, 1872-10-22
CREENBACkS.
Important Meeting Of Chicago
Business Men.
Discussion Of the Scheme to Reissue
$4a,0G0,000 Of Greenbacks.

S433UuUtVVU vi UlttHUdth1B
The Pittsburgh Proposition Re-
jected.
A meeting Of business men was held, yester-
day morning, in the Directors Room of the
Board Of Trade, for the purpose Of considering
8 proposition to petition the Secretary Of the
Treasury to increase the greenback currency by
forty-four millions. They were called to order
by j. " Preston, Esq, President Of the Board
Of Trade, who stated that it had been decided at
the Saturday gathering to have an adjourned
meeting, to which bankers, ETC., could be in
vited-
Mr. 4. c. Bartlett WAS elected Secretary, and
read the Pittsburgh despatch, on which their
proceedings we're based.
Nathan Reeve moved the appointment OF 8
Committee Of five to hear the suggestions Of
different parties, and report st future meeting.
Merrill Ladd could see no reason
for delay. They could as easily
decide now as tomorrow. He thought
immediate action was necessary. A prom
inent banker had told him he feared 8
general breakup II there WAS no relief.
a great railroad corporation was On the
verge OF bankruptcy, being unable to raise
money on good securities, and il it failed,
would drug many merchants down with it. The
action Of the Secretary in issuing greenbacks
would give general confidence, and relieve the
money market, now 80 stringent. Should they
act at once, or delay till failure came?
The gentleman who made the motion
had thought and written on the sub
tect for eleven years, and had some
ideas On the subject. He did not be-
Ieve in an appeal to the Secretary to reissue
the currency, which was rather a doubtful mat
ter Heinclined to the issue OF certificates, bear
ing 3per cent interest Having settled at Chicago.
he felt opposed to an appeal to the Secretary
from city that had done so much for herself,
especially unwise appeal The Secretary,
he would say, had no financial policy, except
from month to month. Since it did not seem
possible to issue bonds at less than S per cent
interest, theyshould now proceed toreduce taxa
ton to such 3 point as to leave q surplus Of
$25, ,000, 900 a'year to pay them. He a1sofavored
free banking, an increase Of the circulation OF
the National Banks, and q reduction Of green
backs until resumption was reached. He argued
his various points at length. Resumption was
to him possible, only by the issue Of a couple
Of hundred millions Of bank notes. and by pro-
curing silver to take up the postal currency.
l.
The question Was to concur or decline to concur
in sending representative to Washington to
urgethe Secretary to make reissue. he did
not believe any man WAS competent to decide
or contracted. He had had no occasion to take
. part in any movement to expand it. But for
certain remarks Of the preceding speaker in
reference to Savings Banks, be should have said
up money, and asserted that they we're es:
sential adjupcts to the commercial
bank system. For himself, he could say
that not one dollar Of the funds Of his bank was
he % then referred m to he Banks Il Venice, Genoa,
voted much time to the System Of the latter.
The financial world had been going round like
nad hsn hoa s g S redeem EN- s0 in d With
not redeem, should they cut loose from all
standards Of value? There could be o specie
basis without q specie redemption. There Was
way bv which currency could be
sz1sS @ ws ON foot to ameSd The BanGRne Rs
law SO that banks in the central cities could re-
ciprocally keep their balances with each other,
and not in New York, thus saving express
charges. The trouble with the currency WAS
that It had no elasticity. Let a law be passed
this winter that any man having $4,000 in
greenbacks, and depo6iting that amount in the
sub-Trsasury, and taking . certificate therefor,
for each days deposit. That, be believed, would
give dexibility to the currency, and that the
banks would take advantage Of it.
Mr. Childs VAS not IN favor Of such general
discussions, but believed in limiting it to the
present stringency and the way Of relieving it.
He Was in favor Of the per cent certificates. !
They generally had a stringency every year at
this time. It would be better to issue certif-
Gates, and bridge over two or three months.
He moTeG that the Secretary be asked to do
that.
Mr. Randolph wanted no general discussions.
The reiasue Of the forty-four millions was in
fation. It Was going back. He knew Of no
by Law, and publicly burned up. The Secre-
tary might have authority to reissue the certif-
Gates, and it might BIO well to ask to do it.
But be hoped they would not ask for an infa-
ton. which would send gold up OF per
cent. To issue the certificates might bridge
over chasn. There could be no return to
specie payments till either greenbacks or Nation
al Banks were ont Of the way, the two systems
being at YET. He favored the gradual with
drawal Of greanbaeks, and an increase Of Nation
Hon. J. G. Dore said there had been a great
striagency, especially On the National Banks,
ing. There had been no distress but what was
healthy. The draught had been going on con-
tiuualy for building, and had diminished the
money in the banks. But the National Banks
were not Represented here. Had the Secre-
tary the power to reissue his forty-four
millions? Ali such temporary expedients were
injurious in tho end, and produced an imitation
OF prices.
Mr.. wright said il they we're to send
delegation to Washington they would like
to know first it it would do any good.
They had their periodical stringency;
which would presently be over. He did not be-
lieve Chicago merchants we're in favor OF
expansion, but rather of gradual contraction.
he favored Mr. Childs' resolution, but believed |
they might also express to the Government their |
financial 7iews. He offered the following:
Resolved That in the opinion Of this meeting the |
National Bank act should be 40 amended Is to allow |
free banking, remedy for in the currency
market,
The National Banks had now monopoly OF |
the currency, and we're continually cornerng it. |
Mr. Randolph hoped he would amend it go |
that United States notes should be retired to |
the extent that new bank notes we're issued.
Otherwise, it Was nothing but imitation.
It Was asked what relief Mr.. Wtightta resnlu-