New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-02-25
THE PROCEEDINGS.


- 1or,e attendance which filed the main hall and
overeoved into the secretary's office Between $4,000
900 and SO 10000 OF capital must nave Deeh "ee'N
represented the gentlemen present among whom were
william f. Dodge s. b. RuGges, Royal Phelps Frederick
A Copkling Peter Cooper, BENJAMIN II. Field, A. A.
low George W. Lane. William H. Fogg, Henry f. spadid-
ing. Elliot c. Cowdiu George Opdyke, Josiah o. Low
pemas Barnes p. ~ SpOhord, IL. G. Arnold Gustav
schwab f. W. Corlies j. D. Wood, r. r. Fabbri, Matthew
Maury Z. W. Ropes, r. l.. Stuart, ID. d. smith. D. NJ
U,sted h. e. Sherman, SETH Low, Henry NJ IaDer, Mar
lin Bates E. II. II. Lyman, Jacob Wendell A. NJ White
A. W Humphreys g. b. satterlee, II. X. Bal, Charles
Butler ". H. Lee, W. H. Webb, c. 7. Budett, George H.
Nichols and John Riley.
A. A. Low. wlo to deliver the principal address OF
the day took the oOr and read the resolutions published
IN Yesterdays TRIBUNE beginning with the expression
O. the belief Of the Chamber that general resumption
OF specie payments is alike Indispensable to me re-
ipstaement Of our financial affairs upon safe and en-
dpnr basis; to the restoration of confidence and aetV
ity in every branch of industry and 10 renewed success
IN all the pursuit OF commerce"
Mr. Low then addressed the Chamber IN part az FOL
lows:
Mr. PRESIDENT: There IS subject which more IMAM
sny tbr ~ he 1rscut tirue exercises the public mind
whica indeed engages universal attention. IL h'ts 10
future of Tie national rcne{ IL e"eeIuS 'h
fgrr oil between 100000 and JO,OOOCCu 0 people,
IL is question whether, IN the tralstctloh vl ps
shall shall not use tao gicchpck a Na4i
BANK note. Ii is more tian that; a Is question NAT IN
wives not merely thc pecmar} lnc'ts,s OF our le%nV
hut the national character 10 i Que s1n wLctAcl Co
crrs viii will not IN ill pledge u las gwen under
al sanctions Of Jaw; whether VIII or VIII no' pro
VIDE Tor the redcm tl0n of tlc egtt nder hOlcS III com
Ii Is question whether We shall enjoy hc u-r 81 cur
rencv e,ual 10 auy in he world, content ourselves
vii on that is calculating value. anu subject To- con
aut tp ecatiOn; aud the hual appeal IS moi uhihc!
o. the present Congress TO TIE people at TIE
POLLS. 49,. TO- 80 MANI
years has doubtless, instructive and useful but
this period OF instruction, 10 certain zee mas bcch
If lest opportunity TIE gold m tAe lIcsly OF t.c
United States 1873 has diminished TO tie e1teh' OF
foIJy millions OF dollars falling nom one hundred ana
ten millions 10 about seventy, ~ less han tEicc years
And Ills reduction cue ia alt a le''s'' 20 w t
Lliny which prevails abroad ~ TO e dceiSiUn oil IA,
question TO which have rcerrIi European" nav nO'
can sccur les but what worse they have 10 S0he cN
tent lUst faith in rectitude Oi pose Ihey WIN
draw moneys now that gOld ls al premium Oh 10 anu
IA per cent by and by they No! LOl he De 70 90 90
without losing more We're there an c4u1 hope 81 DE-
tiue Ia the Nuo -. "iu the! M0uIu pt. me mn @
to remain for the benefit OF the expected ehahee ho
Ton reiuYcttmcnt.
would not Willingly think that while the minds Of our
people have become enlightened, their cons9eHeS have
even from city, voices are heard whicA proclh
III unwiln 10 sustain the TiSht q Nuingn,s $ 10
submit TO what Is wronS; and TOO many votes III ca
gCss testify 10 the poten! OF lie SQUAD 80 zoe, tHe,t
are honest differences o. opiaon, and tAey arc Mie!
eut,lt. lined 20 Tie '>s.Diy OF rcsunng specie pay
nonts w,thiu the time fixed 10y Law, and therc is To-
general ndisi osJn 10 such measure Oh contraction
h The cliefgencY demands. lie courage ana coistshcJ
Oh tie cart eOlcls SfiVh sccuco rs NictoIy ia
tresrn: crisis For the SIC OF the Union. men were
Wiling to encounter death; but To preserve the nailon'
hands from resent loss for tn sahe OF future. ana
permanent good. On one point the common lddsl.h,
has become noasnrtbiy Acd, VIZ upon |e he'cI! W
trtuu- "a portion OF The legaifoudtr noteo now au
nol.1cd by iaw-thc excess vi S3O. 10000; ,,...,
NahOut attempting gene al exposition OF ire dlIcu
lies 10 be encountered Gnd ana confident they axe
gSu! e. IT. b, TO AZ TIE assent of this Chamber
They are intended correct ie impressions IL regard
10 the opinions of this community Ss represented helo q"
lie subject OAa return ~ s ci9 p'9 in,L'S anu %D
Indicate The Judgment Of pr~ccd lH,h US 10 particular
features OF laws IAd have been PROPOSED Ono tus IL
rtasOBahy certain tlat un'css remedial measures az
adopted the depletion 81 the treasury VIII 70 Oh
Vauce curtall impOIIstiOLs ana to some
A. olt 0i Lc CURIOUS anomalies Of financial con
diuOn tha Tie actual value IN gold Oi sltehuac" }.
Ibou. 81 cont while tie aas0na, bank note - wort
1Cg ia sold; thai IL t. SAY, tue worth OF The nOie
"a sured By the market yaue oi the per ecut b"t
Dep sted witH the Treasury Department 20 secure II
and, moreover, it has the personal guarantee OF u''
stakeholder Tor twice tie amount Of ho stock IL,
Tie law requires tnat the b,itct sna be redeemed VIII
the vOlse aud is EGid to reconcile the uujcrl 70 con-
mon West Tor the substitution Of gccnhacks 10.
feIence in ON he otner hand, 1t IL not strange
that many o our banking msutuliao, havus bul Hi'e
demand Tor currency, return tAcif hO,tb 20 oe tti
tTOleT receive back their bonds aud convert them into
money fOr other In come cases capitals are re-
duoed, and e money which cannot be nsco rohiaOly II
returned To the siOcGAoider IIIs disparity III value
Between the bank nOte and legal tender viii continue,
and possibly WIDEN unul the ~shCh"Ied pioiee Is IL
M rfesideut do not propose to dilate upon all TIE
propositions embraced un1tr the single resolution L.
which The OF the Chamber asked but, toward
the close. III 10 y one that coaTt'eIy new AS an
alternative to tie popular method reducing tie
Volume OF legal tenders BY iand NJ IT, Il - proposed ~
sS' s eAI =, t ~ j. 70 Dc "1 I W iG m %
bat and effective IN it8 operation II would posse
TIC advantage of direct way 20 he desired eud Where
thofe Two ways OF tnectng The same object tao SIM
pc aud direct should be preferred 10 tIe indirect.
Now an not ignorant of the fact, that existing lave
naAe ire duues o imports payable n soldi nor deem II
ulu taut ala Inc Oh gaous int Olyed IN the pre
eIt ART shall be sacicCy ODs. rvcd nor can perceive
no" another law IMPOSING duty on tea ana coffee me
Income from which WOu. &c applicable TO tue reduction
OF te pubic debt, wonld conflict IN any way Win nc
aps Ol the law, tha aiTropiiaes the revenue arhinL
non Imports L. i.e payment oi interest on ue pu lc
debt ana TO sinking 1uud" for the hEai eAtgnlsil
debtl The power that made Que Law IL
adequate 10 tAc making Of another.
The law requiring duties u be paid in gold Is not more
aacrcd than lie law nj requires cgalteuder notes 10 be
redeemed IN gsll; and that would not inter-
iele Win me Cne Dut would facilitate aud render eAiCa
eous he Operation " the other cannot II seems 10 me-
y met viii any reasonable on valid objection. such q
law a. bhFe suggested WOud nut supple N mat 10
qaement OF the existing tariff, which renders Toe con
VERSION a part of dUL,s paid IN gUid into
EeenoaeSs, To be used sid before ior NC purposes
pound On tea and three cent. pouId coffee would
cancel every ies4tender n0,e tc Coi-uption To
remain no IN AZ r than II il now le uioe.,e efec
o. suen law would be tTsnsfcr OF gteeullack
Francisco exchange FOR tnC gold California,
both tea coffee being largely imported into tA.t
btae.
M Lows address was listened with attention. and
was concluded amid applause.
batnuel Is. Kuggles said that In his opinion the pay
of any part Of tie duty imports IN legaender
notes would be breach OF fah on the part OF the Gov
eminent He was strongly III favor Of the resolutions
whole but any portion Of them which looked IN the
least like impaung the Law OF 1852 he should oppose.
He presented u resolution which protested against any
action Oh the part Congress impair the force Of the
law Of 1862
Peter Cooper after expressing regret that he found
himself compelled to differ with the majority OF th0sc
present read All argument quoting Reverdy John
son. Benjamin Franklin, John G. Calhoun, and Ricardo,
IN support Of his views the currency question Among
ether things he said
Congress has Only TO regnact the original law II once