Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-12-07
DOMESTIC NEWS.

DOMESTIC NEWS.
Tie Na,IossI Hoard ofET-.deA
Fourth Day'sProceedfngs
k,skis 6INCINNATI, OHIo, Dec. 8.
| The invention WssS called to order, sat
| twenty minutes past ten o'clock, by Presi-
dent Farley. The proceedings were opened
with prayer by the Rev. Mr.. Moore, of
this city, - FSy"TH O%fH
Mr.. Fraley, on behalf of the Executive
Council, reported that the committee rec
commended Richmond, Va, as the place for
holding the next Convention, which re-
The Committee on Credentials presented
the credentials of Mr.. Bruwell, delegate
from New Orleans. whereupon he took his
seat. The President, Mr.. Fraley, opened
the discussion this morning By responding
for the Board of Trade for Philadelphia.-
He commenced by reading several propo-
sitions favoring redemption of specie paw
ment after the first day of January, 1870 !;
also, that no further sales of gold shall be
made under United States authority; that
ElegalItender and National Bank notes shall
be receivable for duties On imports; thatsaf
H ter July, 20, legal tender notesshall be re-
ldeemable in gold. He thought that the
greater part of the difficulty originated at
the time rof the adoption of the present,
system, but it has BEEN greatly ggravated
by the policy of the Government in re-
spect to the payment of du les on imports
i'm gold. He thouaht that had the duties
been payable in legal tender. gold could
have been procured for l0@10% per cent
tor all the purposes Q, the ,Goyernmept; I;
hetbought thata a certain amount of con-
traction was necessary to bring about the
result that would have been realized
long 81 ago. under different manage
ment. He would not disturb the pres
ent rates of duties iobutsby receiving
a portion of the duties in legal tender and
converting the rates so received. the con-
traction of the currency might be effectt
without serious disturbance of business.
He thought that the notes of the banks
should berplaced on, the, same footing as
thel legal tender. notes ofthe Goyernuient.
He would provide, also. for such gradual
contraction of the circulation of the
banks as would enable them to safely re-
sume, and not disturb business. "A basis
Of ne-third in specie is at all times suffi-
cient to redeem the circulating notes of a
bank, and would also be sufficient for the
same purpose with the Government. He
thought that, under this system. of calling
upon the banks periodically tos reteetH q
limited portion of their circulation, they
would be reminded of the necessity of
keeping on hand ample. resources, He
Thought that on the. first Monday in, May,
1870, there would be found in the Treasury
of the United States at least coin to fully
the amount of one-third of the notes in
circulation; should this, however, not be
tile case. provide for the sale of 10 40 i've
per cent. bonds for sufficient supply.
Mr.. G., b. Roum, OF Cairo, Was opposed
to the enforcement of the payment of all
contracts in coin before the general re-
sumption of specie payments.
Mr.. Ropes held, yesterday, that the i'm
ports musE be rgduced, sothat the nfuXof
gold TO pay balances to Europe sha1lscease.
He thought that the proper regulation of
trade must be the result of legislation. If
the practice of letting foreign importers
bring in goods, and then. when they find
the market over stocked, to allow, them to
duty, is to be continued, it will inevitably
cause over-trading and a fatal demand for
coin to- settle Sbaiances. Every importer
should be compelled to pay duties absolute
ly. Let him import at his peril. [Applause.
The manufacturers of Europe. have their
factories in this country and they import
with perfect safety to themselves, under
| the present system. The exportatiQn of
gold coin this year will amount eIeighty
! millions of dollars. We have, in a few
| years, exported gold to pay balances OF
trade to the amounbuf one billiont wo hun.
dred millions of dollars; and chat, too, to
pay for that which our people could just as
| well have done Without ..--.-.,s. w. IN
| Mr.. Brown, of Portland Boar of Trade,
| was then introduced. He was from a re-
gion that had suffered more than any other
4 portion of the country, except the South
! We believe in the right OF the Government
i to pay les debts according to the original
understanding at the time they. were Gre
! ated, and we are for Immediately placing
/ the credit of the cosntry where 1t should
be. The delegates of the noble States ol
i Massachusetts andlPennsylvania came here
i resolved to restore and sustain the credit
i ofl the nation
| Mr.. B. S. Manson, of Portland, advoca
| ted the contraction of greenbacks and the
| extension of the bank currency He ,wOulC
have the Secretary of the Treasury, wher
he has q supply, ofgold, give notice to she
secretaries OF War and the Navy that they
can purchase supplies with gold. Thi;
| would not pour gold into Wall street, Z i
Mr.. Branch, of Richmond--The substan-
tial people otthe South were all interested
in the early resumption of specie payment
i We, of the South, don't know much, bu
4 what we do know we know as well as any
body. We. think we know more about de-
preciated CURRENCY than you do. IaA
/ Mr.. Toucey of st. Louis, entered into {
4 calcuIationate show that dond a. gold basi
$50 millions of legal tenders would go a!
far in trade as four hundred millions doe
| at present, -..-,Is s..,1.y .y.5--s,s es.s Az
! General Standard, of st. Louis, believed
La declaration for the resumption of speci
j payment at any given time would Scrippt
4 alltthe great enterprises of the coqptry,
Mr.. Kirkhouse, SofSt. Euouis,s offered [
resolution recommending a gradual de
crease of the premium on gold by resuni
ing specie payment with legal tender notes
| Mr.. Davis, of Toledo, offered a resolu
ton that gold interest received by Bank
! ON bonds deposited, should be kept until i
4 should amount to as much as they are re
quired by law to keep, both of coin ant
greenbacks.
/ Mr.. Burwfib of New Orleans said th'
i South now accepted the situation, ant
4 New Orleans is anxious for the resumption
of specie payment at an early day. III %
| Mr.. Hazard, of Buffalo, offered a ,resolu
ton for the gradual retiring of legal ten
ders and increasing the amount of gold il
the Treasury.
Mr.. Holton, of Milwaukee, moved to hav
the whole subject with all proposition:
referred to committee OF seven, to con
sidersthem and report for finalvote.y Z
The motion was unanimously carried.
Mr.. Stranahan then. offered a resolu
I tion asking Congress to fix time for re
sumption. Referred.
Adjourned till Monday. II 4
~tNewspap per sales in Chicago
/ CHICAGO, Dec. 6.
/ The following are the, returps of dali
papers in thisr city, for the six months end
ing Sept. Both, 1868, as returned to the AS
SCISSORS of Internal Revenue: Tribune