The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-01-17
The national sE8aYtY OF Trade.
lAbbrcviatcd from the Balti more SUM-
The following are the resolutions adopte

on tue SUBJECT Ofstne snnanees 4. n
| Resoloed First THAT the National Board
Of Trade respectfully recommend TO Con-
gress that there shall be no further issuesof
firredeemable paper money whatsoever. H.
Second. That In the opinion OF this Board
| il is the first duty of the Government TO pro-
vide for the retirement and cancellation of
| so much of the legal.tender issue as has been
| taken from the so.called forty-four million
| reserve.
Third. That it is the imperative duty Of
| the Government to restrict its expenditures
| in every department. Of the public service to
the lowest possible point, and that strict
economy be instituted in all appropriations.
Fourth. That Congress be requested to
So amend the rational banking law that the
banks shall be compelled to hold the coin
they receive for interest on their bonds
hypothccatcd as security for their circulation
as part of their reserve until their reserves
in coin shall be equal, at least, to (30) thirty
per cent. of their circulation.
They need 10 better comment than was
| made upon them by Mr.. Van Horn, of the
| Kansas City Board Of Trade, by long odds
| the most sensible speaker in the body. he
! said:
Political economy was 4 good thing IL
| i belonged 10 the right school. The dlfier-
eut parties thought theirs was the right
school. The question Of finance, instead OF
| being discussed from the standpoint OF po-
! ltic;,l economy, should be discussed as prac-
teal question. be and his friends were not
| intlationi>tS, nor were they expansion.
| ISIS. They wanted the present system OF
| finance so adjusted as that they c0ulu
get money enough. That New York should
| Il l,.. hoy II
| balances OF western banks. and refuse their
drafts. lie would ask what was the present
| condition of the country? Many OF the
mcmlers wanted specie standard. Most
cmphatcally they had got il, and they had
| something worse than specie standard To-
day, because they had national currency
with fixed limf. He said they had specie
| standard with all its disabilities and none of
| lis advantages, because they had cur
| rcucy that kept specie out of circulation
that drove it from circulation; and no
mines OF erecnbacks to 60 to. They
had no grecnback circulation in other
parts OF the world 20 draw upon. The great
trouble in all The discussion had been the
christening of the subject, when he and his
friends Of the West were after the substance.
The gamblers of Wall street had given the
country panic last September. The honest
men of the nation had nothing TO do with
that. There were some things he could
not account for; orc was the eyerast-
! ING adherence TO the idea Of specie stand
ard. when there was not spcce-paylng
civilized country on the globe to-day. When
ever it could be demonstrated to him how
currency could be redeemable with one dol
lar of gold and three Of paper, then he would
; understand what the irredcemabie revolu.
4 - In NO Il
civilized country that had not cured all its
!; financial troubles by what he called suspen-
1 sion and by 4 paper currency. 1t always
cured it. If the medicine was good for
, sick patient, what was the use of dosing
him with the old medicine to make him sick
again.
| lie remembered Il very celebrated remark
of the president Of the metropolitan Bank Of
Fl New York that was quoted with great force
in an influential paper Of New York city at
the time Of the panic, that there was not
money enough. He had been sorry to see
since that the paper in question had changed
its tone. He expressed the western idea eX-
actly, because then he understood the condi-
ton of altuirs They understood the panic
was the result OF 4 vicious system, and not
from want of specie payment, and that the
system must be changed. If the East had
another panic tomorrow they would demand
the same thing.
Dir. Chittenden, of New York, would ask
the gentleman if they had a panic out West
now, to which Mir. Van Horn replied that
they bad not, and never would have had bad
not the gentlemen from the East been
wiser in their own concet than the laws OF
trade.
Mr.. Van Horns time was extended, and
he went on: Those gentlemen who were
, now talking against the proposition to make
bonds Il basis Of currency were begging last
September and October the Secretary Of the
J Treasury to violate lhe law and let them do
exactly as he [Mr. V. III would propose TO
, allow them TO do now.
Mr.. Stevens said it could not be charged
upon the New York community that they
begged the President to violate the law.
Mr.. Van Horn would have TO say that
they did do it, and he would have to say to
his Baltimore friends that they Uhe New
York gentlemen) came all the way to Bati-
! more to get an eminent lawyer to advise
item to do it.
. TRANSFORMATION REPORT.
4. The following is a synopsis Of the resolu.
] tons which will be recommended by the
y special committee to-day on the subject OF
transportation:
fiTSt. 1Nal leSlSlltlOu DC auOpteu 10 pre-
= vent the delay in active shipment OF
e grain intended for transportation in the
G hands of common carriers.
Second. That the only true remedy for
the existing evils in transportation will be
Secured BY the development Of water routes,
and that it IS the duty Of Government
neither to assist nor give aid or money to
! benefit any artificial route Of transportation.
Third. That any attempt to regulate the
] rate of freight by Government authority
would be inexpedient and contrary to sound
policy.
+ Fourth. That the fast freight-line system
! is wrong aud bad in its tendencies, and that
railroads should be compelled to perform
3 the business Of transportation themselves
, alone.
Fifth. That Government may charter any
railway through any of the different States,
subject to the same local taxation as is i'm.
posed by such State ON railroads now in ope.
ration within its border.
Sixth. That a committee be appointed to
memorabilia the different State Legislatures in
: the spirit of the foregoing resolutions.
A POLITICAL PARsoN.-Senator Sargent
has been the recipient of many compliment
airy and congratusatory letters thanking him
for his determined and successful opposition
to the nomination of Mr.. Gushing. The fol-