New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-07
A RETURN TO A SPECIE BASIS.

RESOLUTIONS IN FAVOR OF THIS POLICY REFERRED
TO A SPECIAL COMMITTEE or THE CHAMBER Oh
COMMERCE..
The regular meeting OF the Chamber OF
Commerce was held yesterday afternoon, President Wm
L. Dodge presiding After the transaction OF some
business OF minor Importance letter was read from
Samuel b. Rugges, explaining series Of tables accom-
psnying it, II was stated that these tables furnished.
both in gross aud in detail the actual products OF agr-
culture.
A. A. Low then offered and read the following;
Whereas Panic" is the prominent characteristic ~
great financial crises and panic alwaysis fr1uSht w1h
peril whether to the public assembage TO che ranks Of
an army or to q commercial community, Deln2sanke
q s s f9S "a od and & ia man Which
il principle and the prop OF our religious ana CIVIL
whereas As the consequence OF the late financial re-
vrsioD, want Of faith in the results OF Industry Is
manifest aud the merchant and the manufacturer the
capitalist and the aborer. suspend their various enter
prses aud occupations under ieeing OF aprehehsio1
This feeling OF dsrust is aggravated by cries OF alarm
Which are Sometimes as wicked az they groundes
Now in view OF an the untoward circuDstances OF the
times becomes this Chamber to declare lts Deloi In
Firsi: Its belief that time offers the only solution OF
existing dificuties-time TO think and TO acctmo to
work and to pay-time to sell aud Duyme " meet
Obligations in a spirit OF mutual accommodation Tue
of safety demands time to clear tbs DOOR OF egrs.
to check the spirit of impotence and disorder that
would destroy Accommodations OF years OF prosperity
even the crowd IN wild dlsmay, trampl's down M
man life repress the selhshness that beleaguers
our banks, and hurries the tuthess servant W tue
! burial OF e" his talent IN the earth"
which has withstood 50 well OF the creates sa
cIa crises the world has ever known" b3ndus indee
as the firmly rooted tree bends TO the furious gale but
standing now, 10 stood before, firm and Seaas tho
bulwark of financial strength aID2t certain ho IL
hcaOns may be thought necessary To gave IL ea7'lesy
and scope. -,
public aud private OF diminished enges, OF ower
prices every department OF business, aud as certain
consequence ere iong OF an excess 9 upioinpo3 =,
money; aud that this and oher cOnsderatlohs poiD'
plain and obvious duty on the pant OF TIE Govern
eu and banks To accelerate re urn to specie pay
ments: in order that the losses resulting from great
nensurate good-a crisis which the opponents Of sound
currency vainy hoped the OF irredeemable paper
" PostS Wis It's belief that In ng TO Tedeen United
States legaender notes with gold or 70 enect laws look
ing end the Congress or the United states has
eel example before the people which mas pcon PERM
cious in It's Influence promoye o. general hhauop'
| Aud, believing these things, the Cnanhes would
TO cause il need be- the purchase of u s bonds To be
discontinued and the application of the national gold
TO letter and spirit MISUNDERSTANDING nevertheless
the power OF reissue With the fulmcnt Of what thus
our Government the banking system OF the Country
resting t does the public credt-wOuld acquire
and possess element OF strength in the hundred mil.
hons OF gold that would be added TO its redcmptve
powell aud there would be set at liberty, TO larger
National bank circulation IN lie monetary work Inere-
.'Srsoirc5 Thst in furtIersIce OF their prayer and
merce Of the State OF NewYork viii memorabilia Con-
gress to early action, at It's approaeinS session" I'D
accordance with the views herein set Iortb.
At the conclusion Of the reading Mr. Low remarked
that the present Of affairs caused simply by
loss of faith. We must acknowledge that still
ia state Of panic, aud have been FOR SIX weeks past
We should believe our banking institutions that the
general confidence OF the commun y might restrain
people boarding their money and bury ing IT IN the
ground He relied implicitly in the banks because they
were built upon the credit of the Government Tut how
much better would 1t be should they specie pay
ments This was the spirit Of the resolution offered.
| There was no reason why We should not return 10
specie payments, certainly not because oil any scarcity
| rates as 1t had the past two days, m womb
soon be par with the legaLtender People are be-
20 With ss other aud sold The
| Government should set this high example OF honor:
and redeem Its promises I paid now put 10 .es, Ia
par with greenbacks and so long asi coutnuon .sSS
would be free FROM the fluctuations In ra"e'
| which now embarrassed their business. -. -.
81 b. Ruggies remarked that a country WIN tne ssss
resources OF the United States never need iea ' ""
GEORGE opTyTe Considered II rather early to attempt
such step favored the reference OF the 70
special committee. He quoted the suspeusio VI specs
payments in England In 1877 sad remarked tnat was
os unt an years aftsrward any attempt was made
40 resume Three attempts 10 THIS emu aSo tnen,
and three failures ensasa sa' IN the United states By
Ssiavsd it would still further depress the state OF
ea,s II might do for day, or even week hut when
foreign trade revived win 'ne s,enans ..
So ,arv Quarter believed he knew far better
10 Establish general confidence, but would his
pe resolutions nnaly referred TO a special COM
mittee. consisting OF A. A. Low, George Opdyke, and
san'l Babcock with instructions report special
ing printed copies OF the report will be the
bers Samuel O. Duncan rendered his resisaatior -