The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-12-07
UnderclOthing
M. GUTMAN & cos.
N,,;ounI Board OF Trade.


prayer BY the Rev. Mr.. Moore, of this
city.
Mr.. Fraley, on behalf of the Executive
Council, reported that the committee
recommend Richmond, Virginia, as the
place for holding the next Convention,
which report was adopted.
The committee on Credentials pre-
sented the credentials of Mr.. Burwell,
delegate from New Orleans, whereupon
the member 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 pro-
positions favoring the resumption of
specie payments after the LIST day of
January, 1870; also that no further sales
of gold shall be made under United
States authority; that legal tender and
national bank notes shall be redeemable
in gold. He thought that the greater
part of the difficulty originated at the
time of the adoption of the present sys-
TEN, but it has been greatly
aggravated by the policy of the Cover n
ment in respect to the payment OF
duties on imports in gold. He thought
that had the duties been payable in
legal tender notes, gold could have
been procured for III to II per cent, for
all the purposes of the Government.
He thoGght that a certain amount OF
contraction was necessary to bring
about the result that would have been
realized long ago under different man
srement. He could not disturb the
present rates. of duties, but, by receiv-
ing a portion of the duties in legal
tender, and converting the notes Sd re-
ceiyed, the contraction of the currency
might be effected without serious dis
turbance of business. He thought that
notes of the bank should be placed on
the same footing as the legal tender
notes of the Government. He would
provide also for such gradual contrac.
ton of the circulation of the banks as
would enable them safely to resume,
and not disturb business. basis OF
one-third in specie is at all times sui
ficient to redeem the circulating notes
of a bank, and would also be sufficient
for the same purpose with the Govern
ment. He thought that under this sys-
tenn of calling upon banks periodically
to redeem a limited portion of circula-
ton, reminded them of the necessity OF
keeping on hand ample reserves. 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 the full amount of one third OF
the notes in circulation; should, how
ever, this not be the case, the PROPOSE
ton is to provide for the sale of lO-4O
five per cent. bonds, for sufficient sup
ply.
Mr.. G. b. Raum of Cairo, lid that he
found a great difference of opinion at
to the volume of the currency. 1t is The
opinion of some that there is such dis.
parity between the paper currency and
coin that specie payments cannot be
safely resumed at an early day. lie
thought that resumption could not bt
effected without great disaster. Where
are you to get the ten millions month
for contractioni 1t must come from the
| business of the country. He was OPP
posed to the enforcement of the pay
mcut of all contracts in coin before the
! general resumption of specie payments
| the people of the country can resume
specie payments SO soon as the Govern
ment shall resume. We cannot expect
to resume, except by an act of Con
gress. Mr.. Ropes held yesterday thai
the imports must b. reduced, so that thu
influx Of gold to pay balances 10 Eu
rope shall cease. The great boiy of the
people will not be likely to economic
as long as they can be extravaaant ",
thought that he proper regulation Il
the practice of letting foreign imports
being in goods, aud then, when the!
find the market over.stocked, TO allow
them TO withdraw them with the remiS
siOns of duty.
He continued - 1t will inevitably
cause over-trading and fatal demand
for coin, to settle the balances. Every
importer should he compelled to pay
duties absolutely. Let him import N
his peril Applause The manutac
turers of Europe have their factories ii
this country, and they import with per
feet safety to themselves under the pres
ent system. The expectation of golt
coin this year will amount to $4,000,
900. We have, in few years, exported
gold to pay the balances of trade IN
81. 2O0. 600 600, and that, too, to pay fol
the rags that our people could just ~
we'll do without Could we retain the
coir. in the country there would be NJ
trouble about resumption.
Mr.. Brown, of the Portland Board OF
Trade, was the next speaker. He was
from region that had suffered more
than any other portion of the country
except the South. We believe in the
ability of the Government to pay it
debts according to the original under
standing at the time they were created
and we are for Immediately placing the
credit of the country where it should be
The delegates of the noble States oil
Massachusetts, and Pennsylvania came
here resolved to restore and sustain the
credit of the nation.
Mr. Il. L. Manson, of Portland, advO
Gated the contraction of the greenbacks
and the extension of the bank currency
The government has, for five years
sold gold enough through one channel
Wall street. They have been in the beal
business. He would have the Secreta
~ of the Treasury when he has sup
ply Of gold to give notice TO the Secre
tary Of War and Navy, that they car
purchase supplies with gold. This
would not pour gold into Wall street
Our banks must be satisfied with small
er profits than they have been making.
We will put the screws on.
Mr. Branch, of Richmond-The sub
stantial people Of the South are a.
interested in the early resumption Of
specie payment. We, of the South
don't know much, but what we dc
know, we know as well as anybody
I'VE think we know more about depre
ciatcd currency than you do.
Mr.. Touchy, of St Louis, entered into
calculation to show that on gold
basis two hundred and eighty millions
OF legal tenders would go as far as -four
hundred millions does at present. A;
long as Congress shall continue to shake
business by as many resolutions and
bills as there are members, there will
be no settled order of business.
/ General Stannard. of ST. Louis, did
not believe the time had come for fixing
any day in which to resume specie pay
ments. He believed a declaration of
the resumption of specie payments at
any given time would cripple all the
great enterprises of the country. He
would be slow in disturbing the cur
rency.