The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-15

SuppOSlng the money ~ stolen before l0dgeo tnero,
ask who Is resp0nsiblef No one. All want %
this Board just TO this Let contracts be enforced
but let me attend to my own business, and when l
deliver dot want TINS boaro 70 INSTRUCT me- olio'
Mr. 1fa oaaS Dlo Mr. Colgate win read the reso.
sa sb Be M E BE E =,
Trust Company. - ---~-
lengthened and stormy discussion ensued, many
motions being proposed ana adopted.
Mr.. EDWARDS read certain amendments to the
constitution relative to the appointment Of execu
tive and finance committee III connection with the
Mr.. Hodgkins' motion was laid upon the table, H.
The report u the committee appointed to prepare
adopted and q motion was made and carried that
the Bank OF New York be substituted for the
Farmers Trust and Loan company as the BANK 10
be used the place Of deposit OF balances Tor clear
Mr.. CoLGATE-r you knew more about this you
would find this very objection. They won't let you
deliver their gold for certified checks.
Mr.. CAMBLOs-They are bound to deliver by the
0 Mr.. q 0o Ia Won't allow us to deliver
certified check for gold. The banks won't certify
Mr.. CAMBLos-Mr Rolleston told me distinctly
they would accept this trust IN receiving the balance
sheet and the checks for gold and currency drawn
to their favor. and that they. would furnish the
cheeks which we were to I'LL up. and after the
balance sheet was signed they would pay them over
TO the dealers Mr. Colgate has perfect right to 20
and buy or sell his gold as much as he pleases We
must continue TO do the greatest good Tor the great
est number tAppause.l Of course II the plan be
~
Colgate, who buy and sell their gold over the
counter Tho reason ia evident why they do not
the Gold Board viii be abolished unless there Is
some definite system OF cearances adopted.
(Applause.) II the Gold Board were abolished the
profits OF those who sell their gold over the counter
Mr.. CoL1ArE-I otd not think to have any personal
remarks in this debateI certainly did not expect to
be insuted. Every time speak IN this room am
insulted just because do business the counter
l was not the trade In silver and foreign bull
q
American gold over the counter But what ask Is
that We conduct our business in this Board as we
did 1t formerly, and not on the principle OF the
greatest good for the greatest number. | have
already seen what such mode OF proceeding mas
the greatest number' has nearly broken haf the
street. ana many who short time SINCE were rich
are now perfectly poor, and all the effect OF That 1alla-
cious system. In debating this question l want TO
have those who are here by power OF attorney ex-
ciuded from TINS room LOT every person here not
II they were directed to leave.
The CHAIRMAN-I wish to state that al persons
(Uproar and cries OF "Leave the room."l Several
parties then skunk towards the door and retired amid
Mr.. KEPpLER-I think the remarks of Mr. Colgate
right. Those certified checks might involve any one
In great trouble. think the point In regard to that
matter is well taken But there Is no use In making
arrangements for new clearing house until the old
things are settled and they mus be settled up We
cannot take any action until the lnJunctlons arc
removed. The first Injunction cannot be removed
30 long as the robbers nave power until the settle
ject be deferred until the injunctons are removed
and the settlements made.
A MEMBER.-I second that motion.
Mr.. KEPPLER.-UntI the injuncuons are removed
and until we have power to carry on our cases and
perform all contracts and settlements IN some man
Mr.. DENNY.-we have been obliged to wait several
days, and the delay has been exceedingly derl-
mental. Now, III order to Obvlate that some amend
menLs to the constitution introduced, which, II
adopted will meet the wants OF adj and win ena.
bic the committee to take proper action instead OF
having this delay
MI. kEppLER insisted upon his motion being pre-.
sented.
Mr.. DENNY would ask the Board to adopt the
following amendments for the 1uture action and
guidance OF the committee
The CHAIRMAN.-P0stpOne the subject for the
present until the motion before the house Is disposed
OF. The motion Is, gentlemen, that the whole sub
Ject be deferred until the inunctlOns are removed.
Mr.. EDWARDS from motives of courtesy to the
officers OF the Gold Exchange Bank, and to Mr.
Underhill, who represented them We resolved -at
our last meeung to postpone for week any action
upon the report OF the comm.,;ees plan tor clear
ing house. Now thiIk we have waited long
enough. Any fur:aer delay seems useless We
want to proceed with the regular business OF the
Gold Room, and 10 this end we require q clearing
house for the settlement OF contracts we want to
have tins clearing house organized and conducted
some sucn plan as the one proposed. In the frst
81 the Board and for their sole benefit and interest
| The net proceeds Qf any, over above expenses,
should be paid into the treasury OF tins Exchange.
and should be conducted under such rules and
regulations that no possible loss can ever occur to
dealers through the clearing department, the sole
the clerical labor. The balances are to be paid and
received through some responsible bank or trust
company as agents; II seems TO me simply ana
pose any better or safer plan than this, we should
be glad to hear from him. But prompt action has
become necessary: we cannot afford to wait any
longer. The business Of this room Is paralyzed In
the present condition OF AFFAIRS Let adopt plan
for clearing house without delay. Let US notify
friends that we ready to receive their orders.
Let us rally around the Old railing once again, and
the business belonging to our osanza
The CHAIRMAN said the report OF the committee
was 10 order.
dozen endeavored to speak and dozens more gaspcd
for BREATH IN order to give ulterance to their ex-
Mr. DENNY proceeded to read the amendment. and
doing said that the want OF standing committees
In this Board had brought the Beard into great
Mr.. VAN SCHAICK- call for the reading OF theipa
per, and not for any remarks.
Mr.. DENNY said II was necessary to make some
explanations, prior to reading It, being an amend
ment to the constitution. The paper was as fol-
lows
shall consist of Of the Eschsne N sacn
which the President and the Vice President shall be
general supervision over the Exchange Room and over the
time e time such reports and as in her
judgment will best promote It's interest.
Of the Exchange addition to Which the presi.
M % ps al
tho board 10 audit the accounts OF the treasurer aud from
funds of the Exchange such they
visab,e for the interests of the board.
Following the reading OF the foregoing amend
ments several members stood on tiptoe and shouted
wildly, while the Chairman hammered energetically
| for order. At length order was in some measure
| restored, ana
| The CHAIRMAN announced that the question before
| the house was Mr.. Keppler's motion to defer the
whole subject until the lnunctiOnS were removed.
The question was put, but 1t was impossible to
determine the result, as the "No-o-0sn and "Aye-
| aye-ayes' were prolonged at the imminent risk OF
several blood vessels bursting. division was called
for, with the following issue-Aganst, 49, for, 10.
! The motion was accordingly lost.
The CHAIRMAN (haIhmerng lOudly)-Now, gentle
men, the question before the house Is upon the
report or the committee whether you are to nave
new clearing house. Are you ready Tor the question
(Cries OF "Question, quest1on.")
| succeeding this announcement there was tremen-
| dous excitement The two opposing parties r0ared
| loudly and endeavOred TO have matters their own
| way. The gavel OF the Chairman banged away in