Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-24
COMMERCIAL.
The National Board of Trade.
Yesterdays Developments.


r Yesterdays Developments.
CHICAGO, Oct. 22.-The National
Board Of Trade resumed this morning. The
Richmond delegation was admitted TO de.
pase on the floor. A Quincy delegate was
allowed a seat but no talk or vote. The
subject ofa bureau of international iul-
Provement was referred to the Transporta-
ton Committee without debate.
transportation.
Report of the Committee on Transports
tion was taken mp and the resolutions yes
terday reported were discussed. Grosvenor,
OF st. Louis, made lengthy speech In
favor of the report.
Mr. Baker, of st. Louis, opposed the
report so far as it related to railways, which
he said favored too much the agrarian
movement being urged, and he saw no rea-
son why railroads should not have the same
protection as individuals. He moved to
amend the resolution pelding, BY advising
the building Of double track railways from
New York and Philadelphia, meeting in
one line at some point near Philadel-
phis, anG extending west to st. Louis with
branch to Chicago; aud that Congress be
asked to grant charter to such capitalists
as viii build the road, restricting its pro-
fits to len per cant. net, and limiting the
State tax on such road to the bonds or
stocks at The rats that other property In the
State Is taxed, and no State to be permitted
to interfere with tolls or management. The
resolution was ruled out Of order.
Taylor, of Cincinnati, opposed asking the
Federal Government for what the states
could give, the charter necessary. Railway
tolls are now proportionately lower than
anything else, and the cry of :he farmers
was senseless. He opposed any general
system of improvements by the general gov
ernment.
Bugsby, of Philadelphia, opposed any
government railways. Further discussion
was postponed until night. An invitation
was extended to the Farmers Convention
to attend the sessions of the Board.
CHICAGO, Ill. Oct. 23-At the evening
session of the Board of Trade, the Finance
Cemmi tee made report relating to re-
sumption sof payments on the following
basis:
First, for retention 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 holders
| thereof on and after the first Monday in
July, 1874.
reissued for making all payments BY the
| United States other than those for which
payments in specie is specially secured by
| existing laws, and notes so redeemed be ex-
changed for gold or silver coin of the
| United States when requested by any one
desirious of making such exchanges.
saThird, that said Treasury notes of the
| United States shall continue to be legal
tender for payment of all debts public sRd
| private, ss the same now are.
Fourth, that fer the purpose ofregulating
currency as furnished by paid
notes, and providing for It's expan.
| sion or It's contraction at sea-
| SONS, when such changes in its volume are
called for by the business of the country,
the Secretary of the Treasury be authorized
| to issue in exchange for treasury notes GER
tiicates of deposit, in forms not less than
| $500, or any multiple thereof, which certifi.
Gates shall bear interest st the rate of three
and sixty-ive hundreths per cent per an
mum. The certificates so issued shall not
exceed $50, 100000 in the whole, and said
certificates shall be redeemable at the vii
Of the holder thereof in treasury notes Of the
| United States, of denominations now in use
and upon such redemption the interest ther
accrued on such certificates shall be payable
and paid, and certificates SO redeemed shal
be cancelled and destroyed, but new certi6-
Gates may from time to timi
be issued in place o
the amount of certificates so redeemed
the amount shall be demanded by holder
of United States Treasury notes, and Ger
tifcates so issued shall not be used for o
computed in the reserves now required b
law to be held by national banks for the pay
ment of their circulation and deposits.
The report was made the special order fc
tomorrow afternoon.
transportation.
The transportation question was take
up.
McLennaD, Of Montreal, said Canadia
imports from the United States was abou
the same as the exports, and one half th
Dominion trade came from the Wesl
When the Welland canal Improvement va
completed and the St. Lawrence improves
from Quebac to Montreal, they would b
,, ia fair position to compete for the carryir
trade. Under the existing law Dominic
merchants would not compete for Ne
: England trade.
. White, of Montreal, said tha. Canada hs
! improved the water with her own fund
and was enlarging the Welland canal an
: portions of the st. Lawrence river to C
paeity for vessels of forty to fifty thousau
bushels of grain, giving the We
tha best possible outlet to the ocean. 3
: enlarged on the transportation facilities
/ the Dominion, warniL G the United Stat
that an iiliberal course on its part migt
provoke discrimination against its people c
the Welland canal, concluding with Il
: hope of unity of action and friendshi
, between the two people.
Bonner, of st. Louis, spoke in favor of
double track railway between the East al
West, and of the necessity for increas'
transportation. He thought the Mississip
; route to Liverpool from the West the mo
u economical route.
Il Dorr, cf Illinois, favored the improv
:, ment of the Illinois river, to make a Ii
t from the Mississippi to the st. Lawrence.