New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-05-11
The Chandler Of Commerce and the Creds
IL of the Slnfr.

A special meeting Of the Chamber of Com
merce was held Yesterday afternoon for the purpose Oh
considering tie subject OF the ment OF interest IN
coin state bonds OWNED by foreign creditors.
President Low opened the citing with shor. speech,
in which he held tina; IL was the duty OF the Chamber to
respond 10 the appeal NJ the Governor. and enable the
Controller pay the interest IN gold and thus main
tain the credit and good faith Of the State. He
glad that Governor Seymour had seen lit ~ make the
appeal the moneyed mrn and baEkcrs OF the State il
Was credit ,ble 70 his Judgment and sense of honor and
he hored ira. the Chamber OF Commerce would prompt
Mr. T. > WESTON then offered preamble and reso.
lutiOns which were read 10 the Chamber;
Ipheycei the Legislature OF tie State of New Yors dur
rg the ion Of 1905 flied 70 make provision for the pay
residents or-sn creditors; End during its late session
failed vide FOR The paynea o. the latter esss IN COIN.
MY .qs TO- 10 % Ss st 'n III a mice O To
bondhois and honorby maintain its credit bone and
Hkr,eas His Exceency the Governor in circular da:4
Albany ApEi %, has sppsaed to Tie ineenqnts bsnAe and
vansiu1 the Con roeT the aEis necessary to meet hs
interr.t dae. shortly to become due, IN god now,
R-ors Ta, in the Judgment Of this Chamber the appeal
couay Ia. bcc wisely ard properly made to sustain,
by Odd w"l by word tue phshed faith oil our srsae
R,olsc That IN the Judgment of this Chamber the COCA
and tire best interests OF he state suffered a. home ~
%" refusal = the Le-siure IN i thus to pay intees, On
- wse asb sod that .'l gr-ater wrong nov done to
me prbo lii ~ extending ts refusal to the foreign eTsd'
toss Cd the state IN is6i; ana, therefore.
Ars'id Iif thus Chamber recommend to re members sn6
-,
q! te "a nr 10 DO Hli ias IA IaeI power 10 ep4is
nry that he4n d0ne the credit of the State by tia
ar st~ es,s'nrs 60 roydo or The Psymsn, Of Ito I'M
r.sonable demands OF All IL foreign creditors THAT ia &c
much the sts debt wac actually owned and hed by
een d ofen countries residing out OF the United Slatrf
Uu tie is day o. March 1903 aud has continued TO ne
owned aud he relying on the hopo expressed by bis E1ce
luucy Inas better cognSes will prevail sDonf
Leg-s'or, and the STATE @iA repay what Is now sa
heoired Tin, Committee of three be appointed who
shall receive lbscnpon for the above purpose, and be
thorzsi pco inc God Ia the Manhattan Bank TO meet the
Interest iSg due lt ys i't "ocr aud 10 Of JsnusI,
ana 0 20 provide oE "a. deficiency and the SDou
winch becsmo dHr ist APn Last
) ID. III GGLEs stated that the amount Of the Statt
Cebt held b foreign creditors vas - looOoo the inter
est ORwhlcb. ~ roaud Numbers Vas el2oVO IL wouo
cost about so 90 20 pay the amount IN gold. IN mo-
ton u Mt CONKsG the second resolution was strick
en- or. MI a. holding that IL implied cepsure upon
TIE Lc stgre which he did not ut this time deem poi
Mr. slRGis opposed the proposition to pay foreign
creditors their interest Ia con for several reasons st
IL would hold out Ind cencnts to bondhoders here tc
transfer their securities 90 ioreignhands ID Fqregn
capitalists had not sho any favor during our past
difficulties, ON the contrary they mpudently and oinci-
ousy announced n IN advance that we could have
Of their money and fortunately we have had mons
Of IT, but have been able 20 get along without T. nanJ
dscri nation were TO be made (Which lie did not sup
pose. il ought 10 DC made Ia iiVor Of home eredion
Mr.. AsPiNwALL differed with Mr.. SturSis, and urgeo
the necessity OF the proposedction for our own credit
mich and more than for tie oeneht OF foreign ered
New.YorS shoud be maintained well abroad u
among hen sister States.
Tho PgfstpEsT again addressed the Chamber urg.rs
with great warmth The necessity OF the proposed ss'
the only OF maintaining the honor OF the jtae
SIR Srl RGls wished IL understood that he did Ios
object 10 the payment OF the state neres; IN coin as
objected to making discrimination between iorogy
and domestic creditors.
PETER COOPER moved 10 amend the resolution 81 az
to include Only foreign creditors who were such tie
lat of March, 1903 which motion was carried
Mr.. RUGGLEs moved the following resolution, which
was unanimously adopted:
Reo,e That the highest interests Of the State OF New
the principal OF the en. pub
lie debt he punotuslly paid 10 coin.
The number of the Committee 10 receive subscrir-
tons was Increased five and the follow ing gentemer
were appontedi +. 5. Winston VIM. H. Aspinwall
John j. Crane. A. c. Richards. and b. Il. Field. The
President was also added 10 the Committee.
II was decided after the transaction Of some other
business call a special meeting on Tuesday next TO
consider the recent circular Of Mr. Chase in regard tc
the application OF 80 per cent extra duty ON s goods
entered at the Customs The Chamber then adjourned