The New York herald., 1873-10-25
NATIONAL BOARD OF TRADE.

NAx1ONAL bUhnO UC 41AOGs
Congress Asked to Allow the Purchase
OF Foreign Built ships and 10 Revise
the TariH-Dcbate ON the Question OF
Specie Payment Resumption.
CHICAGO Oct. "a, 1873.
The National Board OF Trade reassembed this
morning. The consideration OF the transportation
question was resumed. Speeches were limited to
five minutes.
Mr.. ALLEN OF Philadelphia, spoke in favor OF the
third resolution, and believed Congress should
regulate land transportation as well as water. He
hoped the whole report OF the committee would be
adopted.
Mr.. BURwELL OF New Orleans, opposed the first
three resolutions and all the substitutes, but Ia
vored those for the Improvement OF water routes
and thought that Of the Mississippi thirty per cent
the cheapest.
Mr. LArsHAw, OF Kansas City, approved the sub
sttute OF Mr.. Halton that the only remedy for rail-
road evils was not legislation, but competition
He favored Kansas City as the terminal point OF
the grand trunk line proposed, and supported
the report OF the committee save the third reso-
luton.
Mr.. PEYToN, OF Richmond, favored the improve
ment OF water routes.
Mr.. FRENCH, OF Richmond, opposed the double
track railway, but favored the Improvement OF all
water routes.
Mr.. JOHN 4. GAxo, OF Cincinnati, said only one
conclusion could be rcached-viZ., that the safety
OF the commercial community was competition,
and improvements OF the water routes was neces-
sary. He would refer the whole subject back to
the committee to collect facts on the points in
vOlved.
Mr.. BUGsBY, or Philadelphia, opposed the motion
to refer back and favored that for Congressional
control oil railways.
The whole subject was referred back to the
report on Saturday morning. Messrs. G. A. Gano,
of Cincnnati; Crocker, OF Boston; Holton, OF Mil
waukee, and Latshaw, OF Kansas City, were added
to the committee.
Mr.. BoYNroN, OF New York, moved to reconsider
the vote by which the resolution to allow American
citizens to buy
FOREIGN BUILT SHIPS
and sail under the American flag was defeated.
A resolution was adopted with an amendment
allowing such purchase and use on the payment OF
BY vote OF 80 to 1s the report OF the Com
mittee OF Conference with the Dominion dele
gates on lake navigation and reciprocity was
adopted, requesting the Secretary OF the Treasury
TO allow Canadian vessels to proceed direct to
Gil TO cali the dominion governments attention to
the canal distractions and providing ior the ap-
pointment OF commission to act IN conjunction
with the State Department in the negotiation OF
TREATY WITH GREAT BRITAIN
for such notifications OF trade regulations as may
be mutually advantageous and tend TO facilitate
the freest exchange OF the necessary commodities;
to secure Tor American vessels the use OF Canadian
canals connecting common waters, on the same
conditions as Canadian vessels
The subject OF Limitation OF State debts was re-
ferred to tle executive council.
The following was adopted
Resolved, That Congress be memorallzed so revise
s "a ar hst duties on Isl and The
Mr.. WRIGHT, of Chicago, offered resolutions pro-
viding for the freer expectation OF distilled spirits,
and giving exporters in ports OF entry OF the West
an equal footing with others.
THIS was amended 80 as to include malt liquors,
and was adopted
recess was then taken until two O'Clock in the
Afternoon Session.
At the afternoon session the special order was
the report OF the Committee on Finance relating
THE RESUMPTION OF SPECIE PAYMENTS
ond the which was "a taken 1p ana dis
Q temperate, practical advocacy OF the report.
He urged the necessity for a speedy resumption
rency necessary for the trade and commerce OF
the nation. He thought the country was ordinarily
able to maintain the present volume OF currency
and not more than ten per cent OF such volume in
coin was necessary as a basis under the plan OF
resumption recommended. HIS address was
lengthy and his arguments specific and elaborate
He was listened to with marked and studious at
Mr.. NAzRo OF Boston, supported in general the
report, but moved to amend by declaring that
Treasury notes continue to be legal tenders until
july 1871.
MIR. KENzrE, OF Cincinnati moved to amend by
or funded and the balance OF trade is In favor,
and then resume at every Sub-Treasury.
Mr.. BUsBY, OF Philadelphia, opposed the report,
and preferred non-action IN the present and hold
Ing on await developments, and moved q sub
StlLuue making D0ndS ana greenDdckS eXcnauRe-
able and favorlng free banking law.
Mr.. TAYLOR, OF Cincinnati. offered substitute
avoring the contraction OF the greenback currency
at the rate of $4,000, 900 per month, commencing
July l. 1874 the prohibition OF payment OF interest
on current deposits by national banks; compelling
national banks to maintain coin equal TO thirty per
cent OF their circulation; compelling the banks to
increase their capital or reduce their circulation
until 1t shall no, exceed fifty per cent OF their
capital, and recommending Tree banking law
containing these provisions.
Mr.. SMITH, OF Milwaukee offered an amendment,
providing that after the 1st day oil July next ten
per cent OF the duties on imports be paid in Treas
ury notes. with ten per cent increase every
six months until such payments equal
fifty per cent, provided such receipts
do not embarrass the payment OF the
coin interest the debit that the National bank
ing law be amended, so as to make the national
banks redeem their notes In New York city, and
providing Tor free banking when the Treasury
notes are restored to specie standard
Pending discussion the Board adjourned until
tomorrow morning