The Portland daily press., 1873-10-25
National Board of Trade.

The following proceedings OF the National
Board of Trade Thursday, were received too
late for insertion yesterday:
The Finance Committee made report relat-
ing to the resumption of specie payments on
the following basis:
First, for the redemption of Treasury notes
of the United States, commonly called green
backs, at the Treasury in the city of New York
in gold coin on demand of the holders thereof,
ON and after the first Monday in July, 1877.
Second, that notes so redeemed may be reis-
sued for making all payments by the United
States other than those for which payment in
specie is specially secured by existing laws. and
notes so redeemed be exchanged for gold or sill
yer coin of the United States when requested
by any one DESTROYS of making such exchange.
Third, that said Treasury notes of the United
States shall continue to be legal tender for
payment of all debts, public and private, as the
same are now.
Fourth, that for the purpose of regulating
the currency, as furnished by said Treasury
notes. and providing for its expansion or con-
traction at seasons when such changes In its
value are called for by the business OF the coun-
try, the Secretary of the Treasury will be au-
thorized to issue, in exchange for such Treasu-
ry noes, registered certificates of debt in Sums
not less than $500 or any multiple thereof,
which certificates shall be at interest of 5000
ed shall not exceed fifty million of dollars on
the whole, and said certificates shall be redeem
able at the will of the holders thereof in Treas
ury notes of the United States of denOmina-
tons now in use, and upon such redemption
the interest then accrued on such certificates
shall be payable and paid, and certificates so
redeemed shall be Cancelled and destroyed; but
new certificates may from time to time be issu-
ed in their places, and the amount of certifi
Gates so redeemed, if the same shall be demand
ed by holdsrs of United States Treasury notes
and certificates so issued shall not be used for
or computed in reserves now required by law to
he held by national banks for the payment OF
their circulation and deposit
The report was made the special order for to-
morrow afternoon.
up Mr.. Mcclellan of Montreal said the Cana
dian imports from the United States were
about the same as the exports, and one half the
Dominion trade came from the West. When
the Welland Canal improvement was complet-
ed and the St Lawrence improved from Que
bee to Montreal, they would be in fair posi-
ton to compete for the New England trade.
Under the existing law Dominion merchants
could not compete for the New Englond trade.
If they could do this they would double the
facilities and thus help Western producers
Mr.. White of Montreal said that Canada had
improved her water routes with her own funds,
and was eElarging the Welland Canal and
portions of the st. Lowrence, and it has ca
pacity for vessels carrying 10000 to $4,000
bushels of grain. giving the West the best pos
sible outlet to the ocean. He enlarged on the
transportation facilities of the Dominion
warning the United States that an illiberal
course on its part might provoke discrimination
against its people on the Welland Canal. He
concluded with the hope that unity of action
and friendship would ever exist between the
two peoples.
Mr.. Bonner of st. Louis spoke in favor,of a
double track railway between the East and
West, and of the necessity of increased facili-
ties of transportation He thought the Mis-
sissippi route to Liverpool from the first the
mosteUonomcal, but favored aid to all routes.
Mr.. Dow of Buffalo favored both the i'm
movements of the Welland Canal and the
Mississippi river, and hoped Canada would
Mr.. Rowland of Canada explained that the
canal was the private property Of Canada, and