New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-12-06
THE NATIONAL BOARD OF TRADE.
DEBATE ON THE RESUMPTION OF SPECIE PAY
MENT.


MENT.
RICHMOND, Va, Dec. AT the session of
the National Board OF Trade to-day, the question OF the
resumption OF specie payment taken up Mr.. HASTE
Of Charleston s. did not think that this was the time
for specie payment The South not prepared Tor IT,
and it to her cotton crop he thought that resump
ton would at last be due 1t was better TO walt TOT ns
CROP and the general commerce OF the country 10 Drg
the currency to gold value. He offered resolution 10
Mr. Ropes Of Boston stated that while Government
bonds the last four had all advanced above par
ago. showing that while confidence in the Government
the value Of Its bonds dd mot po
OF the matter until the next meeting OF tne
Board least until Congress met and the PresdehtS
message had been heard.
Mr.. Campbell OF Newark, N. j., said that gov.
ernments cannot legslate their promises TO pay
into public confidence Their ability to pay IS 1uasea
by the creditors and they are good business men lh
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 Tour years
without contraction expansion, and tho Government
will be condition TO resume and may then sa1ey re-
ton easy as we'll as BY that time would have
established such credit in Europe by the reduction OF is
debt that gold loan could be obtained as low as lour
per cent . .
Mr. Holton OF Wisconsin thought the only way to get
constitutional money TO get greenDacKs OUT OF the
way They create an initiation which is commercial I'M
morality and this can only be cured by return 10 It,
Mr. Chttenden Of New-York moved as n substitute for
all the propositions that Congress be asked 10 deVse
notifications OF the banking system, and measures Tor
the suppression OF specuatons in gold as are calculated
restore the credit and honor Of the Government ana
promote return specie payment as soon as IL Is con-
sstent with safety He held that the utmost any DOdyoI
private citizens could do to impress on Congress the
importance OF acting this paramount interest OF the
country in preference to the partisan political measures
of their own. Mr. Chttenden subsequently Inodned MS
resolution striking the alusion TO the suppression
gold speculatons He said that he had been
that distinguished member Of Congress would Introduce
early i'm the session bill these speculatiols The
whole subject was then referred 10 committee OF seven
Consisting of Messrs Kirkland of Baltimore, Chitenden
of Nav York Boston,
HOltOn Of Wisconsin, Hooper or CINCINNATI anu haslio
Of Charleston The following are the propositions:
fvCpg legislation looking contraction ana cary ~
the chartered fiscal head and regulator CON bng pm
capital and endowed with privileges 'aeeu present " ''
BY Mr. Herbert Of Bs@ore-T aerogs The sr1 R SI
credit balances % enforce the redemption Of s0aa S1aa ,.
.1s % he b in The respective 6anivau in money and
other National Banks At dsahee and hnS ne
The twentynnth proposition. asking Congress TO re-
qure all American vessels under register 20 carry one OF
more apprentices TO secure supply OF eG r
and seamen for our marine was taken up Inc poPoS
The COMMITTEES on the Propositions relative TO the Ohio
and Mississippi Rivers reported recommending that Con
lion Of the Ohio and Mississippi free Of DISTRACTIONS
pecay az the Des Molnes and Rock Island Rapids that
the bridges those rivers should have one span over
the channel 400 feet long and sufficiently high not 70 OBJ
struct navgation that In bridges built over the Mss
span 800 long, and that the construction OF piers OF
such bridges shall be superntended by Government en-
m a thirtieth proposition the James River and Ka
naWha Canal with the report OF the Special Committee
was taken up which forth that continuous line OF
water communication between the Mississippi River and
the Atlantic sea-board is mperatyey needed that the
James River and Kanawha Canal II extened 10 ONO has
specia prominence and that in this work all private ana
corporate proprietorshp should be first removed then
the Government should grant ard then after the canal
has paid back money spent II by the General Gov
eminent and the State Of Virginia. II shall be free canal
collecting tolls sufficient for It's repair Mr. Monroe
Of Dubuque advocated the report lie stated that OF
D M OF
portaton TO the East for 100000 water line VIII
bring this at Sc e5 per tun less than the railroad
can This water line by the way OF Virginia is open and
free from ice IL months out OF u In the year Tho cost
OF completing the present work 10 tho OHIO VIII be
100000 900 which can be done In four years. aud VIII pay
the Interest the cost and 81 over which may be
used asa sinking fund. -
Mr. Walbridge of New-York advocated the report. He
ncent GIFT should refuse her now that she asked TO
share i'm its prosperity and that the North which had
grown rich by the should not hold back this help
from state reduced TO poverty and which asked for
return for TWAS not altogether question OF profitable
Investment but also OF justice. Surely a great
country could afford this
MT Holtoniof Milwaukee opposed the report the
ground the States and not the General Government
should do the work. Capitalization was already threat
ening this country and he wanted more work done by
the States. After advocacy by Mr.. Wether OF Phila
phia Mr. Travasant Of Memphis and Mt. Jones OF Iowa.
tho report and resolution Of Mr.. Monroe. In favor OF
memoriazing Congress TO carry 1t into effect. were
adOpted So Is The vote was received with
loud applause motion was adopted instructng tho
Executive Council to suggest TO Congress the putting OF
work Of extending the canal into the hands OF trustees
appointed by each OF the States Of Missouri, West
Virginia, Arkansas, illinois, Iowa, Ohio, Maryland, In
diana Wisconsin and Virginia, and one by the General
Government. The Board then adjourned.