The New York herald., 1869-01-22
CHAMBER OF COMMERCE.

The bankrupt Law-Refurn to Specie Pay.
ments.
A special meeting OF the Chamber OF Commerce
was held yesterday afternoon for the purpose OF
considering and discussing the subject Of the return
to specie payments. The President, Mr.. william e.
Dodge, was in the char, and large number Of the
members OF the Chamber were present. Before
taxing up The special order OF business Mr. F. A.
Conkling asked permission to Introduce preamble
and resolution In regard TO the Bankrupt law.
Unanimous consent having been obtained Mr. Conk-
ling then offered the following.
The ss ~s; for the
year from the approval act year from January
.S n s M s. 1a %
should Be allowed Ss fully tested By that
extension of the time for unconditional discharge
should be enacted by Congress.
The preamble and resolution were unanimously
adopted, after which the special order OF business
was taken up. The preamble and resolutions for the
discussion OF which the meeting was called were
presented by Mr.. A. A. Low. at the previous meeting
OF the Chamber, as follows:-
Whereas constitution OF the United States gives
gress the no coin n 9sy s ys Hd regss The value there
bes mnta and Continues to Coin money According 70 and
in conformity with the standards of great
on Imports while / iadispensablo our atc with foreign
ss has assumed the right. under genera or implied powers
TO issue Treasury notes. making them legal debts
value Of this money Is no. regulated By fixed rea
business OF he country IL conducted with dncuty and with
much risk uncertainty constantly vary
hs his 70 and
proposition Of Hon. James A. GARFIELD, Ohio, bii
submitted by him the House Of the 10Th
follows TO authorize the SECRETARY Of the Treasury
ender notes circnaiion price for gold from
month e ponh the market value nenry as be de-
q one per cent per month for every ensuing month til
sois q Fe:!asry isss ne March VIII be
Resolved further fha. this Chamber recompendto Con.
caused By such redemption legal tender notes. the secre
isy Of the Treasury be authorized TO issue bonds Of the
espedens the fun extent OF such redemption and
Resolved further Th. secure prompt and
yan.ageoa sale q the bonds e be issued IN place Of the
ply any need Of crcuA,ng medium that may arse in ccuse
ths these made receivable by the Compro
q e Currency 2. the easi. for The ..Ss g additional
modified ss 10 admit OF sucli additional issue.
srsss Of the law for the collection Of
Imports by virtue Of which The seee,ary Of the Treasury
OF the import duties IN LEGAL tender provided the fore
o or oo a"s ssa
appreciation value Of said notss contemplated by plan
OF redemption above urged.
Mr. Low then argued in favor of the resolutions at
some length. lie said that the community is divided
into three classes on the subject OF the currency.
The FIRST which includes alarge number of those who
were patriotic during the and mold that the pub
tic debt should be paid in coin, favor early return
to specie payments. and urge active measures to
bring about such result. AT the head or this
class was the Secretary OF the Treasury whose
lightencd views were entitled TO respect, because,
from his position he could survey the whole field.
By his side stood the Commissioner OF Internal Rev.
enue whose researches are profound and entic him
10 be considered an oracle, and entite him also To
become the successor OF the secretary OF the Trea
sury. The second class entertains similar views In
regard TO n return to specie payments and to dts
charging the public debt tn coi1 but they are the
| advocates Of a mastery inactivity which would
carry to destruction. The third class consists
OF ali who are in favor of the freest use OF paper.
They are inatonists, spectators and repudiaors.
The speaker reviewed the speech Of General Butler
aud then, spoke OF the heavy drain OF gold TO
Europe which is constantly going on He cstI-
mated the entire amount OF gold In this country
at only one hundred million dollars. He next pro-
ceeded TO show that our foreign commerce Is lost 10
us under the present state Of things We were once
carriers OF our own merchandise. Now we pay
tribute to others. or seventy-tw0 vessels that
rived at China only thirteen bore the American nag.
| We have diminished revenue, accompanied by fail
ing or In income and decline In prices OF goods.
lie also spoke OF the great amount OF American
rites constantly going abroad, which may be re-
turned at any time causing great financial distress.
lie referred to the present banking system which,
he said was the real cause Of the present evil OF
| expansion.
Mr.. Low said he thought the surplus OF gold in the
Treasury at present sufficient to enter as once
| upon the redemption OF the grcenbacks. During
tour years the changes In gold have been great
one hundred per cent and during all that time United
states bonds retained their value. stu further
duce the price Of gold ten per cent he said, and
United states bonds will not materially decline. Re
demption will teach Europe that we are going back
tons VIII be improved. The lower the price OF gold
the higher goes the national credt.
our city aud State bouds are lower In currency