The New York herald., 1870-02-04
CHAMBER OF COMMERCE.
Meeting Of the Magnates Who Permit
Congress to Make Laws.
The Proposed Law for Authorizing Meteorlogt
cal observations as q Lookout for Storing
The Sandy Hook Forest-Taxation on
Bonds and Mortgages-Tho Recsn-
vertibility Of Legal Tenders.

The antiquated individuals who are banded to-
ge.her, under the name and title OF the Chamber or
Commerce. met in stated session yesterday after
noon, and proceeded to vcnttiate their views as TO
what laws Congress and the State Legislature should
be permitted to adopt, with their sanction
Among the matters OF minor importance wero the
resignation OF Mr.. A. G. King as o trustee for the
Institution for the Savings OF Merchants Clerk&
The resignation was accepted. Mr.. b. schlessinger
was elected member OF the august Chamber, MIR.
G. W. Lane elected q member Of the Arbitration
Committee. ana MIR. IL. X. Bogert was elected to
succeed Mr. King as q trustee Of the Institution for
the Savings OF Merchants Clerks.
After some slight discussion 1t was decided that
the Chamber should cast It's vote on the oasis OF
eleven shares OF stock held by the Chamber in favor
or reorganizing the Bank OF New York under the
banking laws OF New York state. This may be the
first blow at the national bank system
George w. Dow presented report on Meteorol0g-
ical observations accompanied by the following
resolution, which was adopted
Resolved That the Chamber Of Commerce OF New York
S =" Sa By ao
Paine, and requests It's adoption by Congress with the
amendment suggested In the report accompanying this rseo
Iution.
Captain SNOW moved t he appointment OF COM
mittea 10 memorabilia Congress In regard TO the In
jury inflicted on commerce by certain railroad
poraton the destruction without authority OF the
cedar forest at Sandy Hook. George Opdyke, Rus
sell sturges and George w. Blunt were name d as
such committee.
IL was moved by Mr.. MCKENZIE that memorial
be prepared presented to the Legislature during
the present session, ASKING them to exempt from
taxation both bonds and mortgages He stated that
by taxing these double tax was collected on pro-
perty. wi.ch was highly detrimentalsto the real
estate interest OF New YORK: that while these en-
frav., ntn
States money would naturally dow there for invest
ment. The matter was referred to special commit
Mr.. GROOM presented the following preamble and
resolutions, the discussion Of which was made sac
special order for the next regular meetng:-
Whereas it Is expressly declared in section I OF the
ha pc rsceva6s 1 pSysn. o. all loans mana made to tho
debts and demands Of every kind du. % the United
Of al csn. and demamas .san'. the 6nss
States, except for upon bonds notes and cesa-
%esesy end legal ,sndsr IN paypsns q III
ssS % Ras on am sS % Ea,a s Ynss
whereas n section ~ Of the National Bank &C, II
@ sss sS sfy ss &
G se dr aues oa nnS ~ 1ns sn oe 70
AL salaries and other debts and demands owing by the
within The United sae eIccp, pserss on the pSbs asS.
ss ss spsa S me-
r. to a'a s s'nss nsy iaaS h.1A IS IS 1852 purpS:.
or the government TO discharge NIL Just obligations
10 tho public crcdors and TO conflicting questions and
interpretations or the laws by virtue OF which such obga
tons have been contracted, ia hereby provided and
cnred that the faith OF the United States soemny pledged
To the paynen. In CON- it's equivalent, Of all the obga
tons Of the United States not bearing interest," known
United States and Of the ineres bearing obligations
OF the United Sntes except where the law authorizing
tho issue Of such obligation has expressly provided thai
the samo be paid in lawful money or other currency than
gold silver but or said ineres bearing obligations,
not already due shall be paid Or redeemed before maturity
unlegs such unted States notes shall be convertible
into coin at the option Of tho holder or uucss at such time
bonds OF the United Saes bearing lower rate of interest
than the bonds TO be redeemed be sold par
and the United States tocmny pledges is faith
vision Mt the earliest practicable period for redemption of
United States notes In coin; and whereas these lnws
which reference has been made remain upon the statute
books and whereas the has BEEN FOR period
OF more than past and s remains unable 10
pay con for Its demand obligations he II therefore
Resolved, That II In the duty Of the to Issue 10
the holders OF the nonnteen bearing demand obligations.
interest bearing bonds In exchange therefor whenevr they
shall reques. the saine); and be u further
Resolved That this Chamber respectfully requests Con-
gres to cooperate with The Secretary Of the Treasury y en-
forcing tho Legal Tender and National Bank acts both Ia
spirit and letter. and also to cooperate With h IN pefect-
Ing plan whereby opportunity shall be offered 70 ihs
holders OF legal to FUND them at their op'oa IN
.lVO Its mliple into bopds peAring interest,"
at the rate of 6J0O cent annu san bonus neud
nteres to be mxda psyssls on demand iu said LOCAL
nd