The New York herald., 1876-02-03
THE CURRENCY AND POSTAL LAWS

A meeting OF the New York Board Of Trade, for the
purpose Of adopting memorials prepared BY AcsTA
George Opdyks and p. Farrely 70 Congress in re-
aton 10 the Currency and Postal laws was held yester
day at their rooms Nos. Is and IL Broadway MT OPP
dyke presided, and chairman OF the Committee on
Currency presented a report including memorial to
Congress The memorial claims that convertible pa
per 10 equal to coin Ghen Issued only 70 the amount
necessarily required for trade but that inconvertbe
paper injurious inasmuch is Issued at the ca
price OF the government The present volume of in
convertible paper found TO be only little in ad-
OF the rate per capita il existed before the
war, through which the currency greatly inflated;
but return to specie payments, although much 70 be
desired, would be dsadvantageous unless the govern
ment had at least $3.50 900 in gold in its vaults As
this amount is not in the vaults by at least wothrds
resumption in 1879 would be impracIica-
BILE as the drain Of gold from this coun-
try is much greater than the import Of
foreign gold The report recommends that the
Treasury Department add $40 600 600 annually its
gold reserve and that tho national banks be compelled
10 retain all gold received by OF Interest," that the
act providing for resumption on January ls,s DC
cent be issued In the place OF national bank notes with
drawn from crculaon that $50 600 600 worth OF United
states bonds bearing d5 cent interest," be author
lied, TO be convertible at pleasure into legal tender
notes. that the national banks OF New York be clothed
with power TO establish uniform rate OF discount and
70 change the rate whom deemed necessary that the
present issue Of the legal tender notes ana the present
National Currency act remain unchanged until me
market value of the legal tender note substantially
equals that Of coin The adoption OF these recommen-
dations WILL IL is claimed restore confidence and re-
move fear of future financial troube will give more
elasticity to currency and finally lead TO resumption
at time when IL Will be beneficial TO the commercial
interests
The report OF the Committee Postal Rates was
exceedingly volumnola Ii claimed that the dscrmi.
nation between the rates articles OF printed matter
and other articles very injurious II was stated
that ior the promotion of the general business OF the
country bulbs, cuttings and samples Of merchandise
shall be carried at as low rates as sample copies OF
books and printed matter but not at such rate as
would impose tax on the people for such ransporta-
ton. The report recommends that first class matter
should remain unchanged; second class matter should
comprise Ores minerals jewery seeds, teas, sugar,
coffee -four &c, with the rate OF cent per ounce;
third class matter TO consist of books maps and other
printed matter not regularly issued, with the rate OF
cent for two ounces and fourth class matter 10
consist OF newspapers at the rate OF cent for four
1t believed that these rates would make the
department self sustaining II each class was made TO
pay its way written correspondence might bo re-
duced nom three 10 two cents
Among those who participated in the discussion were
Peter Cooper, Il. u. Sanford OF the Adams Express
Company; Sinclair Touscy b. X. Bliss, W. Orton, G..
B Satterlcc, G. ". Chatter Clarke and p Farrcy, of
the American News Company. Messrs Opdyke, Orton,
Tousey, Satcree and Clarke elected delcga-
ton TO present the currency memorial to Congress,
and Messrs Farrely, Clarke and Bliss elected 10
convey the postal memorial.