The New York herald., 1868-12-06
THE NATIONAL BOARD OF TRADE.
Fourth Days assiOn on the
Resumption of Specie Payments.

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Fourth Days Proceedings-Discuss ussiOn on the
Resumption of Specie Payments.
CINCINNATI, Dec. 5, 1868.
This is the fourth day OF the meeting OF the Ma
tional Board OF Trade. The Convention was called
to order at twenty minutes past ten O'Clock by Pres
dent Fraley. The proceedings were opened with
prayer by the Rev. Mr.. Moore. OF this city.
Mr.. FRALEY, on behalf OF the Executive Com
mittee, reported that that committee recommended
Virginia as the place for holding the next conven
ton, which report was adopted.
The PRESIDENT MR. Fraley) opened the discussion
this morning by responding for the Board of Trade
OF Philadelphia. He commenced by reading several
propositions ravoring the resumption Of specie pay
ment after the lst day Of January 1870. Also that
no further sales OF gold shall be made under United
States authority; that legal tenders and national
bank notes shall be accepted for duties imports;
that after July. 1870 legal tender notes shall be
redeemable in gold. He thought that the greater
part OF the difficulty originated at the time OF the
adoption of the present system; but 1t has been
greatly aggravated by the policy OF the government
in respect to the payment Of duties on imports in
gold He thought that had the duties bee payable
in legal tenders gold could have been procured for
ten or twelve per cent for all the purposes OF tho
government. He thought that certain amount OF
that would have been realized long ago under DIFF
ferent management We could not disturb the pre-
sent OF duties but by receiving portion Of the
duties In legal tenders ana converting the notes
received the contraction OF the currency might be
effected without q serious disturbance OF business.
on the same footing az the legal tender notes OF the
government. He would provide also for such gra-
Sa Saas M woaI enable I them 20 safely resue
and not disturb business. basis or one
third In specie Is at all times sufficient to
redeem the circulating notes OF bank, and would
also be sufficient for the purposes with the gov
ernment. He thought that under this system OF
calling upon the banks periodically to redeem u
limited portion OF their circulation they would be
reminded of the necessity Of keeping on hand am
pie reserves He thought that on the first Monday
in May, 1870 there would be found In the Treasury
OF the United States at least coin to the full amount
Of onehrd OF the e notes not In fn Should
vides for the sale OF tenfory Ave per cent bonds for
Hon, q. B RAuM OF Cairo, H., said that he found
a great difference OF opinion as TO the volume OF the
currency. IL Is the opinion OF some that there Is
that specie payment cannot safely be resumed at an
early day. He thought that resumption could not
be effected without great disaster where are you
IL must come from the business Of the country. lie
was opposed TO the enforcement OF the payment OF
all contracts In coin before the general resumption
OF specie payment. The people OF the country can
resume specie payments 80 soon as the government
by acts OF Congress- Mr.. Ropes held yesterday that
the imports must be reduced so that the indux of
gold shall pay the balance TO Europe. The great
body OF the people viii not be likely TO recog-
nize this SO long as they can be extravagant.
He thought that the proper regulation o. trade must
foreign importers bring In goods; and then, when
they find the market overstocked TO allow them
He contInucd:-It viii inevitably cause over
trading and fatal demand for coin to settle
peied 10 pay duties absolutely. Let him
import at his peril NppiauseJ The manu-
lecturers Of Europe have ,ef , dcofes ners.nf IN
safety to themselves under the present sys.
tenn. The cxportation OF gold coin this year WIN
few years exported IN gold to pay balances OF trade
one billion two hundred million dollars and that,
too TO pay for the rags which our people could nst
a. well DO without Could retain the coin IN the
country there would be no trouble about resumption
Mr.. BROWN, OF the Portland Board OF Trade was |
suffered more than any other portion o. te county
government pay ts debts according 10 the original
understanding at the time they were created and |
we are for immediately placing the credit OF the
NOBLE states OF Massachusetts and Pennsylvania |
come here reoved to restore and sustain the credit
Mr. y. i. NAYsov Of Portland, advocated con-
traction OF the greenbacks aud an expansion oi tne
pan 6anS & currency Ine goSernen % 'I street He
would have the Secretary OF the Treasury, when nc |
has supply Of god give notice 70 ,e secre,ariss
plies with the gold. This would not pour gold INTO |
Wall street. our banks must be saushei Win |
smaller profits than they have been making We |
should ten the banks that If they do not deal moge
fairly we will put the screws on
Mr.. BRASCH, OF Richmond satd the SUBSTANTIAL |
people OF the South were all interested IN tae early
resumption or specie payment. We of the south do |
not know much. but what we do know we know "a |
wei as anybody. we tnInk we know more |
about the deprecated currency than you |
do. one or the worst ciects Of the de- !
preciatcd paper is the amount OF labor
taken from the productive power OF the coantry--
labor taken or III speculation by gamblers OF New |
York disorder the whole nlrr3 0i the county We |
OF the South have not half the amount OF banking !
capital we had before the war. lie presented ]
proposition for relief IN ths respect TO the ehect
that one hundred millions was needed ant tnat !
Congress should authorize the issue Of that amount
of bank paper In return for \ similar amount OF |
legal tender notes secured ny fvc-twenty bonds
MIR. ToucgY, OF So. LOUIS entered into calcula- |
ton 70 show mat on gold basis two hundred and
eighty millions OF legal tenders would 90 a. far IN
trade "a four hundred millions do 90 present. AS
long as Congress shall commute 10 shape business bY
MS many resolutions ana bills there are members
there will be no settled order OF business.
General SrsSARD OF st. L0uis, said he did not be-
lieve the time had come for tyiny any day IN which
TO resume specie payment nation, unler the
troubles OF The last seven years tnat can maintain
the currency 70 within thirly ytnree per cent OIL god
need never fear ~ 60 ts future credit lie bcneVed
that q declaration OF a resumption OF specie pay.
mcnt az any gtvea ufuc would grippe ah tns grsab