New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-29
THE CHAMBER OF COMMERCE..
THE o1rsr,oN OF SPECIE PAYMENTS.

An adjourned special meeunB OIL this Oouy
was held yesterday at their Chambers corner OF william
and Cedar-sts. VIM. Z. Dodge, ESQ., VINO presiueu' To-
Marked after calling the meeting to order that It's pri
mary object was 10 continue the discussion on the Imam
cia questions presented in tho resolutions OF the Hon.
A. Low offered at previous mssaag ana th mo oo Of
Mr Jonathan stuges After some opeo.on o G m psn.
bers, Mr. H. f. Moring commenced the reading
., n Financial b s distinct Notwithstanding that 10
to desst the request Of the Chamber lie Dee'ea
that tho doyernment finances shoSd DO
The first aim and end of all financial legislation should
tempt to leeislate gold into circulation, gold was
merchandise, and the greht commercial law OF sup
FIX and Of The 5 step when St
Chamber should recommend TO Congress should there
due paymtut IN gold OF any national bond-captal ana
notwithstanding gold coupon. This would reestanbsh
bscause gold would flow 10 this country
and would gradually accumulate by natural causes ts
any contract made FOR tho liquidation Of the national
debt In gcld ia legal and valid TINS %pna pns d IV do
away with much of the present uncertainty IN business
transactions Congress should SGT apart the ars1g
from lands and further appropriations Of pubic anus
should 10 granted for the benefit OF railroad eonpah9
or oE other merely t SaSe S5 psd for
Mr.. Morg then entered into long argument 70 prove
that the sGSy Of shOS SanE noes foT CIRCULATING
medium not yielding tsVenue 20 e1 feS ~ and
sbonld tberefore be recommended that tho earliest
mement Congress enact law to levy tax OF tho equal
amount Of coin interest which payable on the bonds re-
tanned as security for the amount Of currency issued
granting the privilege TO the banks 10 Wthafaw shoit
securities aud replace such by 40yeay gold Dond az
Iner cent 10 be tahen ut par, to the foil amount of
currency to be issued. Government deposits TO DO
Ie sG hat a there WHs gold eaoagh in tho wordnuch
moro than IA needed for rs legitimate trade But gold
was ina ter OK merchandise well as a1y other pro
duct, and its surplus would DO attracted 10 that point
where It likely TO bring tho be, interest Inc great
ng idle all over tho word be attracted TO ts country
%ss be Sae free seo Of trade as Veil
ms any merchandise. supply and demand WOulu regn-
late value well quality Of eoateTRl Offering
Tho money market would DO better IL banks were probib
tied from loanng more than certain portion OF their cap
At tho close o; Mr M0rings address. Mr. Opdyke
TO personal explanation. AZ the last meeting OF the
os ~i,h tie Fourth National Bank. While engaged ia
an elaborate Augment provo that the banking system
mated S thui m Of the bank named were
catering TO the spirit " speculation e considered mat
the banking system OF he country never better tau
At present md he failed 70 understand how " that
Mr. Chttenden had imheed his peculiar ideas unless
with which he sr chtlendeul was said to be connected
Mr.. opdyke IhGn Offered tho following resolution as
FssS 1tat co@ass eflra hs ,pgo5'a By %. Chair VII.
rsrur r-ss e ceug', recommending tho adoption Of
IT,, fsos , I's a, 5 - co.'s Or m squi,.i.ut
,hllb. el Of paper money either By 'A'
.s :. s:s.sss q tSs I:s tender ''' Of
.r,ffec rfrarta
Pe,ss III ,.erst sale, o. Gor,n neat reid and bosiL
Mh, peal sfsnss 90 loan money Ga legal eus" OF u'fooa
isjssi ypHs.sons raosd other sabss' u bonds
& ~ ,s The R.suu. lay. a. .aabls duou Of
iAs u.oaa l5ss SSS honest. .na ,f.nsGI - ,5 % 70 ,A
psesi redusod OF the BhSepA Of the public
Mr. opdyke supported his resolution in fog remarks.
1ESGE the S TSm PHHf s %' S point OF
order rong Against ts o t 81 pTs Ber
The point OF order was oyerfuled, and Mr. Chittenden
PROCEEDED He said that he had made sweeping aln.
sion 10 the rotenness Of national banks he had said that
IN tbs event Of specie resumption hieefonrths OF the
banks would be forced 70 sneepmb ana 10 making these
on these riatters remained unaltered, He felt
that Sso S' S the S cSry WDS
have suspended Dropping the subject q paSsIns NV,
na coming 70 e s0sr' me met his @ ne
eurreneo and approval excepting mat clause relating to
posed 10 Contraction Mr. chttenden then entered into
elaborate argument during which, IN speaking or the
II feeins ia fS5cablc to Tepaaon Is touched
rather closely political questions and at the closing
nrouctcn Of politics was out Of order lie apoSgised
to tho Chamber. when Mr. Jafray obtained tho floor,
offered by him at proyious meeting, but would urge
upon the Chamber tho necessity OF prompt aotOn In the
well bear o contraction of from two 10 four millions q
month and said that at the latter rate the currency
twenty-five fifty millions year. .a .t --.
Mr.. Morton thought that movement toward re.
sumption would have tendency to reduce imports and
Increase exports.
The Hon A. A. Low was disappointed at tho course
the discussion had taken. He had supposed that the
intention OF the Chamber 70 discuss the reS0lu-
tons offered by himself aud the amendments therntO
but instead Of that there was constant Influx OF new
talk about economy. This had formed the burden OF
every campaign song from tho earliest days OK the last
campaign 1t time to talk OF something else 1t was
time that the Chamber took some action and showed
that they the representatives q the commercial aud
financial nteTests OF the metropolis had nj least idea
OF the great ISSUE Of the times Ia oonemson, he said
that boforelOng remedial Efforts on the part OF Congress
would be OF no avail. .H IHIf... f| I.
The subject very fully discussed by various NOM
bers, when finally motion 70 put the resolutions OF
Messrs. Opdyke, Low and 6turgis TO the vote
RED and resulted In tho selection OF the resolutions Of
Mr. Burgs expressing the views Of the Chamber They
follows: .'f tH
Rsrsd that the following plan DO recommended to Congress -
bs leton for the settlement Of national hnAness
Declare that when the debt paid shall BE- pad 10 coin
ISruss the economy svsu department Of the Gov
sruneh, 1
Rsfas. al ,absd., and unnecessary appropriations
collse.red. I ~. n. .'
U,s all The surpus rsyeuus In reducing the debt N
Tsfe all from the seeetAII Of the Treasury male
Lei people While they need 10, fear rapid
Contract the currency moderately the deomns
shstbsr the ooabtry will bear rspd eontrseoa
10 Redus the surplus mesat 10
pay Of lbsualy reasonable anOant Of tie Debt
IL Rsasms specie payments rigid adherence 70 the above
II was ordered that the resolutions be appropriately
engrossed aud forwarded 10 the Senate aud House OF
Representatives. motion to adjourn then prevailed
the President previously Announcing that two oomnun
cations had been received but owing TO the pressure OF
business they had been deferred until tho meeting
..H.. .r. --------
THE GREAT SMUGGLING CASE. U...a
ITnifad Sfataa NOT Siman md Cioiaro,rd |