The New York herald., 1872-10-20

rTaiey IN tne cnalr. Tne proceedings were opened
by prayer by Rev. DR.. Prime, Of this city.
THE NEXT ANNUAL MEETING.
The Executive Council reported in favor Of hold
ing the next session OF the Board at Chicago, which
on motion OF Mr.. Duncan, OF Louisville, was
adopted. The Council also reported the reelection
OF Hamilton A. Hill as Secretary Of the Board.
!. POLITICAL CORRUPTION.
Mr.. ROPES OF Boston, called up the following
resolution, submitted by the Boston Board OF
Trade:-
Resolved That in view of the increasing danger Of
& od
Congress and to the Legislatures OF the
HSns
~ OF 6e sd on at
mgated, and the reign Of INSCRIPTIONS and proaigate
politicians and demagogues brought to an end.
Mr.. ROPES quoted from David Dudley Fields
essay on the Hare system Of voting, and declared
that the minority under the present system have
no voice In the election Of representatives. 1t is
possible, he said, to bring about state of things
whereby the majority, too. are not repre-
sented by the persons elected, whether on
o general ticket or by districts We are
yearly growing worse and getting q lower
order Of representatives. or the various methods
whereby the minority can be represented are six
propositions First substitution and proxy; sec
ond, allowing men to vote by proxy THAT is, allow
ing man to vote for his ne:ghbors) third, the
limited system, whereby II there are three candi-
dates no man can vote for more than two; fourth,
the cumulative vote, by which man may give all
voting This system would have its advantages.
II is excellent in its workings. The last Is the
in his bali OF supplied by his party, but in addition
to have the right to add as many names as he
pleases and number the names In accordance with
his preference. Under TINS system every man can
vote for the man who Is his first choice, and II his
vote is lost on that 1t counts on his second choice
and SO on to the end Of the ticket
Mr.. HOFFMAN, thought this was question we
have nothing to do with, and he moved to lay II
upon the table. Mr.. Taylor requested 1t referred
made Oft.
Mr. WHEELER, Of Mobile, offered the following
Resoved That inasmuch we learn that the question
not desire at this time to interfere with it, but to allow 1t
to remain In its present position.
Mr. MURDOCH OF Mobile. stated that they merely
wished to postpone until the decision OF the Court
Is obtained. II 1t Is adverse and sustainS its con-
sttutiOnaity they proposed to refer the matter to
Congress. The resolution was adopted.
FREE TRADE IN MONEY.
Mr. WETHERILL, Of Philadelphia, moved the
adoption Of the following
Resolved That the Executive Council be instructed to
petition the Legislatures Of States where laws
to- to o Interest 60
ri ss shan make all
otherwise at such rates OF interest be agreed
upon.
The resolution was adopted after brief debate
as to the power OF national banks.
REDUCTION OF DUTIES ON IMPORTS.
Mr.. ROPES, OF Boston, moved the following sup
ported by brief explanatiOn:-
Resolved That this Board regards with great satsfac-
ton the recent action Of Congress for the partial relief
daHon Of duties On mpSrt ana believes That such
extravasence, and thus Promoting economs Of prodnc
most unequaed In any other country.
The resolution was unanimously passed.
CONTRACTION OF THE CURRENCY.
Mr.. ROPES, from the Boston delegation, moved
the fOllOwing:-
Resolved That the National Board of Trade reairms
incumbent the national government to prepare, by
moderate but steady contraction Of the legal tender cur
the national treasury and the national BANKS and be-
tend enlarge them BY Checking spec
al
sy aa and sa o eae
able paper the precious metals and the credit legii
inexhaustibie.
Mr.. vINAL, OF Boston, opposed the proposed re-
ducton, believing that the federal currency is the
best we have ever had. He would compel the ma
tiOnal banks to call In their circulation, and with.
draw their bonds locked up In Washington at the
them to set apart one and half per cent % Of this
five per cent FOR the purchase OF gold for reserve,
the other three and half per cent to be spent In
In time we would reach specie payments, and the
banks would have this one and a half per cent per
ness with The government should on the rcdemp.
tiOn of these ragged bills of the national banks,
supply good clean greenbacks as circulating
Mr.. CHITTENDEN, OF New York, thought the green
backs was the best money we could have, and the
ffwenIy.iye cent reserve deposits OF the national
banks should be abolished In his opinion. He sug-
gested, as substitute, that this National Board OF
to take steps looking to the ultimate resumption
OF specie payments by the government and the
banks BY such review Of the national bank sys
Mr. BUsBY, of Philadelphia, believed that the cur
rency was established to make the people prosper
tion. He offered an amendment to the amendment
in favor OF free banking.
Mr. ROPES maintained that there must be con.
traction OF the currency or we would never have q
return to specie payments, but instead crash.
Mr. Cook charged that the legal tender green
ernment agrees to redeem them, but II you present
them, said he, ut the Treasury, 1t protests them.
They 90 to protest while the national currency is
redeemed In this protested paper. Still there Is
more security in the National Bank currency.
Mr.. ROWLAND wanted the pernicious system OF
tion OF specie payments, and he believed that we
were now In the path OF resumption.
The amendment mel OF q mr. Mr. Busby in favor Of free
tenden was adopted by vote OF ayes 81, nays9
SHIP CANAL NEAR FORT ST. PHILIP.
the national government ship canal seven miles
long, from q point near Fort st. Philip to the Gulf
OF Mexico, at the mouth OF the Mississippi River so
as to overcome the difficulty OF the shifting sand
bar at the mouth OF the river. The resolution sug
gests as the terms that If the government assume
the work at cost OF $4,000, the state OF Louisiana
will surrender all right to the territory required
&C. The resolution was adopted.
FLORIDA SHIP CANAL.
resolution TO request Congress to order sur
vey or surveys across the peninsula OF Florida.
with view to the cutting OF ship canal across
the same was unanimously adopted.
INTERNATIONAL COINAGE AND DECIMAL MEASURE
MENT.
Mr. Samuel Ruggles offered resolutions en-
dorsing the bill to be sent before Congress
for the unilcation OF the silver currency of
this country with the money of Europe. In
a brief speech he explained that the main
object OF the bill was to make our silver dollar
carry its full value all over the world. The resou.
ti0n was adopted.
CLOSING COURTESfES.
This closed the business OF the session. the other
subjects being laid over. Peter Cooper. who was
present, wanted the Board to meet him and inspect
the Cooper Union. The invitation was accepted.
- tHav xt~ox