Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-12-12
NATIONAL BOARD OF TRADE
Close Of the session.


ST.. LOUIS, Dec. 1.-THE National
Board of Trade closed its session in this
city to-day. Mr.. Wright, of Chicago, offer
ed report from the committee on ware
house receipts memorializing the State Leg
islatures to enact such penal laws as will
adequately punish the issuing or negotiat-
ing of spurious or fraudulent warehouse re-
ceipts, protecting holders in the safety and
the integrity of the property covered by
such receipts, and to make warehouse re-
ceipts negotiable like other commercial
papers.
Canadian Commerce.
Mr.. Gale, of New York, presented the
following resolution from the Board of
Trade of that city, which was referred to
the Executive Council to report next year.
Resolved, That the duty of twenty per
cent now imposed on Canadian lumber of
right ought to be and should be abrogated
or else reduced to rate which should not act
as a prohibitory tax. "A resolution was
then unanimously adopted requesting Con-
greSs to give early attention to the enact
ment of the necessary laws to give practical
effect to that part of the treaty of Washing
tor, which relates to the fisheries.
Low Taxes.
a resolution was offered from the Phila-
delphia Commercial Exchange and unani-
moasly adopted deprecating imposition of
taxes upon our people beyond the supply of
the working expenses of the government
and provision of the limited sum, say fifty
million dollars per annum, towards the eX-
tinguishment of the national debts.
Inland ImpOrtatI Ons.
Mr. Weatherill, Of Philadelphia, submit
ted report from the Committee on Direct
Importation to interior cities. 1t recon-
mends restrictions as to wines and distillers
of spirits be revived. That privilege of re-
shipment or transfer from cars of one
guaee to cars ola different guage be extend
ed to water routes, and that the city Of
Mobile, Alabama, be included in the pro
visions of the act.
Mr.. Burwell, of New Orleans, wished as
a member of the Committee, TO afix his
signature 10 the report, but did not think
the report covered the difficulties of the
western imports and carriers.
The report was adopted.
Specie Payment.
The subject of currency and finance was
then discussed, and resolution from the
Philadelphia Commercial Exchange favor
ing the legal tender and National Bank cir
culation now in use was offered.
Mr.. Edward Atkinson, Of Boston, sub
mitted substitute, it memoralized Con-
gress TO pass an act for the issue of five
millions monthly during one year from the
passage Of the act, of legal tender notes
payable al the expiration Of two years from
the date of each series respectively in gold
coin, and for all amounts thus issued to
withraw and cancel equal amounts Of legal
tender notes of the present issue.
Mr.. Reyes, of Boston, argued in favor a
speedy return to specie payment BY the
government.
Mr.. Adolphus Meier, of st. Louis, offered
substitute providing for the gradual re-
demption in coin of ali legal tender and
national bank notes by the "a Of January,
1874.
Mr.. Opdyke, of New York, believed that
if the government held steady hand we
can, under the present process, go back to
specie payments without waiting for insol-
vency.
Mr.. Groom, of Boston, proposed another
substitute asking Congress to direct the re-
demption of legal tender notes at the option
of the holder by issuSing in their stead bonds
bearing 365-100 interest, the bonds payable
at demand.
Afer long debate continuing through
the morning, Mr.. Cook, of Cincinnati, read
a resolution for information in favor of a
steady and gradual contraction at the rate
of three per cent. per annum on the entire
volume of paper currency, both legal ten
der and national bank, which was adopted
as substitute for all other propositions be-
fore the house and agreed TO unanimously.
E. W. Fox of st. Louis, offered resOlu-
ton which was unanimously adopted, ask
ing the President, Secretary, and such other
gentlemen as the President may designate,
to attend the next annual meeting of the
Dominion Board of Trade at Ottawa, Jan.
II, in accordance with the invitation eX-
tended.
The Convention then took recess for an
hour.
In the afternoon session the subjects Of
international coinage, decimal measure,
watering of stock, ard the national bank
rupt law, were continued until the next an
nuai session.
The Tariff.
The next subject discussed was the pro-
vision tariff.
Mr.. Raper presented resolution from the
Boston Board of Trade, recommending such
revision of the tariff on imports as may
tend TO promote economy in the expenditures
OF the government, to check monopoly, and
encourage healthy competition in trades
and manufactures, and to facilitate mutual
ly and proiitably the exchange of products
between the United States and other ma
tions.
Opdyke, of New York, said protection
was fallacy and injurious to the whole
country. (Applause.)
Atkinson. of Boston, wanted tariff for
revenue only with the least possible inter
ference with industry. Where protection
begins, revenue ceases.
WetheriIl, OF Philadelphia, argued strong
foi protection.
SeeIey, of New York, thought protection
good thing for Boston, but death to other
cities.