The New York herald., 1873-11-29
CHAMBER OF COMMERCE..
Reports Of the Committee Upon the Re-
sumption Of Specie Payments.
Speeches by Leading Business Men-Doctors
Disagreeing Refusal to Substitute the
Minority for the Majority Report
Another Meeting To Be Held.


committee consisted OF A. A. Low, George
Opdyke and s. d. Babcock. They were
| to report on the goth OF November,
but not being prepared in view OF the existing ex-
citement in regard. to Cuban affairs, the meeting
was postponed until yesterday Meanwhile me-
mortal was prepared by majority OF the cem-
mittee--Messrs. Low and Babc0ck-but accom-
panying it was minority report by Mr.. Opdyke,
both OF which have been published in the HERALD.
The recommendations contained In these docu-
ments may be briefly summed up as follows:-
TIE MEMORIAL or MAJORITY REPORT.
In the full belief that the proptous time has arrived
the country to be engaged in another the
following SUGGESTIONS are presented Tor the consideration
fssThat the purchase OF United states bonds be
Srond--rhay the redemption Of United States legal
that the power Of reissue be continued that the Sub
erty to the department. redeem at other points also If
TairdThat provision be made for the funding Of por.
ton Of the the addition Of gold 9 the other
money OF the country should appear TO render such
That the National Banking law be amended in the fol
BY ors stringent rsgurement as 70 the reserve Of
respective banks throughout the Union
THE MINORITY REPORT.
rSur n me- hs IN ae
The sa ss @ Of noI S a.
minished until after resumption OF specie payments
SecodThaI the present legal OF the national
T1Id-That the national banks OF the city of New
have power 70 esbSh for y themselves Uniform rate a Of
discount and to change It whenever in their Judgment
III that all other national banks have the right to
charge the rate Of established for the time being
Fs%d@r6at Congress authorize 500 100000
Of United States currency bonds bearing 65l00 per
cent f. or some higher rate convertible at The
e n" bons S e poVe however that the
olegal tenders outstanding shall at time exceed the
Il Is believed that these are the only neces.
They tena give eas
M @ S Sa and n the % @ % % says
to specie payments within the ensuing three years II
re can IN S a9e
any other nation has ever done.
There was a full attendance OF the members
william E. Dodge presiding Mr.. Low, in presenting
the memorial or majority report said that he con-
sidered the vote OF the Chamber most important
one. On one hand the government was simply
called upon to redeem its pledges made four or
five years ago, while the minority urge the policy
long since advocated-the policy. OF drifting
gold is growing less and less in the country. He
asked the government, having issued $3.50 0oo,O0O
could not be expected to pay its Indebtedness II
the banks were compelled to maintain reserve OF
not local. for the legal tenders are spread
all over the country, and these are only asked TO
be redeemed. There was
GOLD ENOUGH IN THE COUNTRY
to do this, and 1t was perfectly practicable. He
moved the adoption OF the majority report.
Mr. GEORGE OPDYKE
proposed as a substitute the minority report. He
deeply regretted that the subject was brought up
the resumption OF specie payments would be
most lnopportune, nexpedient and injurious
GO as the se 81 the
ties OF the late panic, resulting from the failure
OF railroad specnlations, had caused boarding to
an extent never before known in our history.
This boarding, facilitated by the existence OF nu
merous safe deposit companies had withdrawn at
least slOoooo,o 900 Of greenbacKs from business
channels, and there was not enough money in
the country to carry on our commerce.. The
m' s se 4 es
the wise policy followed Dy Great Britain in
similar cases. In that country no crisis since 1917
trouble the Bank Of England expanded its dis
counts and the government authorized It to in
recovering from the late great shock, and it be-
comes proposition for the government to renew
specie payments on the 4th OF May next. He be-
THE ArrEMPT WOULD PROVE A FAILURE
II Congress complied with the provisions OF the
distrust and the panic be renewed with greater
force. Taxing the commerce OF the country at
as er any Hns S Po 80 s
prosperity No nation with an irredeemable
returned to q convertible currency as this, and
no nation had ever maintained such currency
when the amount exceeded $40 so per capita, and
we had $14 so per capita. He would ask in the
name OF all that Is udicious and all that is wise,
when failures were sweeping over the land, why
we should memorfalize Congress to do something
that will increase this difncutyS II Congress
would but keep steady hand. neither increasing
nor contracting the currency, resumption would
come within four years, perhaps three years, by a
process as easy ana natural as the dropping OF ripe
of 10 al n q
OF the volume OF currency In time OF need, and
we have withdrawn three-quarters Of the redun-
shall go to work and resolve to notify the people
that we shall have resumption some time in 1874,
the lst OF January, the working people viii gladly
give up the dinerence between gold and
paper II we have resumption, and this idea can
be carried through all classes and trades. We
must have confidence before specie payments can
be resumed, and he did not think this could be
done with $700,000,000 OF currency afOat 1t Is
contracting, however, by irresistible laws. Mr..
Opdyke then argued In favor OF Congress passing
q gSns Sey Sa 70 na Moa
work great good He also favored the fourth pro-
position, as gwen above, 10 the minority report.
MR. g. b. CHITTENDEN
advocated the majority report not because he ap-
proved OF all Its doctrines and suggestions, but be-
that Congress should pledge It's word to redeem
the promises OF the government at the earliest
practicable day. He mad not much faith IN the
science Of finance and in Statistics but had great
faith in the increased resources Of the country
and In the laws OF ordinary business believing
tnat we are on the eve OF specie payments and
nothing could help IL but the disgraceiu-acts Of
Congress. He expected that specie payments
must come In 1874. Already we had endured the
pangs OF resumption and experienced the shrink
age Of values or the many hundred articles OF
merchandise In which he dealt there was not ono
which was worth more than IL would be on specie
basis. 1t was the same with every commodity, he
believed. He was not In favor OF con tracing the
currency, yet the currency was contracting itself
In obedience to the natural laws OF shrinkage. We
had at least 1900 600 900 more OF currency at pres
ent than we could use legttimately during the next
six months. Mr. Chittenden then referred TO our
banking laws In o general sense, saying that some
OF our best and purcst men have been endeav0ring
To bring about a millennium In banking, but IL
didn't come, nor will II SO long as the government
tnkers with the matter OF the rates Of interest 1t
had no right to make laws affecting this question.
Mr.. ISAAC PHILLIPS heartily coincided with Mr..
Chittenden's views and endorsed the views OF Mr..
Cnittenden, and finally asked II our commerce
w0uld not he In n better and more prOaperous