Morning journal and courier., 1884-08-14

The clearing house certificates, however,
 prove that cooperation in one respect at
 least may be secured. 4 trusted committee
 of the clearing house association issues these
 certificates against the pledge of securities
 they deem sufficient and all members receive
 certificates at their face value Why could not another committee of equal prudence
 make all loans in times of panic to the pub
 lie with funds furnished for that purpose by all banks in proportion to their cash reserves from day to day? The address was loudly ap- plauded. Towards the close of his address President Gage branched into a discussion of the silver question and the value of bi-metallic standard, holding that the continued coinage of silver only benefited limited number of people in the mining districts and was useless to the general commercial and industrial classes. The report of the treasurer, Mir. George Baker, showed present cash balance of Sd, ,394 in the treasury Mr. George Mars land, secretary, read the resolutions submit ted by the executive council. They were as follows:
 First; That it is the sense of the American Bankers association that the 'coinfng of tho standard silver dollar of 412 1-2 grains is against the welfare of the country and that they recommend to Congress a discontinu- ance of such coinage.
 Second, That in view of the fact that the
 articles of the national banks of the country
 are rapidly expiring without sufficient in
 ducement for renewal owing to the constant
 ly diminishing amount and the high price of
 government bonds upon which bank circula- tlon is based, thus threatening serious cur
 tallment of the currency of the country; and since bank circulation absolutely secured
 and issued under ample safeguards for it's
 redemption on demand in coin is necessary
 for the convenient transaction of the business
 of the country, and such condition can be
 h6u& lor94
 tion of the national bank act, as has been at tested by the response of the last twenty-one years, the attention of the Congress of the
 United States shall be urgently called to the necessity of immediate Legislation to meet s this important emergency
 The Hon. William Groesbeck, of Cincin- nati made an address in favor of the bi-
 metallic currency of silver and gold Mr.
 Groesbecks address was loudly applauded
 and vote of thanks accorded him. Judge Poland, of Vermont, from the committee on commercial paper, made verbal report on
 the work of the committee for the past year The secretary then read paper prepared by the Hon. Hugh Mccullough, ex-Secretary of
 the Treasury, on the banking situation and recent decisions of the Supreme court on the constitutionality of the greenback legislation of 1878. MT. B. B. Comegys, of Philadel- phia, addressed the convention upon the conditions of safe banking MT. W. P. St. John read paper ex- planatory of and in support of the Potter refunding bill. Papers on the silver and other financial questions were accepted with out being read by John Thompson of New York, H. Y. Yates of Nebraska, E. Sutton of Massachusetts, H. B. Slegh of Texas and others. Charles G. Graham of Newark, N. J., delivered a brief address on measures to be adopted for the continuance of the nation al bank note currency. Messrs. Comegys of Philadelphia, Lindsay of North Carolina, Mo Donald of California, Wheeler of Illinois, N. B. Slegh of Texas, Simons of South Caro- lima, and Lockwood of Virginia, were ap- pointed a committee the nomination of officers. The convention then ad djourned un- til 10:30 8. m. tomorrow.
 A reception was held at the United States Hotel tonight.