New-York tribune., 1895-12-12

TIVE BEST Is THE CHEAPEST.
p r. THE 0a1maa1
III, ~ ", BEST UotIII00
ALREADY STEAM COOKED
GROUP NO. OF THE AsSOClA iO-'
MEETS AT THE MONTAUk CLOD D.

RETIREMENT OF THE GREENBACK. THE isa'h
OF MORE BONDS AND THE SUPPLYING
OF A CIRCULATING CURRENCY 81
THE BANKS
The Bankers Association OF Brooklyn ana I.o"s %
Island known as Group 10. in the -N'" =.
State Bankers Association met last eVen'"s ~
the AIontauk club. About seventy-hVe men W.
present. representing the banks Of Kings Vues"'
and Suffolk counties business meeting WdS "'0'
held presided by stephen NJ Gris"o'" - s
Union Bank OF Brooklyn. Little ous'heS 49,
transacted. bur Informal reports were maue -
effect thai Group No is steadily GROWING az
now In a prosperous condition IMAM e',. 80,
fore Clearing House Committee was apPon''eu
consisting OF John A. Nexsen, OF the Fulton Dam
$ F. Phillips OF the Bank OF Rockville CeuNe'
D. Cook OF oyster Bay; l. Forest freslo, -, %
Amltyviue and George W. Cooper, OF the 'uiio'N
Comfy Bank The following Executive Coiilnt'e
was also chosen: W. L. Freis OF the queens o,,
Rank: John G. jenkins. OF the First National lam
uanrv Hutchinson OF the Brooklyn BANK anu
John A. Potter OF the Patchogue Bank Inc io'-
lowing resolution offered BY John G. jenkins vas
adopted: ~ ,,-
Resolved That the Executive Commtiseigi m t,siisbipS ing
into the advsabliy and feasibility OF estaDIIai,tis ~,
a Bankers Commercial Agency, whose IN hapks who
Is 10 be given 10 and derived end fT1 that the ommttee
ne Contested 10 confer with the Executive commit Co
Tee ed GI m }ay,rby cons dered by Aat group beey
Inc fhat is efficency will be largely augmehted any
the cost OF operation lesstheu ~ '''"S
by both groups. 80. I,i.r
Al o'clock the dinner was served IN the u'"'is
hall and proved 10 be one OF the mcs1 piedaa'
We, held by the assocst ton. largely because u ue
penalItv OF the presiding officer. Nj Gfs"on
Those seated a the tables stephen NJ Gris"o'"
Charles 4 Schieren. Frederick W. Nurster james
G. Cannon C. p. Sloan William {. CornweiI' -
Clair McKelway. A. b. Hepburn, Charles A Moore
David A Body. Henry Chapin. jr. Dr Josep" D.
Jones John G. Jenkins. Luclus W. How f'd""
Jenkins Eugene c. Biackford. Henry Batternan'
Henry T. Hutchinson. John c. Kelley. Albert T.
Wells John A. Nexsen. James g. Brewer r. II.
Parsons. Oliver VI. Denton, G. Hadden. John laush-
ran c. e Wheeler. Henry J. Odrng, Thomas I.
Barr. Charles r. Young. Claus Doscher James 'as-
cone II. Bernard Coombe. h. y Whitney T.. a
Walker, y T. Sprague, Ditmas Jewell. Charles NJ
Engls John McCarty John Pullman James Nc
Laren. Henry J. Straukamp. Edward ,. FoWler'
Frederick J. Grswold Edwin B. Strout. John y.
Bliss William J. Hazewood. James Ross, Samuel
Dean. Wuliam Lockitt. Louis Bonert Thomas
Adams. jr. James T. Ashley. Samuel T. smith,
Joseph Dykes John J. Randall. e. b. Gruman.
August Belmont. Martin V. Wood. J. II. Sutphin,
W. Z. Frew, +. ID. Cook, ). F. Philips, w r
Wyckon T. f. Preston. W. +. Norton. r. VI.
Raven, G. II. Corwin, George +. Tuthll. James NJ
Brush Henry s. Mott John y. Potter. II. NJ Ran
dali. George W. Cooper, John J. Harrison, James II.
Pierson and Z. " Davis
After the tables had been cleared Mr.. Griswold
said in introducing the first speaker:
There at the present time in circulation S46.-
00.coo in legal tender. or war currency; N5o,m00
Of various issues Of Treasury notes and 800 000 o
in National bank notes, making total OF $685., ,Ooo
900 To meet the !ncI ased business requirements
of the country this circulation should be increased
10 al least sl.~0 10000 Let the Government syie
500 oOo thirtyyear per cent bonds retire me le
gal tender and treasury notes, and have Congress
pass Law allowing the banks to issue the 4,ov5 hOd
Al -
William &. Cornwell president Of the City Bank
Of BuiIa.o. was the chief speaker of the evening
His subject was "Cgeenbacks and Legislation"
and he gave careful >utline of the financial ques-
ton. saying III part
Let US look at the busSess conditions p1failns
in this country to-day. Blere has been win the
Las; year genera RE- TevSi S. Of taae very msGa
last spring There would Le complete confidence
turbing element Is the fiat srincipie. the seed OF
which when the irst greenback
smoke and nre Of war The freenback Is de-
mand note, payable in gold note which. wnen
deemed again in gold. again put OUT. again
redeemed and both opera tons repeated and an,
time The Government must be prepared at
10 redeem them in gold II has control over gold
exports or boarding Ii any one wants gold 10 send
away or to keep, he can go to the Treasury and
fact no Other pace in this country to g. for gold
Now. for the purpose OF redeeming these gold
notes the Government has sought 20 keep hand.
permanently 500 100000 gold reserve.
We depend upon this shifty expedient The shift
ing gold reserve. 70 main tain the gold STANDARD IN
the United States for il the reserve becomes de-
pie ted and the Government cannot redeem in gold
every dollar Of Obligations presented, we drof az
once 70 the silver standard y this rhould hapIen.
values would be in half 5000 1000 OF gold wotid
disappear nlmedia tey from circula ion, and
traction panic and ruin would follow.
The Committee Sound Currency or the New
York Chamber OF Commerce that solid BODY
which has done so much 10 bolster up the Govern
Inert In ito main ntenAnce OF commercial honor. did
ms the honor weeks ago TO wr..e, asking for
my opinion to what should be undertaken at
once IN the way OF financial legislation.
Ny reply embodied these suggestions:
Provide for the redemption and cancellation or
the greenback 10 the extent OF fl000c0.cg within
one year. and $00OO.00J during each succeeding
year until 500 0000C00 OF the greenbacks are retired
then include in the cancellation also the Treasury
notes until the entire s50Go,OW OF Government
paper has been extinguished.
To provide funds for these operations. Issue low
rate longtime gold bonds.
As 10 what shall take the place OF the Gov
ernment paper thus extinguished appoint az once
a non-partisen expert Currency commission 10 de-
cfd