New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-29
A RETURN TO TIE GOLD BASIS.

the close
A RETURN TO TIE GOLD BASIS.
SKETCHES or BOTH SIDES BUFoRF THE CHAMBER or
COMMERCIAL FINAL VOTE on THE QUESTION NOT
REACHED.
The Chamber Of Commerce was called to order
yesterday by the President Wsn l.. Dodge, who stated
there TO hear tie reports OF the
Committee On tie Resumption OF Specie Payments,
consisting a A. Low. Samuel D. Bsbcoek and George
Opdyke. 80 bOth the majority report, signed by the
first ~ named genemeD and the minority report Of
Mr. Opdyke had been printed and sent to each memoer
ahey were read Abstracts OF these have been pub
iissed in TIE TRIBUNE.
Mr. Low began the discussion. feel. said he, that
the yoie upon this subject very important one. On
tho one SIDE the minority OF the Committee call upon
.he Governpeu redeem the pledge made four Eve
years $50 The Governm0nt promises to pay its oblgs
tons ana gives solemn Obligation that they should be
paid gold Tue majority think ~ the time for that
be redeemed taken for its early redemp
ton. Ol the other hand, tho minority recommend the
policy Of drifting but while drftDe the gold ia
gradually oozing out Of tho country The two principles
recommended by the majority arc theses Oao is that at
fixed date tie lesiender notes DO redeemed for gold
the other is TO meet the argumen. OF the minority that
VIC have an excess Of currency, and redemption is i'm.
possible that the banks of TIE country should be com
PEELED 70 hold their reserves legaendeT notes. II
this we're the Low, the amount would PROBABLY be
t100OOloOO The question IS WHY tue Government hav
ing issued s3560O1.OO0 OF legal-tender notes. and
f0O01oO0 % gold notes, could not DO expected
60 pay It's Indebtedness II the banks
PEELED 20 maintain reserve OF Is per cent IN legateD
der notes II must mind that this indebted
ness on the part Of the Government not local lndcbt
tdnes but the legtender notes are spread over the
whole country. AL chat the banks can hold viii be
barely sufficient 10 give them adequate reserve. An
The Government has do Is TO provide the TO
redeem S2oOOD co. The notes are scattered the
Fcxfdf agFf ia gl'
toeethor about s25 oO0o0 Ii tba Government will re-
deem It's notes. IL has gold enough for t. When the
GoYersment has made its iegaltender NOTES good as
gold shah have two things gold 90 redeem green
hacks and gFeenbacks 70 redeem tho Indebtedness.
IHG MINORITY PLr0ET FAVORED,
George opdyke then moved that the minority report
DC substituted. a. IN amendment for the majority re
port aud advocated is adoption. Immediate resump-
zion said he would be iuOppOrtune and tuexpedient
now when the country has Just passed through one OF
the seyerest crises ever experienced here, and VIII DO
likely TO prove injurious the present crippled ccnd
ton Of commerce The panic did not result because the
country was not prosperous, but from the encourage
1oe1t resulting from Largely expanded currency. II
came on Suddenly from the failure OF ralioed en-
JerDrises iron undue speculation IN Was 1t led TO
The noe extensive boarding known national
experience This boarding, which was facilitated BY
the existence Of Numerous safe deposit Companies had
withdrawn q, least sOlOcOOO Of greenbaeks from the
panic might have been prevented II the banks
and the Government had followed the wise ipol.
icy WHICH in such cases Is adopted In Great
Brtal1 In that country crisis since 1918 had endod
me Bsnk OF E1gard expanded its discounts and the
Coyernmeat authorized It 20 increase its issue Of paper
tnoncy. believe that express the sentnent OF every
business In tie country III saying that an attempt
80 specie payment on The in or May next woula
1e futile hat the failure OF such AN attempt would
revive public dstrast aud prove most Injurious to all
business interests. No RATION win an nredeemaDIe
hat ca ~ nd re
10 convertible curreucy this The country had been
@ ,pt6TTvpt the process, No nation had ever main
tanned convertible currency when TUG anonnt e1-
rapits This no was prepared TO prove. In
our preteAt fnaucial embarrassment, WY shon,d
H. our troubles and postpone the tine Of resumption
a. Congress holds steady hand. neither contracting nor
will come naturally and easily the dropping OF ripe
fruit Why not 20 ON Three years more. aud come back
90 tue normal condition with an uninterrupted industrJl
one point, not In the majority report claim TO he eS'
.en ana !4,s Sn ,n ts sn aSshogS .
ever rate interest they believed all interests demand
they e. crisis 1pe1MS,Ss 70 a,'e ih.s rate , as Tho
Hover IL again Another point s. ths, IN order to give
500 COO 90 Of bopds bearing least $500 per cent IN
ferest convertible into greenbaeEs az the pleasure OF
xne holders, should be authorized by Congress.
TIE OPPORTUNITY NEW DEPARTURE.
n Chittopden said that he supported the majority
r.nort because It 40 earnest and convincing ars
sntnt that Cor ress should pledge Its word TO redeem at
carly day the promises 81 had made and not because
q. annroyed Of all II contained He believed We we're
he eve O, specie payment. ans that NO power could
~. if uress the United States wes3 TO De dis
srsd befort the world We had aretdy fot the pan4s
~nsnmptou and ererced the shrinRage OF values.
or s psSy ss ss. ss SS wbSh VA than
if would boon specie basis NO one was In tsvot OF
the currency yet the currency vas eoit
sractipe iisei IN obedience 70 tue natural sNs OF
brnksge We had at least ZOO o 900 more or currency
nj than could use egitimaely during tho next
Ssar or two II there any KIND OF tAiusoie prop
srty which not now on specie oaslb was because
are owner was not Wiling 70 se Tao country ls iu! OF
sbe erapdest OF any SPOT on earth Our o0
.ge and enterprise irresistible, ana We shall certainly
sntra basis and the insoivent Will never have better
change 10 take departure. There B ono o!her
,uestion not instantly Involved In these memorais
xe Of TIE purest best OF men have tried 10 bring
0syer win while the Government 10 required 10 tinker
H. The paying Of interest on deposits ~ SAFE M any
thing else the has no right 20 say 70 tho
contrary spsaker looked upon the Dsp6 40
Quoted will siwsys have sufficient reserve Govern
ment viii leave 10 alone H5 believed that thb pasks,
oy uniting together had saved great deal but hoped
that when the ne4t crss came each bank would stand
~ en eLd lot Gave 10 combine with others o. ID TINS
Isssc Philippe heartily favored MI Chittendons We've,
and tpohe the fact that OF the carrying trade OF
Che country was done IN foreign bottoms He dfd not
ssaety know what bearing IL had on The subject but ss
had bee unsuocessfu with II under al irredeem
able CURRENCY 1t might be better under this plan Ho
ysnted not ieR1sa'ioo only that Congress should re-
deem liza pledge.
nI. Anthony. one Of the younger members Of the
Chamber. proposed 70 substitute plan OWL
booyins some " the beat of tie others but ~
Wa new matter IL could not be considered
hugses SAID that th,s action concerned the $780,