, 1872-10-20
OUR COMMERCE.


1&x1k&0&1sA1 81OA1t1 OF AAXf1uE-L2US1x14 u fE0R
CcedinEss
New YonK, Oct 19.-At the meeting Of the
National Board Of Trade this morning, the Ex-
ecutiye Council reported in favor of Chicago rs
permanent place for the meeting OF the Board.
Mr.. Hamilton Hill WAS reelected Secretary.
Mr. Ropes, OF Boston, proposed the adoption
OF the resolution recommended by the Boston
Board Of Trade, urging Congress to adopt the
Hare system Of voting. Alr. Ropes said that the
people aro demoralized by the politicians, and q
now mode Of voting is necessary to preserve the
purity Of tho Government.
Tho subject of IN improved system ct voting
YES referred to the Executive Council:
The proposition Of the Mobile Board that
Congress refund tho cotton tnx was tabled
Mr. Wetherell, of Philadelphia, offered reso-
where usury laws prevail be asked to establish q
standard ratio Of interest, but not to restrict
trading in money to my particular rate.
Carried.
4 resolution was passed asking for further
reduction OF tho duties on lnlportg~
A resolution that Congress be memorializsd to
repeal the duty on railroad iron Eas indefinitely
postponed.
The following resolution was submitted by the
Boston Board Of Trade:
Resolved That the National Board Of Trade re-
afirmB, cuphatieally, it's declaration OF Decem-
ber, 1871, that it is incumbent upon the National
Government to prepare, By moderate but stendY
contraction OF the legal tender currency, for the
ultimate resumption Of Bpeclo payment by tho
National Treasury and the National Banks; be-
Ieyes that such contraction, instead'of curtail-
ing the legitimate credit and industry OF the
people, will rather tend to enlarge them by
checking unwarrartable speculation-thus re-
storing capital to it's proper channels; by greatly
enhancing the value Of nll National securities,
by restoring E sound just standard Of value; By
substituting for the fixed, unelnsttc volume OF
irrcdeemable paper precious metals ard credit
legitimately based on them, the amount Of which
is practically inexbaustible.
Mr. Ropes advocated the pasaago Of the reso-
luton.
Mr. Vinal, Of Boston. opposed it, saying he
did not believe We could have better money than
greenbacks. His remedy was to compel the Ma
tonal Banks to redeem, evory three months, S
per cent Of their circulation.
Mr. Chittenden, OF New York, moved IN
amendment, asking Congress- for q revision OF
the National Bank system, looking to the u1ti-
mate resumption OF specie payment. He de-
clarsd in favor Of free banking.
Mr. Ropes seid they might cry out, GLORIOUS
greenbacls!" " Great Greenbacks!" but WAS it
"Irrodeemable greenbacEss" I" [Laughter.l
1lr. Buzby, of Philadelphia, moved En- amend
ment, asking for system Of FREQ trade in bank
ing; r:,, n: .:,.,.,
money enough in circulation. That VAS the re-
suit Of the contraction Of s45,000,000, in 8 per
cents, last year. He hoped they would not reaf-
firm the doctrine Of contraction.
1lT. Chittenden said resumption must be sought
for. The Secretary OF the Treasury should be
given to understand that tho commerce of the
country will tolerate nothing 1cas..-..
Mr. Cool, OF Cincinnati, said there wes too
much Of what is called money in the country,
aud not enough money. The greenback is dis
honored piece Of paper. A National Bank note
is better, for It is redeemable.
Alr. Rowland, Of Cincinnati said ono obiec-
tlon to the National Banks was that they can be
made powerful machinery in the hands of what
ever political party they adhere to. They are
unanimous in their adherence to the party in
power.
Alr. Vinal said when the National Banks con-
tract we shall want another issue Of Treasury
notes. [Laughtcr, and s'Oh, oh.'7
The amendment OF A1r. Chittenden was agreed
to by 81 to 8.
4 resolution by Ar. Burwell. OF New Orleans,
ssking the construction Of free ship canal,
seven miles in length, from the deep water of
the mississippi, next Fort Phillip to the Gulf Of
Mexico, WAS agreed to.
resolution from the Mobile Board of Trade,
that Congress be nemoria1ized to order D. survey
Of Florida, with view to cutting ship canal
across the same, was adopted unanimously.
The question Of improving the telegraphic
service was postponed.
Mr. RugSioa, Of the New York Chamber OF
Commerce, proposed resolution asking Con-
gress to amend the bill now pending for reduc-
ing the weight Of the silver dollar to 364 grains
by adding one grain and eight-tenths, or less
than half Of one cent, to the proposed weight,
andto bear on ts face the word Liberty" The
resolution Was passed.
An invitation, by Potter Cooper, to visit the
Cooper Union, was accepted.
a. vote Of thanks to the Chamber Of Commerce
for it's hospitality was spassed.
Adjourned.