Abstract

The Week

The article focuses on banks of the United States. The annual convention of the American Bankers' Association was held in New York City last week, and was attended, first and last, by nearly five hundred members, representing, it is said, more than half the banking capital of the country. The subjects, which principally engaged their attention, were the resumption of specie payments and the outrageous taxation imposed upon capital employed in banking. Executive Patrick Coe's plan of resumption is regarded in banking circles, as an improvement on that prescribed by the Resumption Act. The latter assumes that resumption will be secured, so far as it is possible to secure it by the first of January 1879, by bringing United States legal tender notes to par with gold on or before that date.