, 1873-10-25
AFTERNOON SESSION.

! AAA~noAaAA4HA OF VAE CONVENTION.
Toe Convention seasHembled a. o'clock.
Tho Secretary 1ead communication from tho North
western tar1nors' Apsociation regrottng 1t hnd m
ume to E1sk tho meetings Of the National Board a
Trade, but returning thanks for the invitation,
All. Hoffman, Of Philadelphia, submitted tho follow
ms report OF The Auditing Committee Of the Treasur,
Of tho National Board Receipts, s7:sa. dfsh,,ruc.
nAenss, s7.slo.a1 Ialanco due Treasury, tl4a,al,
REron7 OF THE c6aM1rrEE ON r1sascR. .
Ino report OF tho Committee on Finauce was thr,
| road, ~ follows:
"Htso!rsd, That tho National Board Of Trale recon-
on Of he spee1e standard to tlo circulating c,rromcv
OF the United States, aud for regulating tho Issue and
"tsrst-For tho redemption Of tIe Treasurv no,e.
of tns uhlted States so,nnonly caed greeibacssj at
hs !hs Treasury II t1s CITY Of New York gold COIN Oh
Monday in July, AID. 1877. :. - %
those or WHICH ne ns tnted o sess ssts
specially soeured BY existing law Tie notes 20 rc
Of the United statea wlicn reQucstsd by INV nne d
sis91s r w. Of maksng such exchange, wv
1Ard.That tie sid Treasury Notes Of tho United
satea sha continue to be 1ega-cuder for ths rav.
msat n o. ALI :aopts public and private .Ao SUMO
fonrth-That, for the purpose Of regulating tho
currency % furnished bs said Treasury notes. aud
providing for lts expansion contraction at
bo authorized 10 issue exchange for such Treasury
shun $5co or any mul,pa taerfof Which certificates
sna ne4r interest 81 the rate Of n,1oo per cent per
hs n sSssSs Ss aso so soa sssss . shs
sss ss1sef' i + ~ Treasury Ro.ss Of tho Iaised
and. upon such redemption, lie Interest tSs6' uSs
a9ssasd @ On sneh certificates shall 10 payable md paid
destroyed; hut now certificates may from tins u
nme: be issued h plaee Of and to the amount of to
~ The holders Of United staca Treasury notes. mi
te ceri1heatea so Issued sall not 10 used Tor or com
patsa T. TIE reserves now required ty law le held
lAtion und depoaits."
An ADDRESS De MR., rRAAEY.
Inc thaf said he felt that IN attempting to discuss
the Question be approached difficult field, It pro-
sensed solution Of q problem which had agated the
country many years. and long engrosaed the attention
OF tho Board. at Boston, in 1868, he fully examined
the question Of tho suspension Of specie payments,
and It's influence on tho country, and presented reso
aons looking 10 An curly resumption Of specie pay
mants by contraction Of issue Of Treasury notes.
Ihey met almost univezsal approval and were
sent to- Congress- thus indorsed. An attempt |
was mado to carry out that piau, and |
there was reduction to the extent Of $4,000 COO.
Wheo that was done it's supposed influence on !
trade wis so great that application was made to atom It
and 1ncrcase the volume Of tho currency Tint a.
pertinent Of contraction had proved unsatisfactory
aud that tho reduction Ind little influence An nhtfc
ence Of opinion than Of old had grown up, and suca
ls8H variety Of projects Ind been submitted to re-
fnrn to specie paynouta but the Board had never ao
8ested definite day for It to Ake place Tho events
81 the last month wero more startling than ANYTHING
% . have suspension Of nayments OH an irredeon.:
,be y, currency but II lna happened, and with most
en had hecn Overturned BY tha introduction sf
egat ,y pfinsipe ana ey saw more clearly the neces
seluon sneula2 2'is*''Ga ss arrSs ,sef e.
.,,an, aa Gson tnn s.a' BY Mr. ssauahan, that ro-
eebs bes 81 nss e,so and %Gf i to pD,s sr na q
here would ordinarily bs only snn cali Tor It. Il
we're ah!s TO Indicate uy when tut feeling Of scenr
y could be reached. Tn tlat:pont they had tho or
s to a HIapsSn ans s.aa.sa 1s s y % # s @
|Mad, While i lasted, the difference betwo a notes;
na speets 50 aHeuass aa 9 show ha tho
'anl should one.poad il it, saa
nce between notes MLrase III Email persenuees H.
ss@ens esa s .ss i 5st #
1anpo wcso followed hore ana day indicated wlan lua
10 Government would asy that It would resume ray-
.eiing reattze s existence aud submit 10 ,iseessurV
,sFhces aceo e hsd no leat from tho charartes of
re- peSpG 4e ~ H. hes practical good that Con-
1e !, IL Treasury notes now amounted to oysr $50
Nuoo anu those OF the National Banks to Tho au1 u1na
m II holder wero freq to choose ho would preYcr ii
70 soEner aud hnn the Natona Dai,ka would haye 10
na na pr Ao Fel6alo Of their notes, II the
ooo of Treasury notea could 10 elevated 10 mar
: hlsce !he problem OF restoring specie payments Il
4R solved. II could bp doue. Firstly thts yoInme
currency was distributed over tho Argest area oc
pea unywhero by trading population, and ppoet
rrency in hla her pocket duly It vas a. nsces
Ey ~ brsat and, usss wholly supplied BY srecie. IL
ere must Up somo addtOti4l circulating | o.
'alam, Ihere were differing opinions I'll
to the amount required, T'Ley
eeen usng an amount which, In isCo would have VI
Gu too great burden fur sny nation. Il TO
= - npPssnemusos Whan reace wins established aud fs