Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-10-22
Largest Circulation in the District
Reading Matter on Every Page.
WASHINGTON CITY:
WEDNTSDAY...O ~, 1873
Avn additional inteIs.t xin be al in the ae-

An additional interest will be felt in the ac-
ton Of the National Board Of Trade now in ses-
ton in Chicago, in view of the fact of the late
monetary panic, and of the many speculations
~ to its effect in the future. The report of the
executive council was submitted yesterday. II
recommends the enlargement of American ship
building by allowance of bOunties for building,
whether the materials used be foreign or Amer
lean; condemns the credit system of the govern
ment promises TO pay, and the national banks
founded thereon, and demands currency resting
on q specie basis; condemns the policy of banks
paying interest on call deposits fsvors govern
ment regulation OF inter state transportation
ard the redzctiOn of rates SO that the producer
may share in the profits of his produce and
condemns the system of watering stocks so that
dividends are paid on fictitious representations
Of valve. The Boston board of trade will sub
nit to the national board at its present session
a resolution A. follows
eve regard II a. the imperative and pressing
DUTY Of the national government TO take imme-
diate measures for the reform of the currency
and the restoration Of the specie standard OF
values, ard earnestly entreat Congress no
longer TO postpone the legi-AtiOn so essential TO
our Industrial, economical, and financial safety
and prosperity"
Another resolution submitted by the Boston
board declares that the highest financial talent
in the country ought 70 be called out in aid of
legislation ON this subject, and that perma-
nent committee of merchants, bankers, and
men of business should be appointed to re-
main in session until the desired end is accom-
plished.' A permanent committee OF this kind
would certainly be desirable, provided they
represented the wishes and feelings of the bust
ness men of the country. With a committee of
working members much good could probably be
done in the way Of securing such legislation as
the best interests of the country require.
" "-~>-'
Just as every old woman has certain remedy
or thinks she has, for toothsche, rheumatism,
and other human ailments, so every public man
has his pet financial theories, which, if adopted,
will, in his opinion, bring about the golden age,
when everybody will be able to buy cheap and
sell dear, wages will be high and produce low,
and Black Fridays and financial panics and re-
vulsions will be unknown. EX-Secretary of the
Treasury Boutwell, is the very latest statesman
to give the public his views on this important
subject, and, as he has had experience in that
direction, his opinions are entitled to more
weight than are those of most OF the would-be
wise men, whose remedies would be worse than
the disease. He delivered slecture IN New York
city last night on finance and panics their
causes and cures. He said that one of the causes
which contributed to our present financial con-
ditiOn was the excess of the volume of paper
over the actual wants of the country; another
reason was that the balance of trade has been
against us largely for many years; another fact
to be taken into account is the large speculstons
in gold in Wall street, based on the actual de-
mand of five millions a week for payment of
duties He maintained that it was not possible
to retain specie payments until the balance of
trade Is little or nothing against Us, and that
he had 10 faith in any scheme for redemption,
but IN generous, comprehensive public policy
by which the industry OF the country shall be
developed, its resources multiplied and its
capacity to supply foreign countries with arti-
Giles of production increased, so that the demand
OF gold to go abroad shall be met By demand
of gold to 90 to us.