The New York herald., 1868-04-07

foot Of Broad street. On the outbreak Of the war,
with the struggle 1t Lexington and instant stoppage
inss It's last session was held in May ITO On the
2lst Of June. 1s7s. members OF the Chamber met IN
the upper long room Of the Merchants Coffee House.
Water streets. with the s consent Of the British
commandant ana assisted that onicer as an
city the s0 British n iass ;as .ss Old
turned and new charter was obtained. From tne
Sa srsy Of
meTcial gloom on both continents-but IN that yeas
trade revived and the future became prgm. am
nag was thenceforth everywhere honoreG IN In
1927 the Chamber removed to rooms n;.h IN are .ne
retained until the destruction OF the building IN
1885. Its sessions were subsequently held IN ins
by the members were taken possession OF Ia 1858:
Mr.. stevens closed his address as 1oloWs:-ono@uiu @
evening the record or its one hundred years win
ever stand an honor to the New YORK mercnanI anu
the Q, ,,,c ta So,a
But IL win not close 1t will hold Itself equai 10 the
needs OF the hour; Its new century opens upon
OF war; the commerce which in the hour Of
trial passed into the hands, OF the stranger
must be regained the nag which II aided to
carry In triumph through the war must take the news
of victories to every country and oat II Oh every
sea- The principles of free, unshackled trade which
it has ever upheld must be reafNrmed. The faith Of
the nation must be sustained unbroken, unlmpaired
or broken organization-tle morning OF the second
century will rise upon it healthy vigorous and de-
| ternined.
Mr.. A. A. Low then addressed the audience
| at some len@th. We have but room for brief
ausion to it, His attention was mainly directed to
| the financial condition OF the country He discussed
the character and working OF our natlonal Danxnt
system, the operations OF the Treasury Department
OF the United States and inquired into the nature OF
the national currency and the uses of gold He sub
mitted that nnder every form or demoralizatioii,
every proposition to deease the CT m nsy ~
the funded debt with irredeemabe paper
money there iurked foe ito, to the .nax Union. on
isted ia the United States. He observed that
of all the modes OF imitation hitherto proposed under
be the increase of bank notes; the most dangerous
the increase Of United States notes. or illegal ten
ders" BY the former indeed the bank Indebtedness
might not be increased at all, but merely changed IN
form. With an aggregate capital OF sS30oo,000 the
banks of the city OF New York have a circulation o. o.
S34 100000 against Indebtedness for deposits or
$500 OOo, 900. or the banking law itself it might
justly be said that it had vindicated the wisdom Of
, its author The proposition q while since so gener
ally mooted to substitute greenbacks or legal tender
for the $500 100000 of national bank notes now III
circulation seemed to have been abandoned because
OF its manifest injustice to vested right, and that re
strction by law of the issue OF S4o0 100000 which
would render it impossible. There were , TWO ways
ments the other or less directly to reputation
He dated upon the disadvantages under which we
were placed in intercourse with foreign nations
in consequence Of the fluctuations in the premium o
gold and the duties thereon in coin, which must be
sold In currency. 1t only necessary to say
that while the premium on gold interested the
| great superabundance Of paper money in the coun
| try, the rate Of premium was not policy determined
by that. simple resolution passed by both houses
of Congress- that the fve-twenty bonds, none o
which are due till 1882 will be paid IN coin would &c
far more to reestablish confidence than all the gold
that can by any be heapcd up In the Treasury
Every effort to effect reduction In the rate OF Inter
est the public debt that procures return to spe
Gle payments will be premature. Every attempt tc
the acceptance Of bonds bearing interest at vt
per cent for those that bear six per cent will be
iraught with injustice, provoke contempt ana result
in irreparable damage TO public and private inter
ests. With a return to specie payments the cnange
may be accomplished with ease and with honor with
the removal Of all the short debt 1t was TO be hoped
and expected that the Treasury would be put in a
condition redeem United States notes with gold AS
ready to that end he believed In the payment
of percentage Of the duties on imports In legal
tenders and the cancellation OF the notes so paid IN.
lie urged that in preference to sale OF surplus gold
in the market In conclusion, he trusted that the
people and the Congress would uphold the
national faith; eagles and half eagles would
once more circulate throughout the land; our eyes
| would he gladdened with the Old device, In Goi
we trust - and throughout the world the Stars and
Stripes would float together the glorious emblem o
nationality to millions upon millions yet unborn!
At the close OF the address Mr. Low Of1ered series
| Of resolutions, deductions from the leading argu
| ments which he had employed in his speech. These
| at a subsequent stage OF the proceedings, wer
unanimously endorsed by the meeting.
EX-Mayor Opdyke, j. DE Peystcr Ogden, Jonathan
Sturges, Mr.. Crittenden and other gentlemen SpOk
briefly OF the great benefits which the Chamber Q
Commerce had conferred upon the merchants ant
The President Of the meeting then returned nj
thanks TO the audience for the evident interest the
| had manifested In the proceedings OF the evening
and then declared the meeting adjourned until tn
second centennial anniversary, which he hope'
would be held on the 5th Of April, 1868.