, 1874-01-06

Iuyesral nj il C,1rnlercis Dcllaiug 1s.se849
Oa=n il nxnds Of 8ecrelaiy and TreAs1reE.. 1876
*l21 ,eo,43
The aseessmout for the ensuing gear Inns been fixed
at @ upon elch member aud clerk Dur present 1neI-
bcrslip numbers 1,651 being increase within tue
pcr nt "a Ee;eut accessous to the membership in
ccde many prominent citizens heretoiora engagea u
Business NOT largely represented III Chicago IS TO
u.uuiactur:ng as we'll Hose In the banking bus-
ress taay be included durag tho coming year, to give
:ha 1eueht Of theit supror. nd intlnense to .ha u
etitution. which established with the daair, not
ouv to advance tho COMMERCIAL character but also to
promote tho mercantile mud manufacturing Interests
o1 tic City Of Chicago.
, CHARTER AND AULEs LEGALLY TESTED.
Many OF you have Entertained tue optuion that
thsre tho.e ronneut IN the legal PROCESSION who
y:aod by the rules Of association Whether such
o1iuiuu he Woll founded or not. most detert1lued
citorts h.se been nnds during the last year 70 gain
judicial decisions adverse to tie constituticnaUty Ct
the charter ard the eGaiy Of the rules OF the Board
Of Trade. The following Is quoted from an argument
of learned counsel in ere brought IN the courts
ooutracts made annually by the members Of the Board
Of Trade between each other constitute an amount
sais xhn sn d the s rsne period. These ransacions IN
Volyo every rA,ietr and phase uf Legal question
and the adjustment 9f t them .,e snder aso,,ftt fhe
t1on, each year, crery form Of action known IN
Auleric.n Jurisprudence. To allow tie Directors OF
u noara o. tsaaG s ense peanst e
corpo1atio to try and decide heln and en.sr decrees
for the payment Of money under penalty OF disfrao-
chseuens TO oust the courts Of their jurisdiction IN
moro than half Of the Of the business
In the wtola State."
Whether surh language docs or does not justify the
oruou referred to, 1t does certainly !5terrescut th2
acou Of yo,r Board Of Directors und the rules under
when they act Under the authority gransod by its
cLerte- the assoc1ation annually elects COMMITTEE Of
Arbitration and Appeal to whore decision questions
of dispute und disagreement are by mutual consent
referred, lut there rule making such reference
arbisrators; ; taoy neither assess money dans-
gcs nor - enter dec1ees for payment Of money
undtr penalty OF disfranchisenens )" they do how
crex UPON certain conditions circumstances disi-
pline members by temporary suspension, under au-
1hority conferred upon them By rule in relation to
tie objects for which the Board Of Trade created
was undoub:cdy, to promote high standard Of com-
merctal honor and commercial credit In the City OF
Chicago by securing among the members Of the Board
1rroinut discharge Of their pecuntary obligations
without resort to the expensive and dlatory pro
ccdure Of the courts Of law In order to accomplish
his The charter authorizes the Board to create within
itself tribunals Of reference and srbitraion by whose
exir the members shall 1o bound but It docs not
Tor the .tainncnt Of beir Objects It expressly g.yes
the power of expulsion and under that power tho cor
pcroton has adopted ;l&a bJ-law providing, IT MEM
another member, be ehs'l be expelled. aud, in our
judent, it is well adapted to secure the objects al
5e.9 1a1ed ard preserve the high character and
The Court goes on 10 Say That corporation pure
IL eonc7s Id in Its character would Hoon cense to be
7espcctable respected, il it tolerated among Its
einbcrs violation Of undisputed contract, il too
r;a,,. for argument" OF the several suits at law
brought against the corporation during the rear
pisina3t or retttoner had been By the
preceding Board Of Directors suspended from the
privileges of the association for failure to iu con-
bcra Tho petitioner, by his able attorneys, claimed
that suspension in the case involved the question
he.hcr thc contract valid that to determine this
Thict. l7 tic Constitution, was vested cn1y in the
courts and that therefore, the board Of Trade could
Doard M Of Directors. The decision, although In
favor Of tho petitioner on account OF a assumed m
rrgu1st.ies In The T5Seeeadns1 nsr @ 1e0
dsions as TO the power Of the Bo+i The language OF
lie Court was as follows: Whether or not the petit
-rcard as . question of Judicial power within the
,nauina of The Constitution The question to be tried
ik This whether he has broken conditions annexed 70
t thc mower to try such question: IT. tho courts U
tnstfce. To do would be 10 overthrow the ad1uda-
:a.ion. Of the Inst $50 years" -.,.-
hare either been withdrawn or decided In It's favor.
sou nava therefore, to be congratulated in hav.
ing eh:r es ana a vt bx n1tn dspte
asf;ors TO your own chosen tribunals OF arbitration
2o cau gain decisions according TO equity and Justice
~ sction anown in American jurt+Irude1,ce and son
cau avoid the expense Rnd oa'ofs pfoeeu0Ae u S1o
coaris OF Inv.
REGARDING GRAIN INSPECTION.
Rea:txng tnat the improper and Imperfect lsms Re-
o.ri;ug he inspection Of gTin vera orking injury
10 ali c4sses concerned therein, tea boafa ol Dre
~ did during the LIST Ecssion Of the General Assem-
~ ~ If his Slate, seek to secure such changes in the
a as we're in their opinion demanded BY The interes1a
involved. For this purrosc, committees %sfe 1 aI-
members publicly advised give
no hearing The coee from ,a't tais BoaIa nsa,ce ahs G
- 80 nouscs aud It ts believed they were instrument
I in obtsining notifications in tbs Warehouee Law
a: have proved Of great Ialne: 1ney| nov noSese, re-
iea11e n il rc!i known that the business OF inspect
nr grain wsr afrnn,rt y. c State by virtue Of NV
.aciel Ut the insauce O. f7-ners ad country deae
Vim lad beau made to bcleEe that The business "ona
he more rrore7y pesorned b5 the state than oy the