Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-23
COMMERCIAL.
The National Board Of Trade.
Lively Debate on Ship-Building Sub.
sides.
The Merchants Declare Independence
Of Government,

The Merchants Declare Independence
Of Government.
CHICAGO, Oct. 22.-The National Board
of Trade resumed this morning. Forty
five delegates answered the Toll-call. Pres
ident Fraley announced as the committee
on reform of the currency, national bank
ing and national banking Law: Messrs.
WoolIey, of Cincinnati, Nurse, of Boston,
Stranahan, of New York, Wright, of Chi
cago, Bonner, of st. Louis, Pindle, of Lou
isVille, Burwell, of New Orleans, Grose-
venor, of Portland. Smith, of Milwaukee,
and Browbery, of Mobile. President Fra
ley was added to the committee.
The bankrupt Law.
The Secretary read the report of the ex-
ecutive committee on the national bank
rupt law, containing the following suggest
ions: The abolition of fees and the estab-
lishment of salaries for officers; enlarging
the powers of the assignee; authorizing
creditors to choose committee of their own
number to settle the accounts and make
distributions; that the Federal Government
| fix the amount and kind of properly ex-
empt from assignment, not subject TO
change by the States.
| shipping Subsidies.
The Board proceeded to discuss resolu-
tions regarding American shipping interests
| offere by the Executive Council. These
resolutions urge Congress: first, to encour-
age ship -ouilcing by bounties; second, to
make all material used on ships free oi
duty; and third, to authorize our citizens
to purchase foreign ships, and place them
under the American flag.
Howley, of Detroit, opposed any discrim'
ination by the Government in favor OF any
industrial interest as unwise and unconsti-
tutional.
Stone, of Wilmington, said the ship
builders there did net desire government
aid. Their cost of building was not more
than ten per cent more than the cost on thS
Clyde, and the cost of building on the
Clyde is daily increasing by the advanced
cost of labor, coal and iron. Wilmington
thip-builders asked no government aid.
Wetherill, of Philadelphia, argued tha
American ship builders needed and asked
no protection. Iron steamships are now
built in America at less cost than on the
Clyde.
Smith, of Milwaukee, opposed the frs
resolution.
Conger, of Massachusetts,, opposed any
class of special Government legislation
Let progress rely on individual enterprise
Stranahan, of New York, said most o
the foreign carrying was done In foreigI
bottoms because of cheaper wages, anC
hoped some aid would be favored Ameri
cans in foreign commerce.
The debate was continued by Burnwell
of New Orleans; Davis, Of Cincinnati
Love, of Chicago; Hens9y, Of Portland
Taylor, of Cincinnati; DOR, of Buffalo
Grosvenor. who opposed the first resolution
and Stone, Of Wilmington; Dorr, of Buffalo
and Taylor, of Cincinnati, who favored th'
third.
The first resolution was rejected, yeas
nays 5S. The second resolution was theI
taken up and amendments offered 70 Include
all vessels engaged in inland traffic, and ap
ply to articles used 10 the construction o
vessels. Pending the vote on the amend
ments motion 10 lay the whole subject OF
the table was carried, but on motion q
Mr.. Covington, of Cincinnati, the vote wa
reconsidered, the amendments voted OF
and rejected, as was also the resolution b.
yeas %, nays SO.
The third resolution was then taken up
Mr.. Nazero, of Boston, moved an amend
ment by addirg the words upon paymen
of duty on cost. The amendment wa
adopted and the resolution as amended wa!
then rejected, yeas 40, nays y; not two
thirds Affirmative.
The action on the second and thiri
resolutions can hardly be considered tai
expression Of the Board on the su4jec
owing to the confusion and unc artainty oC
casioned by wraugling over the amounts
, aud several members voting under protest
Able, of st. Louis, gave notice that b
would tomorrow move a reconsideratlo
of the second and third resolutions.
! Proposed Expansion OF the AgrIcu
turaI Bureau 60 Embrace Commerce
: Etc.
: The report of President Farley, favorir
I the Government establishing a depot {
commerce, was submitted with propose
} act of Congress establishing and defining Il
powers, ETC., and giving the Executive d.
T partment the supervision and care of Il
agricultural, commercial, manufacture
q and mining Interests under governmeI
regulations. The report was sccepte d, al
e the President explained the details Of t.
g provisions. The report was referred bac
to the Executive Council with instruction
to urge on Congress the establi shment
The Department.
The transportation Problem.
Mr.. Grosvenor, of st. Louis, Chairmi
of the Committee on Transportation Fsci
A ties, submitted partial report embraciI
70 general resolutions, the first recogniziI
!. measures for cheapening transportation
4 a national necessity; the second declari1
A that Congress shall charter any road b
a. tween the interior and seaboard and Yhi(
10 private capital may undertake to build, b
q that such road should be subject to q
y same State laws as to taxation or control
70 other roads in the same State.
n 8. Congress should prevent unjus restr
10 tions by the State upon any inter Sta
2 commerce, but that the protection of q
n people of each State from the exactions
A. the road within the State or a refusal 20 pc
ar form their fall duty as common carrier
3 NAV most effectively be secured by t.
"a State courts and legislatures.
2 4. That the only permanent g9arant
against unreasonable rates is to be found
- the improvement of the natural free hig
- ways by water channels to sea; and, thel
ga fore, rejoicing at the improvement of
\. st. Lawrence route, by Canada, and t
n: efforts to improve canals by the State
N New York, the earnest investigation
n other water routes, and trusting that t
.. improvement of the Mississippi and OF
k rivers may be pressed without delay.
s. A Board If Commissioners should
appointed to investigate all plans for int
% nal improvement and that appropriate
q, should be made.
no The Bankrupt Law.
re- The subject of the national bankrr
al law was taken up and the recommen'
7,s tions of the Executive Council spproV
Is and Congress asked to appoint g comU
rs sion, consisting of the Attorney Gene
n and seven merchants, bankers and maj
n. fscturers, to revise the law.
Adjourned.
lie, -
is, TEXAS.