The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-08
THE NATIONAL BOARD OF TRADE.

Fifth Day Of the C0nventi0n-PrOtectiOn to
American acknowledgements Of Specie
Payments c0mmended-RefOru,s In Ous
Telegraph system Required.
CINCINNATI Dec. I, 1868.
The President called the Board to order at ten
O'CLOCK. After prayer the President announced that
the order Of business was the making the report
Of the Executive Council. The Secretary read the
report. 1t states that payments for membership are
due on the Ist OF January OF each year; that the
council will name the best plan for holding the
annual meeting.
Mr. Thomas OF Dubuque. offered resolution that
the Board memoralize Congress that the direction OF
the Pacific Railroad as fret intended should not be
deviated from.
Mr. Brunot OF Pittsburg, made some suggestions
as to the enforcement OF the law touching the carry
ing of coal oil on steam vessels and abiding to the
dreadful catastrophe Of Saturday ON the Ohio
Mr.. Carpenter. OF Boston, proposed that their
grateful and formal thanks be rendered to the tee
graph companies for their facilities In the transmits
Board.
ping having been printed Mr. Hincklain, chairman
| Of the Committee on Commerce, proposed that the
report be adopted. This gave rise to IN animated
| commerce borne on the bosom or the Mississippi
was OF greater importance than any external COM
MERGE. and that the steamers built for that trade
should be relieved OF all tax After several amend
| ments nad been offered, which were not agreed TO-
| TO report was adopted BY q vote OF % yeas TO 2
| nays -
| can steamers for carrying the mails
Mr.. Micr, OF st. Louis, suggested that the mails
should be carried IN certain number OF days,
preference being given TO those steamers that carried
and the resolution stands therefore as originally
| offered in the committee report.
| Mr. wtherell claimed that protection was duty
/ which ought to rule over everything American.
Bountes should be paid on all articles used In build
| ing ships, so that American iron could be made as
cheap rs English iron. and American hemp as cheap
Mr.. Holden, OF Milwaukee, submitted a brier re-
port on the resolution that Congress should deter
| mine the time for the resumption or specie pay
mcnt. II was debated by several members. Mr..
Nazro, OF Boston, offered an amendment TO add the
words nOt later than the 4th Of July, 1871 which
| on division was lost.
Mr. Holden, in proposing the adoption OF the
second resolution, "That gold should be sold
until the national banks had in reserve their full per-
centage OF gold," said the committee had purposy
determined TO avoid all details "a To time OF action,
leaving much to the wisdom OF Congress.
Mr. Taylor, OF st. Paul, congratulated the commit
tee as much for what they had left undone as for
| what they had recommended. lie instanced the
success OF the Canadian Parliament and Ministry,
praising them FOR the financial ability they had
shown in the resumption 81 specie PAYMENTS. lie
same, and with the same success. He proposed that
Congress should prohibit the issue OF all notes OF
| The previous question was then moved ana the
above resolutions were carried Other resolutions
were reported by tue cOInlnttce uat no iuI-
Their sales OF gold be made but for the purchase Of
| nve-twenties that all bonds SO purchased
| be cancelled; that gold contracts should
| be legazed; that the national honor and
| faith require that tue government should
not avail Itself OF the right to pay OIL the hve-twenty
bonds until by general resumption OF specie pay.
ment that the public debt as II natures can be paid
In specie is equivalent. They were also carried
Mr.. Hoten presented a resolution offered by Mr..
| GanO which was not agreed TO by the committee,
resolving that Congress be urged 10 amend the Ma.
tional Bank law; that quarterly reports a. speci.
national bank shall be called upon by the Comp
troller once In quarter TO show what ITS condition
may have been on designated day In tue recent
| past. The resolution WAS adopted
The Chair announced the ext business In order
TO be the consideration Of the resolution IN regard
10 the government adopting the Geographic system
| in connection with postal service.
Mr. Shrvnck submitted several RESOLUTIONS, declar-
ing the present Geographic system did not meet tue
wants OF the couny that the experience OF the last
| few years have demonstrated the fact tnat tee
| graphic communication can be so extended and
| chcapened as 10 place II within tue reach OF all
classes OF the community that the attention
! OF Congress IL called 70 tue SUBJECT, ana
should ID be deemed advisable 70 build buy or lease
telegraph lines now IN use that " Is the sense OF
this Board that II VIII facilitate its working and
| prove beneficial to the whole country.
Mr.. Buell., OF Albany, oferef resolution that the
government should not unite with the Post once
Department In the transmission OF measures BY tcle
| graph: that In the effort now being made for the
adoption by tic government OF the telegraph we
recognize a dangerous precedent.
rhe motion TO lag the Whole subject on the table
was lost.
The report Of the committee fayoring the purchase
OF the telegraph Was disagreed toycas IS: nays 81.
Mr.. ShyracS's aud MI Bueil's substitutes were aiso
rejected.