New-York tribune., 1893-11-24

certificates. which were device OF his invention as
far back as 1873. received token from the Loan
| Committee which engineered the banks through
the panic OF last summer OF the high appreciation
in which the members held Mr.. Tappen as a
colleague There were present besides Mr.. Tap
pn. Edward II. Perkins. jr.. president or the
Importers and Traders National Bank; George G.
Williams. president Of the Chemical National
Bank: j. Edward simmons president OF the Fourth
National Bank; Henry w Cannon, president OF
the Chase National Bank. and William \. Nash
president Of the Corn Exchange Bank who con-
stituted the Loan Committee. and George f. Baker
president OF the Firs, National Ian!<. who Is on"
OF the members Of the Clearing House com
mittee elected last October. Mr.. simmons made
the speech OF presentation. and Mr.. Tappen re-
sponded modestly disclaiming the credit given 10
his services.
The token selected as the gi, TO Mr. Tappen
piece Of historic silver. testimonial tankari
presented by the directors Of the Bank OF Eng
land. in 1896 to Sir John Houblon, the first gov
ernor OF the bank in recognition Of his services
through the panic Of that year. Macaulav tells
an interesting story OF the Circumstances. The
National Land Bank. which was organized under
with France. had failed on account OF the
hostility with the goldsmiths. King William Was
III the direst necessities for the sinevs OF war ana
the financial condition OF England was appalling
At one time the discount rate was only per
cent. at another y per cent \ 30 note which mao
been taken In the morning as worth ~ was otte'i
worth less than - al night. TIE INK" OF i'ofliani
was sent by the king from the seat OF war IN
Flanders "to obtain money at whatever cost and
OF Regency had recourse to the Bank OF ENGLAND.
organized only two years before. AMI i-NsD' WAS
meet the Kings pressing needs The capitalists
holding chief sway IN The Bank % England were
In bad humor for u had become necessary FOR
the directors to make cali Of - per cent on
their constituents and submit II 10 NOR" thau
Minister wrote to the King regarding the deci-
sion to appeal to th@ tank Of England: III th-
don". Anything must BE- Tried and venturcd rather
than lie down and die MacauIay iells N" rcsu,
epoch in the history II the bank. The General
Court was held In th" chalr "a, Sir John
thought stranec n commissioner Of the Admiralty
by the directors. explained the case and Implor,d
the assembly To- stand by King william Ther,
Would do il was ~aid We would be most willing
to assist: but f2D.c. In hard money at time
ike this. The governor announced explicitly
tia, nothing but gold or silver would supply the
necessity Of the army In Flanders NJ length the
question: put - vote and every hand In the
hall was held up for sending the money" The
power OF Louis XIV was broken and England and
Holland preserved iheir liberties"
The tankard bears an inscription commemorating
Sir Johns influence and decision AZ this crisis IN
English history in these words: The siii OF The
Houblon. Governor Lord Mayor Of London. in
token OK his great ability. industry AMI strict
The new inscription reads: THE gift OF the Loan
Committee Of lsP2 Of N" Ncw-Yo-k Clearing
House. to Frederick - Tappcu. chairman In token
of his great ability. industry and strict uprighines9
nj time Of extreme difficulty. 1913. lsi 1870. ls,,.
New York. November. lH." The four years re-
corded In the new inscription mari the times when
the Ncw-N banks. by their resort 20 the issue
OF Clearing House loan certificates. mtigatcd the
prevailing conditions and stayed the extreme
horror of panic. The tankard ig understood 10
have into the possession OF the FIRST Ma
tional Bank through its vice-prcsidcnt James 4.
Garland. and WAS formerly presented by Iresl-
dent Baker to the Loan Committee to mnrk the
recognition Of the valuable services OF Mr.. Tsppen
crisis In respects withor. parallel In the
history OF the United States.