The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-03-01

10 the Pacific. ~.
Another instrumental piece was gixen, and
the exercises we're then brought to close by |
the following
Grafton By George l.. |.asby, ESQ.
Thesplrlt OF cooper -,,on exercises controlling |
men ~ aneteenth century, In all ages
en mn na!9 combined their energies for the |
. uueih Fent of some common end, but, In |
eatHer ttmsa mainly for aggressive purposes. |
Mmlea were raieed and wars waged. Force |
sIone was respected, and honest industry too |
generally despised. But the warrior b as ceased
'C. he the central figure OF every group. Tue |
neld OF commercial enterprise IS more inviting |
than the field OF battle. Though wars have
not ceased, nor perhaps ever shall cease, 1t is
still true that the daring spirits which once
found congenial employment In the per1ls OF
the fight now find more tittiGg occupation in
the vast industrial enterprises of our day.
These demand for their successful accomplish
ment the union of many minds and many
fortunes. Co operation builds our great raIt-
roads, lays Atlantic cables, aud Fears great
factories, Working downward from these
conspicuous examples, 1t displays itself In
societies for the benefit OF every class OF citizens
and variety OF occupation. Commercial Ex-
changes ADD Boards OF Trade arise. Urged on
ward by the spirit OF the time, we assemble
here to-day in this new and splendid hail.
The growth of the Commercial Exchange OF
Philadelphia has been eoquently portrayed by
the gentlemen who have preceded me. From
every department OF business we are daily re-
ce1ving accessons to our number. Our institu-
ton becomes more and more the true exponent
OF the commercial interests OF our city. 1t is
to US. therefore, that these, in all their breadth
and scope, have right to look for encourage
ment and support.
We have not, then, done all that we should in
making this hall place for the purchase and
sale OF merchandise. To us Is committed the
maintenance OF the reputation and general in
terests OF our city. These we must vindicate on
every proper occasion. Philadelphia is, espe-
cially, great manufacturing city. Foreign
commerce wears so splendid an appearance
and ONtTuRiyplV COufr0nlS thOap
far mlehtier interests comprised in domestic
manufactures are apt to be underrated. Yet
every thinking mind must recognize the supe-
rior stability of wealth amassed by the appli-
cation OF multiform industry to the resources
of our own locality and country. Upon the
development OF these, foreign commerce
itself can alone rely for permanence and
growth. Great Britain owes her vast mari
| time trade to them. Her limited European
| territory and inadequate supplies of home
| grown food would scarcely invest her with the
| ownership OF single vessel, had not her trea-
| sHres OF coal and iron made ner the workshop
| of the world and all nations her debtors. Her
| fabrics fill her ships and enrich their owners.
| We are prosecuting manufactures upon great
| and successful scale. Their gross amount Is no
less surprising than their endless variety. They
are said to be more diversified than those OF any
| city in the world Their accumuating surplus
| seeks an outlet Our great river is our natural
| highway; its ability to float any number of the
largest ships is no longer questioned. Whilst
| the majestic Delaware flows along our city
front, the no less useful Schuylkll offers its aid
| in the transportation of our merchandise. Our
iron arms reach far and wide to grasp the
| products of the interior. Thus we are meeting
the requirements OF every phase of commercial
activity. The reward of our efforts is found in
| the concentration of 100000 houses and
population OF 100000 souls upon our citys
| broad domain.
But whilst we confess the superior import.
ance OF traffic based upon home industry, and
believe in tariff for its judicious protection,
| we Zealously advocate the promotion of the
trade OF Philadelphia with foreIgn countries.
That trade is steadily increasing, and arrange
ments now In progress Will largely expand IL.
In the presence of so many friends from
various quarters, we cannot with propriety
dilate upon themes especially bearing upon our
interests as Philadelphlans, nor need we so
restrict ourselves. For still advancing our
claims, we assert that it is the province OF this
ASSOCIATION not only to buy and sell and to con =
slider the general trading interests OF our city,
but also to weigh well questions which touch
us all as citizens of these United States. Your
minds will readily revert to the proposed
| resumption OF specie payments, as one OF these.
More than two years ago this body passed upon
this subject the following resolutions, which,
when read before the National Board of Tcade,
lately convened in Cincinnati, received meriled
APPLAUSE
Resolved. That pece payments only be pern a.
nenty resumed when abundant crops, successful in
shall have given us the means 10 draw gold hIther.
Besolvsd. Tnai pre%a.ure resumption will prove a
curse and not a blessing.
The opinions embodied in these resolutions
| are neiQ Dy you In unulmlDlSneu force to-day.
In them you have drawn broad line OF dis
tinction between the power of mere legisativ We
DEGREES and that of the Omnipotent Creator,
who can alone bless our country with favorable
seasons and fruitful harvests. You recognize the
simple fact that labor working everywhere in
harmony throughout our great country, is the
indispensable agent OF substantial prosperity
and financial reform. There Is a great variety
of plans offered Tor the amendment of our
currency and banking systems. With rare
exceptions, they would embarrass trade and
make matters worse. A masterly inactivity is
frequently made, that the national treasury and
banks should hoard their gold. is a direct
confession Of inability, for an indefinite period,
to resume specie payments. We dare not permit
gold to flow without restraint whittier the
wants of trade may call it.. By interposing the
barrier of law against its dispersion, and
so gathering an imposing pile of the precious
metal, we timidly hope that confidence will be
created in our ability permanently to pay 1t
out when artificial restraints shall have been
removed. But we forget that foreign eyes are
6xed upon our glitteIiDg store. Men abroad
hold our obligations, and shrewdy calculate
our means. 1t they perceive no real growth in
wealth on which to base resumption; il they
| see that we are still unable to deal with Europe
upon equal terms, that the balance OF trade
still rules against us, how long would the
| foreign holders of $3.50, 900, 900 OF American
securities leave us in possession of our che
rished gold? The withdrawal of minute
fraction OF this sum would dissipate our ilu-
slons in moment. Even If our own people
should forbear to ask for gold, would foreigners
be equally consilerate? And what IN that case
would become OF resum ption?
Many OF our merchants engaged in foreign
trade are apt to regard this subject with eyes
turned exclusively abroad. In their anxiety TO
| restore a specie equilibrium between this
country and Europe, they ignore the vastly