Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-17
NATIONAL BOARD OF TRADE.
The Problem of Cheap Trans
pOrtatiOn.
Revolutions ORA Railway Rates.

its immediate attention to the prompt re-
mOyal Of these distinctions:
The rules were suspended afid a rsseiu-
tiOn was adopted, recognizing the great
commercial and national importance Of the
Darien Canal, and commencing the enter
prise To the favorable consideration of the
people of the United States.
The. first four resolutions Of the report OF
the Committee or Transportation were
adopted, and are as follows:
q l. Railway companies engaged in the
business Of transporting grain in bulk,
should in all cases, deliver the same guam
titysof grain as they receive, and while 1t is
believed the common law governing all
carriers would if appealed 10 enforce this
principle, it is proper and desirable that tie
different State Legislatures should pass
laws compelling its observance, thereby
facilitating It's enforcement by auy iDdi7id-
ual aggrieved.
.. 1t is inexpedient for Congress at the
present time to assume any pecuniary obll-
cations or make any appropriations in aid
of artificial means Of transportation.
3. While railway companies, like all
Dther corporations are under control of and
held responsible to the power which gave
them existencelhnd may properly be check
| ed in the exercise Of any unjust or arbltra-
ry powers, nevertheless, experience has
shown that ii is inexpedient tOseek by leg
/ islatiye ensctlnenis to fix rates of tTanSpOr
I tati6Ti,
Z 4. The practical bulk of transportation
being delegated by so many railroad COM
panies to special freight lines, frequently
leads TO great abuses and to an unnatural
and unnecessary addition to the cost of
transportation and that the railroads should
either assume tine direct coiftrCl and rcsrOn-
sibility of their own business or leave it
open to the competition Of all freight lines
| that may undertake it.
The 9TH resolution in reference 10 the
| chartering by the general government of
any railway between the West and the
| seabOard under proper restrictions when
ever private capital may undertake it, was
| next discussed. Mr.. Van Horn moved its
| indefinite pOstpOneInent. After long dis
cuSsion. Van Horns motion was carried.
| The following sixth and last resolution
was then adopted without debate.
Resolved that the Executive council be
| instructed to communicate by memorial,
to the Legislature of the several States the
recommendations respecting State lsgisla-
tiOn embraced IN the foregoing resolutions,
and moreover to urge the several cOnstit-
uent bodies in the different cities to use
/ their influence to secure the adoption and
enforcement of the principles herein enHn-
| ciated.
| UeVeHue Reform.
Mr.. GrUbb, of Philadelphia, submitted
the report of the special committee OIL the
revenue laws. which was adopted. 1t ell
bodied the first resolution of the Boston
Board of Trade bearing on this subject and
adopted by the National Board of Trade
| Wednesday last, and in addition the fol-
| lowingi
Resolved, That these evils are 50 great
and exciting, so destructive in their III
fuence on the morals OF trade, that We re-
| spectfully ask Congress. in the name Of the
commerce Of the country, to consider what
notifications Of the laws may be safely
made.
Resolved. That the Executive Council
present these resolutions to Congress in the
name Of the National Board Of Trade, and
take such means rs may secure refOrInatOIy
| legislation.
The rules We're suspended and the pre-
amble and resolutions adopted.
| In reference TO bills of lading, they claim
| ed that up to the present time there had
no system Of issuing bills of lading, and
that there was no security for holders Of
| bills, and that the National Board of Trade
should memOralize Congress and State
| Legislatures to enact such laws and regUla-
tiOns as will afford the necessary relief.
Reorganization Of the Indian Ter
FitOry.
On motion of Mr.. Bonner the report Of
the special committee to whom was refer
red the subject of the reorganization Of the
Indian Territory. was read, and after some
debate, the following resolution was
adopted;
Resolved, That Congress be and hereby
is respectfully memOrialized TO establish
| without delay a territorial government over
the country known as the Indian Territory,
bringing the people thereof under the laws
and jurisdiction Of the United States on
such an equitable basis rs will secure, first,
a homestead 10 the head Of each Indian
family, the title to which cannot be aliena-
ted for designated term of years. Second,
sale of the remaining lands on such terms
as will induce rapid settlement and devel-
Opment Of the Territory, the proceeds OF
said sales to be held or invested by the
| government rs fund, which fund shall be
Sacredly held as a trust for the benefit of
the Indians. The interest thereof to be eX-
pended in such manner and such time as
the wisdom of Congress may provide, for
the education and social improvement OF
the Indians.
Specie Payment.
Mr.. JnO. GanO, of Cincinnati. presented
three resolutions all of (which We're adopted.
l. To amend the national banking law
so as to take from the comptroller of cur
rency all discretionary power.
>. That Congress be requested at the
earliest possible moment to provide for
destroying fractional currency and substi-
tuting silver coin.
,. That IS fractional currency is largely
in excess of the needs of the country, that
the Secretary of the Treasury be instructed
to redeem not less than ten million dollars
thereof beginning with the fifty million
issue, and pay out therefor one dollar Totes.
Mr.. Wright, of Chicago, moved that the
meetings of the National Board of Trade
shall be held at such time and place rs
shall be determined by the executive cOun-
ell. Adopted.
| Mr.. Stevens, Of New York, offered a res
olution that the National Board of Trade
urge upon Congress to establish an inter
national cOmmiSsiOnt to which governments
of all Central and South American States
shall be invited to send delegates, to con
slider by what means commercial inter
course between them and United States
may be best fOStered and increased, and
their markets opened to American products
which was unanimously adopted.
Savings Banks.
Mr.. NourSe of Boston. moved that the
National Board of Trade recommend 10
State Legislatures the incorporation o.
savings banks, whose duty it shall be to re-
ceive from any person any sum OF money
from one dollar to one thousand, all money
so received to be invested in any registered
public stock. creating by virtue OF any law
of the United States, and in no other way
referred to the Executive Council.
The Alabama Claims
Mr.. Hoffman, Of Philadelphia, Offered
the following:
Whereas, It appears from the proceeding
in Congress that there exists difference o
opinion with regard to the proper distribu
tion of funds awarded TO claimants 10
losses known as the Alabama claims.
Resolved, that underwriters should b'
indemnified for losses in the same manne
and same terms as individuals, and as tn
claims Of Underwriters were included in th
award made at Geneva, they should reeeiv
their Just proportions.
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