The Portland daily press., 1868-02-10
The N aiio,aI Commercial Couveution

The National Commercial Convention at
Boston concluded its labors on Saturday. The
last day was almost entirely devoted to the
consideration of the report of the Committee
on Currency and Finance, which was adopted
after mnch discussion, with only two dissent
ing votes. AS the resolutions embraced in this
report indicate the conclusions reached by the
Convention on the most important subjects
considered by that body, we give them in full:
ResolUed, That the existing Indebtedness of
the nation and of individuals, and the ex-
changeable values of all property have been
practically adjusted to the amount OF curren-
cy now in circulation, there should not at pres
eut he any expansion contraction thereof.
but that the legal tender currency should be
gradually, but steadily. Appropriated to the
specie standard, by the funding thereof. on and
after the first of January 1869, in amounts not
exceeding three millions of dollars per month;
ResolUed, That the national honor andIgood
faith alike require that the Government should
not avail itself Of the right to pay OF the Ne-
Twenty bonds until, by general Resumption
of specie payments the public debt, as 1t ma
lures, can be paid in specie or its equivalent.
Resolved, That the inequality in the distri-
button of the National Bank currency between
the different sections OF the country requires
some action on the part OF Congress; there
hsso,,ed. That, to this end, the following
change in the National banking law be recon-
mended to Congress: .
That any persons, proposing to form new
bank, may present to the Comptroller of the
Currency in national bank bills of any banks
having q circulation of more than sixty per
cent OF such bank, the amount proposed as
capital OF the new bank, which the Comptrol-
Ter shall redeem in greenbaeks. Thereupon
the Comptroller shall cancel such bills and re-
turn them to each bank of issue for redemp-
ton, returning to such banks the bonds pledg-
ed as security, whenever sufficient amount
OF bills shall have been cancelled TO liberate
one or more bonds And that, thereupon, the
persons presenting such bank bills shall be en-
titled, upon lodging bonds, and otherwise COM
plying with the provisions of the law, to form
new bank, and receive from the Comptroller
an issue OF currency not exceedif 60 per cent.
of its capital.
Provided, that no national bank currency
shall be issued to any new bank in any State
in which the amount of national bank curren-
cy already issued to the banks of such State
shall bear greater proportion to three hun
dred millions of dollars than the representative
population of such State shall bear to the rep
resentative population of the country; and
Provided, further, that the aggregate amount
of currency issued to the national banks shall
IN no case exceed three hundred millions of
dollars until such time as the banks shall have
resumed specie payments. ls-, W.. r. rel
ReSotUed, That system of free national
banking can be safely allowed SO soon as bank
notes are payable and paid, ON demand, in
coin, and not before.
ResolUed, That it be recommended to the
Congress of the United States to enact law
authorizing contracts to be made in writing,
which shall be payable in gold or silver coin,
and securing the specific performance of such
contracts. ,.-.-r-r f..-.lfrr
Resotved, That the Congress of the United
States should by law supersede the usury laws
of the several States, and make seven per cent.
per annum the uniform rate of interest when
no contract has been made for any other rate,
ing for the use OF money at any rate of inter-
est upon which parties, able and willing to
contract therefore, may agree.
A resolution offered by Mr.. Nazro Of Bos-
ton in favor of the continued exemption of
government bonds from taxation was adopted
as an amendment to the above. s. ea e1T
Mr.. Davis of Toledo offered resolution OPP
posing the sale of gold paid to the banks as
interest until it had accumulated in their
vaults SO as to enable them to pay all their IL
abilities in coin, which was also adopted as an
amendment.
Though there was great unanimity on the
final vote, some of the Western members took
ground in favor of moderate expansion of
the currency, and amendments were proposed
to all the resolutions except the second, third
and fourth, concerning which there was no
difference Of opinion. On the whole, the har-
mony which prevailed throughout the pro-
ceedings of the Convention was truly wonder
full, considering the diversity of interests and
OF opinions represented by the delegates. ri