The Portland daily press., 1876-03-25
BOARD OF TRADE.
Resumption of specie Payments in 1879.

i held Yesterday morning at eleven o'clock to
| hear the report of the committee appointed to
| draw up resolutions relative to the resumption
| of specie payments. The meeting was called
| to order by President Woodman. The attend
| ance was not as large as should be called out
| by the discussion of SO important question.
Hon. George f Talbot, chairman of the
committee. altered the following resolutions:
Resotged, That the fixing of a definite time, at
Whlcn the resumption of specie payment by the
United State upon the Treasury notes now in crcu-
lation as currency should begin,was a sauary meas
ure calculated to facilitate the accomplishment of
result so imperatvely requisite to the material
prosperity of the country and to allow the business
OF the country to accommodate tsels to new stand
ard of value with the least possible disturbance.
RESOLVED. That the time fixed by Congress for such
resumption, January l, ls7S is time at which re-
sumption will be safe and practicable, and to recede
from determination which will be but tardy full.
llment Of the pledge of the government to its cred
tors and is binding upon the national fath either by
liking later day, or by leaving the time of resump-
tion indefinite, will be to perpetuate the uncertainty
and distress bv which all business is now paray zed
and will create the danger, If not the necessity Of
such further issue of lnconvertble and suspended
ap as % and
Gated the problem Of returning 10 general specie
standard
ResolUed That the spontaneous contraction of the
volume Of both Treasury notes and national curren
ey, which has been going on under the operation OF
the act of June 20, 1874, may be expected to
duce the paper circulation, that by the time now
fixed by law for resumption, it will not considerably
exceed the amount actually needed tor our domes-
tic exchanges, and the actual payment of coin for
paper NAV become nominal rather than a zeal liza
biity: Congress ought to adhere resoutely to the
saUtary provisions of that act and neither by relax
ing its requirements, by direct. indirect is
sue or Reissue, of greenbacks to counteract its
spontaneous and wholesome operation.
Resolved. That the maintenance of redundant
and inconvertible currency has created only tenn
porary and delusive commercial prosperity, more
than compensated by sudden and ruinous revulslons
and chrome depression in business, and in our udg
ment is better for the country patiently to bear
whatever sacrifices the change to true standard of
values may require than to enter upon new expert
ments of expansion which can only be followed by
sharper caamities or by reputation and dishonor.
The resolutions were accepted, on motion of
Hon. A. X. Shurteff
Mr.. Talbot, in behalf of the committee,
spoke in regard to the resolutions offered. He
said they were antagonistic to the suggestions
of the memorial of the New York Board Of
Trade. The memorial proposed to require the
Treasury to retain ten millions of gold annually,
and the national banks to retain all the gold
received for interest on the government bonds
This he thought unnecessary for SO long as the
time fixed for specie payments was adhered to-.
both banks and Treasury, at their peril, would
be compelled to make all needful preparation
to meet the prospective demands upon them.
The memorial also recommended the repeal of
so much of the act of January IA, 1875, as
provided for the resumption Of specie payments
January l, 1879. This would certainly be a
dangerous measure, as we should lose all the
advantage of the contraction already made in
anticipation of resumption. A later date
could not be agreed upon, and to leave the day
indefinite would bring on more expansion,
which should be avoided if possible. The
memorial Furthermore recommends an issue Of
greenbacks to supply the place of the national
currency surrendered. The committee thought
this shrinkage being natural, would affect
business but little, and Congress should not
interfere with it, because such shrinkage is a
necessary preparation fer resumption.
Mr.. 7. c. Hersey was in favor of an earlier
day for resumption, but as it was the best
thing we could get, we should adhere to it, and
place no obstacles in the way of its adoption.
Mr.. Shurtleff was in favor of the resolutions,
but he feared that if the banks withdrew their
circulation, we should be left without any cur
rency just when we need it the most for our
business.
Mr.. Talbot thought that no trouble would be
experienced in this way, as only few of our
their circulation. Che banks in the country
still retain their circulation, and in all prob
ability the greenbaeks would not be funded.
On the contrary, he believed the fact that every
dollar in greerbacks would be exchanged at
the banks for dollar in gold would-as in
times be fore the war only increase the bank
circulation. If any of the banks that had
given up their circulation should wish to re-
sumo it, all they would have to do would be to
buy government bonds and then recover the
right to the circulation. The reason why banks
in New England that Increased their capital
after the law was passed by Congress allowing
additional circulation to national banks, could
not obtain that circulation, was because New
England had all that belonged to her, and
more.
- At the close of Mr.. Talbofs remarks the
resolutions we're unanimously passed
THE MUsEUM.-A very large audience gath
cred at the Museum last evening on the occa-
sion of Miss Miles benefit. 1t was an enthu-
siastic audience, too, for it extended warm
greeting to the beneficiary on her first appear
ance, called her before the curtain at the close
of the first act, and frequently applauded dur
ing the progress of the play.
The performance was a surprise. A majority
perhaps of the spectators expected little, and
were drawn to the house out of regard to Miss
Miles or out of curiosity to see the novel spec
tacle of woman taking the title-role in
'Hamlet" They were agreeably disappointed,
for the impersonation was far better than ex-
pectation Certainly Miss Miles did not sur
mount those obvious disadvantages attaching
to her attempt, because they we're insurmount-
able; but she made brave effort aud gave an
impersonation in which there was much to
praise. She lacked the dignity and repose
which one associates with the melancholy
plince, and her outbursts of passion and scorn
sometimes appeared too like the petuance of
boy; but she acted with spirit, force and un.
derstanding, with great naturalness, generally
with sufficient reserve, and gave what was,
all things considered, remarkable perform
ance.
In token of the high esteem in which she is
held by the boarders at the Perry House, they
presented her with an elegant basket of
flowers, and as more substantial testimonial,
with liberal roll of green backs.
This evening ''The Lady of Lyons will be
given. The ''Claude' of Mr.. Wheelock needs
no praise. 1t is an admirable performance
Much may be expected of Miss Miles as
Pauline" and the play should fill the house.
1t will be given also at the matinee.
Monday morning at nine o'clock the sale of
seats for Miss Ulmers benefit opens The
house of the season may be expected, for the
little soubrette has endeared herself to all fre-
quenters of the Museum, aud her admirers will
eagerly embrace this opportunity to show their
appreciation Of her.
THE WRECK OF THE HATTIE EAToN-Mr
Mitchell, who resides near the scene of the
wreck (Kittery, Me-, was the only person who
saw the vessel strike Capt Cook steered for
the smoothest place he couli find, and came
within one hundred feet of smooth beach.
The Eaton struck stem on, about her length
from the shore, and was wedsed between two
rocks, her stern being free. Three coloEej sea-
men were below badly frost. t.bltten, and the
mate was in the fOrec9Stla with a disocated