The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-12-02
Specie Payments.
REPORT OF THE NEW YORK CHAMBER OF COMMERCE.

REPORT OF TIE NEW YORK CHAMBER OF COMMERCE
On Wednesday the New York Chamber Of Com.
merce held special meeting, when the committee
appointed Ito consider the subject OF return to
specie payments, the reasons therefor, and the
earliest date at which resumption OF spe 10 pay
ments may be practicable made a long report.
After general consderat on Of the subject they
arrive at the following conclusions:
Your committee assume in tho first place, as q
preliminary TO the resumption OF specie payments,
that ali the floating debt OF the Government, ex-
cept that known legal tender" must DO fund
| ed; second tnat gold aud grecnbacks may be mi e
OF equal value 1t Congress will enact that the latter
shall be received IN part say to the extent OF ten
per cent. for duties "at the customho ~se," aud
the 1tes thus received Icelled It'll the desired
end is reached apy further curtailment being III
that case suspended. TO this extent the necessity
would be obviated Of Cling gold, which, under
the existing tariff, is received IN excess OF the
amount required to Pay interest Oh the puDnc
| debt.
Tnird-That whenever the value Of gold and
greenbacks aporoxmates under tho conditons
all eady suggested, the Treasury Department may
safely undertake 10 redeem gleenDacks with gold,
provided there is no mateilI fiillng Oh III tue
customs revenuo or in the amount Of 4 IL IN the
Treasury.
Fourth-That resumption by the Treasury Do
partment necessarily involves resumption by tho
DanEs, and that the Treasury Department, the
banks aud the somp'rnity will have common ill.,
terest il sustaining each other, II the attempt b.
hot prematuroly made.
In presenting the reasons for resumption, and
indicating time whom It may be practicable your
committee are not disposed 10 ov,rlook or under
rate the difficulties that stand in the way; what
ever these may be- 1t is safe to say that tney Will
never be less than they are now, it other than the
policy OF contraction hitherto pursued ls fol- eve
or tue one above suggested.
1t is wiser and morc manly to accept, without
u lnecessIr; lay tue remedy for our financial
ills whcl time aud experience nave proved etncI-
clous rather than to live in perpetual fear OF the
temporary suffering II will cause. Contraction
doubtless meaus reduction OF prices, -ald cur
talment OF oneyed facilities, but 1t points 10 g
medium OF pay ment, and resumption WILL put at
rest many disquietlag suggestions IL regard to the
public debt
What portion Of the debt is he'd abroad your
committee have boon unable to learn, nor are there
any means OF knowing; whatever the amount may
be, 1t Is al tho time lncreaslng aud there Is no
evidence to show that any part has been returned,
because it was worth more than whom 1t was
bOugut.
Our bonds went abroad when gold was at $50,
and they havo gone IL larger vo ulne rs the cost,
through q decline in tho price Of gold, has becu
steadily appreciatliG. II Is safe " a5sur1e that
they VIII be held witt conf Ient tcnacit as long as
Congress aud tho peopo manif 81 an Integrity OF
purpose worthy OF our greItrepublc, and IL Is un-
reasonable to ant lpato any molestLtlon from par
Tics abroad In tue pursuit OF measures tnat Will
tend to furth improve the value OF Their proper
". Observation shows tnat Tor the most part the
Lrc, OF our bonds IN foreign markets Is regulated
BY the value OF gold IL N9S YORK.
Two prop ositions will be mado In divers iorns
to Congress:
First-Io increase the "legal tendor, by SUBJ
stituton OF treasury notes Tor our present ba *
circulation; NJ understood by your committee, the
proposition bong to pay boIds bearing interest
with note; that do not.
Second-To increase the amount cf bank circu'
latioa by fifty to one hundled millions
Saould me ticst % alop;el, o0ll lonce in the
p. bli faith will receive slock the injurious ef-
fects Of wAi0n nols OH estimate. II, o. tlc other
hand, the issue OF more bank currency Is authorZ.
ed without al increase or "legat tender" 1t Will
but hasten the crash, through which, perhaps,
sooner or later, it is destined the country Shall
pass, after much tempor.zns to avoid q calamity
that is certain to result from iDj uIIc.ous log .sa-
ton.
Tho report w.s ordered to be printed, sad q
copy directed to be sent to each member OF Con-
gress. N the debate which subsequently, followed
Messrs. Opdyke Low, Chttsndcn, C2nkinS and
Maury took part. The principles embodied in the
report wore generally endorsed, though there was
some difference OF opi ioa as to the proper time
ior spe;ie resumption, some urging later, others
ra elr.icr period. Mr.. Ch.tterden argued that :
que. return to specle payments ia essential to TIL.
INTEGRITY Of the Government. He then spoke IN
tlvcs c: o repeal Of the cotton tax BY Congress-,
and predicted TIA. Z this wIa dols sud Congress
would Immediately adjourn. gold would be nt LEO
befora Christmas. The speaker said the cry flr
imitation does not como from the solid interests or
the Government, but from spectators who wished
to bridge ov.r their Wild operations. lir. Chltten-
den said that the country was much better pre-
pared for return to specie payments at the close
Of rho war than 1t ;a at the present time. Tac
longer the measure is delayed tho moro difficult it
will become.