The New York herald., 1867-04-05
CHAMBRR OF Coln1ERCE.

~~~~~~~~~~~~~~>>~~~~~~
Arsamenss for and Against tho InseAisss
Resaaptien ef Specie Paynepss- ss-Csmprs-
nise Resolutions Acknowledgements Business
Transacted &c. rN
The regular monthly meeting of the Chamber Of CON-
held yesterday afternoon william E Dodge,
Vice President in the chair The attendance comprised
about thirty members After the reading and approval
Of the minutes Of the previous meeting the Chairman
decided that Colonel Conkings resolutions the sub
ect ofau early return to specie payments offered at the
previous meeting, were next in order OF business
Colonel cosKsG read the following letter in reference
to the resumption of specie payments, from Henry
Carey SEQ
PHiLAprIrHIA March Is. 1857.
vo sRnrns moment for the first tme have read
desire more than do to secure resumption
but 60 ahea1 o yoo in wishing that it certainly
be secured To there Is quiet and comfortable
and with profit 70 all '-'s' "''' 1@'--ss - -S
70 n Y s o s
s of Ss q s ss g Ms @ ssS az the
Sf they ras = % The be applied
welfare of millions demand as much the health OF
Yoa are making mistake and IT is one that YOU win in
due season hnd reason 20 regret The road by which
Iwish srealy that could talk the matter over feeling
quite assured that could at the least satisfy that
ther study OF the question was greatly 70 be desired Faith
'1iis Hon III r. 4. cosxlrso AANA' = .~"AA.
The following preamble and resolution OF Colonel
Conkling, alluded TO above, called for and read
%srs e sa s or vaaa
and an' sas % 81 a$ and az
tiona departure from such standard only dictated ana
ssaas .sasse a ass
Striving Ss asaisd s.evsney sa:
ay actual or 81 o %
sume specie payments theretore,i
national honor that the feaera rreaaary sha a. the
'ps payable on
time to time falling due.
Mr. OPDYKE after the reading OF the foregoing offered
an amendment to the memorial as foows:--
And whereas powerful striving perpetuac
.ss sSos 81 OF the S, b the
and the banks can return TO specie
the dictate of PUBLIC interest and national oastousiy
by seadtasy to adhere to the policy of contraction In
and Industrial interests Of the country.
Mr. OpDYKE said, In presenting his amendment that
resolutions would bring about in place OF avoiding
condition Of things analogous to the panic OF 1857 Any
more rapid contraction Of the existing currency would
impede the commercial interests Of the country. As
instance of the caution believed to be essential in arrv
ing at safe and resumption OF specie payments he
mentioned the fact that the Secretary of the Treasury
withdrew less than four millions Of currency during the
month Of March
Colonel CoskLlse defended his memorial crtcising
adversely the policy Of Secretary McCuloch, and
comparing the swarm OF national banks springing
up through the country to the locus,s OF Egypt,
which consumed the vital wealth OF the nation
He denounced the irrsdeemabe paper currency the
most infamous plan yet devised to multiply the reve
OF the rich at the expense Of the limited Of
the poor He believed that 1t the termination Of the
late could have returned to specie payments;
but the length Of tmo for which credits Fivcn
becomes and more extended the difficulty in ar
irving that result grows still formidable He
moved In conclusion the adoption or his resolutions
General WErx0RE argued In opposition 70 the previous
speaker that suCh state OF insolvency had overaken
the country the memorial Of Colonel Couklng would
infer Six ago the government compelled TO
pay twelve per cent interest whereas now the govern
mont can obtain money at six per cent He asked the
members OF the Chamber Commerce to repudiate any
such action ~ would lead the people and the nations OF
Europe to consider were In state of insolvency.
Mr.. OPDyKs spoke at further length In opposition 70
the resolution OF Colonel Conking He considered the
contraction OF the currency going as fast as was
safe for the interests OF the country.
After other remarks by the previous speakers and df
ferent members agreed TO adopt the preamble OF
Colonel CoukIing and the resolution OF Mr. 0pdyke.
A resolution was next passed directing the chairman
TO appoint committee Of seven who shall report the
names Of suitable persons 70 be recommended 70 the
Governor members OF the Wharyes and Piers Com
misson provided the bill before the Legislature becomes
. law
resolution was adopted asking the Legislature to es
tablish nautical school for this Stats.
resolution requesting the New jersey Legislature "a
repeal the law taking tho control OF the New Jersey
pilots from the Pilot Commissioners adopted.
George A. Jarvis and SaLluc B. Cowell were appointed
auditors 70 examine the accounts OF the treasury.
On the 1st Thursday In May the annual meeting will
be held, whom officers for tho 'ensuiug term Will be
elected. tf rF #H. F4t ft