New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-03
A SIGNIFICANT RECOMMENDATION.

take up the coupons on Sl,S0,0OO of its fast mort
gage bonds.
A SIGNIFICANT RECOMMENDATION.
THE CHAMBER or COMMERCE APPEAL TO CONGRESS
FOR RETURN TO THE GOLD BASIS.
An adjourned meeting of the Chamber Of
Commerce held yesterday afternoon, and, despite
the inclenency OF the weather. there very fair
attendance % the members. AZ 3O y. M, the Hon. w.
T. Dodge the President said that at the time OF the
last Adjournment consideration OF the majority
port was before the Chamber It's stn under Discus
sion.
Alexander Delmar who is not member Of the Cham
Der, said that ne had been recently travelling through
Europe and found that every country EXCEPT Lngand
had paper currency similar that used here. Ifcv
all seemed 70 get along without the gold currency. OF
everybody aware that resumption OF specie
payment was as inevitable as 1t was desirable that IT
should he slow. The present paper issues were not
expansion OF the currency. but substitution TO I'LL up
par the hole made by the destruction OF t6OOOc00)0
values during the and afterward by cue fires In
Chicago. Boston and bad SpeculataJs Undue haste I'm
the resumption Of specie payment, proposed by the
majority report of The Chambers Committee would be
DISASTROUS such haste had always been injurious TO the
country and its finances For instance Mr. McCulocb's
attempts specie payments had been attended
by misfortu1es to the country. The present
commercial revulsOn has been traced to this undue
haste. There has been relative contraction OF S. per
c,pita n the amount OF currency within few years
when an addition the existing currency OF country
Is substitution rather than expansion. rise IN
prices generally cannot DO expected such as
vond follow imitation. Mr.. Delmari in
speaking OF the favor the memorial proposed by the
Chamber likely TO find with Congress- said that he
had been present at meeting Of several Congressman
In Philadelphia short time ago, and, without any
breach confidence he felt at liberty TO say that they
were totally opposed return 10 specie payments,
and expressed their determination to introduce bill
during this Sc sion 10 amplfy the currency TO meet the
requirements and demands of many people South and
West In the speakers judgment, contraction Of the
currency at tais uncture would be terribly disastrous
10 the community aud further, he did not believe that
Congress would be likely 10 consider tho memorial IA
voraby.
6 b. Rurgles asked Mr.. Delmar to give the exact
hgures representing the alleged diminuton Of tic
property in the United States within the past ten years
Mr.. Domar said tdat the property value had actually
Increased that values 10 the extent OF S6OOOO0O
had been destroyed.
few examples tile actual increase Of certain value
within che past few years 10 show the countrys ability
10 yrifl-f4u! resumption
NJ Damar said that he all not base his argameut
ng1 tc,mptO on the exact figures Of the destroyed
valuts for max the actual amount would be suNcent
reason against contraction.
AMENDMENTS TO THE rEroRT
Mr. Anthony then read paper containing ~ his views
on the question the following points. The majority re-
port should be amended thus:
l. That the purchase of United States bonds as vel ns
Ill s,les of gold, be suspended. a.. .. ,,.a. -
= n, On Ss,o
All Satonsi 6Sss shall be ouired TO Keep all their
reserves IN greenbaCks.
Authorize the receipt IN part payment for duties
such propOrorato amount IN grenbacks as Toe score
tary Of the Treasury shah determine, which proper
ti0nate amount shall be hxed by him at the begnnng
OF each calendar MONTH and slaIno be changed until
8 Authorize The holders OF all coupons duo by the /
Government TO demand and receive at their option goa
or greenbacks At their receivable value for customs
C. whenever actual resumption shah have taken place
authorize the deposit outstanding bonds az the
UGitcd states (aot TO exceed SSoOo9Oo IN any one
a., nc S W s iusjted sio be deposed for NOT less
three months moro than six the interest ac-
srung thereon dnrug the time OF deposit 10 be for
feted 10 the Government.
The seeretary OF the Treasury shall be authorized to
slo aud sell not less par IN gold and bearing
snount to the bonds deposited in exchanges FOR green
Treasury. first. To redeem of the notes so Is
sued. on PRESENTATION, which notes 50 TeaSene9' Shl
ented for redemption, and redeemed by tne sur
bonds heretofore deposited IN exchange for
he boad III the United States Outstanding aud bearing
The highest rate OF Interest
No taken this paper at this stage OF the
proceedings. and I've minutes rule for speakers haV-
ing been adopted jackson s. Schultz said that, while
The chamber Of Commerce appeared to agree that ex
panllon Is M, evrsde,t IN did not agree upon re-
SUMPTION lie thought it highly Important TIA, ~
Should pc made TO ieei tnat the I'm dealing
with the majority report he said that me error a. oo
exists N TOE Idea that Government can hoat $10oVVV"
S d Ba6eOcS, 10 speaking Of the alleged inability q
the Government 70 redeem Its legal tenders, stated tht
the Coy wl not be required 10 redeem the In
day. No OahA was ever broken by It's billholders
Invariably IT'S eaaloies traceable to its deposit
lie then went on 10 tell how easily and successfully
specie payment was resumed by the banks in 1851,
although az that time there was lust as much OppOsi
lion ~ the return there Is now. He added that the
gold required within the Lass co days amounted
nuIy 10 sI3,5eOOO0, whereas the absolute trans
.cfiOus IN IL reacked the enormous figure OF
a ssOOOOOJ1 showing clearly that speculatiOu
,.ade gold what Is IL the people would only buv
luz wn.t they needed the gold question would soon
settle itself For every 400 Of currency the country
20 day he believed that $40 IN gold at Wash
ingOn In MS judgment the return to specie payment
fests solely with the puDlc
A SUBSTITUTE FOR TnE REPORT.
Gustav schwab offered q substitute Tor the report
orihe Committee on Resumption OF Specie Payments the
following.
Resolred That Chamber petition congress for the
prompt enactment OF the following measures:
]. Tuat sales Of gold by the treasury 10 pohiOiteh
4 That the volume of legditcndei notes outstanding
limited to S356OOO0O0 that any greeboAeKs issued
over and above that amount be inDedlsteu iuhuel ~
IT, T. bonds or interest bearing Treasury notos anu that
any temporary requirements Of the treasury DeyoEu us
receipts be hereafter supplied by the sale OF INTEREST
hearing Treasury notes. payable Ut snort uaies "A -,
That within the ensuing sx months n son Ioan
amounting at least 70 slOo0OoO00 be raised ID Europe
most favorable terms obtainable ana tnat tne
proceeds loan be immediately eonveryea INTO
United States coin. 10 be deposited Ia the snD'ifeAhuIy
Caty VI New York aud there asfd for the pas"""