New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-04
THE BANKERS OF THE NATION.
BEGINNING THEIR ANNUAL CONVENTION IN
CTNcINNATI

CINCINNATI.
Cincinnati, Oct 3.-The American Banhers' Asso
citation assembled to-day in tho Scottish Rite Cathe
dral, where Mr. James Espey, Of this city. mado the
opening address, to which eloquent response was
made by Mr.. Logan c. Murray, president Of tho as
ISOLATION. Mr.. Murray said, in part:
Doubtless many subjects Of Importance have sug
gestcd themselves to your minds for discussion at this
meeting. We have the surplus question and It's reiar
ton to the tariff the National bank system and
basis for National bank circulation the silver dollar
question: Federal and State bank taxation lmmgrar
tlon laws; the formation Of trusts Al OF these are
living. important questions to us. The nrS OK tncse
the Treasury surplus e aoa asa o 10 sns It.
There IS suggestion which is worthy OF emphasis )
hes surplGs in the Treasury Is the lest ia BACK
bone tho banks can have commerce demands
strong reservoir which the banks are not always
able to supply 1t gives confidence In pancs and relief
mean over-straIned banks. There is moral question
involved In lowering tho Government income tho
Government owes fifteen hundred millions Of debt,
fourfhs Of which IS interest bearing both principal
and interest have to be provided for, and good iaitn
good business management. We should hear direr-
ent song II We had bad crops and consequent low
custom. We have been sung to sleep In this matter
by great prosperity. There IS an lrreprcssibe con-
hct TO hang this country In the tariff question,
and this association needs to look at 1t In the light
of the two suggestions above, to wit: Always
strong surplus in the Treasury and good faith In the
payment OF the Government debt by sufficient income
rom the source up ana tac agreed up'"
Next we come to the maintenance Of the National
bank system. In 1863 the Government OF the United
States, peciive of State lines took hold Of The
bank question and made It National one, naugurating
a state OF perfection which believe IS unparalleled
In the history of finance among the nations OF the
world do not think any National bank
circulation without it IS secured. is not true that
there are very many National banks in the United
though banks of capital Of $4,000 and above are
required to lodge but 0.0oO Of bonds with the
on Soss a an small bank in Dakota
required TO lodge One-forth part OF its capital, say
II It is $4,000 It Is required to lodge $1,000 OF bonds
not? Why is 1t 500 II they issue no circulation,
then bonds should be required. II large banks to-
bonds required, say $4,000, though their capital
by five millions las is the easel then why require one
Invested in high priced bond before beginning bust:
ness2 Therefore repeal that part OF the National
If it choose to lodge bonds, then give IT tho privilege
to S ans' yss aS and A
lating notes may be made by National banks when all
the United States bonds have matured and passed out
Sanizaton and maintenance under the present
pIonage by the Treasury Of tho banks in securing to
ss Safety Of ssr a9 ssvns Ss
conducv o. their daily business by this. class
Si @ no a %cr let nf Yet The ps
year has clearly demonstrated that crisis In the sys-
tenn has been reached and will continue the old lines
adhered TO. II has been suggested, and recon-
mend that IT be not relegaed to oblivion without dis
CUSTOM to lay tax of two and onehaL per cent on
circulation to be issued by any bank such bank taking
out amount equal to half its pad-in capital, the
Government requiring security for guaranteeing the
circulation. This accumulated tax fund would be sure
to any general deficiency in failed banks Let
us hope that Congress will be swfto settle this vexed
question.
Let look at immigration laws. The contin-
ued coming in of cheap labor cheapens wages at home.
and IS bound TO result in mischief for our working
people. ] repeat-tax every male immigrant three
hundred dollars, this will keep out the bad. Your
American boy needs American protection, and for
egnborn boys among will not be hurt by American
ideas.
Commercial trusts have been formed very rapidly
within the last year, and now behold the farmers
have formed trust: still they early In the field,
the granger movement of dozen years ago was
but this in spirit, II not in name Make a common
grave for selfish and unlawful movements against
railways. etc. and commercial combinations against
the necessaries of life; that the stone be not
rolled away from this grave and the century Will
bend to true progress.