New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-05-21
VIEWS OF SAVINGS BANKS.
STRONG RESOLUTIONS FOR THE GOLD
STANDARD.
CoNyENr1oy OF THE STATE AssocIATIoN--AD-
DRESSES BY JOHN HARsEN RHoADEs AND
NEUTRALITY-SUSPICIOUS. OF INTEREST TO


THE BANKS AND DEPosIToRs.
Nearly one hundred bankers representing l'"o'"o
deposltors were present the third annual conVeh
ton Of the Association of Savings Banks OF the STATE
of New-York. held in the rooms OF the Chafnoer Vi
Commerce yesterdaS Expressions favoring the goa
standard were heartily received. and the speeches "
the afternoon advocating the maintenance Oh '"e
present financial system evoked frequent applause
John Harsen Rhoades. president Of the assoclatIo'
icaled the meeting to order II o'clock His address
advocated sound currency James McMahon' pres
ident Of the Emigrant Industrial Savings Bank. Of
fered the following resoutions
Resolved, That this association representing agg 1ae
interests of 100000 depostors with deposits asgle
eating over $7O9O0C0O solemnly protests against any
and all efforts tc Change the gold standard nov eX-
convictcn that any departure from this standard
viii not only impair the prosperity 0d hG ao4 or bs
benefited Mould be the capaist and foresn invesro s
and ultimate fail in prices sure TO follow premium
- Resolved That IN our judgment: the future pros,
perity % the country and the welfare of the people
demand not only that the gold standard shall he
shall &c SO changed and rcmodelled as TO meet ana
adapt it to the nefSS ,S C Sesr IN rTca
s by q The eiyzgl nations Of b the eSs6nons
be sent TO the President each member Of Congress
TO the Governor OF this state, ana gehelahy u 'ie
press throughout the country
Applause followed the reading of the resolutions
Z
Rank seconded the motion cor their adoption. wnich
was carried unanmous'y
THE SOUND CURRENCY ISSUE.
President Rhoades said his address:
1 wish that l could congratulate YOU upon the re;
turn of era Of prosperity 70 our c3nntry SO M's
and disordered and in.arranged currency system
have not only produced imitation, from me ev CON
aso produced a deep-seated feeling of dstrust'
md sfa ii
ness. In my judgment. and believe IN your own.
we Han Ss cn nOps sHa QUESTION is settled pon
which will place and keep our credit eauai 10 5r 9
timeFfor this ,s.,ement IL near or far distant MI
largely depe! 'Sn the efS issue OF now we
the welfare of the people at large and espeSSa car
smY well those who gain the most through a sound
currency or lose and suffer most tHpOugm 0he ne
t ms s hope and believe that the judgmen: and
good sense OF the common people. WHO nave away
been the strength and manstay OF our count! ~,
no s t ons S 90 bat think deeper than
imagine upon all matters which affect the welfare
lion NV once and Tor all his momentous currency
question which, for The last ten years has disturbed
and render at the pous verdict which viii deter
mine for all time The fact that the people OF the
United States OF America will NOT consent under any
condition through any compromise to depart RI.
all the civilized nations of the world as the pest ana
only standard to maintain
uncertainty the savings banks located In the larger
cities and especially in the great centres OF trade
iSencs.ting Of moneys by the middle classes. who
nwng TO enter upon new ne Or a
safe depository until restored confidence temps
nels Of trade and SO we are not deceived. and the
public should not be deceived. in the idea that in
New years indicate general condition OF prosperity,
such nC the n 1e dsR0ss IN savng S
s;antiy Increased and Il was not until 1873 that the
exhaustion Of the people really showed Itself IN It's
true life and the banks failed 10 show an annual
igain IN deposits.
REGISTRATION OF MUNICIPAL BONDS.
There is a subject which deem worthy Of your at
itention and to which ought to give careful con-
federation and that is the necessity for laws In every
Estate of the Union. compelling all municipal bonds.
whether city, county. town village. 20 be properly
registered in the office OF some reputable bank or
,trust company. The aggregate issue of this class
of security equals II 1t does exceed the issue OF
railroad and corporate bonds. and II the public de-
mand. as they do. tho registration C: this class OF
lsecurity, equally inSortant is 1t the legality
land totality Of all municipal debts represented
by bonds and certificates Of Indebtedness should be
terrified as correct; AS the matter now stands the
Integrity of the officers charged with such issues Is
1.-THE only safeguard we have against overissue and
tn my Judgment the risk assumed by purchasers Is
sware The soon this subject is agitated and the
steniion Of the legislators Of the various states Is
caed 10 Its Importance tbs better IL vii! be for tho
- investor and the safer for TIE community.
20 We have lately had an Instance OF an Issue OF a
large amount of bonds by he authorities of o.
our largest cities in the States, which has passed
without comment. hut which shows the dangers pos
sibe surrounding the issue of municipal Securities
The debt OF the city Of Brooklyn had approached Its
Unconstitutional limit--he merging of the county OF
Kings into the city OF Brooklyn determined
upon and the date fixed. Within the year preceding
such consolidation. the debt of that county. which
practically. was covered by the city Of Brooklyn
was nearly doubled in fact increased from s. 600 00O
10 100000. and Of this Increase than S4OoOOOl
was created within four weeks OF the expiration OF
existence OF the county and OF the officers author
ized to make such Issue: ard all of this without one
WORD of protest made *:.,r by the authorities OF
brooklyn or OF the sa 1,1gs banks, who hold at
beast ne-haf of the de-. of this city That these
Issues were legal he doubt, but what shall
be said OF the moral legality Of such an issue and
West AhSt.