, 1864-04-12
THE CURRENCY QUESTION.
Meeting Of the Board Of Tradc-Appointment
Of 0alters-S' Creenbaeks ''the Basis
After the First of NAV.

According TO public notice, meeting Of tn,
members Of the Board Of Trade Has held at theI
rooms last evening. The meeting Was called tt
order BY Col. j. L. Hancock, who explained tn,
object Of the meeting.
APPOINTMENT or oFI1cERs
The Secretary then read the following list O
officers, appointed by the Directors. to eerye 70,
the coming year:
SeeYetory-John F. Deaty.
1Fso&usIr-Geofge F. Rnmsey.
Elnance cbsRaaitee-samucl Howe, J. C. Dore,
S. P. Carter.
Albert Mo1se, Nn11y Nc,son. ''1~' N''"e'
Committee on Fzoar In*peetion-Wm. Mason, c.
J. Gilbert. J. s. HaryeS
Committee On other lNspecti0ns-C. NJ. Cn1bert.
Eon, j. G. Dosc, VIM. Hrainard.
Ctn.Minte on neutrality-suspicious. Parker
Nury Nelson, Ely No1cott-
Committee on Telegraph P Carter.
The Secretary read letter from Col. ]. L. Han
Committee Of Appeals, which, On motion Of fJ91lan
s. Rumsey, was accepted.
erHnESc1.
I. T. Mum, in presenting the report Of the
Committee on the Currency, said that the Commit.
tee VILE uuablc until vcry late, to write out re-
port, and rs great difficulties have been found The
report, being short, might not touch rpon all the
bearings Of The subject. He then read tie follow
ing report:
1ouT tommlnee appointed at our last meeting
to confer with the banks OF this city about the pro
prtty and pEacticability OF adopting Treasury
Notes rs the standard Of all commercial trans.
actions, report that they hare had personai inter
yicWs with some OF the leading bankers, and on
FriGay evening called a meeting OF al1 the bankers
result Of which has been made known 70 you 1ta
through the public press-
Tonr Committed only desire to do that which
is Tor the public Eo0d-rO secure the most retable
and tafe currency as the medium Of al transact,on
tt1atf4
found one Of great responsibility, attended with
many difficulties. 4 good currency requires two
essential enthusiastically and convertibiltty.
VIC all admit; and II We adopt them as our basis
banks not redeemed in this city. - For in
stnncc, notes OF Government banks in Tennessee
csiwestcfp Missouri redeemed only at their conn
ter, moi convertible In exchange as easily OF rs
cheapy ae the notcs Of Eastern cities; and should
notes-as most likely ther would-we We would be
hut little better Of than at present. We would
have The security. but it would cost Ne more to
adopt any rule it must be general one, and your
committee do not see how they cau exclude ali
Eastern currency without excluding al other banks
that do not redeem their iseues In this city.
No person doubts the eolvcncy Of the New York
banks; their securities being ample. always con:
yertible il New York at x per cent discount; and
ton. and at that point. eQual to Treasury notes.
Your committee arc pleased to state that some Of
our leading bankers havc published a card. in
1enneylvauia, Maryland. New Jersey, Michigan,
and all excerpt the State Banse Of Ohio and Iudana,
and EeHcye tht: step will accomplish much ifnot all
project; md fully believe that the day il not Gsr
datnnt when our currency viii be in a measure pu-
tined. Il Congress had compelled the National
We thould have found no difficulty: and as there
has recently been introduced bill In Congress re-
latins to hanks that may contain this feature your
nnFdf hot h1t
postponed until we learn the action Of the present
Congress on this question:
Nt. Mum said the only point which decided the
Committee was the one In relation to the national
bank notes. AZ the hanks have agreed to throw
ont some Of the worst currency, this viii hive a
beneficial effect.
Nurry Nelson moved that the report b. accepted
and adopted.
J. s. Rumsey eaid that all dues to the Govern
mcnt. except duties on imports are payable in pa-
tional bank notes, and in his opinion these notes
arc just ns good as the greenbacks- He did not
know Of any reason why the miscellaneous cn.rcn-
cy could not be sent home and redeemed within
twenty daye. He objected to the adoption Of the
report, aa he thought the whole matter could BE-
+. Aiken said It ID supposed that national bank
The National Banks Of The Eaat have agreed to
tak0 the notes Of NIL national banks at pat and lie
undcrstood that the national banks In this CITY
have agreed to take them at par. They ire better
tlan anything except ezccnhscks, e they wlu pay
The volume Of miscellaneous currency In circula-
tion here ts not go 1asre as has been supposed.
Fully tTothirds Of all the currency in circulation
1ional bank notee. Ali the Government currency
coming in here is picked up. and the Eastern cur
rency Is used to obtain exchange. The national
e ss S1 'ns and Ss
1nent is obliged to redeem it. II Ihcfe be any dif
ference between It and the g1eenbacks, the differ
euce ia In favor Of the national bank notes. they
are secured By individual security IA well as that
Of the Government.
r. H. Hongh eaid that. II .ercenhacks be made
the Standard in this city there woa1d he dfscrimin
a1ion between them aud The Issues Of the National
hanks, unless they be redeemed here. The bank
Iseues Of New York are secured In similar Inan-
Let, end being redecn,able in New York are better
Issued in NissoEH There is considerable ire
elonfit,c currency here, and the banks. haEing
tnsen s; The matter iu hand have resolved to throw
cass Will redeem the issues Of ali National Banks,
" committee will amend the report The issues
lon md All III EnEand banks arc Eedcemable in Bos
Ii f-sebt tcnthe OF ono her cent ~ soA'''' 'o'N
ue1ce q snishnsen tsa stated that the Bank OF Com
National Ea1'Ss ,oFk a VII redeem the notes Of ali
het dtx VII, redeem the notes Of sI1 s! h1nSa OF
tanE circulation oIsh e. stated ha, f the New York
nat!on the lanks there vii moi reac 2. discrimt-
NJ; IL Mq9a "a i4st NJ. Aiken had stated to ,,
10 redeem a the National Bank jssne. th.t T.at
nn'., '.ea 70 them in the usual xaY Of bns3nc.s e
J. =. noWen said that the ,rnns,,.,ono T., ar,
y S1y f1oold le made on 0ovcrn1nenpn an N .n.s
nerron hsxirr ieeanEs ne e. viii not be any hIcher
tnncncT wiii e9 e eS}. IN New Jersey Or Nov Yore
hoope hoopt lave Iae ess sstss ~ now Ths New