New-York tribune., 1886-08-13
CONFERENCE OF BANKERS
OPPOSITION TO THE SILVER DOLLAR

DANGERS OF ITS CONTINUED COINAGE NAfy.
.TENANcE OF THE GOLD STANDARD.
| q BosroN, Aug. 12.-The National Association ~
American Bankers held the second days session a.
their annual convention at Horticultural Hall to day
The association elected az its president Logan d.
Murray of New-Yoik. Mr. Murray expressed his
thanks and then introduced Judge John Lowell. OF
Massachusetts,, who read a paper on Bankruptcy
Legislation"
Judge Lowell said he had doubt that there was
general demand on the part of business men for uni
form bankruptcy law. Some Of the States including
Massac husetts, had excellent bankruptcy laws but
these State laws absolutely local and the laws Of
one State do not essential in other States
In conclusion he advocated the bill recently intro
duced into Congress providing for a Bankruptcy
Commission. believing the supervising officer he had
suggested should be included In the commission.
States might pass similar bankruptcy laws and thus
over come many the difficulties of the situation but
even that might leave other difficulties ard National
legislation would q wiser and better course.
communication read from G. N. Jordan
Treasurer of the United States which showed that tho
number Of silver dollars coined to June 80 1896
233 723 1885, estimated value Of the subsidiary sil.
ver $4,000 900, a total of S3O3 723 2s8. Tho
value of the silver In the standard dollar at to-days
(Aug IO) price Is 71.21. while subsidiary silver is
value of the silver coinage Is s213O8l3jz. 1t costs
to maintain this circulation Sli ~ per thousand
dollars. George Hague, General Manager of the
Merchants Bank of Montreal, read paper on The
System of Branch Banking In Canada"
The Executive Council submitted the following
port whch was adopted unanimously:
Whereas, The American Bankers Association en-
braces in its membership men of every political party,
as well as those who acknowledge no party obliga.
tions 1t has in all Its conventions carefully avoided
all mere party and political questions; representing.
as Il does the business public well the customers
and stockholders of banks. it asain emphatically
gives warning of impending danger to thej whole
country In the continued coinage OF silver dol lars
under the act of 1873. While we fully recognize the
fact that both silver and gold required as tho
money Of the land. believe that neither should 10
coined in such ratio that the other shall be driven
of general use We repudiate the idea often main
tained that banks and bankers oppose the continued
coinage Of silver dollars account of seltnteres
but on the contrary. here assert that they have
no special interest in one kind of coin more than
another, long each discharges its legitimate
purpose money. We believe all persons having
limited means and particularly earners OF wages,
will largely suffer when the threatened evils shall
come We therefore earnestly appeal to all Boards of
Trade. Chambers of Commerce. and civil and political
associations every kind TO make persistent efforts TO
repeal Of the law suspension Of the coinage
of such silver dollars.
An additional resolution adopted reafirming tho
resolutions adopted by the convention last year and
further providing that 1t be strongly urged that tho
coinage OF silver De suspended ana tuat cohtIHuei
efforts be made to secure an international uniform
basis of value between gold and silver The resoi:
tons offered yesterday In behalf of Mr. Horton; Of
Ohio, were adopted and a committee appointed to
take the matter In charge.
F. H. Tuthill cashier of the First National Bank of
Hammond Indiana presented u plan to maintain the
gold standard He said in the course OF his speech:
The means are most simple. Let the New York City
associated banks keep all accounts in gold That Is.
live up to the agreement made in November, 1875.
by which the Nox-York banks abolished accounts
kept In different currcnces and take no paper money
silver deposit except at its gold value Keep no
currency or silver accounts. Do business on a gold
basis Lot all notes. checks etc. read 1payabe in
gold coin" When silver is quoted at discount IN.
of gold quoted at premium. the true standard
IL kept in mind and the battle Is won. The example
of the New York banks will enable the business men
of New York TO follow it, II will be initiated by most
of the other large cities. When every bank in the
country finds its New-fork account kept in gold 1t
will issue gold drafts which, circulating over the
country will do much remind the people that gold
is really standard and to help them to do business
on a gold basis If the country banks have "A gold
basis their customers can have also Why cannot tho
New-York City banks do this During the Wa Cali
forua rem aimed gold standard although the laws
bad then as now. Public opinion then kept
men there from paying debts in deprecated grecn-
backs public opinion can do as much with us now.
aud especially if supplemented in all commercial
paper by the words In gold con" which have legal
effect No law OF Congress can prevent no from buy
Ing and selling for gold only. The law toroIddng
will be of conseq if they never TO
offer silver Aud better leave the National system if
quences of fall to Il silver standard Ii would be
well to begin gold accounts and notes payable in
gold now
Ex-Governor Henry NJ. Hoyt. Of Pennsylvania,
was too Ill to a speech which he had repaired
lie had had the speech printed and presented it TO tho
Executive Committee. The Governor III his speech
says
Saying. then. nothing about existing property,
which certain gentlemen who carry dynamite under
red dag propose To divide up equally how about the
Juure productions of labor (which. 10y the way these
gentleme propose 10 stopi Is there moro
equitable division possible than that which takes
place under the competition of aborer with aborer
and capital with captalg new product
is made up of the wages OF labor and the interest
the capital cost OF machinery used. There is no
possible either of wages interest except the
product. Machinery Is subject TO and tear.
substitution by improvements. and its share must
be great enough TO replace 1t. What is still ou,,a L.
ing Why certain residue. called profits. Nov .he
whole contention aud the whole philosophy of rational
social science. ~ well A. the demand of Communism
and socialism, is tue division of the certain
overI lus after paying wages and interest. called
profits. There is nothing else In the product over
which there be contention; there is nothing el-c
in il which can be divided What plan of division
be adopted which will reward each productive factor
according TO its contribution tn the result and keep
them in cooperation That gentlemen, is the Quc,-
ton which contains the germs OF much future agia-
ton. That is statement of it, reduced 10 IT. lower
terms. do not discuss IL. leave 1t with y0d as tAe
frutft ttl ..f raUa finn