The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-12-07
NATIONAL BOARD OF TRADE.
SECOND AvsuAr. SESSION..
r IFT Fl D A Y.

FIFTH DAY.
MONDAY, December Q, 1869.
The Board met ut 10 o'clock A. NJ. Prayer
| bv Rev. DR.. Read, of the Presbyterian
| Church.
REPORT OF THE EXECUTIVE COUNCIL.
The President announced that the EXeclI-
tive Council had reelected Hamilton a: BIZ,
Esq. of Boston, Secretary OIL inc board'
| [Applause.l a.. .,o
Executive Council had agreed to recon-
mend that the next annual session OIL the
Board be held in Buffalo. n. !.
NAVIGATION AND BRIDGING OF WESTERN
RIVERS.
On motion of Mr.. Cook, OF Cincinnati,
the regular order was postponed, ana the
report of the committee appointed to con-
slider the propositions relative to the navl-
cation and bridging Of the Ohio and MlsslS"
sippi rivers was taken up.
| ITlis report, with accompanying resol'l-
tons, was published in the Dispatch OF yes
terdar.] .,
St. Louis. and Hastic OF Charleston, Ia
vorcd, and Messrs. Dore and Richards OF
Chicago opposed in debate the adoption OF
the report.
MIR. Hastic, Of Charleston, proposed an
amendment memorializing Congress for an
appropriation to improve the harbors of
| Savannah, Charleston, and Mobile, which
have been greatly injured during the late
| war.
The discussion Of the report was suspend
| ed at II o'clock, the order OF the day being
taken I'D. This was the report of the spc-
cial committee appointed to consider the
various propositions on the subject OF the
NATIONAL CURRENCY.
| Mr.. Kirkland presented the majority re-
port. prefacing it with the remark that the
first resolution received the unanimous as
| sent of the committee. the second had been
adopted with one, and the third and fourth
with two dissenting voices. The resolu-
tons are as follows:
| ~. That in the opinion of this Board
| the best interests Of the country lmpera-
lively demand the restoration of the specie
| standard Of value ut the earnest pracllcapie
| period.
| "2. That the Board recommends to Con-
crcss the immediate passage Of funding
| bill providing for the issue Of bonds at par
in exchange for legal-tender notes; such
bonds to be payable in gold in not less than
thirty wears, with interest at four per cent.
per annum. payable in coin, and that all
legal-tcndcr notes thusfupded be Withdrawn
from circulation and cancelled until the
amount outstanding shall be reduced to
$500, 600. 600.
"3. That we also recommend to Congress
the authorization OF new national banksfor
those parts Of the country which have not
vet obtained their due proportion OF the
same, aud that all such banks be permitted
to issue circulating notes 10 an extent not
exceeding the amount Of legal-tcnders here
after withdrawn and cancelled, and in no
case exceeding onc-half the amount of paid
up capital of the banks issuing them.
a. That the national banks should be re-
uuired by law to retain the coin received
for interest on the bonds deposited to Sc
cure their circulation until specie payments
are resumcd.'
Mr. haste, on behalf of Mr.. Opdyke, of
New York, and himself, submitted 4 mi
nority report embodyins the following re-
solution:
"Resolred. That this Board approve the
general financial policy of The Government,
which has already reduced the national
debt and appreciated the value Of the cur
rency: and it earnestly recommends to
Congress and the Executive adherence to
that line of policy
Mr.. GrubbS, Of Philadelphia, submitted
the following substitute
Resolved, That the Treasury of the
United states. arorked as q bank, with the
public money in its keeping. and in adJi-
ton such private capital rs may be neccs-
Sary, chartered for term Of years, will be
able to supply. in the opinion ofthis Board,
every remedy necessary in restoring its
present financial system TO sound condl-
ticn.'
THE MISSISSIPPI RIVER QUESTION.
The Board then resumed the considcra-
ton of the report Of the Committee on
Bridging of the Mississippi and Ohio rivers.
Mr.. Darlington moved to amend the
amendment Of ilr. uastie, of Charleston,
by adding Richmond to the list Of harbors
recommended to the Government for I'M
provement.
Mr., HASTE accepted the amendment.
Mr.. Monroe, of Dubuque, and Taylor,
of Cincinnati, favored the adoption Of the
report.
Under the operation of the previous
question the motion to adopt the resolutions
reported by the committee was lost. 4 mo-
ton for reconsideration was then carried,
and after remarks by MeSSrS. Stranahan Of
New York, and Cook of Cincinnati, the
amendment of Mr.. HASTE, recommend
inc IN appropriation for the Improvement
Of the harhorS Of Mobile, Savannah, Charles
ton, and Richmond, was agreed to, and the
resolutions as amended were adopted-aveS,
90; noes, ).
TIE NATIONAL CURRENCY AGAIN.
The various propositions from the COM
mttec on the national currency published
aboyel were then taken up.
MIR. uastie took the 1ioor in favor Of the
minority report. He thought we had better
! let well enough alone. Our present cur
reucv is az good If not better than any we
ever had, and the present inanclal policy OF
| the Government is rapidly reducing the ma
tional debt.
| MIR. keenan,, of Milwaukee, was opposed
| to q return to specie payment until fur
| Their reduction of the debt had been made.
Mr.. Stranahan thought the Board ought
not TO commit itself to any particular scheme
| until the Presidents message was received.
Mr.. Loncy, Of Baltimore, moved TO strike
out all after the word "same" in the third
resolution proposed by the majority report.
Lost.
Mr.. Brown, of Portland, was opposed to
any restrictions upon the proposed new
| banks in the South and West other than
| those now imposed upon Eastern banks.
Mr.. Taylor, Of st. Paul, argued that there
was no excess Of circulation IN this country.
In Great Britain the circulation is twenty
dollars per capita, in France twenty-five
dollars, while in this country 1t IS only sew
enteen dollars. Contraction was not needed.
! Mr.. Fraley, President of the Board, (Mr.
Eagan, of Chicago. in the CHAIR then took
the floor. He had studied financial ques-
tons for half Il century, and gave briefly
the result OF his experience. Immediately
after the outbreak of the war Of 1872 we
had q suspension of specie payments every
where in the United States except perhaps
in the Northeast. He had seen the copper
currency of the United States selling at a
greater premium than We have lately seen
gold selling. The remedy for that sus-
! pension was the Bank of the United