Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-20
ESTABLISHED MARCH 80. 1885. ,. NASl
NATIONAL BOARD OF TRADE.
Live Men on Live Topics.
Trading ana votsng.Cotton Ia,


Trading and vstsng-COtton FAX
Usury-Railroad Iron
New York, Oct. 19.-At the maeting
this morning the, Executive Council re-
ported in favor of Chicago as the perma-
nent place of the meeting Of the Board.
Mr.. Ropes, of Boston, proposed reso-
luton, recommended by the Boston Board
of Trade, urging Congress to adopt the
Hare system of voting. Ropes said the
people are demoralized by politicians, and
new mode of voting is necessary to pre-
serve the purity of the government. Be
ferred TO the Executive Council.
A proposition ofthe Mobile Board, that
Congress refund the cotton tax, was ta-
bled.s- n. 4. e n. sr yzve b
MIR. Wetherell, of Philadelphia, offered a
resolution providing that thes Legislatures
of the States where usury laws prevail, be
asked to establish standard rate of inter-
est, but not to restrict traders IN money to
any particular rate. Carried.
a. resolution passed asking further re-
duction of duties on imports.
"A resolution Sof the Mobile Board OF
Trade that Congress bememoralized to re-
peal the duty on railroad iron, was indeh-
nitely postponed. -
Specie Payment and the National
Bank Nuisance. Isl
The following resolution was submitted
by the Boston Board of Trade:
ReSOlUed, That the National Board of
Trade reafirms, emphatically, its declara.
ton of Dec. l, 1871, that it is incumbent on
the National Government to prepare, by a
moderate but steady contraction of the legal
"a
ton of specie payment, by the National
Treasury and the National Banks. It be-
lieves that such contraction, instead ofeur-
failing the legitimate credit and industry of
the people, W illrather tend to enlarge them,
by checking unWarrantable speculation,
thus restoring capital to its proper channels
by greatly enhancing the value fall nation
al securities, by restoring sound and just
standard of value, by substituting for a
fixed, unelastic volume of irredeemable pa
per the precious metals, and credit legiti-
mately based on them, the amount of which
is practically inexhaustibie.
Mr.. Vinal, of Boston, opposed it saying
he didn't believe we could have better
money than greenbacks. His remedy was
to compel the National banks to redeem
every three months five per cent-Of their
circulation.
Mr.. Chittenden, of New 7 FORK, moved an
amendment asking Congress for revision
of the National bank system looking to
ultimate resumption and payment. He
also declared in favor of free banking.
Mr.. Ropes said they might cry out
GLORIOUS greenbacks," "great greenbacks, -
but was it irredeenaDle greenbaCks.
Laughter
Mr.. Buzby, of Philadelphia, moved an
amendment asking for the system of free
trade in banks.
Mr.. Fairbank, Of Chicago, said there is
not money enough in circulation; that was
the result of the contraction OF forty-fve
millions of three per cents last year. He
hoped they would not reaffirm the doctrine
of contraction.
Mr.. Chittenden said resumption must be
sought for. The Secretary of the Treasury
should be given to understand that the
commerce Of the country will tolerate
| nothing less.
Mr.. Cook, of Cincinnati, said there was
too much of what is called money in the
country, and not enough money. The
geenback is dishonored piece Of paper.
The national bank note is better for it is re-
deemable.
MIR. Rowland, of Cincinnati, said an Job
lection to the national banks was that they
can be made powerful machinery in the
hands of whatever political party they ad-
here to, and they are unanimous in their
adherence to the party in power.
MI. Vinal said when the national banks
contract we shall want another issue of
treasury notes. daughter and On, oh.)
The amendment of MIR. Chittenden was
agreed to by 81 to 9.
Mississippi EDeIta-A Florida Canal.
A resolution by BurEell Of New Orleans,
asking for the construction of free ship
canal seven miles in length, from the deep
waters Of The Mississippi, next to Fort St.
Philip to the Gulf of Mexico, was agreed to-.
A resolution from the Mobile Board of
TraI6, that Congress be memorialized to
orler survey of Florida with view to
cutting ship canal across the same, was
adopted unanimously.
The question Of improving the tele-
graphic service was postponed.
Adjourned.