The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-10-25
National Board Of Trade.

, the consideration OF the transportation
. question was resumed. Speeches wer
!, limited to five minutes. "a
Mr.. Allen, Of Philadelphia, spoke Il
favor Of the third resolution, and believed
Congress should regulate land transporta
!, tomas well as water, and hoped for tn,
adoption ofthe whole report Of the com.
mittee. aa'as ,lSaLp 4r1.vu 81
Mr.. Burwell, Of New Orleans, opposed
the first three resolutions and all the sub
stitutes, but favored the Improvements %
the water routes, and thought the Misis-
sippi thirty per cent the cheapest.
! Mr.. LatchRw, of Kansas City, approved
the substitute Of Holton as the only rem
edy for railroad evils, favored Kansas
City as the terminal point Of the Grand
Trunk Line proposed, favored the com,
mittee reports, and the third resolution.
Mr.. Peyton, Of Richmond, favored the
Improvement OF the water routes.
Mr.. French, Of Richmond, opposed the
proposed double.track railway, and favor.
ed the improvement OF all the water
routes.
John A. Cans, Of Cincinnati, said that
only one conclusion had been reached,
VIZ: that safety to the commercial COM
munity was competition and improve
ments Of the water routes. He moved to
refer the whole subject back to the com.
mite to collect fact on the points involved.
Mr.. Busby, OF Philadelphia, opposed
the motion Of referring 1t back, and ia.
vored Congressional control OF railways.
The whole subject was referred back to
the committee enlarged to report Satur-
day morning.
ia. Cans of Cincinnati; Crocker, Bos.
ton; Holton, Milwaukee, and Latshaw,
Kansas City, were added to the commit
tee.
Boynton, oil New York, moved to re-
consider the vote, by which the resolution
to allow American citizens TO buy for.
eign built ships and sail under the Amer
ican flag, had been defeated. The resolu-
ton was adopted with the amendment,
allowing such purchase and use on the
payment Of reasonable duty, by vote OF
80 TO 16.
The report OF the Committee on Con.
ference with thelDominion Delegates on
Lake navigation and reciprocity, was
adopted, requesting the Secretary Of the
Treasury to allow the Canadian vessels to
proceed direct to the ports on lake Michi.
gan; and that the Executive Council call
the Dominion governments attention to
the canal obstructions, and providing for
the appointment Of committee to act in
conjunction with the State department
negotiation treaty with Great Britain, for
such notifications Of the trade regulation
as Is ismutually advantageous, and tends to
facilitate the freight exchange, necessary
commodities, and secure for American
vessels the use OF the Canadian canals,
connecting the common waters, on the
same conditions as Canadian vessels are
subject to tho Limitation Of State debts,
referred to the Executive Council.
The following was adopted.
ReSolced, That Congress be memorali-
zed so as to revise the tariff that the duties
Of the commission packages and the cost
Of getting goods on ship board be abol-
ished.
Mr.. Wright Of Chicago offered resolu-
tions providing for free importation OF
distilled spirits and giving expectations in
ports Of entry OF the west equal footing
with others. Amended so as to include
malt liquors and adopted.
Recess taken TIL Q PM.
~ AFTERNOON SESSION.
In the afternoon session OF the Nation
al Board Of Trade, the special order,
the report Of the Committee on Finance
relating to the resumption of specie pay
ments and currency, was taken up, and
the discussion thereon opened by Presi.
dent Fraley in temperate, practical ad-
vocacy Of the report, urging the necessi-
ty for q speedy resumption Of specie pay.
ments to give specie value to currency
necessary to the trade and commerce Of
the nation. BE thought the country Or
dinarily able to maintain the present vol. |
ume Of currency, and not more than ten
per cent of such volume in coin is ne. |
cessary as a basis under the plan Of re.
recommended. His address |
was lengthy, and argument specific and
elaborate, and was listened to with mark. |
ed and studious attention.
Mr.. NaZro, of Boston, supported ingen.
eral the report, but moved TO amend by |
declaring that treasury notes continue to |
be legal tender until the date OF specie |
resumption, on the first Monday in July,
1877.
Mr.. Kensie, of Cincinnati, moved to |
amend by advising specie resumption |
when the debt is paid or funded and the |
balance OF trade Is In our favor, and thenj
resume at every sub.treasury.
MIR. Busby, OF Philadelphia, opposed the |
n - a Il l0yHv &c
and moved asubstitute making bonds and |
greenbacks exchangeable and favoring 8 |
free banking law. i
Mr.. Taylor, OF Cincinnati, offered sub
stitute iavoring the contraction lof green.
back currency ct the rate Of two millions |
per month, commencing July l., 1874;
the payment OF interest on |
current deposits by National Banks; com.
pelling National Banke to maintain coin |
equal to thirty per cent Of their circula-
tiop; compelling banks to increase their
capital or reduce their circulation until |
Il shall not exceed 80 per cant Of their |
capital, and recommending free banking
law containing these provisions.
Mr.. Smith, Of Milwaukee, offered an |
amendment providing that after the first |
Of July next 10 per cent duties on imports
be paid in treasury notes, with 10 per cent |
increase every six months until such pay.
ments equal 80 per cent; provided such re. |
ceipts do not embarrass the payment Of
coin interest on the debt; that the national
banking law be amended so as make the
national banks redeem their notes in New
York city, and providing for free banking
when treasury notes are restored to q spe.
Gle standard. m
Pending the discussion the Board ad-