New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-11
BANKERS AT SARATOGA.
CONVENTION OF THE STATE ASSOCIATION
OPENED
ADDRESSES MADE BY PRESIDENT CoRNW ELL.
rHAYTON IVES AND H. l.. WALKER. OF
.rpRO\TO- OFFICERS NOMINATED

,ppREssEs MADE BY PRESIDENT CORNELL
rRAYTON IVES AND L. L. WALKER. or
TORONTO OFFICERS NOMINATED.
lDY TELEGRAPH TO THE TRIBuxEi
saratoga y. Y. July 1.-THE second annual con-
.,nton of the New-York State Bankers Associa-
lion held protractel session this afternoon and
5sposed OF a large amount OF business. The l25
5elesates met in the Grand Union Hotel ballroom.
After prayer by the Rev. DR. Carey the president :
address vas delivered by William e. Cornweu. OF
Euffalo no spoke OF the objects OF the association
ard the work before ii. The treasurer, James O..
cannon. OF NewYork City. reported balance Of
y2eG liz the treasury and a membership of 3si.
The secretary. Charles Adsit. OF Hoinesville. sub
,aitei his report. Brayton Ives. president Of the
Western National Bank. of NewIork City. made
All address The Government and the Bond Syn
cicaie.' lie strongly defended the syndicate and
criticised severely those who had taken exceptions
10 he policy pursued. Among other things he said:
They Will realize that the champions Of National
honor and an honest currency have achieved a
Victory those who would dishonor the country
nd force upon it a debased currency such an oc-
r.rrencc does wonders in the way OF enhshtenins
they can be relied upon act With intelligence and
honesty The power Of The free-silver men has
passed Us zenith.
B. L. Walker general manager OF The Canadian
Bank OF Commerce. Toronto, made an able and in
,eresting address "A Canadian View Of the FL
naneal situation: What Should BE Done and What
Probably VIII BE Done" He reviewed the banking
systems OF the country and said in part:
out Of the weller of this history five different
kinds Of paper money exist in theory and four in
fact First. State banknotes in theory, suppressed
National bank notes: fourth. Bland silver certii-
Gates. and nth, sherman silver purchase notes
directly redeemable by the Treasury in coin,
but practically the Treasury must redeem any
from is present position on of one of hs
NJ
touch with the business community. but has been
I bty withou, having the power, except ny such
costly expedients as that referred 10 here to-day to
maintain its stock OF gold.
Mr.. Walker next dweit at length on the dis
tinctiye features Of Canadian bank issues. and
touched on what IS called the Baltimore plan.
In conclusion he said.
As long as the volume OF Treasury notes redeem
III; The New-York banks viii doubtless cause the
Treasury supply all gold needed for foreign snip
meni. but sooner or later the duty will fan mainly
on these banks 1t may well be said that the
New-York City bankers have shown such high
snre they will establish the machinery for such a
purpose; but have TO submit that many OF ne
fa1kers have had to meet have been due to the
lack Of individual power and he necessity when
~ the Strong carrying the weak A system which
would create in New-York institutions TO any one
FOR export ant the replenishing OF its reserves
through lis branches ana alliances WIN ar9e
surely be better than the present
4 spirited debate arose 10 how nominations
for officers should be made so ar 10 preclude the
possibility OF the association getting in the hands
of a machine or coterie of men. Ii resulted IN the
following tickets being nominated 10y ballot:
For president-James q. Cannon. OF New-fork
CIV and Henry &. Brewster, OF Rochester
For vice observation-disclosures Dexter OF Elmira,
and George r. Sloan. Of OsVego.
For secretary-I.edyard Cogswell, or Albany, ana
George w Thayer. Of Rochester. -.
FOR treasurer~A u Blssel. OF Bunao. and w.
q Ackley. cf Rochester
The election will take place tomorrow. The
following committee on sound-money resolutions
WAS appointed and instructed 10 report tomorrow;
Hepburn OF New York city, George u
sloan. Of 6sweeo; cyrus strons IT, 81 hh ns
crisvoll of brooklyn SPENCER Trask invited me
association 10 visit Yadto, his country scat to-
morrow afternoon.