New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-12-04
THE NATIONAL BOARD OF TRADE


THIRD DAYS OBSERVATION-DISCLOSURES TO BB
MEMoRIALIzED FOR A NIAGARA SHIP CANAL.
RICHMOND, Va, Dec. 3.-In the Board OF
Trade this morning Mr.. Monroe of Dubuque had the
floor on the unfinished business OF yesterday being the
resolution for dOubletrack railway from the center OF
the source Of grain and produce IN the West to the At
lantic seaboard He showed that double-track road
1900 miles long, with trains starting every nve minutes
having 5000 trains the track. with $4,000 cars IN con-
slant notion s65 days the year. would have capacity
OF only tuns each way; while the virginia water
line with boats of $50 tuns, and double locks and USED
only 800 days IN the year. would have capacity OF over
100000 tuns each way The whole subject was then
laid the table by vote of 30 10 H. The nineteenth
prOposition-a Niagara ship canal-was considered.
resolution was offered by Mr.. Bagey of Detroit.
urging upon Congress the necessity OF con-
structlnR . ship canal around Niagara FAILS,
connecting Lakes Erie and Ontario, and appointing
committee to memorabilia Congress- on this subject He
explained that Congress asked 70 give any money
the work. The resolution was advocated Dy Messs'
Bagley OF Detroit Dore OF Chicago, alton OF Hiscohsn
Opdyke OF NewYOrk and Others They urged IL as not
only sectional. but national necessity Inc whoie
shipping OF the West, which might be needed navy
by the Government day, is locked up where can
reach the The cost variousy estimated az
ranging from twelve millions, Is nothing compared
with the vital necessity for it, Here is chain OF water
lines 1000 miles long obstructed by Niagara aus an
structon which may be overcome Tor "a lew nllnon
dollars Sooner or later Canada would, OF her choice
part Of the United States and the commerce OF TINS
canal, now to flow through the st. Lawrence River,
would then be going through Of rivers The
weand Canal the only existing outlet for produce ex
bushels OF grain. while larger portion Of the shipping
the lakes carry 10000 bushels The resolution was
The nth propositionthe regulation OF railway freight
ehargeS-was then taken up. Mr.. Richards OF Chicago
offered resolution asking Congress TO fix the rate to be
charged for the transportation OF freight ana passengers
on each railroad the United States the rate to DO based
reasonable income from the money invested 10 each
He said that many railroads had hctiuons capitals OF
made to pay interest. Railroads were public institutions,
and 1T subjects for the Interference OF the laMmakng
south Carolina the resolution tabled.
The 2Oth aud 2lst Propositions referring 70 the James
road, postponed until tomorrow. resolution IN
favor of establishing meteoro9gea observations 70
benefit OF commerce, was referred TO the Executive
Council -,
the Baltimore Board in tie shape OF resolution affirm
Ing IN the h d Gi ns too @
ted ana asking repeal OF that portion OF the law h-
sO0OOOOOO ON motion of Mr.. Ropes Of Boston, the 2sd
proposition recommending to Congress the adoption OF
measures TO hasten the restoration OF the specie
standard Of values coming up from the Boston
Board, was also taken up ara Doth dlsc 1 ss
though proposition No ~ came from the Baltimore Board
It Endorsed by It. He went ON to advocate the
cation of reputation loudly applauded lie offered
resolution referring those two propositions ana me an
one which recommend tue repeal OF the tax On STATE
bank notes. committee 70 report at this session OF %
Board Mr. Ropes Of Boston said Money Ike weghtsa nd
measures is useful only connection with other com
medtes, and only be employed 20 measure ana eh
money a
transfer OF real money No government has the rght 10
have its obligations overdue; return 10 specie pay
,ered Prices now are inflated and have been made
by the increase Of rredeemable credit, aud We must
the greenbacks To be funded, aud bauks
must be made made oE,,o. ncfsS S fc NO. dmrS
industry only check illegitimate speculation III u
is not done then the alternatives are Dshkup,ey al9
thirty year bonds payable in gold principal aud inter
est which coud be sold FOR gIeen0acks ahc the green
Mr. Dore Of Chicago argued that Congress should
or onehalf-n greenbacks, and also TO advertise gold
to-day o. that he Will sell gold the hrst OF the neat
month at cents less and the first 81 each sur
ceedue month one or two cents less than pre-
cedng This, he thought would do away with the differ
Mr. Opdyke OF York thought the safest return 20
specie payment TO he found in Carefully
the value OF the currency, neither expanding nor con
tracing its volume but growing up TO u oy te increase
brings resumption Mr.. ROpeSs plan OF return
by issue ~ four per cent thirtyyear bonds wib
should double currency to-day before year passed
away money would he just scarce and prices ~ high
rency throug the country He believed We had to-day
about good currency rs we ever hnd IN iis country
an Improvement the old system AS Tor gfeenoavks
lac Thought from the favor IN when tley were ri1 Wy
declare them not 10 be legateuders. IN month they
TIL cnrrrnry h. VS. are about tho best we can
have and under heu the debt has been eurialled so
OO aud the business Of the country has NOT been al
Mr Chittenden of NewYork. said the only course thar
eyer pro Scd safe resumption OF specie payment was
the pian OF Secretary McCu0ch. That was abandoned
with what he feared would he disastrous result;
Speculation m gold should be stopped by hct OF
Congress- and tina; il the only possible solution
OF tle financial question. There bud not been iine in
as years I'm business in NIYOrk when there ~ lts
feeling prosperity Notwithstanding the show 81 legal
reserve In the banks there. lilo believed sudden de
maud FOR SO 100000 IN greenbacks wonid smash them
He believed the Government Ough, 10 marcb siralghl.
forward 10 the establishment OF honest currency. anu
every careful should he getting ready 10 meet ths
action by curtaing his indebtedness lie believed that
from Washington xt Monday, words would he heard
Indicating this purpose the part % the G"Ncrine
Mfr. TaylOr OF ~, Paul advocated special 30 years
cold loan by the Government first Use of the pro
ceeds OF which would be n redemption OF It, notes ho
did not think of this loan NOnld De used before
the Government promises TO pay would he as gooi ~
gold The banks should then he required To redeem ther
notes i'm specie or United States notes Pour ocl0ck
arriving the Board adjourned until tomorrow.
The hall given honor of the Board o. Trade tonight
at The Exchange Hotel by the clilZeus, splendid
afar and was largely attended.