New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-16
TILE NATIONAL BOARD OF TRADE.
THE SEVENTH ANNUAL SESSION.

THE SEVENTH ANNUAL SESSION.
REELECTION OF PRESIDENT FRALEY-REPoRT OF
THE EXECUTIVE COUNCIL on FINANCIAL LRGIs-
LATION-DIsCUssION OF TIE CAPITATION TAX
AND INTERNAL IMPROVEMENTS.
IRON THE REGULAR CORRESPONDENT OF THE TRIBUSE.I
PHILADELPHIA, June 15.-The National
Board Of Trade began Its seventh annual session to-day
in this city Tho attendance is not quite large as at
the Baltimore meeting last year. number OF the con-
suent Boards in the smaller cities having failed to
send representatives Delegates present, however,
from nearly all the principal cities OF the country and
undated was manifested In tho work Of the
organization.
The Boston Board OF Trade not represented owing
to the celebration of the battle Of Bunker Il The pro-
ceedings opened by prayer by the Rev. DR.. b. L.
Agnew. An elegant address Of welcome was then de-
liyered by Mr. John wech who took occasion to warmly
commend the Centennial Exhibition to the delegates.
The address responded to by Mr.. VIM +. Smith OF
Milwaukee. The seventh annual report Of the Executive
Council extracts from which given below, was read
by the Secretary, Mr.. Randolph
After mature dcliberatlon the Council felt at
liberty ~ lay before Congress and Its Committees on
Finance. Banking and Currency, and Ways and Means,
payments by the Government. In this and other
matters the views urged upon Congress by the Council
have been only partly approximately adopted An act
originating in the Senate and passed by it In December
last and which, finally having been concurred in BY the
House OF Representatives, was approved by the Presl
dent and became law Jan. il, 1875, provides that
esatcnde notes in specie on the ist day Of January
1873 and that the fractional currency shall be redeemed
Of The United states Shall be- able TO coin the Silver neces.
for such redcmpton and TO facilitate the coinage OF
Thi, measure was conceded by its friends to be
the result of compromise. aud like all compromises is not
eating disposition TO rcurn TO the true basis Of values,
we may regard as an omen for good ana athS S
that may result in fully accomplishing that which lis
title denotes its object. With the uncertainties as to
the future conditions OF the markets OF the world
may not be wise to rely on the ability OF the Treasury
the objects Of this act would seem that no possible or
rather that III case it should become neces
to do the ae 81 ss scn% or sno saS
increased rate of interest be allowed. Again.
there s an element Of uncertainty as TO the possible res
recicd he retired the issue Of National bank notes
provisions existing in the law that such notes shall be
notes as ana their aonnt int posb reachng
$50 100000. it cannot fail Of being regarded stand
ing to the financial Interests OF the country
Past experience has shown the eycrthrcaenne clarc-
ter Of such reserve being held under the control OF
Secretary of the Treasury OF Congress- pressed
they are liable TO be on 1anccd emergency to release It,
to the disturbance OF AL the Industries ana business OF
law in these and perhaps other respects would II be-
eved tend 10 inspire greater degree OF confidence IN
design hi''''' accomplishing '''' |' 80 40
Mr.. Frederick rraley Of Philadelphia unanimously
reelected resident OF the Board for the seventh time,
and the following gentlemen chosen VieePresdents
and members OF the Executive Council:
$. r. Thompson of Baltimore b. I; Nonrse OF Boston
8. f. Covngton OF Cincinnati Geo. NJ. Howe OF Chicago,
j. d. Hayes OF Detroit r. H. Allen of Kansas City, WmE
Smith Of Milwaukee, Thos. II. Price of Mobile Geo. OPP
dyke of NewYOrk Franklin Edison Of NeW-lOrk, G. j..
Grosyeno r. OF ProSdencc, and W A. Grosvenor Of St.
Louis.
letter was read from the Association OF Chambers OF
Commerce OF Great Britain inviting the Board TO be
load and
in September. The invitation accepted and Mr.. l..
b. Iolton OF Milwaukee chosen the delegate TO
represent the Board. The Committee on transportation
presented printed report, the consideration OF which
was postponed until the subject should be reached on
the programme for discussion. report on Savings
Banks offered by the Committee that subject and
ordered to be printed for future consideration Upon the
report Of the Committee Credentials the Cheap Trans
portation Association OF NewYork admitted to
membership; also the Board Of Trade Of Scranton. with
the privilege OF vote until 1t increases its member
ship to So The delegates from the Cheap Transporter
ton Association are George A. Mcrwin, j. f. Henry and
Charles Watrous
The preliminary business having been disposed Of the
President laid before the Board the programme Of
topics for discussion selected by resolutions OF the
Constituent bodies. First in the list was the following
resolution which unfinished business from
| last years meetng
Rssorred That Board reafrms its conviction that all
eaItion taxes collected from or upon mgIans whether
imposed directly indirectly win or Without Color Oh law
unjust and Odous and ought to be repealed
The President said that. since the adoption OF the orig
nal resolution Boston had abolished the capation tax
and New-York and philadelphia had, he believed, mOdi
fed il. The present resolution came from Boston
Board and its object to keep the subject alive Mr.
Young of Baltimore said that the language Of the esOlu
ton made his city great public offender. He was not
willing to admit that she actcd unjusty in collecting the
capitation tax 1t was rather indemnity than tax
Vessel-owncrs required either 10 give bonds tlht
passengers landed by them should not become pa'pers
or, in lieu thereof pay the cry ~ S "a c ash
for sick and helpless immigrants MT. lilnckcn
OF New-York said that IN collecting the TAX OF
81 so per head New-York City became responsible
public charge in city county III the state Tor Ve
years after they landed and that OF the S6OO0OO or
100000 raised annually large sums were PAD OUT ~
the scabOard cities ought not to be Forced 10 Dear
the burden of supporting all the sick and helpless for
eigners that might tumble upon them On motion Oh Mr.
| "a Yeas TO Nays. 80
Next on the programme the following resolution.
proposed by the Mobile Board OF Trade and postponed
from the Baltimore mcctng .
Internal improvements are now made spasn0d
caly and in great waste Of the public money therefore,
KSsOired That Congress he memOrfaze To establish Bn
analogous 10 the Coast Survey,
make mnary and suggest and
thorough system OF Improvement
MIR Price Of Mobile wished it understood that in Offer
ing resolution the body which he represented id not
approve the theory that Congress has the CON
stituOnal power to make general internal improve
mcnts but Intended only to that while such things
were going they would like their share. He did not
ask have tho resolution passed in ITS present shape
hut offered substitute fayOrng lmrON ements strictly
National in character and bcnefting the whole people
Mr. EgglestOn Of OHIO obtained the no0r To speak on the
resolution aud on his motion the Board adjourned
THE AMERICAN INSTITUTE OF HOMEOPATHY.