New-York tribune., 1873-12-16
FINANCIAL OPINIONS.

ssS-
ACTION OF TIE PHILADELPHIA BOARD or TRADE-S
yABIETY OF sUGGESrGoNs-A NoN-iSFLArIoN
RESOLUTION ADOPTED.
lBI TELEGRAPH TO The TRIBUSg.i
PHILADELPHIA, Dec. 1j.-At a meeting Of
the Board o! Trade night John Welsh in the chair
extended discussion the report OF the Committee
Currency and Banking elected variety Of views John
Price Wether for the majority OF the Committee re-
ported OF free banking aud the use Of convert
ibe bonds as means OF needed imitation contraction
JOs c. Grubb from the minority. urged tho exchanging
OF the basis OF the paper circulation to one of exact
values through the nstrumentay OF National clear
ing house treasury board charged with the duty
of restoring the National circulation to fixed and uni
form value, The first steps In the movement to estab
sh another United States Bank would be to meet She
expenses of the Government by nterestbearng notes.
This could be continued till the coin and
paper received from customs and revenue
should reach sufficient to enable the Treasury to
master the situation. Mr.. wetherill considered that
free banking would enable the amount Of currency
needed by the country flexible and denied that it
would be practical imitation Mr.. Windsor offered
olution in lieu Of the free banking clause, TO the
effect that the Philadephia Board Of Trade is Op-
posed 20 any increase OF the paper currency
of the country long continues to be irredeemabe
in specie demand. Mr. Allen advocated free bank
ing law for the reason that it would equalze the disr
button OF paper currency now disproportioned in
favor of the Eastern States against the Middle States
as appears by the report OF the Controller Of the Cur
rency.
Mr. Grubb, in urging that a definite plan be submit
ted said that the Government Of the United States
nrououpces itself on tho OF insolvency.
This il so stated in the Presidents Message, and 1t is
known that new loans will be issued ITO meet
the June interest. HIS plan for Treasury
Board lifted out of legislation and free
from change he believed would restore confidence
Mr. windsors non initiation resolution then carried
by a large majority Mr.. Alien introduced resolutions
which were unsnimousy adopted, referring to the
omendstion OF the President repeal the involuntary
section OF the Bankrupt law and the report Of the
Judiciary Committee To repeal the whole act as lnu
dicous, and asking Congress TO amend tho Bankrupt
act by the OF the six suggestions OF the
National Board OF Trade at Chicago In october last
These suggestions were principally to abolish the ys
TEN Of fees, enlarge the discretion OF the assignee,
sppot committee Of creditors who may settle up n
conjunction with the assignees, and equaIe exempted
PROPERTY throughout the different States
THE BOSTON BOARD OF TRADE OPPOSED TO ANY
MORE 1RgEDEEMABLE CURRENCY.
Bosroy. Dec. 15.--An adjourned meeting of
the Boston Board Of Trade held this afternoon.
The subject specially assigned for discussion the
currency-its relation 10 the present crsls. II. l..
Nonrse Chairman Of delegates the National Board Of
Trade presented long report in relation 10 the cur
Rord against the OF more irredeeable paper
,n"nev and recommending 10 Congress measures " I'M
nroye the currency and prepare Tue way ioi eluIn
10 ,uecIe payments. all which were adopted.