New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-18
NATIONAL BOARD OF TRADE.
THIRD DAYS SESSION.

THIRD DAYS SESSION.
HARD MONEY RESOLUTIONS AGAIN ADoPlED-A DAY
DEVOTED TO THE Observation-Disclosures ASKED
TO CHANGE THE POSTAL LAW
frRox THE REGULAR CORRESPONDENT OF THE TRIBUNE.
PHILADELPHIA, June 17.-At every annual
meeting Of the National Board OF Trade great deal OF
time is occupied discussing the currency question The
sentiment of the body conservative and the debates
have uniformly closed by the adoption OF resolutions in
favor OF speedy to specie payments. The topic
is revived at each succeeding meeting because II Is
thought wise by the majority, that Congress AMI the
country may that the national representative assem-
bly, of business has not changed its ground upon this
important subject. Last year. at the Baltimore meeting,
the Board protested against further issues Of rredee-
able paper demanded the retirement Of so much OF the
S44, 900 600 had been reissued and asked
for legislation to compel the banks to prepare for re-
sumption.
The debate to-day opened by Mr.. Windsor of Phil
adelphia who offered the following resolutions:
Rolred That the time when d % az
sa a large Of are ling idle preses
voiable opportunity for tie institution Of measures to re-
$esed payment cannot be restored and m. main n
i Iegal psy% mem = Hs ps Of spes
Congress Withdraw from circulation and cancel the United
States legal tender notes by instiiung measures for ha' pur
These propositions Mr. Windsor supported In re-
markaby clear and effective Speech in which he argued
in favor gradual withdrawal of greenbacks and de-
clared that as soon rs provided for specie in
this country, by getting the legal tenders out OF the way
| II would come here In abundance.
Mr. Cowdin OF Ncw-York. in secondng the resolutions
spoke favor OF repeal Of the Legal Tender act to take
effect after the lapse sufficient time to enable business
to prepare for the change he regarded ihe pres
Of the overtradng AMI speculation superindnced by
Mr. Buzby of Philadelphia spoke in favor Of more paper
money for present evils, and repeated inc we'll
known arguments Of Congressman keey ZOO ana Ho Ono c
abroad, and have to send to Europe S25OOOOOoo
TO pay interest State and corporate debts II
will be impossible to resume He closed by Offering the
following: A., ,,.,., p, y, r-.,o
Congress fixing 1879 the date for resumption and
will err in fixing any date ana ta s"acOH vi" only 'eS'
Mr. Hayes Of Detroit insisted that the solution Of the
whole question could be given in three lnes When the
balance Of trade is against us and We have TO amp
of specie annually to settle the balance re-
sumption is impossible. IL people would ccsist IRON
buying from foreigners we coud soon have specie pay
Mr. Windsor argued that the balance Of trade had
nothing to do with the question
MI wehell of Phadepha thought the question Is
down expenses getting out OF debt and preparing Tor r
Nj Jefiries Of Philadelphia spoke against contraction
and maintained that no legislature could force specie
Mr.. +. L. Jay favored merely general declaration In
Mr. Molton Of Milwaukee said that the previous dec
lartOns the Board have far toward turning the
country back from shnplas,ers for money Now the
carrying out the law Of last Winter As substitute
for Mr. w1dscrs resolution he offered re- the following: ..
Of satisfaction that Congress has fixed day for The re-
sumption specie payment, but that II cannot withhold It's
expression Of that no welleonseed methods have
of that
Congress to place nj the earliest PERIOD possible means III the
hands the Secretary Of the Treasury for the execution OF the
law providing for the resumption at the time named
After further debate motion 10 table the whole
subject was overwhelmingly defeated. Mr. Hoon's
resolution substituted for those offered by Mr. Wind
sor, and was finally adopted Oh rising vote by Yeas
81, Nays 8.
The only other business Of Importance transacted was
the adoption Of a resolution reported by MI Henry from
q Committee, instructng the Executive Council TO
memorabilia Congress for the repeal Of the law OF last
Winter increasing the rates Of postage printed
aud merchandise.
At O'Clock the members OF the Board visited the Cen
tennia Grounds in carriages and subsequently
tertaned at banquet given In their honor at Belmont
by the Board OF Trade and Maritime Exchange Of Phil
delpha.