New-York tribune., 1896-01-16
PRICE THREE CENTS.
A BULWAkK OF FINANCE.
BANKERS IN A NEW HOME.
DEDICATION CEREMONIES AT THE NEW
CLEARING HOUSE IN CEDAR-ST.

ELOQUENT ADDRESS BY J. EDWARD SIMMONS.
THE ORATOR OF THE DAY-sPEECHEs ALSO
MADE BY PRESIDENT NASH. FRED
ERIcK d. TAPPEN AND ALEX
ANDER e. oRR-PRAYER BY
THE BIsHoP-NEARLY
1000 MEN PRESENT.
The dedication ceremonies at the new Clear
ing House In Cedar-st.. which began at noon
Yesterday. were witnessed by most remark
able assemblage of men. Nearly looo were
nresent and almost all of them were either
presidents of banks or heads of large corpora
tons or of well-known commercial firms They
represented hundreds of millions OF dollars, ana
the majority Of them are New-Yorkers. They
filled all the space in the large room under the
dome Of the new building in which the clear
ances between the associated banks are 10 DC
made after this week.
Among those on the platform were "iiiam
A. Nash the president of the New-fork Clear
ing House Association; Bishop Henry e. Potter
Frederick d. Tappen, chairman of the Building
Committee: ]. Edward Simmons, the chiet
orator of the day: Alexander E. Orr, the presi-
dent or the Chamber of Commerce; Henry '"
Cannon, Ex-Governor Flower. and the Rev. X.
H. Baldwin. The Bank Clerks Glee Club led
by II. r. Humphries, occupied small part OF
the space near the platform. Several nun
dred men sat on chairs which had been placed
in rows as close together as possible on the
floor Of the room, and other men stood In
compact mass in the rear OF the room. Fes-
toons of American flags were the only decora-
tions Many letters of regret had been re-
ceived from Governors OF States and from Gov
oioIo vbo had
tend the ceremonies. but a number OF the men
present were from other cities.
Promptly at noon President Nash announced
the object Of the gathering and introduced
Bishop Potter, who offered brief prayer.
Bishop Potter wore his episcopal vestments
and was attended by his chaplain. The gee
club sang a dedication hymn which had been
composed for the occasion by Mr. Humphries.
and then Mr.. Tappen was presented to make
a report Of the Building Committee.
BRIEF REMARKS BY MR.. TAPPEN.
In the course of his brief remarks Mr.. Tappen
said:
This building designed especially for the use
OF an association which has always stood for the
soundes; and best in france, and which has many
times nterposd its united powers at periods OF
financial disturbance to prevent disaster ana rum
but to those OF the State and the Nation When
this site purchased and the plans Tor the
a.Opfed,
that a cornerstone should be laid with appropriate
ceremonies on that occasion We requested the as,
and closed the ceremonies with prayer. This build
ing being now completed and ready for occupancy.
It's dedication In concluding It's abors the commit-
tee congratulates the association on the possession
OF a building which is not only an Ornament 70 the
city but a monument to the public spirit OF the as
socatei banks OF New-York
MR. SIMMONS. ORATOR OF THE DAY.
J. Edward Simmons, the president Of the
Fourth National Bank. also a member OF the
Building Committee then delivered the oration
and gave the keys Of the new building TO
President Nash. His address was frequently in
terrupted by hearty applause. In part he said:
Mr. President ard Gentlemen OF the New-York
Clearing House Association: The task you ntrustet
to your Building Committee two years ago Is ended
The new Clearing House is completed. All that our
architects taste and skill, all that your committees
zeal, aided by your coIns els, could 90 mas peen
done. not only to adapt the building to the i'm
portant purposes for which it is designed, but also
TO make ii worthy of the dignity ana acnieyem.Shts
great these achievements are need not tell YOU
They are manifest when you call to mind the forty-
Clearing House Association proved 20 be the break.
water that rolled back the billows which threatened
powerful the Bank OF England is in European
france Ii has been the bulwark Of our commercial!
and National honesty. the rock on which has rested
the strong edifce OF American business prosperity
Its blessings have been scattered far ana Wlce anu
land
Clearing House is the same public spirit that
created the immortal masterpiece OF the Athenian
wonderful structures Of the Eternal City. the same
public spirit that brought forth the grand munic-
The men who erected these marvels OF architectural
art ready to sacrifice yea. often did sacrifice
on the rich and tasteful facade of the new Clearing
So and o,,p c1,p.' ,bese are meant IA bs dec.
iara;on that the bankers and the merchants Q,
New-fork are ready at their countrys cali TO RISK
NOT ALWAYS WON BY THE SOLDIER
Again and again has It been demonstrated that
the great battles OF the world not always won
by the soldier. There generals in finance as
well in war and the intrepdity OF the 10
equal 10 the berosm OF the other. Who OF US can
forget the great financial battle OF 1873. its
brilliant leadership, and the glorious victory
achieved by the associated banks OF New-York?
The long-continued defiance by the Government OF
minds with gloomy forebodings. which IN that
into Insolvency commercial corporations. railroads.
banks and many OF the most influential business
stupendois total OF nearly 5000 G0cJ0 The wealth
of the Nation had not been decreased. but the
availability of its resources had been almost de-
stroyed. To uphold the value OF the worlds silver
coinage the National Government had purchased
quantities OF silver bullion for Treasury notes.
sherman act. were convertible into gold at the
they reflected on the magnitude OF this gigantic
undertaking.. They feared that gold would be
OF mdna S in
rency. BY the middle of June business was par
alyzed Gold flowed from the United states Treas
ury in vast streams. Unless this terrible drain
the gold could be greatly reduced. the
redemption of the Treasury notes in silver seemed
inevitable Financial ruin stared us in the race:
The Clearing House Association boldly confronted
the threatening danger. Al meeting called ae
this crisis the situation and its prospects were
thoroughly examined and discussed The bank
presidents came the conclusion that the only
way in which the banks could maintain the volume
of their loans Notwithstanding their rapidly de-
crea sing deposits and thus avert serious CONNER
cia disaster to extend Their credits loan
committee was appointed consisting of the presi-
dents OF five the principal banks OF the city with
he president OF association as an ex-offcio menu
hnr This committee was empowered to issue to
the banks Clearing House certificates to enable