The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-01-14
oLonh L All i -
Marsh AIN Rfch

Messrs. Z. C. Stevens ana Chas. Fl. Chase
were reelected Port Wardense Ahq 81 .
= The President elect was conducted to the
char by Messrs. w. 3. Dana and A. X. Shurt-
, lei, and briefly addressed the Board on the
important enterprises to which their attention
would be directed during the next twelve
months.
Mfr. M NsRfch then addressed the Chair, al
luding to his Official association with the retr-
ing President during the last five years, and
bearing witness to the singular urbanity, the
laborious industry, and the warm interest with
which Mr.. Hersey had discharged his official
duties. In conclusion Mr.. Rich offered the
following resolution:y 49,. I'm ~
hesotced That inretiring from the office to which
he has been elected for the last seven years and the
various andl delicate duties which he has dis
charged with such general acceptability,- late
PRESIDENT, II U. HERsEY, bears with him the conf
dence, respect and best wishes of this Board; and
although he has felt constrained to withdraw from
more active duties we hope not to lose his valuable
counsel at our meetings. - taiEagf@t
|. The resolution was adopted by rising vote
every member ON his feet. De = 81 sssd9 p
Mr. Hersey warmly thanked the Board for
this testimony of regard. He WAS, he said,
the second President. The Board was char,
tered in 1854, one of the oldest institutions of
the KIND IN the country, though Portland is a
small city, w. Woodbury. was chosen
President but declined to serve For yey en-
years John B. Brown had presided at their
meetings, and now Mr.. Hersey had completed
the same term, During all this time the most
cordial feeling had prevailed in the Board, No
matter how widely members might differ else
where, herelt they had dropped their differen-
ces. and labored for the common good. The
Board had grown upl steadily and noise lessly,
from small beginnings and not without some
rough headfiaaWs, until i. had become apower
In the city. The undertakings which It had
recommended had not all paid dividends, but
there was not one which had not been in a
large sense remuneratiye. The stock in the
eastern Packet Company, for. which they
were mainly indebted to Mr.. Marrett,
had not paid; but the stockholders had
got returns teurfoll in the way Of trade.
and as was predicted two lines OF steam
boats had grown out of that enterprise. The
capitalists who had invested mi had been re-
paid by the increased value of their real estate.
In no city had the capitalists, the men not en-
gagged in active business come forward so no.
bly,, so literally, as in Portland In Boston
the merchants have been obliged to take mon
ey from their business and had brought trade
there by main force The Board had failed
sometimes. They failed to maintain the Re-
ciprocity treaty; but they were right, and ALI
sections of the State are now convinced they
were right. They have sometimes failed to
maintain the kindly feeling which should exist
between different sections of the State. but
they had tried. Politicians had drawn lines
here and there, but the Board had always re-
fused to notice them, and now he believed
zPortland had very nearly outgroWn all narrow
jealOusies. Out interests are really one. We
are interested in the growth OF Bangor and The
prosperity of her railroad enterprises, and she
again in our projected railroad to Ogdensbrlrg
We must help one another. OF the commar-
cial crisis, Mr.. Hersey said he had seen four.
in 1885,, 1S47, 1857 and 1867, each little milder
than the other, but any of them hard to bear.
He believed they would necessarily recur at
intervals, and they taught the lesson of econo-
my. Congress must learn that lesson. For
the waste OF war there was glorious necessi-
ty; but the extravagances since that necessity
passed a@ayiwas objectionable. Congress must
reduce the national expenses; and as soon as
possible, though not rashly, get back to cur
rency founded on specie; and give us
meanwhile and at once a fixed policy
looking to that end. The debt must be
paid, principal and interest, not imme-
diately, but in good time, as it falls due, in
honorable accordance with the understanding
when it was contracted. Statistics show that
during this dark time, no city on the Atlantic
coast has preserved cleaner record than Port
land, and he believed her merchants would
hold out firmly to the end. Hal 81 5a9IG 5lf
Mr.. James l.. Farmer offered the following
resolution: & - p
=. RESOLVED, That cordially approve tho appliea
uon TO Congress for Light aud Fog Signal ON Half
way rock, as an important and much needed aid for
gu vessels clming from the east, well 10 some
fishing and coasting vessels.
The resolution was adopted, and the Board
then adjourned N ~ EA4a,t EEG9AN