de,uau al eI;lIqus Iment of tnr puD
il; bu so M hi, l. the Natona Banaing syst p
proved 10y he Dust men OF tho uutry AZ essential
So eutwiue vita botn pa lilo 9rvIt tnieres s.
ha tim VI ~ tav Of h. ext uguis me q OF ne
debt would doubt sat SIZED "A reduction ~ 70
to amou "s wou d be Il ed al - secure bank
circg ion were -Gt To- m recent deciSi u OF IN
TX ,l.u over IA, d anc outlook. 10 IL for me-
TO crtci-e that decision Tue Juslce' o tLai Coz aie
among my personal fr- Ids / nave the tiGlr-'
re.ucct TO- tner C a'acters and lrsa rrqui rm"nts
,isioa VII ca a- 20 mmend thr approval # the best
e. j mind of n g. uu ~ II clio ts 90 sie-' W.
IMPERIAL p'w-r-the power whicu tue fram.r, Of the
Constitution ma / c~ty intend 10 wiinh d II an
n doct Inc, tnat congress, INST adj OF neIg
limited To the eVerc Sc OF euum rated p W RS. may 20
Din- and every hing hich tie institution oes not
ID ut prohibit Lode d, II by lts an nority e'g,
and boiT0r money 9 ress ca au 0rze tur is'u OF
10 eruuent - money, II II Dticu 70 sec what
Goes not const tntonally belong Oft Dl-cus-io
low e aw tn Congress, IN he eKerci,r . rs
lwn discre on. my author the ISIS OF gsl-
euUer notes at al tne' I'D 10 a3Y amount
THE BANKING SYSTEM IN PERIL
Such is the decision o tho urt, from lo-e decision
here f. appeal, and 1t not to be disguised that It
,uts be National Banking system IN imminent jepp-
irdy No'hug It II the dcmpton OF tlc Gov
Tment bonds goes and TINS only be prevented
" reduction OF Government IN 10 the amount
equlred 10 cover it, Ordinary ns"' Of which re-
luction the pr sent indie itOus Now. . the
q uutr must G supplied " pHpor Gu rency 81 some
mud. the question "A of what al currency
ou sistl etal ly not Of ~ stat bank, uc-
ause such no - coul be per ccy secured th'r credit
would be lie 1 hot would MT be curr,ut throug out
he Uuou. But they cou not he perfectly eur cd
srEe NJ the states nave bu.Is gu stan lBg 10
,a.e ulatus nstc- upo Many tn & ave are bai
tttta uot fafth |