The New York herald., 1873-12-03
CHAMBER OF COMMERCE..


Important Meeting Yesterday-The Ma
jority Report I'm Favor of Speedy Re-
sumption Of Specie Payments Passed.
Tho Memorial TO Congress.
The Chamber Of Commerce met yesterday, at
half,past two O'Clock, at the rooms in william
street, TO take some final action concerning the
majority report OF the Committee OF Specie Pay
ments. the minority report OF which committee
was voted down at the last meeting. Mr.. w. E.
Dodge, the President, occupied the chair and there
was quite a full attendance. Great interest was
manifested in the subject, though opinions seemed
to diner very much as to what action the members
would take; indeed, the Chamber seemed to be
equally divided upon their action.
The meeting was opened by Mr.. ALEXANDER
DELMAR, who, in the course OF paper which he
read on "Statistcsn said that the dirnculty in
the resumption Of payments was that during the
property to the value OF So, 600 900 had been
destroyed.
Mr.. S. B. RUGGLEs opposed this view by say
ing that, while this was true as to destruction, the
actual increase in values since the war was
$12 0o0, 100000, making clear gam OF
&c. ,00o, 900.
Mr. ANTHONY then read very lengthy paper, in
which he reviewed the whole field OF finance and
commerce, ana drew deductions therefrom show
ing that the fact Of re-establishing specie payments
statement by motion to limit each person to I've
minutes which was carried. Mr.. Anthony was al
lowed, however, to proceed to the end Ofhis paper
Mr.. JACKSON $. SCHULTZ said, briefly, that there
seemed to him one great difficulty In the resump-
tion OF specie payments on any one day. 1t was
very well for the government to cover Its
$780, 0o0, ,O00 but when 1t was found necessary that
the banks should also be ready on the same day
they would secure every bill they could get in and
keep IT, Then goodby to the merchants who
hoped for any discount. He believed the result OF
the plan would be to make the government itself
fail.
man was in business the less he knew about this
matter. He was involved in so many tntricacles
that he was not clear on any subject: the
speaker therefore believed that II would be better
to step very cautiously IN the matter.
Mr.. SAMUEL d. BABCoCK, one OF the two members
to see two resumptions Of specie payments by the
banks and he believed he would live to see third.
There was no necessty OF delay, and the sooner It
was done the better. Matters would equalize
Mr.. GUSTAV sCHwAB made a long speech in oppo.
siton to the majority report, and offered as an
amendment TO 1t the folowng:-
Whereas this Chamber has repeatedly expressed its
81 haa s Of % p
turn TO specie payments; whereas the crisis through
he
and Tes rare without % to the
our people the losses heretofore anticipated rom
:rinesss has been SrossSt y the .1is
already taken place whereas the balance trade has
WHEREAS these favorable conditions are Certain to con.
ternined steps restoring currency rm gold
sasS to BE- 5 hast
be by one cogny ~ onc wnereas the
able opportunity Tor supplying ourselves with the re
That this Chamber petition Congress for the
prompt enactment Of the following measures ;-.,
Sst the voa%s legal tender notes oasssSdng
be nd above to S nSs 6
United States bonds interest bearing Treasury notes,
wes IT s.s ns g snsS f sp sss
essds ss' q such loan %msSs'sy
s o sS z Ss sS s IN & h s es
such legal tender notes as may DC offered Sr
and such reduction the volume OF paper currency
TSs aIsssr gold accnmaatea in the Treasury
%s nnds Ealing as
@ ss 9s b S
the s a ss ss to
THAT % n s ry sM se %ass ss exempt from the
long discussion ensued on this matter, and,
finally, Mr.. Schawbs amendment, being put to the
vote, was voted down almost unanimously.
Mr.. George OPDYKE said he sincerely trusted that
the whole matter would be laid on the table, as he
believed IL would work irreparable injury to have
the provisions OF the majority report accepted.
The motion to lay on the table was put TO vote
and lost by 25 to 15--sOme not voting.
The majority report and the memorial TO CON-
gress were then put TO vote and were carried by
20 to is, amid great applause.
The three most important clauses OF the majority
report are:-
FrsfThat the purchase Of United States bonds be
pended already suspended by the force OF circu-
ssancca
Sssond-That the redemption Of United States legal
tender notes be commenced the 4h day OF May but
that power reissue be continued Ihat the sub
Treasury, in New York, be the appointed place. with
liberty 10 department to redeem ut other points also
nconvenient
Txrd-That provision bc made for the funding of DOR
on OF tho the addition OF gold TO the other
money Of the country should appear to render such
measure necessary.
After passing this the meeting adjourned The
memorial " w be sent 70 CQpgress lor action