The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-31
CITY INTELLIGENCE.
EEOR ADD1r1oNAL LOCAL ITEMS SEE OUTSIDE PAGES.


The subject of discussion before the meeting the
state Of the national finances and number Of reso
lutone bearing upOn the topic were adopted. The
meeting was called to order with Mr. John Welsh in
the Chair Much interest was manifested in the sub
ject, and much argument elected.
Mr. George L. Buzby offered the resolutions, and
then made number OF remarks in their support. In
regard to the liquidation of the national debt he said
SPECIES Of ouxotism. We should take example from
the past Il was hoped that the debt could be paid on
at the rate Of 5000 100000 year-aud while THIS pro-
ject showed the elasticity of the nation, IL was not
feasible. We must turn faces in another direc.
tracing power OF Secretary McCuoch.
In regard to the effect OF the quantity Of money
upon prices, he read an extract from book composed
by Mr.. Stephen Cnlwell 1t showed that an increase
in the quantity Of money did not enhance prices be-
eause the more money in circulation the more new
enterprises spring up demanding It's use; and this is
another reason why the currency should not be con-
Mr. Daniel stenmetz said that he wished the reso-
uons had been ten times as strong, and presented to
Congress with ten times more force The policy OF
Secretary McCullOch In retiring fifty million dollars,
annually. was running the industry OF the country
and while by Us pursuance specie basis could be
of the nation At the present moment the commerce
of the nation is struggling in the throes Of dissolution,
the trade Of the nation will not be able to survive.
II should fail in the effort to resume specie pay
ments, we cannot revive and regain our former posi-
Mr. John Welsh, rclinquishing the chair, said that
his views differed entirely from those already eX-
pressed He was devoutly desirnus, however, Of
reaching happy result as any gentleman present.
There is great distress in the commercial community.
This is proven by the prevailing anxiety among all
classes OF merchants During the last year there has
been an abundance of money to be obtained on good
securtes The gentlemen preceding had failed to
look at the prosperity OF the nation in times past
when we had q convertible bank note currencv Take
that currency in the 1851 and Ii S2l5000 900.
Congress thought that circulation of $500 000O0O of
paner money was sufficient and hey were right.
He compared commerce with the commerce OF
France England Scotland, 81. Why are we called
upon to ask Congress- at the present moment to
tract the currencyP II s because at the present time
a
contraction going on the circulation OF the national
banks was ncreas ing, and at az rapid rate as the
other decreasing. The contraction of the cur
rency has nothing at all TO do with the disturbing
cause because it is met on the other side with expan
We cannot have higher tariff than we now have.
We ought to make that tariff which we have
efectual. Our true policy is to look toward the
sumption of specie payments in order to make the
tariff effectua and give labor its proper reward We
have in this country stock of gold in all probability,
equal to our wants. | think we can calculate upon
amount Of from $780, 600 to S400 900 900 of gold
people through fear We should ms soon as possible
remove all the obligations of the government and the
nation should cease to be maker OF paper money.
trust that shall not pass these resolutions; l
trust that we shall let things remain they are.
Mr.. Frederick Fraey said that he was in favor of
the adoption OF the resolutions. There is necessity
that the people of the country should have time to ad
just themselves to the circumstances in which they
We have contracted debt of so 800 OOO 900 in paper
and have determined to pay it in gold, the country
must have sufficient breathng time to discharge the
debt In Great Britain, after the Battle of Waterloo
no interference was made by the government with the
contract il had made with its bondhOlders.
forced resumption of specie payments means re-
pudiaton, and nothing else. It is due to the people
of the nation that the debt they bear should not be
practically anued in order to realize specie payments
We should look to reduction Of the taxes but not to
their entire removal, because sufficient revenue can
not be derived from taxes on imports alone. believe
1t is not necessary IN order to have resumption Of
specie payments at future day, that we should
the industries of the country at the feet OF foreign ma
fiOns never resume specie payments; we must
adjust the relations as to exports and imports between
our country and other countries.
We want time on this mqtter-tme to breathe-and
then resume specie payment and not till then
We should keep up the volume of our paper cnr-
reney until the industry of the country brings the
foreign exchanges into favorable relation with our
own. am, therefore in favor Of these resolutions.
II necessary, we should memoriaze Congress in the
Mr Stumpf said that he agreed with the views of
the President of the meeting (Mr. Welsh) He was
prepared to chow that an amount to be applied annu-
ay to the payment of the national debt could be
reduced to such minimum point as not to materially
affect the affairs of the nation. His plan was to lay
aside certain annually, in sinking fund.- To be
applied in the way of an annuity to the payment oil
Mr. John Price Wetheri said that the gentlemen in
favor of contraction not in favor Of speedy OF
runous contraction but they in favor ofresump
ton at certain specified day. The system Is, con-
tract gradually by degrees and if the interests Of the
country suffer, not to contract Mr. McCulloGh seet
our returns every MONTH and he can speedily tell when
we can no louger bear the burden OF contraction.
The gentlemen who ask for contraction are those
who believe that the commercial and manufacturing
interests OF this community are suffering. There IL
not merchant in this city in good standing and
credit who cannot get his business paper fairly dis
counted at bank 1t is the jobbers in the Northwes
who are asking for cessation of contraction. They
cannot accommodate themselves TO circumstances
cannot trim their sas to meet the storm; but mus
carry large stocks, and therefore siier They shout
receive at our hands but very little consideration i
the fault ofMr McCulloch that we are burdened
country has any revolution occurred but from h'
burden Of unfair and unequal taxation:
Addresses were made by a number OF other gentle
men.
The resolutions as amended were as follows:-
fNaa ,tVfn hN thn iVn( npfl
CHARGED with the presentation of the subject OF con
traction Of the currency, resumption of specie pay
mPnts &C., TO the Board of Trade, was unable I,
agree. The majority report signed by Messrs. Geo
L. Buzby, Mr.. Fraley and Richard Wood was sub
mitted as follows -
ResolUed That the Board of Trade OF Philadephi'
respectfully recommend to the Senate OF the UNITED
States the prompt passage of the bill, adopted by th
House Of Representative, ,suspending further contrac
tion of the currency.
ReSOlUed, That the normal resumption OF ofspecie pay
cannot be enforced bv act OfCongress unles
assisted by full crops, prosperous industry, and re
sOration of political harmony throughout the country
When these conditions shall have been secured, w
will advance toward resumption at healthy ant
natural pace, without the interference of arbltrar
legislative enactments
Res0tged, That the payment OF the principal OF tn
national debt should be reduced to a minimum rat
per annum IN order to tighten the weight OF taxation
which now crippes the energies Of the people.
ResOlred, That printed copy of these resolutions b.
expressing the views Of the Philadelphia Board O
Trade
The resolutions were taken up 8eriatipp When tn
vote called upon the first resolution was lost.
At this point a motion made to recOmmit tn
resolutions to the Executive Committee, with pOwe
in the committee to call meeting OF the merchants o
Philadelphia for their consideration. Carried.
The Board then adjourned.
The GERMAN HOSPITAL OF THE CRY ol
PHmADELPHIA.-The annual meeting OF the con