New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-02-10
THE NATIONAL CoMNERcL4L CONTENTION
PROCEEDINGS OF THE FOURTH AND LAST DAY
IMPORTANT CURRENCY AND FINANCE RE-
PORT ADOPTED.


IMPORTANT CURRENCY AND FINANCE RE-
PORT ADOPTED.
Prom Our Special Correspondent
BosToS, Feb. $, 1863.
This was the fourth and last day, and but
one session held, commencing at 10. O'Clock, with
prayer by the Rev. Dr. Robert Laird Coyer OF Chicago
On motion of Mr. Brnot OF Pittsburgh, it ordered
that no new subject should be introduced after the
ton on the report Of the Committee on Currency and
Finance.
Gen. Wabr1dge Of NewioIk offered series OF resou-
tons, which at his request were laid over for action at
the next National Convention These resolutions assume
that IL the duty Of Congress to foster all projects for
the improvement Of present INES Of eounhca'P par
the Mississippi and the Pacific special favor TO be given
South such lines TO have double tracks The resolutions
recommend combination OF railroads to secure uni
which should travel at the rate o ten miles All hour and
favor the of set OF roads or OF tracks Tor ght
freight and passengers aud OF another for heavy freight
The object OF his resolutions is to greater safety
for passengers greater certainty and teadness for rho
delays caused by single tracks.
NATIONS PATH sIIoTLD DE NETT.
The Convention next took mp the seven resolutions
which were reported on Friday afternoon By the Commit
tee ON Currency and Finances This was most import
ant subject and It's discussion occupied the entire session.
IL eventually decided that III gentlemen who had
amendments additions or substitutes 20 present should
be allowed to present them hat the chairman OF te
Committee should close the debate and that then the
vote should be taken sneeessiyely ON all amendments
resolution and al the end OF the debate II was accepted
O 1s T b bond o Of % % State. already issued were .
.ptea % las from tssop AMI that ha,ns tho, been i,5e would
vel a breach Of faith on the psrt ef tie Government
Mr. Turpn Of Chicago made speech In FAVOR of stflk-
ing out the last half OF the first resolution.
REDUCTION OF ARMY AND NAVY EAPENsEs.
Mr. Dore OF Chicago argued that much OF the present
depression was owing TO want Of confidence. The peo-
pie did not see why the expenses OF the Government IN
100000 spent on the Army and the people would
rather have tlreefourts Of the Navy destroyed Than
warfooting in time OF peace Peace our interest:
and il at peace with each other We did not need
Government Should be reduced in every department
Gold constantly deprecated and we could eventually
the proposition OF Mr. Turpin 50, also, dd Mr. Geo L.
great increase been demorazed, ana bad become mere
article Of commerce. Mr. L. Il. Wood Of Philadelphia
r.ra sAs e. esrnna,i offered an amendments
looking 20 gradual contraction Of the currency aud
return specie payments at no speelned tlue; I've
a@bf and Ak specled time 10 resume specie payments
as simply "ackassical" Paper currency was the great
bond 20 70 work and purchase aud sink bonds until
they 20 up par and then fund the debt at rea
sOnable rates.
Mr.. wethcre Of Philadelphia held that man could
payments should be resumed as soon as possible and
might be at once, il We had confidence Inc pan OF r
McCulloch he spoke of as excellent our present ao
dant currency did not prevent drag on business ana
was evident that the evil was elsewhere.
GRADUAL CONTRACTION. ,.,
Mr. John A. Stevens r OF Newl ork, believed that tho
East or the West The time for contraction was when
money was cheap not when II was dear lie EWas OF
AFTER He moved 10 strike ont the rst resolution, and
substitute another which favored general contraction
OF the currency, and that no resumption OF specie p.y
ments should be made until the country was III prosper
condition. - $3.50
Mr. George " Davis. OF Toledo. offered resolution
that Congress be requested 70 pass law ioreddg "a,
pledged for their circulation until such time as the en-
fire amount reserved by Law shall be made up py com.
fionN
of the Committee and adopted as part Of his report
LEGAL TENDER FOR DUTIES
Mr. Alexander OF LOUIS offered resolution author
ling Secretary OF the Treasury TO receive legal ten
der notes IN lieu Of gold for duties to such an extent as
his experience taught be safely DONE instead or
selling surplus gold. He made a brief argument In its
favor.
Mr.. Heuck OF New.lork favored a minimum e0ntrac-
ton of the currency the Of about three millions
month Mr. Blakey OF ST. Paul argued for return to
specie payments as soon as consistent with the prosperity
u ''' '''' FREE BANKING SYSTEM
Mr. Buzby OF Phladelphia offered Ies9inlion ID iaoI
OF the establishment of free system OF banking, ana
made address showing the unequal Distribution OF
National bank e',Iehcy IN te @ covarcd this pon
The West would have the privilege OF establishing banks
eordng 10 t.e s w o Tb e Womb PROBABLY
grayate toward the great cities OF the seaboar The
P pnd the onv permanent Value Would be
developed by a contraction Of the currency
M A. 5S I r q n Si a aS BEEN 's satS3 'Ia
all the wealth and the brains were in the Atlantic cities
The West had It's interests, II
button Of the national currency The West would be Loyal
TO all her obi cations but she would he found able 10
take OF herself The Atlantic cities were ANXIOUS
gold circulation account ~ their foreign inter
but they shoud not forget that there were also 90
nestle interests Well that had right 10 be heard Mr
Edward Atkinson OF Boston offered resolution, am
made an argument in favor OF the immediae pasSse ..
free banking law, with provision for Wlthdiawing y
legaltcnder note for every bank hote ssueu no
favored it OF increasing the business Facilities
OF the South and West. -.
Mr. Cole NJ at Ipuis proposed resolution 10 borrow
500 in Europe 20 De applied 10 the resumption or
specie payments Specie was the panaeea to remove the
''''' '''''' 1 Mn:' GoSMfTfr's REroRr INTACT.
Mr. Fraley OF Philadelphia chairman OF me Commttee
behalf OF hs report He accepted the two resolutions or
rssrs Mario OF Boston and DAVIS O Toledo rs part or
his report He showed that after l. specie payments
were renewed by general populations after 1915 by
general bankruptcy and hoped better things for Today.
aud that the people 81 me 1n,sd states Mere "a favor 81
holding the farm OF the nauon inviolate lApplansel
The third resolution In favor OF the equal distbn
tion OF the circulation OF banks. he would inform his
friends OF the West they owed entirely 10 the gener
on, hearts Of Boston That wonld answer until
reached the plan recommended IN the next resolution
free banking system. lie wOuld have no monopoly IN
gold aud silver CON- would be great step in commercial
conyenlenee and tend to place business on Just basis
on MI lraieys motion, the previous qnesuon wssaI1
most unanimously ordered and thus eat OF all the
amendments which had been offered during the day.
OTHER RF>OLI riONs.
The resolutions reported on Friday afternoon by tho
Committee ON Finance &c together with uiose 9net.a
but dozen dissenting votes and the vote was fol
lowed by hearty applause. II Was voted 20 menorihhIe
Congress on the subjects CONTAINED IN the re'ou'ons'
ADlEi.
resolution was adopted approving the railroad policy
OF Massachusetts A. broad, liberal and sagacous Mr.
Gano Of Cincinnati offered resolutions OF thanks 20 b"s
ton her people her merchants Ac which were enthIsl-
astically adopted. Charles g. Nazro Presden OF tno
Boston Board Of Trade responded President BOX niane
spirited aud lively response, closing with inviting all To
ST. Louis year Al o'clock. amid responsive cnceis'
the Convent ion adjourned sc die. number OF gentle
in Boston cral days longer, AMI