The New York herald., 1872-11-06
THE NATIONAL BOARD OF TRADE CRITICISEI

THE NATIONAL BOARD OF TRADE CRlTICISE1
To THE EDITOR or THE HERALD:-
SrR-Every citizen OF this Republic is intcrested
in the proceedings OF this important body and will
rejoice In every expression which gives evidence 0t
its wisdom and enterprise. Such body OF men,
representing the commercial shipping, transpoTta
tion and industrial interests OF the country must
necessarily colate and bring out for the future good
vast amount OF useful information, calculated. u
rghtfully used, to advance the general welfare Of
the whole nation Hence the responsibility resting
upon the National Board OF Trade is very great.
Every wellwsher OF his country will extend hearty
words OF encouragement and criticse with torbear
ance.
The original organization or this national insti
tuition was heraided with favor by the press and
people, ana when we remember it's early promise
yet hope from this institution great lutare
fulness, and from this standpoint we propose "a
speak of few points to which our attention has
been called during its recent annual session in this
city. 1t during this session that out OF about
eighty chartered Boards of Trade and Chambers OF
Commerce in the United States only about thirty
actually represented In this annual meeting,
and from examination OF Its last annual report
only about twenty-foar were represented at 81
Louis In 1871.
In looking over It's proceedings we lind that OF the
thrty-two original bodies which united in founding
drawn or omitted to send delegates to this annual
meeting The Milwaukee Chamber OF Commerce,
81 ESchanse
Board of Trade Charleston Board of Trade, Albany
Board Of Trade, Peoria Merchants Exchange.
Pittsburg Board or Trade st. Louis Merchants Ex-
change Toledo Board OF Trade and Wilmington
Board Of Trade. 1t is a noticeable fact this year
that but two cities on Lakes Erie and Ontario
had representation, while but one city east
of the great industrial States OF Pennsylvania and
Ohio were represented and but one city repre-
Pacific
Of the proceedings we were sorry to hear the state
ment from one OF the committee that tive or SIX
others, for some cause had 1ntimated their inteR-
tiOn to withdraw.
It is complained that one OF the original pur-
poses Of this organization has been almost wholly
Ignored, and the circumstance OF no represents
ton Of the industrial interests or voice IN its an
nual meetings Is mainly due to the fact that none
but chartered institutions are admitted to member
ship in the National Board.
ihe original questions to which 1t was proposed
''to secure the proper consideration and motive
for the organization Of the National Board" were
dnstria in terests or the country at large il was
therefore one OF the reasons why popular iavor was
originally extended to this institution that these
three great interests would meet and canvass to-
gether-great interests that necessarily belong to-
getlcr and must have Joint consideration before
anv recommendation for the general good can be-
come an intelligent guide to Congress or the gov
ernment.
Admitting that however constituted, this body
must have and has among its members truly
great men-able, experienced and practical,
and whose Judgment would be entitled ~
very high cOnsideration--yet large
number OF mere men Of business, not verscd
in general political economy but they swell
the list to make majority vote. ls IL, there
fore, surprising that body thus limited and con-
stituted should find its recommendation upon y
most important question to have been radically cr-
roneous and the necessity for reversing II within
one year forced upon them by an lnexorabe law Z
II was stated In this meeting that the govern
ment had acted upon the recommendations OF the
National Board OF Trade. made in 1871, ut st.
Louis, In contracting the currency forty-nye mil
sOns and earnest cOndemnations ol the policy
which had thus induced the government TO con,
tract forty five millions may not be seen by the pub
lie till iull report liz published, but the resolution
asking Congress revise the entire national bank
system was voted with great unanimity. While
we hope to see this institution open its doors and
widen It's field OF usefulness, we have no purpose
to scatter its forces or weaken it's power for all
tells ut is on trial before this great country,
and cherishes hope Tor its greater usefulness"
This sentiment will he shared by every lover oil his
country.
We, therefore, insist that more general discus.
braced in its conclusions before IL can rghtiuIIy
claim that the recommendations 1t puts forth
national or true guide either for Congress, the
administration or the general public.
The proposition for restoring the Canadian Rect
prOcty treaty on condition OF a canal enlarge
ment, by which our inland carrying trade shalt
also be practically transferred TO British bottoms.
and at the same time outside OF own territorial
limits is scheme which proves that only small
portion Of the territory and diversified interests
Of TINS nation had voice In its deberaton.
What can more clearly demonstrate the folly vi
Congress the people being guided by such
one sided body than this experience To-day the
commercial men Of great cities assembling
outside OF Boards Of Trade to avert the threaten
ing financial crisis by requesting Secretary Bout
well to reissue this forty five millions and the
policy forced upon the country through the
nendatOn or the National Board OF Trade. Does
this not most orcibly prove the necessity yisiug
the basis on which the National Board Is foundedy
The vacuum made by the withdrawal OF this
forty five millions has been filed with foreign capital
and how much the abstraction has contributed to
force I'm time Of profound peace the Bank OF Eng
land to raise its rate OF discount to six per cent
leave others to discuss The inference Ia plain.
II capital is in demand here at twelve per cent,
under period OF American contraction, English
funds Will not be content with three four In Eng
land.
In connection with this financial question we
are glad To notice one sensible conclusion OF the
National Board Of Trade Its resolution in favor oil
the repeal OF all usury laws Is wholly In the right
direction, aud will receive the thanks OF not only
the lender, but the borrower upon whom they
have always borne the hardest. These laws have
been a farce long enOugh-as well nix perma-
nent price upon pound OF butter. May
| we not hope those who have this insti
tuition in charge and desire TO restore and establish
| its claim to public confidence as % National Board
Of Trade, designed, in the eanguagc OF its organiza
| ti0n ito secure unity and harmony OF act0n In
order To secure the proper consideration OF qucs-
tions pertaining the financial. commercial and
Industrial interests Of the country at large" will
either open its doors to admit representation Of
the indtst rial interests expunge that portion VI
It's claim to public favor aud considerations
HORACE IA. DAY.