New-York tribune., 1874-01-16
TIE Y1TlON1L BOARD or Trade.


oRBA1E on TIE NATIONAL FINANCES, RETURN TO
SPECIE PAYMENTS STRONGLY uEGEp-ANiI-
INITIATION RESOLUTIONS ADOPTED Bf OVER
wIEIAiING MiJoHrIEs.
BALTIMORE. Jan. f5.-1he National Board of
ade reassembcd at Rlto Hall this morning, and took
M tine report Of the Committee National Finances
John II. Boynton OF Eew-YOrk moved as substitute
the views ana suggestions Of committee appointed by
the Board Of Managers of the New-Iork Produce EN-
change. Mr.. Taylor of Cincinnati opposed the report
submitted by Mr Boynton ana said that the sentiment
of tine country opposed to increase or the inter
csibearins debt lie denied the statement that owing
TO the growth Of the country required
wear by year and sad that the circulation in Great
Britain had decreased while her commerce had increased
eight hundred fold. He cOnended that this country
needed less currency than before Facilities
exchange such that currency Is not required to
the extent that 1t formerly was While the United
States Supreme Court had decided IN favor of the con
stutionalty Of tho Of the so)OoooO he CON
ndent they would deny the cOnstitutionality Of any
further issue. If The Government was authorized 70
grind ont gTeenback- ~ will, IN ambitious President
and Secretary Of the Treasury AZ Washington could
carry every election from Maine TO California.
MT Dore of Chicago followed, who contended that
paper money had value IN pubto c0nhdehce Wh'h was
the basis of the eIeenback.
Mr.. Able of st. Louis said it was very bad legislation
for a government to issue a bond note that sells
above its face value
Mr. Webster of Now-York spoke in favor OF the
adoption of the substitute offered by Nh. Boynton
Mr. smith of Milwaukee SAID the opinion prevailed in
this Convention and throughout the country that The
west in favor of imitation expansion Of currency
He said the West in favor OF the restoration of cur
rcncy 10 a spccc standard practicable, and
that all legislation the subject should tend that way
Mr. Bonner Of 81. Louis offered preamble and resou-
lion. az substitute for tue report OF lthe committee on
National Finances. ,,
the currency. aud he was certain that tle mdJorl IN
the West and Northwest cOncurred IN his views. The
greatest danger that Us now imitation OF the
currency by Congress, ana ne Tond support the report
OF the Committee Oh National Finances. .
Mr.. Davis of Cincinnati believed that during the late
mamie the National banks stood by the people, ana the
safest thing they could do was 10 suspend.
MIR Nourse Of Boston said the present system OF cur
false III its oeginnhS ahu alse tnLonson'. %
Ils atmosphere IL peatientia He did not think that
The popular branch Of Congress was ever IN better dis,
position TO do its whole duty IN the premises shonh
Conc cress enact law that no bank should nave clic
aton over onethird OF It's capital It would he wise leg
slatOn. II Is known thai there Is slJ0OWOO Oi gOd III
ibe connry Tnree hundred and fifty million dollars
are actually needed aud s2joOOooO Of it in the posses
sion OF Treasury 10 make resumption safe ana per
n,nent He advised loan OF s20JO0OOOO OF gold to be
added 10 the gold in the Treasury, and then an an
nouucpcnt specie payment 10y the Treasury OF all IL,
own obigaton,. The cOst-sO.C0OO00 per annum in in
erestwOud after one or two years DE saved III more
favorable rates for rcunding the pubic debt This II
the plan of the debtor class who want not only rea,oDa
bIy low interest but "oauabe" capital which cannot
he hoped for long large portion of II Is locked
Mr. Chittenden OF ewYork believed in contraction
because he believed the diminished business OF the
country required less money than II did ast year He
said the banks OF NewYOrk are overloaded with National
bank currency. There Is no man with good security
VINO cannot borrow, but II Will not De lent on wllu
Western lands.
Mr. Grosvenorof ct. Louis said the country needed,
not more currency, but moro capital An Increase OF
the former very often dminishos the latter The West
needs an increase Of the emplOyabe capital OF the
country, and hope to get 1t by development OF our
resources.
made an elaborate argument IN favor Of III early re-
sumption Of specie pay mcnts He differed from those
who thought specie payment far distant Hethought he
increase or the products OF the country would bfhg ne
requisite amount Of specie. ana We would gradually
grow up to specie payment
The debate then closed and the report or the New
York Produce Exchange offered by Mr.. BoyDton as .
subsute the report OF the Committee Oh National
Finances was voted on and rejected
Mr.. Stevens OF NewYork withdrew his amendment,
offered Yesterday. Amendments offered by Messrs.
Nazro of Boston. Bonner Of Sf Louis, Grubb OF Pha-
pcted The original report OF the Committee on Ma
opa Finances then taken up ana the resolutions
were all adopted the firstly vote ~ 10 the second
hy vote OF f3 to 10, the third unanimously. and the
Rosd fr,i: That National of Trade respectfully
Congress that there shall be further issues OF ire
ond that the opinion Of thi, Board the trs ty OF h.
provide o the retirement cancellation Of much Of
'ender issue " mas oeen Ien ron The soeaed
si,d. That imperative Of the Government restrict
,ppdure. every department be public the losest
,ble point and thai shc economy be instituted all appopna
tons m . - - T.. ..,, -, 49, -, ,.,.,n.
p s anks shall oe compelled hold the they receive
& He, bonds hVpolhee-d security th. circulation
- 80 o their reserve unIl their
s.st' a 40 per o their circulation.
NJ t;rosycnor's report from the Committee Trans
r,a,,nn was MAJ special order for morrow
P, Mr. Grubb uf Philadelphia, from the Special Com
nitee 10 which the proposed amendments TO the
nne laws were referred. handed IN report which viii
aIso come up tomorrow. Adjourned.
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