, 1872-10-21
OUR COMMERCE..


cGcttnE5s
New YORK. Oct, 19.-At the meeting of the
National Board Of Trade this morning. the Ex-
ecutive Council reported in favor Of Chicago as
q permanent place for the Ineetiug of the Board.
hIr. Hamilton Hill was reelected Secretary.
Mr.. Ropes, OF Boston, proposed the adoption
Board OF Trade, urging Congress to adopt the
Hare system of voting. Mr. Ropes said that the
people are demoralized by the politicians, and 8
new mode Of voting is necessary to preserve the
purity Of the Government.
The subject Of an improved system Of voting
was referred to the Executive Council.
The proposition of the Mobile Board that
Congress refund the cotton tax was tabled.
Mr. Wetherel, OF Philadelphia, offered q reso-
luton providing that the Legislature Of States
standard rate Of interest, but not to restrict
trading in money to any particular rete.
Carried.
A resolution was passed asking for further
reduction of the duties On imports.
4 resolution that Congress be mernorializedt to
repeal the duty on railroad iron was Indefinitely
postponed.
Tile following resolution was submitted by the
Boston Board Of Trade: ~
Resolued, That the National Board OF Trade re-
afirns, emphatically, its declaration of Decem-
ber, 1871, that it is Incumbent upon the National
Government to prepare, by moderate but steady
contraction Of tile legal tender currency, for the
ultimate resumption Of specie payment by the
ieves that such contraction, instead Of curtail-
ing the legitimate credit and industry Of the
people, will rather tend to enlarge them by
checking unwarrantable speculation-thus re-
storing capital to its proper channels; by greatly
enhancing the value Of all National securities,
by restoring sound, just standard Of value; By
substituting for the fixed, nnelasttc volume Of
irredeemable paper precious metals and credit
legitimatoly based on them, the amount of which
is practically ine1haustible.
IIr. Ropes advocated the passage Of the reso-
lution.
Mr. Vinal, OF Boston, opposed it, saying hs
did not believe We could have better money than
greenhacka His remedy was to compel the Ma
honal Banka to redeem, every three months, s
per cent Of their circulation.
Mr. Chittenden, Of New York, moved an
amendment, asking Congress for revision OF
mate resumption Of specie payment. He de-
clared in favor Of free banking.
Mr. Ropes said they might cry out " Glorious
greenbacks!" "Great greenbaeks!" but was it
"lTedeenable greenbecks?" Haughter.]
tnent, asking for system Of free trade in bank
11r. Fairbank, Of Chicago, said there was not
money enough in circulation. That WIS tho re-
cents, last year: he hoped they would not 1eaf-
firm the doctrine Of contraction.
Mr. Chittenden said resumption must be sought
for. The Secretary OF the Treasury should .bo
given TO understand tnat E0e 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 greenback is dis
honored piece Of paper. A National Bank note
il better, for it is redeemab1e.
Mr. Rowland, Of Cincinnati, said one objec-
ton 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.
E1r. Vinal said when the National Banks con-
tract ne shall want another issue of Treasury
notes. Laughter, and sob, oh.''l
The amendment Of Mr. Chittenden vas agreed
to by 81 to 8.
Aresolntion by Mr.. Burwen, OF New Orleans,
ssking the construction Of q free ship canal,
seven miles in length, from the deep water Of
the Mississippi, next Fort Phillip, to the Gulf Of
Mexico, vas agreed to.
A resolution from the Mobile Board Of Trade,
TINT Congress be 1nemoria1ized to order survey
Of Florida, With q view to cutting q ship canal
across the Bame, was adopted unanimously.
The question Of improving the telegraphic
service WAS postponed.
Commerce, proposed q resolution asking Con-
gress to amend The bill now pending for reduc-
ing the weight Of the silver dollar to 384 grains;
by adding one grain and eight-tenths, or less
than half Of one cent, to the proposed weight,
andto bear on it's face the word Liberty" The
resolution was passed.
An invitation, by Peter Cooper, to visit the
Cooper Union, was accepted.
A vote Of thanks to the Chamber Of Commerce
for its hospitality waspaased.
Adjourned.