New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-11-01
IEYTRR FROM CHICAGO,

CEIcA'so, October 81. 1873.
sIci. OF your readers as like to see the
| sentiment of various sections upon the prin-
I cipai questions before tho public will nos
object TO d summary OF these Op piniOns as
| expressed il the National Board Of Trade.
Our political and financial circles are in.
'l!ned 10 form theories without. perhaps,
regarding events transpi; Ang ia othe: and
distant quarters.
TRANSFORMATION.
This great subject, destined il interior
America TO take prominen: regard in
political economy. wac considered by the
Board OF Trade. The executive committee
had enonnced the proposition that ''mea--
'!res should be adopted, !or ;ncreasar. and
cbeapoEing the facilities Of transportation
between the interior and the se aboard"
Who should adopt these measures. and
wta: they should be, was no: stated. A
specia! committee WAS raised to solve this
omissions The report of the committee
proved the em 5arrassment with which this
new element Of productions is surround
ed. i was recommended that the federal
regulate commerce among the States by
taking control of the railroad lines. SO far
at least as to redress any Wrongs of the
shipper. This. of course, revived all the
old discussions that arose on the Gambler.
land National road, and which has formed
point Of party divisions since the ;oEma-
:ion OF the government. There Was next
the resolution quoted in previous letter.
recognizing the national water routes. and
an inclusive catalogue of points to be in
guirsd into by the executive committee;
such as transportation By combination be
tween railway companies" "goad leases"
''fast freight lines.'' etc. These questions.
which all the Oranges in the country are a:
WORK on. coAld, oy no means. be adjusted
in this board. They were poiitica! and iu.
diciai. and were indeed in no sense within
It's jurisdiction so, with che s;n gle end
vital decision that the natural water !ines''
were the best protectors OF the Shippers
against nouupolies on railroads, the whole
subject was referred back ~ the executive
council. from which the same proposition
will scarcely emerge. In this action, how.
ever. the merits Of tho Mississippi. as a
great regulator Of fgeigh:s and protector OF
individual rights. were conspicuous. With
its tributary branches veining and draining
the whole producin. interior. it can easily
come or send to the relief o. any co,nnu.
nifty oppressed by tho unscrupuious corpu-
ration. which. make 1nerchsndiz. OF :he
farmers toll.
The sal,..': o: finance wa. discussed -
the board w::h something o. the same re
suit. /. is d truth that the present system
OF hankin. and currency is not the same as
at an earlier r:a. Steam; and electricity
have effected fe.u!ts ia eih.ca! and com.
mercial econ,.,y. "a well as In physicsi
Evidences or ownership in
a commodity :ran.mitted by wire or raj! |
are considered as certificates Of value. |
which PASS into ehe credits il not into the |
circulation Of commerce. The :-arsact:ons |
of trade are too immense to be conducted |
with currency alone. whether o; paper or |
specie. hence. produce bills and bank cred.
its, checked Gu: without :he exhibition Of a
note or coin. execute the heaviest contracts
Of commerce. 1t ia thus that with a circu.
ation of seven hundred millions. aE inter. |
chang 0: commodities and vi trade obliga. /
ions represents transactions annually /
- more than two thousand mil.
ions Of .inlla,s. II Is thus that the market
If New Orleans conducts a trade OF more
han one hundred millions in cotton alone.
with banking. capital of far less than
wenty mii.;ons. Ii IS this :ha: renders
0rmer theories :napplicahie to the cur
'en-y question OF to-day. L: is thus that
he inanc,s.' public was a.son;shei to. ace
he national notes 70 yidiy rising - d spe.ie
IN the midst financial pane.
I. was the anomaly ot y pulse rising un!e;
he lancet.
It is no: remembered by many .aa. :he
,resen. undertaking Of the government is
o furnish 4 cure ncy on. and .ha: i: IS
10; "a: all complicated as under 4 Iorine-
ys.em " na.i,ra! banks. with the nb:iga
ions OF the people. il has Is liability to
nah. good is i.s.les. 7. las its resources 20
Is so, and ;h.s.. resource. do not consist of
bills receivable" embarrassed BY decline
t co,nm,...A! values. They con-ls: vi
eguiar revenues in gold. w.iici. may be
ts.dly cump.sat with tae cuts taadin:
bligationa Uf currency
Thu debates Of the board. however. were
onduc,ei chisay BY gentlemen who found
nd tel, .h. difficulty Of apply ing former
Lr.ries 20 existing facts. Their. was much
sscuss!on npon the idea OF an ''elastic
urr. nc,." ona Of .f!"se phrases which can
o: DO reduced TO any practical meaning.
his elasticity .; tic currency was not in
ie currency .:-e!t. but in the supply Of
REGULATION. - be furnished by the govern
lento The elasticity then. was rather In
le printing press than III the circulation.
was. however. proposed that the govern.
ent should issue bonds bearing a low rate
inteyes:, convertible into currency and
dee mabie IN currrLcy. at the will Of the
ote holder. The bureau y! currency, there.
re. would ha7. boon like the cloak room
hote'. where they give you check !"
Jur ogs!cu.t. j.ist .is sou mas choose. 1t ,
as d. government pawn shop, il which
10 mIgc. Icposie currency as ec'
,rty ana eail.teral tor bonds. or
,nds a.. security for currency. The
parat.or ~ banking policy from cYrculao
on was not advocated or adverted to in
Bate. ant; the e,u.s.oon of resumption peo
mo Sc comp'ica s,o with ''ies.rVes ana
missions OF currency" that no positive. !
rmAtion of opinion could BIZ reached. The
,estion of finance was therefore remitoed
q N 4: ,,rr,.i ,,,a.., mn of he hoard and