, 1873-10-26
NATIONAL BOARD OF TRADE.

Finance and Transportation Ccnaid~
cred Yesterday Adjournment to
Baltimore.
The Nntionnl Donrd OF Trade met yesterday morn
Ing. Tho Executive Council announced that Charlea
Randolph had beon elected Secretary, and Baltimore
as tho place Of the no1t 1neoting
The consideration Of tho subject Of finance was
then resumed, and hfr. Noursc, Of Boston, 1nalo
long and eabornto Speech In which lie expressed Ills
agreement with tho resolutions, II amended as to pro-
vide that, after specie resumption greenbacks ahoud
ceao to be legaltondcrs. uo also replied to aomo Of
tho falacies which had been act forth On tho preceding
day rcattvo to balancos Of rno debtor md creditor
nations, tho which led to tho export Of gold
from tho United States, etc. 11o admitted TINT tho
Indebtedness Of tho United Suites very great but
Il tho foreign capital borrowed WIS 50 uHed to
cure for the borrower profitable return ahoye tho
interest," ho for sorrow In it, Owing to-
the amount Of money hoardod up In the South and
West ho did not regard tho amount OF our currency
excessive at present. =
John O. Dore beloved that the prcHcnt amount Of
currency too small In view Of tile increase IN tho
productions OF tho country, and tho noccssity for
more money to moro the cropa.
hfr. Taylor did not belioye there could bs such
thing aR IN clastso currency and farored direct
traction Of two millions month, free Banking law,
and tho requiring tho National Banks to keop tho coin
they got for interest on their bontH.
Alter long discussion, MIR. Gano moved that tho
who'll nNor bo postponed to an adjourned Hoaston to
l,e held at Baltimore, whom all tho propositions nn,
suggestions made could 10 considered an BONO definite
conclusions arrived ut.
This was nnally agreed to, tho timo Of holding the
meeting being Doc y. Only few lctirc to continue
tho discussion into next week. ant ucttlc the matter
herr. ,--.-,.o. =,
their report to tho cert TINT inoreaso Of facilities aud
chcaponang ratcs Of transportation between tho nte
1os and Tho scaboard aro not to ho considered meas
ures ri local Importance, but hare tceone national
neeeasies: TINT Congress- may rEopory alSn is ALL
es asa ar se wsh assa it,
territory hut that tho protection Of tho people Of each
State nganst unjust eSactiona tho part of railroads
fail duty ,as common earrisrD, may, mont
such sia,o through Icgtala.,uos and courts
unreasonable oxectious for transportation lies In tile
Improvement Of watcr routes: md TINT tho subject,
waerng stock, combinations Of railways, etc., DO
arnined by the Executive Committee, and reported OIL
An attemp. 10 rospons This whole subject failed and
ono relative to the power Of congrcau to regnlato
commerce between the States, 1nany opposing It, etnce
1t was = question whether Congress- Ind the power,
and others believing TINT Congress- waa not safe
pncc to 60 to for remedy and that the States could
best control tho subject.
Finally, the Committee modified The resolution to
read tint Congress may properly affirm Its dotcrn-
nation to exercise whaeyor authority It may bo found
to possess under tho Constitution" hut Il Was de-
fcatga. not receiving two-shirds vote. Tho other
The Board then adopted resolutions favoring tho
adoption Of measures to secure reciprocal comn.eree
Clearing considering tue policy Of establish
| Ing soma plan for effecting their commercial OK
rency could be avoided; urging tho local Boards Of
Trade to exor themselves In behalf Of tho Centennial
Anniversary ut philadelphia, aud favoring tho nlop
under national sureryiaion after which 1t adjourned
to meet in baltimore.