The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-05
THE NATIONAL BOARD OF TRADE.

line OF remarks. He thought confidence In the gov
| eminent would restore specie values.
Mr. ROPES, OF Boston, stated that while govern
ment bonds In the last four years had all advance,
above par yet gold to-day was barely lower than
was four years ago, showing that while conndenc
| in the government raised the value OF its bonds
did not permanently affect the price OF gold. Mr.
! Trevesant urged p0stp0nement Of the matte
until the next meeting Of the Board or at least unit
Congress met and the Presidents message had beer
| heard.
Mr.. CAMPBELL. OF Newark, N. J., gave history O.
Enganas attempts 70 resume and her failures until
| she did resume by contraction. No government can
| legslate confidence into It's promises to pay Ia
they are good BUSINESS men they viii not force their
taray creditors INTO bankruptcy. All this govern.
eS IN the Tas %ontsa
shows this. Let circulation 90 on for two or four
years without contraction or expansion and the gov
! then safely resume by making gold lOan which
would make resumption easy as well as certain. BY
Europe by the reduction of its debt that gold loan
could De obtained as low as four per cent.
Mr. HoLToN OF Wisconsin. thought the only way
backs out OF the way. They create an imitation,
which Ii commercial immortality. which can only be
turn would burst some Of the swollen Ones but was
better that this should happen than that the govern
ment should hold the attitude 1t now does towards
the world. We had to sufYer some shrinkage, and we
had as well suffer 1t now and get back to healthy
Mr.. HERBERT OF Baltimore, did not believe that
we could resume specie payments for the next 1--WE
years without the destruction Of the commercial In
opdyse opinion that the e co1ntTy must n or n
expand it. Mr.. Chittenden, OF New York, moved as
substitute for all propositions, that Congress be
asked TO devise such modification OF the banking
system, and measures for the suppression Of specu-
ations IN gold as are calculated to restore the credit
and honor or the government and to promote q
return to specie payment as soon as 1t Is consistent
private citizens could do was 70 impress on Congress-
the Of acting on this paramount interest
OF the country III preference to the partisan political
Mr.. CuLLENs OF st. Louis, did not think this mat
ter ought to be referred to Congress- body much
unless 1t is referred with q recommendation as to
the line Of policy to be pursued:
MI. OHITTENDEN modified his resolution by strk
Ing out the illusions TO the suppression OF gold
speculations. He said he had been informed that
distinguished member OF Congress would introduce
early In the session bill to tax these speculatons
The whole subject was then referred to commit
tee OF to report at this session all the plans
submitted. The committee consists OF Messrs.
Kirkland, Of Baltimore Chlttenden. OF New York;
Ropes, OF Boston; Richards OF Chicago; Holton, OF
Wisconsin; Hooper. Of Cincinnati, and Hastet Of
The following propositions were referred to this
by Mir. PARR, Of Baltimore-OpposIng the expan-
sion OF currency and fav0rng legislation looking to
contraction and early redemption.
the establishment by the government OF chartered
fiscal head and regulator combining private capital
and endowed with privileges sufficient. present the
sure5t remedy Tor the present currency evils.
BY Mr.. HERBERT. or Baltmore-TO abrOgate the
threedftns credit balance reserves; to prohibit the
credit balances to enforce the redemption OF
national bank notes, SO they may be sent back to
their localities for reissue ana to require reserves to
not in credit balances In other national banks at
distance ana finally the repeal OF the ten per cent
aft,nvf aarrn Vor Ion 1Eo
The twenty-nlnth proposition, asking Congress to
require all American vessels under register to carry
Gent oicers and seamen for our marine was taken
up. The proposition was adopted The committee
on the propositions relative TO the Ohio and Missis
slppi rivers reported, recommending that Congress
MAKE appropriation for rendering the navigation
OF the Ohio aud Mississippi free OF distractions,
that the bridges over those rivers should have ono
span over the channel 200 feet long and
above the mouth Of the Missouri there shall be one
span 800 feet long, and that the construction Of piers
ment engineers. The report was received, to be
called up IN It's turn The thrtieth propostion-the
wn the or the special on he
same, which sets forth that continuous line of
water communication between the Mississippi river
that the James River and Kanawha Canal,
II extended 10 Ohlo has special prominence,
prietorship should be first removed; then the gov
ernment should grant add then, after the canal has
paid back the money spent on Il BY the general gov
canal collecting tolls sunloient for its repair
MIR. MONROE, OF Dubuque, advocated the report.
duce there Is only transportation to the East for
10, 0O00 900. A water line win bring this away
AZ SO 65 per ton less than the railroad can This
xsser cs 's es oas WE'VE sSG iss
The cost OF completing the present. Work to tRA Ono
years and w pay tne interest on the cost ana four
millions over, which may be used az sinking fund.
After the recess the Committee On the Resumption
Messrs. Grub, OF Philadelphia; Darlington OF Rich
mond; Taylor, OF st. Paul. and Opdykc OF New York.
Mr. CAnasaroS resident Of the James River
and Kanawha Canal Works, said the scheme OF It's
extension had been approved BY the most distin-
try. me only difficulty OF magnitude In the way Of
us completion was the tunnelllng Of the Allegheny
Mountains nine miles which would be done In four
years. Virginia was willing 10 give up the work for
great free national highway.
E S A " & o. @ gave history
having given magnificent territory to the Union,
now offers free way ana harbor for its commerce.
port He thought the country to whom Virginia
had made magnificent gift, should not refuse her
prosperity; and that the North which nad grown 1
by tho war; should not hold back this help from
state reduced 70 poverty and which asked for
in return for. It was not altogether question Of
profitable investment, but also one Of justice,
| Surely great country could AFFORD this
Mr.. HOLL0N. OF Milwaukee, opposed the report
on tho ground that the States and not
| the general government should do the
| work. Capitalization was already threatening
| this country and he wanted more work done BY the
| states. After advocacy by Mr. wetherill. OF Phla
dephia; Mr.. Trevasant, OF Memphis, and Mr.. Jones.
OF Iowa. the report ana the resolution OF Mr. Monroe
in favor OF memoralizng Congress to carry It into
effect, were adopted ny ayes so, noes lb The vote
was received with loud applause. motion was
adopted instructlng the Executive Council TO sug-
gest to Congress the putting OF the work OF extend
ing the canal into the hands OF trustees appointed
one by each OF the states OF Missouri West Virginia
Arkansas, Illinois, Iowa, Ohio, Maryland. Indiana
Wisconsin and Virginia. aud one by the general gov
eminent. Alter accepting invitations from Norfolt