The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-04-15
THE TRUE SPECIE RING.
The Board of Trade Protests Against
Imitation.

A special meeting of the Board of Trade
was held Yesterday morning for the purpose of
expressing the sense of the Board in regard to
the finances of the country, and the currency
; bills now before Congress.
Hon. Geo. w. Woodman, President, called
the Board to order, and briefly stated the OBJ
| iects of the meeting
j. E. Hezeton and FL. P. Dewery were chos
en- members of the Board
The President as chairman of the Committee
on Ways and Means made an encouraging re-
port and stated that the membership of the
Merchants Exchange is rapidly increasing.
Mr.. Washburn suggested that a suitable
building be erected on the vacant lot opposite
which will furnish ample accommodations for
reading rooms, committee rooms, telegraph
offices, &c.
Mr.. c. H. Haskell thought such building
would be desirable, but queried if it wonld
pay.
The currency question was then taken up,
and Hon. w. W. Thomas offered the following
preamble and resolutions:
Whereas, In the opinion of this Board the
passage and approval of any act to increase the
| issue of the paper currency of the country would
not only tend to violate the faith of the people
of the United States and annul the nations
sacred pledge, but would have the effect to ag-
gravate the evils consequent upon the uucer-
| tainty in the fluctuations in values of labor
and commodities, thereby inflicting grevious
| wrong upon every class of people by raising the
| prices OF all articles of consumption without
| effecting corresponding advance of wages
| thereby doing special injury to every man and
woman dependent upon wages or a salary.
| Therefore
Resolued, That the members of Congress
| from this State be and they are hereby re-
| quested to oppose the passage of any act tend
| ing to the expansion of the paper currency;
and to use their influence to promote return
| to specie payments at the earliest possible
| day.
| Resolued That the members of thus Board
do hereby appeal to the President of the United
States to refuse his approval to any and every
| bill which involves violation of the national
honor to which an irredeemable currency must
necessarily lead, sooner or later and to inter-
| pose his veto to defeat any measures inconsst-
ent with the promotion of the nations honor
| and integrity.
| ResolUed, That copy of the foregoing pream-
| BILE and resolutions be transmitted to each of
| the members of Congress from this State, and
| to the President of the United States, under
| the official seal of this Board
| Hon. John Lynch said he agreed in general
with the resolutions, but was in opposition to
them in some particulars. He deprecated any
further imitation of the currency but as much
of the business of the country was based on the
national bank currency he thought the govern
ment was bound by its acts not to interfere to
the detriment of that currency, and neither to
increase nor decrease it. The matter should
be regulated by the laws of trade and not by
the laws of Congress. Congress has no right
to exercise governmental supervision over the
business of the country, or to regulate private
banking transactions We should not advise
Congress to take any steps in this direction.
The growing business of tie country may de-
mand more currency, and it is not wise to pro-
test against any increase. We must place
ourselves on the solid ground of specie resump-
ton, and provide for the redemption of govern
ment notes.
Mr.. Thomas thought the proposed action of
Congress in increasing the currency by $40
100000 is intended to force postponement of
return to specie payments. and SO protest
+ against such action is urgently called for. The
measure proposed will stimulate our imports.
already too large, and work other evils. True,
Congress can neither restrict nor create wealth
but it can do great deal of mischief Our
expenditures are altogether too large, and
further increase of currency increases those ex-
penditures.
Gov. Washbnrn thought we ought to con-
slider these resolutions in the light of existing
circumstances. Congress evidently intends to in
denpltely postpone return to specie payments.
This is the evil which stares us in the face,
and the evil against which we protest The
business of the country is paralyzed and val
ues are unsettled by the dread of further ex-
pansion. In many particulars he agreed with
Mr.. Lynch, and differed from him in Others
with great dlffidence. He had no objection to |
system of free banking, but it Should be
coupled with the condition of certain redemp- |
ton. Let the legal tender act be repealed 1t |
was great mistake of the Supreme Court in
affirming that act. The o-called reserve
should have no power az currency, and we
should be explicit in our expression on that
point. OF course all SPECTATORS and debtors
desire an increase. But the alienation of
their evils would be but temporary, for inaa-
tim would bring about renewed speculation
with its attendant ills. The resolution asking
for veto may not be advisable, for it supposes |
that the President will sign bill violating the
national honor.
Mr.. Lynch explained that he simply wished
Congress to let the matter of increase or de- |
crease of banking currency alone, and let the |
laws OF trade regulate the matter. 1t is suffi- |
cient for them to provide for resumption. He
thought the present condition of affairs largely |
brought about by the attempt to force resump-
tion by contraction of the currency in 1866 |
Business had become established and invest |
ments made on the new oasis, and contraction |
unsettled all, threw laborors out of employment |
and injured manufacturing. In time stocks |
were affected. The road to resumption is evil |
IDENTIFY not by contraction. There are towns in
the South and West as large as Portland, where |
there is not single bank These places de-
mand and should have banking facilities. The
BILE currency. No matter about tho volume of
the currency if it be redeemable. He didn't
think the constitution contemplated a veto of
an act deliberately passed: He suggested as an
amendment the word "rredeemabe" before
paper Currency" He was in favor Of no in
crease of legal tenders, but did favor a free
banking law that would do away with the pres
ent monopoly and would allow the establish
ment of banks iE South Carolina the same as
in Maine. He did not believe in central places
of redemption because it gave facilities for
locking up currency. Let the banks redeem at
their counters.
Gen. j. M. Brown believed that the action
contemplated by Congress was disgraceful and
dishonorabe. He agreed with Mr.. Lynch as
regarded free banking, but he protested against
any further increase of legal tenders. The
question at issue had been confused by many
side issues by many questions in political econ
omy. The question is simple enough If the
| Government compels me to receive greenbacks
| in payment of debts, then it should be obliged
to take them in diacharge of debts due it
| Both political parties have pledged themselves
against imitation, and both political parties in
| Congress are supporting initiation. We must
| make known our sentiments to cur representa-
| tves.
Mr.. Washburn called for division of the
| question, and it was agreed to.
Mr.. Haskell strongly advocated the resolu-
| ton demanding Veto Otherwise tine resolu-
tions would fail to accomplish their object
The veto power was one of the wisest provis-
|
| more urgently dema. ded than now.
| Mr. Shurtleff thought it best not to instruct
| the President.
The preamble was then passed as amended
by inserting the word "irredeemable'' before
the phrase paper currency" and the resou
lions, except the one calling for veto which
was struck out, were passed without an amend
| ment.
The Board was very determined and explicit
in its views on further increase of legal ten
ders, and whatever difference may exist among
its members in regard to free banking they are
unanimous in their opposition to the imitation
of currency as contemplated in the bills before
Congress, and strong in their desire for meas
ures looking toward resumption of specie pay
| ments.
M. L.. A. Annual Meeting.
The Mercantile Library held its annual
meeting last evening tor the choice of officers,
submission of annual reports, etc. The fol-
| LOWING officers were chosen for tho apc,;n,,