The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-05


Third Days Proceedings Of the Convention
The American shipping Interess-keiorm IN
the Se!eeraph System Called Fer-DeDa'e
un,s the Question Of the Resumption Of
Spo''' CrYcINNArI, Dec. 4, 1893.
The President called the Convention to order at
ten O'Clock A. NJ, when he addressed the b.
urainr members to be in no haste 10 end = ,e,r 40.
berat,ons as matters OF the greatest w ortance n
the business OF the country remained To he consid
cred.
The subject of American 'sn' oping came up from
yesterday. II arose from a Communication proceed
ing from the New YORK reduce Exchange, to the
effect that American Shipping can be restored to Its
condition Of suprem, on the ocean. from which 1t
was driven by rebellion and from the want Of proper
Mn HNcxss of New York, wanted every one
| here and every one In the United States to know
| tha'. American ships no longer carry the vast
produce OF our SOIL The decline OF our tonnage has
q that ne owed o. b%V vessels
wherever they can be obtained at the cheapest rate
/ and sail them under the american nag. This was
| the only commodity on which there was entire pro-
hibition. We could buy any article anywhere and
import it, paying duty, but not ship nor steamer
allowed to do what England and France have done
but we are willing to pay an az udoren. duty on all
foreign ships bought and sailed by American sailors
4 The report, which is long, was ordered to be
4 printed and made the special order for tomorrow.
The Committee On Telegraphing reported the fol-
resolved, That the National Board OF Trade recommend
a nMesn
different points Of the country by making part OF the
The resolution was postponed to come up after
Mr. MYERS OF st. Louis, thought it desirable that
Congress should by legal enactment, restore the
currency OF the nation to specie basis and redeem
the unpaid and deprecated promises OF the govern
ment by resumlng specie payments at the national
treasury as early as practicable.
/ A DELEGATE from Albany stated that his deega-
| tion was in favor OF specie payment.
Mr.. LoNEY, of Baltimore, offered resolution re-
sale OF any gold in the United States Treasury for
legal tender notes or other currency, and requiring
per cent gold interest bearing bonds Of the United
States to the highest bidder and all bonds SO pur-
| chased to be Immediately cancelled.
| Mr. LoNEY also offered the following:-
haas ossr Sy a ~ e
the value q the products Of the snd
which cannot be while various bonds and other
securities thrown on the market are increasing rapidly there
m. The pa.
SIX per cent gold interest bearing bondr OF the s United
ill., ior ioS par those year
iSs al @
Mr. 'A ROPES. OF Boston, favored an early resump-
ton OF specie payments He offered resolution
that 1t was the duty OF the government to make
provision for the gradual withdrawal OF legal tender
notes, not arbitrarily but to allow holders to ex
change for bonds bearing interest.
Mr.. NAzERo thought the difficulties inethe way of
a resumption Of specie payments were more imagin
airy than real. The government could do It IN six
months with vigorous measures, and he submitted
Mr. RANDOLPH, OF Chicago said he was opposed
to any measures that would make two classes OF
money. Legal tender notes should as soon as pos
sible be raised to gold value. He offered resou-
ton: THAT the true policy Of the government IN
adhere TO the national integrity This cannot be
done by entertaining any suggestions looking to
partial Reputation OF Its obligations"
Mr.. MINNIE, OF Chicago, took the floor and said
the first thing that should be done was to retrench
the expenses Of the government. and IN the next ;
great bond debt bears six per cent more interest
than any government on the earth is compelled to
pay. He thought the government was not morally
bound to pay the bonds in gold unless It be their in
terest. fIe was in favor Of new loan d lower
rates. or paying them In the same currency that the
people are Obliged 70 receive for debts.
GEORGE T.. DAVIS, OF Cincinnati, agreed IN the
fered fom them as TO the measures TO be employed.
Tue government should do as business firms II they
cannot pay their debts at once they get an extension
OF time and go to work outstanding resources. We
have resources beyond measure, and two or three
years Of successful crops growth and prosperity IN
the South would help us out OF tue present aihi-
Mr.. McGRAw, Of Detroit, thought It was not expe..
dent to attempt specie payment until sufficient gold
should accumulate in the Treasury to pay all indebt-
edness as 1t natures.
Mr.. RENALD, OF Louisville, said that we have
on several occasions suspended specie pay
ments with per capita circulation OF seven dollars
Now can we resume specie payments wnen our
circulation Is twenty dollars per head? We cannot
export heavily, because our markets are the highest
In the world As long this Is the case We cannot
resume We must expend less ana sell more. He
believed would be no violation OF the public faith
to pay Off the bonds in legal money.
Mr.. BRANNIN thought resumption was possible
within two years. His plan was more economical
expenditure by the government. The expenses could
be reduced at least $780, 600 600, which could be ap
piled the retirement OF legal tenders and the banks
should be required to keep specie reserve equal to
the legal tender reserve now required He differed
with the resolution in the portion that recognizes
the difference between gold and currency con1acts.
A social supper was given TO the National Board
OF Trade tonight by the city at Pixies opera Hall.
The hall decorated with evergreens aud shields
for each State. Thomas +. Willstaeh Mayor Of en-
cinnati, presided.