The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-12-05
Boys Clothing
National Board of Trade--Third
Day

10 o'clock A. NJ, and addressed tnt
Board. He said that a good deal y,
most important business yet rems a uo
to be considered, and he trusteu ~ ~
member would talk OF dispersion o. o.
long as there were any matters wnleu
remained undecided, and that those
who felt compelled to leave should
make an effort to stay, showing nc
hoste 70 evade their responsibilities,
mharohv their deliberations would
bavn their due weight with the people
and with Congress:
He then renewed his former sugges.
tions as to the form eff proceedings; also
of the vast Importance of the molten
brought up yesterday from the Board OF
Trade of st. Louis, and other matters
He asked the concurrence of the Board
in his former suggestion. This was
that each member of the Board should
have priority of speech, and then he
would call on the individual members OF
each delegation in alphabetical order
so that each delegate should have an
opportunity of speech, whereby they
could arrive at the views of the mer'
chants from all parts of the country
Lila OOJCOO " 40 " PACoOlNO
If no objection was raised, he would ac'
accordingly on all the weighty matter:
that pressed for their consideration. If
after the roll was called, any Other
member wished to reply, they might bt
able to speak. Concurred in.
American shipping-Thislmat came
up from yesterday. 1t arose from
recommendation proceeding from the
New York Produce Exchange to the
effect that American shipping can bt
restored to its position of the suprem
acy of the ocean, from which it wa:
driven by rebellion and from the want
of proper legislation.
Mr.. Hincken, of New York, wanted
every one here and every one in the
United States to know that American
ships no longer convey the vast produce
of our soil. The decline of our tonnage
has been about one ard half millions OF
tons. The proposition is that We be
allowed to buy vessels wherever they
can be obtained at the cheapest rate
and sail them under the American flag
This was the only commodity on which
there was entire prohibition. We could
buy any article any where AID import
it. We come here claiming free trade.
We should be allowed to do what Eng
land and France has done, but we are
willing to pay on all foreign ships
bought and sailed by American sailors.
The report which was long was or
dered to be printed, and made the spe-
cial for tomorrow.
The committee on Telegraph reported
the following:
ReSolred, That the National Board OF
Trade recommend the adoption, by the
General Government, of measures to
cheaper and extend telegraphic COM
between the different points
of the country, by making it part of the
postal system.
The resolution was postponed to come
up after the shipping question.
Mr.. Myers, of st. Louis, thought it
desirable that Congress should, by legal
enactment, restore the currency of the
nation to a specie basis, and redeem the
unpaid and deprecated promises Of the
by resuming specie pay
ment at the National Treasury as early
as practicable.
Mr.. Loney, of Baltimore, offered a
resolution recommending to Congress
the passage of a law fOrbidding the
sale of any gold in the United States
Treasury for legal tender notes or other
currency, and requiring the Secretary of
the Treasury to dispose of the surplus
coin for six per cent. gold interest bear
ing bonds of the United States to the
highest bidder, and that all bonds so
purchased be Immediately cancelled.
MIR. Loney also offered resolution that
WHEREAS, There had been, recently,
n great pressure III the money market
caused partly by national and part
ly by artificial means, which had the
effect of deranging the business and de.
preciating the value of the products OF
the land; and
WHEREAS, The banking basis of the
country being legal tender notes. which
cannot be increased while various bonds
and other securities thrown on the
market are increasing rapidly; there
fore, be it
ResOIred, That this Board recommend
to Congress the passage of law reQulr'
ing the Secretary of the Treasury to
buy at six per cent. the gold interest
bearing bonds of the United States, al
the following rates: In tho year 1865
10 at 100 PAL; in the year 1870 at IL
for 100 par; in the year 1871 at ia fol
100 par; in the year 1872 at 1l6 for lOt
par, and all bonds so purchased to be
cancelled.
Mr.. Ropes, of Boston, believed the
difficulties in the way of a resumption
of specie payments were more imaginary
than real. The Government could dc
it in six months with vigorous meas
ures, and he submitted resolution tc
this effect.
Mr.. Randolph, of Chicago, said he
was opposed to any measure that woulc
make two classes of money. Legal ten
der notes should, as soon as possible
be raised to gold value. He offered ;
resolution thas the true policy OF the
Government in attempting to resume
specie payment is to strictly adhere u
the national integrity, and this canno
be done by entertaining any sugges
items looking to Il partial Reputation
of its obligations.
Mr. Mum, of Chicago, took the floor
aud said that the first thing that shoul'
be done was to retrench the expense
of the Government, and the next to re
duce the rate of interest of the debt
The great body of the debt bears 81,
per cent. more than any Government
on the earth is compelled to pay. IL
thought that the Government was no
morally bound to pay bonds in gold un
less it be their interest; he was in favo
of a new loan at lower rates or pa,
them in the same currency that th
people arc obliged 10 receive for debts
Mr.. George I. Davis, of Cincinnati
agreed in the main with the st. Loui!
resolutions. He only differed as to the
measures the Government should tax,
as business firms, if they can't pay
their debts at once, get an extension o
time, and go to work outstanding theil
resources. We have resources beyond
measure, and two or three years of sue
cessful crops, growth and prosperity IL
the South would help us ont of oul
present difficulties.
Mr.. McGraw, of Detroit thought il
was not expedient to attempt specie
payment until sufficient gold shall &C
GNmulate in the Treasury TO pay all the
'"Gi,SotCdneSs as it natures.
>, lie Chair read communication from
non non. charles +. Wilstack, Mayor Of
NI"cIhnati, inviting the members to ar
entertainment TO be given this even.
! ing by the official -