The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-12-07
NATIoaAL poARD' OF TRADE.
C1Nc1NvAr1. December 5.

]
tive Council, reported that the Conven'
ton recommend Richmond, Va, as the
pllce for holding the next Convention
which report was adopted.
The Committee on Credentials pre-
sented the credentials of Mr.. Bprwell,
delegate from New Orleans; wEereup-
on the member took his seat.
The President, Mr.. Fraley, opened the
discussion this morning by responding
for the Board of Trade of Philadelphia.
He commenced by reading several pro-
positions favoring the resumption OF
specie payments alter the LIST day OF
| January, 1870. Also, that no further
sales of gold shall be made under the
! United States authority; that legal ten
der and national bank notes shall be
receivable for duties on imports; that
after July, 1870, legal tender notes shall
beredeemablei in gold. BE thought that
| the greater part of the difficulty origi-
mated at the time of the adoption of the
| present system, but 1t has been greatly
| aggravated by the policy Of the Gov
l erDmeDt in respect TO the payment OF
| duties on imports in gold. He thought
that had the duties been payable in
! legal tenders, gold could have been pro-
cured for 10 to l2 per cent. for all Pur-
poses of the Government. He thought
that a certain amount of contraction
! was necessary TO bring about the result
that would have been realized long ago
under different management. Hewouid
not disturb the present rates OF duNesi
| but by receiving portion of the duties
| in legal tenders and converting the notes
so received, the contraction OF the cur
rency might be effected without seri-
GUS disturbance of business. He
thought that the notes of the national
banks should be placed on the same
| footing sS the legal tender notes OF the
government. He would provide also
y. sNfsr
! ton of the banks as would enable them
| to safely resume and not disturb busi-
ness. a basis of one third in specie is
| at all times sufficient To redeem the cir
| culRtiug notes of a bank, and would
| also be sufficient for the same purpose
with the good. He thought that under
this system of calling upon banks pc
riodlcally to redeem limited portion
| of the circulation reminded them
| of the necessity of keeping on hand am
pie reserves. BE thought that on the
first Monday in May, 1870, there Would
be found in the Treasury of the United
StateB at least coin 10 the full amount
of One.third of the notes in circulation.
Should, however, this not be the case,
the propositions provide for the sale OF
10 40 5 per cent bonds for sufficient
supply.
Mr.. j. B. Raum, of Cairo, said that he
| found great difference OF opinion as
| to the volume of the currency, for it Is
the opinion of some that there is such Il
disparity between the paper currency
| and coin that specie payments cannot
be safely resumed at an early day. He
| thought that resumption could not be
effected without great disaster. Where
are you TO get the ten millions month
for contraction? II must come from the
business of the country. He was OPP
posed to the enforcement of the pay
| ment of all contracts in coin before the
| general resumption of specie payments.
The people of the country can resume
| specie payments so soon as the govern
ment shall resume. We cannot expect
to resume except by act of Congress.
Mr.. Roper held yesterday that the
/ imports must be reduced SO that the in
| lux of gold to pay the balance to Eu-
rope, shall cease. The great body of the
people will not be likely to economics
a7 long as they can be extraVaSant.
| He thought that the proper regulation
is the practice of letting foreign i'm
porters bring in goods, and then when
they find the market over stocked, TO
allow them TO withdraw them with the
remission of duty. He continued it
/ would inevitably cause over-trading
balances. Every importer should be
| compelled to pay duties absolutely. Let
him import at his peril. LApplause.l
The manufacturers of Europe have
their factors in this country and they
| import with perfect safety to them
selves under the present system. The
| expectation of gold coin this year will
amount to so million dollars. We have
in few years exported gold to pay
balances of trnde, one billion two hum
dred million dollars, and that too to
| pay for the rags which our people
could Just as well do without. Could
we retain the coin in the country there
would be no trouble about resu mption.
Mr.. Brown of the Portland Board of
Trade was the next speaker He was
| from region that had suffered more
| than any other portion of the country,
except the South. we believe in the
ability of the government to pay its
debts according to the original under
standing at the time they were created,
and we are for Immediately placing the
credit of the country where IT should
be. The delegates OF the noble States OF
Massachusetts and Pennsylvania came
here resolved to restore and sustain the
credit of the nation.
| Mr.. Manson of Portland advocated
the contraction OF greenbacks, and the
extension of bank currency. The gov
| ernnent has for five years sold gold
Through one channel. Wall street. They
been in the bear business. He would
have the SecretaryoftheT Treasury when
ne has a supply of gold give notice TO the
Secretary of War and Navy SO that they
can purchase supplies with gold. This
would not pour gold into Wall street {;
our Banks must be satisfied with small
| Ter profits than they have been making.
| We should tell bankers that If they do
not deal more fairly we will put the
screws on.
Mr.. Branch, of Richmond, said the
substantial people of the South were
all interested in the resumption of spe-
/ Gle payments. We of the South don't
know much, but what we do know, We
know as well as anybody; we think we
know more about appreciated currency
than you do.
Mr.. Touchy, of st. Louis, entered
into a calculation to show. that on q
gold basis two hundred and eighty
millions OF legal tender would go as
far In trade as four hundsed millions
do at the present. As long as Con-
gress shall continue to shake busi-
ness by as many resolutions and bills
as there are members, there wiz be no
settled order of business.
General Stannard, of st. Louis, did
not believe the time had come for Fix
ling any day on which to resume specie
payments. He believed in the declara-
tion that the resumption of specie pay
ments at any fixed time would crippl
the great enterprises of the country; he
would be slow in disturbing tee cur
rency.
that gold enough could be had to keep
up specie payments twenty days. he
offered a resolution that the gold inter
est received by banks on bonds deposit.
ed should be kept until 1t shall amount
to as much as they are required by law
to keep, both of coin and greenbacks.
Mr., BurWell, Of New Orleans, said