The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-01-25

experts for the Law Department witnesses In suits
SsRinst me city. Agreed to. ,,.. ,-- ,...,..,.
for the Court OF quarter Sessions. Agreed TO-
Board Of CoSroePs of ne Pnb6P Pn cSoo Tor 1867 was
called up and ordered to be postponed aud printed
change the name Of Murray street and Plymouth
street TO Rlttenhouse street. Agreed to.
Mr. HANCOCK, Chairman ofthe Committee Of Fire
anu trusts reported a resolution suspendlng, the
and the Niagara Hose Company until February lst,
ior rlOous conduct on the morning of the 28d oi De
Mr. .BARDsLEY offered an ordinance for the con
struction OF bridge over Crethein creek twenty
second Ward, which was passed.
Mr.. DILLON submitted resolution 70, 20 request the
act the continuance of the present fees OF
MIR BiLLiSGT0N fS TON submitted a report from the
Committee on House OF CO.. C9rrGci9n sIating that
mitee found that the practice IN the almshouses pr
dren and WORK Inc adults The concusons arrived AZ
therefore by the committee that House of Cor
Eleventh and Wharton streets and workhouses con.
slructed adjacent to the almshouses and Moyamen-
An ordinance to appropriate 100000 for the erection
OF House OF Correction on the Parade Ground, the
submitted by Mr.. ELLINGTON, in connection with
the square, and TO vacae Eleventh street for that
The ordinance was amended by Mr. POTTER so as
TO appropriate the money to the inspectors Of the
The resolution was agreed to. afterwards discussed
tlength, and finally reconsidered.
Mr tRANCiSCUS offered an ordnance nXlng the
salary of the Chief Engineer OF the Water Works at
The Chamber refused. by a vote of II against and 30
for the motion TO suspend the rules and allow the bill
quired.
and elected O. II. Wilson and Jacob Riegel Directors
Of the North Pennsylvania Railrord, and Joseph w.
Gaskil, Henry d. Moore and Charles +. Norton, Di-
rectors OF the Philadelphia and Erie Railroad Com
MIR. HARPER offered a resolution requesting the
Chief Engineer to furnish plans of the cost Of CON
stIuctng ouiKhead from tne mouth ot the oia
draining the meadows around the locality mentioned
Also, resolution, inquring by what authority the
lager beer brewers and manufacturers along the line
matter into the pool from which the city derives its
Mr.. HARPER also offered a resolution to appoint
joint special committee of three members from each
chamber to act in conjunction with the Board of Re,
vision IN their efforts to equaze the assessment OF
Mr.. HANCOCK offered a resolution directing the
Board OF Guardians of the Poor to inform Councils by
that Board holds membership therein while he lives
Delaware county. Agreed TO- ,.,-. .,--,,.- 49,
opinion of Councils to that Trustees of the Gas
deemng it FOR the interest of the public that the meet
ngs Of the Trustees be accessible to the public Agreed
Mr.. MARTIN presented resolution. requesting the
Trustees of the Philadelphia Gas Works TO invite the
members Of Councils to attend their meetings
Mr.. DfLLON offered n resolution, directing the
Committee on street Cleaning to have the cutters and
the inlets ofthe city opened. Agreed to.
certain members Of Councils for their conduct on
Thursday last, which was indefinitely postponed
senger to refuse the privilege of the floor to Mr. Chas
Miller af the Trustees OF the Gas Works that per
having abused the privilege ana violated gentle
manly courtesy. Not agreed TO.
the new C,ty Ice BoGj and what alterations ifany are
needed to the vessel Agreed TO-. adjourned.
BOARD OF TRADE.-The meeting of the Board
for January took place on Monday evening, 2lst inst
ton OF the following resolutions, presented by Mr..
Rcsoired That the contraction of the currency now
authorized by law is unwise and II persisted in will
RssoirG%, That we recommend the Withdrawn from
the Secretary ohe Treasury the power now vested
RcSoied That copies of the foregoing resolutions be
In the advocacy OF his resolutions Buzby stated
that when Great Britain in 1915 was striving TO re
sumo specie payments. Mr.. Alexander Barring OF the
house Of Barring Brothers, expressed before parlia,
mentnry committee his conviction that the volume OF
since ali values promptly adjusted thereto. The
the amount of currency was diminishing or crpmidlJ
In accordance with this idea, we recommend that
currency be lett alone because all values have be-
IL is n mistake to insist that high prices are solely
due our currency. -Four years of unparalleled war
fare have caused waste IN our resources ana diver
of industry which could not fail to be evnced IN
Supply and demand now as ever heretofore. regu.
late prices Coal cheap and -four dear measured by
the same currency, because the supply OF the one ar
tice has increased, and Of the other decreased. a
scany harvest has made flour dear and not our cur
Contraction of the currency will only drive more
and of national bonds abroad by deprivng us of
swell the 5000 COS 600 of American Indebtedness and
defer the time of successful resumption Viewed in
Board Of Trade Of Phadephia should express It's un,
qualified dissent to the policy OF contraction instituted
by the Treasury Department,
Mr. FRAT,E;Y said he was in favor OF the resolu-
difference of opinion to the matters stated in the
preamble, he would recommend the wlthdraWal OF IL.
month Of Treasury legal tender notes was disturbing
the productive interests of the country.
Contractons of the currency 10 the extent now 60
ing on were two-told in their operation.
bringing into more powerful operation tne
competition of foreign labor and foreign manutac-
ing us unable bear the burden OF internal taxation
which is necessary for the proper support OF the pub
Secodd The contractions do not appear to Increase
banks and people. Neither do they appear to dlmI,
Dsh the amount of debt OF the United
States they merely deprive the banks of the ability,
the extent OF the reduction, to redeem their creu-
lation, and also take from the people that which
they deem more valuable than the notes of the banks
This VIII compel the banks rapidly TO reduce their
that was caused in 1857 by rapid reductions Of such
loans and stll more recently NE panic ana distress
in Great Britain, by an uncaedor contraction or the
currency by the Bank of England. ,,,
fluence of time and the Increase of population
and wealth to bring us straight. we have now well
pandng, not reducing; wisely adjusting our duties on
boFer the greatest part if not the whole Of the
home market, reducing as rapidly as we safely can
our surplus, IL have any (and think twill be
large under any prudent system 9l HnSsneel 70 the
States, redeeming It in the same medium IN which II
contracted ana leaving as lle lbSI part OF the
process the reduction or the amount of national legal
tender notes.
II the holding Of the coin in the Treasury OF the
United states could be made perfectly safe, would
not sell IL, but hold 10 in reserve TO still further
strengthen the legal tenders AS that however is not
practicable sales of 1t should be made either public
auction sealed bids with due public notceof the
amount to be sold and the proceeds TO be applied TO
the reduction of interest bearing debt.
The President, Mr.. Welsh, followed in some re-
marks in opposition to the resolution. and in reply to
the arguments of Mr.. BuZby and Mr.. FTaley.
A vote was then taken. and the resolutions were
| adopted, with only TWO votes IN the negative.