The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-12-06
RICHMOND. VA.
rh, N.tionaI Board of Trade.

RICHMOND, Va, December AT the
session of the National Board of Trade
to-day the question of resumption of
specie payments was taken up.
Mr.. HASTE, of Charleston, did not
think this was the time for specie pay
ments. The South was not prepared
for it and it was to her cotton crop he
thought resumption would at least be
due. 1t was better to wait for the crops
and the general commerce of the coun-
try to bring their currency to gold
value. He offered a resolution to that
effect.
Mr.. Lsadry, of Memphis, followed him
in the same line of remark.
Mr.. Ropes, of Boston. stated that the
whole Government bonds in the last
four years had all advanced above par,
yet gold to-day was barely lower than it
was four years ago, showing that while
confidence in the Government raised
the value of it's bonds it did not perma-
nently affect the price of gold. He
urged postponement of the matter until
the next meeting of the Board or at
least until Congress meets and the Presi-
dents message has been heard.
Mr.. Campbell, of Newark, New Jersey,
gave history of England's attempts to
resume and her failures until 1923 and
the panic which followed. When
eventually she did resume it was by
ontraction. No Government can legis-
late confidence into its promises to pay.
Its ability to pay as judged Of by the
creditors, and as they are good business
men, they will not force their tardy
creditors into bankruptcy. All this
Government wants is time to pay its
debts. The marked decrease of the
public debt in the last six months shows
this. Let circulation go on for two or
four years without contraction or ex-
passion and the Government will be in
q condition to resume, and may then
safely resume by making a gold loan,
which would make resumption easy as
we'll as certain. BY that time it would
have established such credit in Europe
by the reduction of its debt that gold
debt could be obtained as low as four
per cent.
Mr.. Holton, of Wisconsin, thought
the only way to constitutional money
was to get greenbacks out of the way.
believe we could resume specie pay
ments for the next five years without the
destruction of the commercial interests
of the country. He believed in Mr..
Opdyke's opinion, that the country
must grow up to the situation and not
contract or expand.
Mr.. Chittcnden, of New York, moved
as substitute fer all the propositions,
that Congress be asked to devise such
notifications of the banking system
aud measures for the suppression of
speculation in gold as are calculated to
restore the credit and honor of the Gov.
eminent and promote return to specie
payment as soon as it is consistent with
safety.
The whole subject was then referred
to committee of seven, to report at
this session on all the plans submitted.
The twenty.ninth proposition, asking
Congress to require all American vessels
under register to carry one or more ap-
prentices, to secure supply of efficient
officers for our marine, was taken up.
The proposition was adopted.
The thirtieth proposition of the James
river and Kanawha canal was taken up
with report of the special committee
on the same, which sets forth that q
continuous line Of water communication
between the Mississippi river and the
Atlantic seaboard is imperatively
needed that the James river and the
Kanawha canal, if extended to the Ohio,
has spesial prominence, and that in this
work all private and corporate proprie-
torship should be first removed, and
then the government should grant aid
to them. After the canal had paid back
the money spent on it by the general
government and the State of Virginia,
it shall be u free canal, collecting only
tolls sufficient for its repair. Mr.. Mon
roe, of Dubuque, advocated the report.
After recess the debate on water line
was resumed. After advocacy by Mr.
Darlington, of Va, Mr.. Walbridge, OF
n. Y, Mr.. Witherell, of Philadelphia,
and others, the report and resolutions OF
Mr. Monroe in favor of meRorializisg
Congress to carry it into effect, were
adopted. The vote was received with
loud applause. A motion was adopted
instracting the Executive Council to
suggest to Congress the putting of the
work Of extending the canal, into the
hands Of trustees appointed by one OF
each of the States of Missouri, West
Virginia, Arkansas, Illinois, Iowa,
Maryland, Wisconsin and Virginia, and
one by the General Government. Ad.
journed till Monday.
RICHMOND, December 4.-There was a
dinner tonight at the Exchange Hotel
| to the members of the National Board OF
Trade. There were present 300 persons
including nearly every leading citizen
in Richmond.