The New York herald., 1869-01-08
CHAMBER OF COMMERCE.

Resumption OF specie Puymont-The Oceam
TeIesraph-Purchase OF the Battery for Cow
ernment Purposes.
A regular meeting Of the Chamber Of Commerce
was held yesterday afternoon, Mr.. Opdyke pre-
siding.
PROPOSED PURCHASE OF THE BATTERY.
The PRESIDENT as chairman Of the special COM
mttee to report the subject ofpurchasing the Bat
terry for the purpose OF erecting government ware
houses said that the committee did not consider it
advisable for the Chamber to take any action on the
subject at present.
THE OCEAN TELEGRAPH.
General WALBRIDGE presented a memorial asking
Congress to grant the application OF the New York
Newfoundland and London Telegraph Company to
lay cable on the shores Of the United States Mr..
Low seconded the motion OF Mr.. WaIbridge to adopt
this motion, which was unanimously adopted.
RESUMPTION or SPECIE PAYMENTS.
Mr. A. A. Low then offered the following preamble
and res0lutions:-
Whereas the constitution OF the United States gives to
ns awo % % s0n one s and % sSs the value
nd m n and mt coin IN according to
cia nations, necesstang It's in the payment
ties On Imports while RS na,spensans 70 ac with
stern necessity has assumed the right. under general
Obligations aaa
81 q the s s n a' for
sh regulation the business country with
constantly varying relation OF currency or legal tender to
Resolved, That this Chamber recommend the Senate
and House OF Representatives in Congress assembled to
il asii submitted By him TO .hs House q Rspressn,ave.
on the oh day o February 1855 the Object Of which was
Secretary Of the Treasury to redeem tsnd
n circulation At 1cd price for gold from month to month
same instance and al difference Of one per cent
month for every ensuing III he value the two
on Of S esns en-, IN for 100 @ cents in s the 1t Of Feb
AY sse % 1s S Chamber to Com
caused p suc redemption legal tender notes the secre
United be authorized 70 Issue M "ora a. n .av
20 expeden 70 the full extent Of such redemption
Resolved, further, That in order TO secure prompt
ana a % s notes s 70 be 90 Redeemed and
eeed, and TO supply any need OF circulating medium m
hundred million, q ega tender that !, these ss
may es s se or s s s an aons
Of national and that the Banking Law be so
& as
n p ss law s ef esrss ss " the Tssu
viii be authorized discretion receive aye or ten per
Of ass m said
operative or operate S9 as by n.
i Of redemption above urged : =.
/, Mr.. Low said the Chamber had always favored
.arly resumption OF specie payments. but had
an :. -atlonily FOR Congress to take acton. The
waea rsr ,n, n 70 hs done Is 70 convert che temporary
into he II carrscf ps erea lS
proptous time had tnot arcoritng 40 ~. tha
Of the day The speaker saeress had IN 70 ths s
constitution the only power T. ulate tho 81 cire,s
matter was to coin money and re- -d a necessitv
laton thereof, but the war conferr> monev IL y
| that could not be prevented. Paper snY II =. "
departure from the authorized standard, -. wheg
Congress issues 1t It should at least regua its
value but this IL has never done. Paper mo sef
has no fixed values 1t has differed widely 2sS
IN paper for 100 In gold. and now Is held at 1885, lie
said that we can now pass from the paper currency
to that OF specie without the danger difficulty that
| is generally imagined. During the war people
were accustomed to hear English friends say that
the south could never be subugated, but the result
has proved tiiat their prophecies were chimerica:
and II will be demonstrated that financial
croakers also prophesy in vain I'm regard to the
expediency OF an early return TO specie payments.
TO return TO specie payments with safety. the
legal tenders should be retired day bv day, and thus
with gradual contraction all dangers can be
averted. The only question that remains 10 be an
swered Is, How rapidly shall the contraction take
placer In any event banks ana individuals must
take care OF themselves. Tie malady Is known, he
Our circulation must have coin q basis A
financial plan comprehending both paper and
coin cannot work harmoniousiy together or last
long. Senator Morton. he said, had reported that
there is $500 900 of gold In the TreasurS This
he thought, Ia an error. The expectation OF g0ld
well as locking II up Is impoverishing the country
and will long bring financial ruin II cure is not
speedily applied He did not believe that there II
more than s25.000,00o OF gol1 to perform all the
functions OF trade and the only wonder II that 10 can
be kept at l35 when II Is considered that are
stantly sending 1t out OF the country.
8 b. CHITTKSDEN, In secondIng the motion to refer
the resolutions 10 "a committee, made n speech In
favor OF speedy return 10 specie payments by
means OF contraction.
General wALBgIDGE moved "a an amendment that
the resolution be considered by the Chamber "a q
COMMITTEES OF the Whole, OF which the president
shall be chairman. The amendment was adopted.
Mr. OrDyKE said that the resolutions must be
materially modified before they could meet with his
approval lie dfd not believe IN jumping over Mia
CARA Falls when there ~ safer passage Dy crossing
a bridge. What commerce needs, he said in conclu-
sion, u n stability to the currency, with persistent
and gradual efforts towards return to specie pay
ments. The Chamber then adjourned.