The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-16

LIE NAx4VNAA OV1xSO Va AAs~A-DS
mercial Representatives OF the Csoun-
try.
BALTIMORE, ~San. Is, 1874
The National Board OF Trade resssembIed as
Rialto Hall 1T ten O'Clock this morning. The meet
ing was opened with prayer blythe Rev. Dp bud
ley. MesJs. Henry w. Duryeo and J. @. Johnson
OF Newark, N. j., presented, their credentia and
were admitted. The Secpstary read communica-
ton frOHi the American Cheap Transportation
Association, now In session at Washington, invit-
ing the National Board OF Trade to be present dur
ing the session. The Board rendered vote Of
thanks but, on account Of press Of business,
could not accept the invitation.
The report OF the Committee on National Finances
being then taken up, John II. BOynton, OF New
York. moved as a substitute for the report Of the
committee the views and suggestions of commit
tee appointed by the Board OF Managers Of the
New York Produce Exchange to consider the sub
ject Of the national finances.
Mr.. TAYLOR, Of Cincinnati opposed the substitute
submitted by Mr. Boynton. He said that the senti-
ment OF the country was opposed to any increase
Of the interest bearing debt. He denied the state
ment that owing to the growth OF the country we
required more currency year by year, and said that
the circulation in Great Britain had decreased
while her commerce had increased eight hundred
fold. He concluded that this country had less
currency than ever before. Facilities for exchange
are such that currency is not required to the ex-
tent that 1t formerly was. While the United States
Supreme Court had decided in favor Of the const-
tuti0nality OF the issue OF the $4O0 OOO he
confident they would deny the cOnstitutiOnaty OF
any Ilrther issue. II the government was author
zed 10 grind out greenbacks al n0ttun, an am
bilious President ana Secretary OF the Treasury at
washington could carry every election from Maine
Mr.. DORE, OF Chicago, followed. and contended
that paper money had value, which public
confidence, which was the basis OF the greenback.
Mr. ABLE, OF st. Louis said 1t was very bad legis-
latl0n for q government to Issue bond or note
that sells above It's lace value.
=, Mr.. WHISTLER, OF New York, spoke in favor OF
the adoption OF the substitute offered by Mr. BOyn
ton.
MI. SMITH Of Milwaukee, said the opinion pre-
walls In this Convention and throughout the cOun-
try that the West was IN favor OF imitation or ex-
pansion OF currency. He said the West was in
standard soon as practicable and that all legis-
lati0n on the subject should tend that way
MI: BONNER. OF 81. Louis, offered preamble and
Committee on National Finances.
Mr.. WRIGHT, OF Chicago, followed He did not
believe in an expansion OF the currency and he
certain that the majority IN the West and North
west concurred In his views. The greatest danger
ana he woua G tine
the Committee on National Finances.
Mr.. DAVIS. OF Cincinnati, believed that during
the late panic the national banks stood by the
suspend.
OF currency was false III Its beginning and false
throughout Its atmosphere Is pestiiential. He
did not think that the popular branch Of Congress
was ever in better disposition to do its whole
duty in the premises. should Congress enact
law that no bank should have circulation over
0ne-third its capital 1t would be wise legislation.
1t Is known that there $780, 600 of gold in the
country. Three hundred and fifty millions Of dol
lars are actually needed-and $3.50 900 Of 1t in
TraNAurV-fn
sale and permanent. He advised loan OF
$500, 0OO, 900 OF gold, to be added to the GOLD
specie payment by the Treasury of all It's own OBJ
legations. The cost-$lO, 900 600 per annum in IN
raa one OF 1%S De IN
This Is the plan Of the DEBTOR class who want not
only REASONABLY low Interest, but loanabe capital
portion OF 1t is locked up IN bank circulation.
Mr.. CHIrTENDEN, OF New York, believed in con-
traction because he believed the diminished bust.
ness OF the country required less money than IL
did last year. He said the banks of New York are
overloaded with national bank currency. There 10
no man with good security who cannot borrow,
but it win not be loaned on wild western lands.
Mr. GkovKRNoR, OF st. Louis, said the country
needed, not more currency, but more capital. An
later e West NEEDS an Increase Oh the EMPLOYS e
able capital OF the country and we hope to get it
by u development OF resources.
Mr.. VAN HORN, of Kansas City, followed in an
able address, which attracted much attention.
Mr. GKUBB, or Philadelphia, read a letter from
the former manager OF the Bank OF England.
Mr. STEVENS, or the New York Chamber OF Com
MERGE, then made an elaborate argument in favor
OF an early resumption OF specie payments. He
differed from those who thought specie payment
far distant. He thought the increase Of the pro-
ducts oil the country would bring the requisite
amount of specie, and we would gradually grow up
to specie payment.
On the conclusion OF the address OF Mr.. Stevens
the debate closed, and the report of the New York
Produce Exchange, offered by Mr.. BOynton as a
substitute for the report OF the Committee on
National Finances, was then voted ON and re-
jected.
Mr.. STEVENS, OF New York, withdrew his amend.
ment offered yesterday.
Amendments offered by Messrs. Nazro, OF Bos-
ton; Bonner, of st. Louis; Grub, OF Philadelphia,
and DOre, OF Chicago, were then severally rejected
The original report OF the Committee on National
Finances was then taken up, and the Jour resOlu-
tons teegraphed yesterday voted sertdttm, and
all adopted; the first by vote or A to 9, the
Ond by q vote OF 43 to 10, the third unanimously
and the fourth by q vote OF 80 TO IS.
Mr.. GROvERNOR, Of ST. Louis, said he was in
structed TO make report from the Committee ON
IransportiOn.
The report was ordered to be printed and made
a special order for tomorrow morning.
Mr.. CRUDE, OF Philadelphia, from the special
committee to which the proposed amendments to
the revenue laws were referred, handed IN report
which Will come up to morrow.