The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-10-21
WHEELING, W. VA MONDAY MORNING. OCTOBER 81 1872
National Board Of Trade.

New YoRK, October 19.-The subject
Of an improved system Of voting was re-
terred 10 the Executive Council.
The proposition Of the Mobile Board oI
Trade to petition Congress 10 refund The
cotton tax was tabled.
Mr.. Wetherell, Of Philadelphia, offered
q resolution providing that the Legisla-
lures OF the States where usury laws pre-.
vail be asked to establish o standard rate
OF interest, but not to restrict traders in
money TO any particular rate Carried.
A resolution was passed asking q far.
ther reduction Of duties on imports.
The resolution Of the Mobile Board OF
Trade that Congress be memorialized to
repeal the duty on railroad iron was in.
definitely postponed.
The following resolution was submitted
by the Boston Board OF Trade:
ReSOlUed, That the National Board OF
Trade re.afllrms, emphatically, its decla-
ration Of December, 1871, that It Is in.
cumbent on the National Government to
prepare by a moderate rate the contrac-
ton Of tho legal.tender currency for the
ultimate resumption Of specie payment
BY the National Treasury and National
Banks; believes that such contraction
instead OF curtailing the legitimate cred
It, the industry OF the people will rather
tend to enlarge them by checking unwar-
rantable speculation, thus restoring the
capital TO It's proper channel by greatly
ealarCIng the value Of oil national securi-
tics, by restoring sound, just standard of
value, by substituting for q fixed, unelas-
tic volume OF irredeemable paper, pre-
cious metals, credit legitimately based
upon them, the amount Of which Is prac-
tically inexhaustible.
MIR. Ropes advocated the passage Of the
resolution.
Mr.. Vinal of Boston opposed it, sayiRg
be did not believe we could have better
money than greenbacks. His remedy
was to compel national banks to redeem
every three months five per cent OF their
circulation.
Mr.. Chittenden, Of New York, moved
an amendment asking Congress for re.
vision of the national bank system. Look.
Ing 10 the ultimate resumption OF pay.
ment, he also declared in favor Of free
banking.
Mr.. Ropes said they might cry out glo.
rious greenbacks, great greeubacks, but
was 1t redeemable greenbacks,
Nlr. Busby, Of Philadelphia, moved an
amendment, asking for system of free
trade in banks.
hIr. Fairbank, Of Chicago, said there Is
not money enough in circulation, that
was the result Of contraction $45, 900, 900
at y per cent last year. He hoped they
would not reattlm the doctrine of con-
traction.
Mr.. Chittenden said resumption must be
sought for. The Secretary Of the Treas.
ury should be given to understand that
the commerce OF the country will tolerate
nothing less.
Mr. Cook, OIL Cincinnati, said there was
too much of'what is called money In
the country, and not enough money.
The greenback is a dishonered piece of
paper. The national bank note Is better,
for 1t is redeemable.
Mr.. Rowland, of Cincinnati, said one
objection TO the national banks, was that
they can be made powerful machinery in
the hands Of whatever political party they
adhere to; they are unanimous in their ad.
herenCe to the party in power.
MIR. Vinal said when the national banks
contract, we shall want another issue of
Treasury notes. Laughter
The amendment OF MIR. Chittenden was
agreed to by vote Of 81 to 0.
The resolution by Mr.. Burwell, Of New
Orleans, asking the construction OF free
ship canal seven miles In length, from the
deep water Of the Mississippi next to Fort
Phillip to the Gulf of Mexico, was also
agreed to.
A resolution from the Mobile Board OF
Trade, that Congress be memOrialized to
order a survey Of Florida with view of
cutting a ship canal across the same, was
adopted unanimously.
Tho question Of improving the tele.
graphic service was postponed.
Mr.. Ruggles, Of the New York Cham
Der OF Commerce, proposed resolution
asking Congress to amend the bill now
pending for reducing the weight OF the
silver dollar to 3s4 grains, by adding one
grain, $40 or less than half Of one cent
to the proposed weight, and to bear It's
face with the word "liberty."
The resolution was passed.
An invitation per Cooper to visit the
Cooper Union was accepted.
A vote Of thanks to the Chamber Of
Commerce for their hospitality was passed.