The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-06-30
BANQUET TO THE BOARD OF TRADE.

LARGE AssEMBLAGE OF DISTINGUISHED MER-
CHANTS FROM ALL PARTS OF THE COUNTRY
VIEWS ON AMERICAN COMMERCE.
There assembled last night at Demoncos . large
and influential body OF gentlemen representing the
great comm ercia houses the United States Canada
and England, with tho object Of doing honor to tho
National Board of Trade With professional punciual-
lty the merchants gathered in Demoncos elegant
parlor some time before the hour appointed, and
old friends met and greeted each other there was
warmth and evident good fellowship that promised an
agreeable reunion. few s.ragglers came in just as
the general body filing their places in the
banqucttng room, but in justice to the mercantile
community it must be stated that they were lawyers
invited guests The large room In which the banquet
took place was neatly and appropriately decorated with
the flags Of various nations and tie service OF the
tables WAS in Demonico's best style. Indeed that IA
yeaurafer seemed to have exhausted all his art
catering the appetitcs OF his distinguished guests
Aud evident that thcse Efforts were thoroughly
appreciated for the guests addressed themselves with
such good will to the good things placed before them
that Tor nearly hour the only sound heard in the
room was the Gathering the clnking of glasses.
But exquisite Will be exhausted, and
though the merchants came to eat evidently they
also came 10 talk or 10 hear Others talk, and the
chairman, Mr.. Samuel BabcocK President OF the
Chamber OF Commerce rose and proposed the rst regu
lar toast sThe President OF the United States which
was received with enthusiasm Thrjfollowing toasss
were tLen gwen
sHer Majesty, Victoria Queen OF Great Britain and
Ireland Defender OF the Faith and Empress OF India
Response by T. NJ. Archibald, Esq, British Consul
.pihe National Board Of Trade.-lls well earned and
ion BY tho nation Response by Frederick Fraey,
Esq, President OF Philadelphia
Our Guests from Abroad. Let US rejoice that tho
ocean longer divides butpow unites the civilized
world In common brotherhood.'' Response by Frank
Wright, ESQ, Of Birmingham. England
s.Ihe Neighboring Dominion OF Canada-Thc St.
Lawrence must divide the Enelish-speaking race
on this Continent" Response BY Thomas White,
.Amcrican Commercial wcll-directed future may
richly repay any losses in The past" Response by Mr.
.sOur Coun,ry-Gloriously animated and reunited
by the spirit OF "a" Response by Mr. Benjamin
Eggeston of Cincinnati
..Gold and Silver Co,nagc-Its proper adjustment
will task the efforts Of the wsest statesmen OF tho
world" Response by Mr. Joseph $. Ropes, Of Boston.
1.-THE Presslnterprcter and advocate OF the laws Of
Trade.n Response by Mr. David n Stone, of tho New
York Journal Of Commerce.
.'Cheap Transportatlon-Th vital necessity OF the
commercial world" Response by Mr.. John r.
"The ccutural Years OF the Future-It is certainly
possible that the Of 1875 may be wise honest
and quite a. modest ourselveA" Response by Mr.
r. B. Bayard, OF baltimore
Franklin Edison, Chairman Of Chamber Of Commerce.
I. j. n. Stark. Vincent H. Parker, J. T. stranAhan
Bradford Prince, stewart l. Woodford, Samuel 3. Rug
gles Henry o. Armour, Colonel Edward Hncken
A. 5. SULLIVAN, Leonard Hazelton George G. Martin
Hon s B. Ch'ttendsn Peter Cooper Charles various
Elliot u COwlin, Colonel II. A. Conkling A. A. Low,
Erastus Brooks, Charles Opdyke.
Several clever speeches made in response 10 the
tossts, but the most important, rejecting the well
consuered views Of the merchants on the condition OF
me country and the business prospects, was that de-
lisered IN Mr. A. A. Low In response TO the toast
Aner q few preparatory remarks Mr.. Low said:--It
is but natural that year when the thoughts OF all
the people turned back upon the past Of our
nation history, my own should revert Tor q few
ments to tho time-hnlf century ag0-whcn
ttnu haus of rpsn moi han N n a
OF Saem Mass. and 1t may be interesting to glance
very briefly at some OF the changes that have occurred
during years that have ntcrvened. AT tho period
referred to the OF Salem place Of great
commercial activity IL was distinguished for the
terprse Of fits merchants Tor the intelligence and skill
It's supercargoes and captains and Tor It's extended
commerce to all parts OF the world Its merchantmen
M inc a. sboss ~
loading ton owners account and returning from
Bombay Calcutta Canton, the Philippine Islands, Java,
Sumatra and other ports and places with the teas,
silks and other various products OF the East. ali Of
which were to find temporary resting place IN the
warehouses OF the merchants Venice In her watery
bed tranquil to-day than is tho city Of
Salem, with its shallow harbor and its deserted
wharves ships from far Hast longer visit its
waters: but the traditions OF its past renown arc
fondly cherished, and II draws new life IRON the
manufacturing industries established with the fruits Of
its commercial enterprise.
am reminded that the sentiment 10 which my at
tention invited directs thoughts to the
future well a to the past Whatever may become
OF the sold fashioned merchant apprehcnd there il
little to doubt that tho rising generation will
and every insirumentaiity for facilitating
with other commercial Of the world
viii be turned to profitable account and made TO pro-
mote the general good
There is much, lobe sure in the present aspect Of
things to discourage enterprise There IS want Of
faith the future that Restraints all effort rhc qucs
ton Is everywhere asked When are we 10 see an end
the existing slate OF depresslonf and few wise
bold enough to give answer. Men are promo TO
forgot that every great crisis the history Of
merce followed by many years OF prostration
and by great shrinkage Of values in every kind Of
general distress OF the present time. the
natural result result Of prolonged period q pros r
its sourceihc overabundance OF irredeemablc
paper money. The contraction that Secretary McCu
loch initiated, u had been pursued. would have pro-
duced an earlier crash, bui II would have saved us
from how much misery Numberess enterprises that
have led the OF their projectors and involved
multitude OF their friends and followers would never
have been undertaken, and the extravaganza IN nIu
nicpa and personal expenditures and the growth In
corruption, which has brought such dishonor on our
national name, would have been checked long ago.
Nor would Il be wholly fair to treat the present crisis
In commercial AFFAIRS peculiar to our own country;
for there certain general causes affecting business
" not ali Of tho great commercial nations OF
the earth 1t IS true that ours has been great Gus
all the and IL also true that the whole
bound together by OF mutual interest that
when suffers all suffer
Tnerc is a common complaint OF overproduction
throughout the world. The use OF labor saving ma
chnery IN all departments OF industry IS general Nor
Is there another country which has turned ITS inven
genius to better account than our own whilc mono
has been more ready TO absorb the sailed labor OF
other and Older communities Our power 70 produce IS
getting be than commensurate with our power
10 consume, aud II Is idle 10 attribute TO protective
tariff disposed 10 do I'm willingness to
buy what there is chance sell When forty mill
OF people abandon habits of extravaganza and
upon Of rigid ecolomy u Is time to cease
speculation, and 10 let prices down Ere long they
will find their level This IL The lesson Of the hour.
How to pront by the iessony Not, surely,
by distrusting the law OF reaction. which has
run through ali the centuries Not by doubling that the
tide which longest rccedng Will return TO IT'S highest
nowitng, IN It's upward course, much that has been
lett aground The man who would command success
ia the future will cherish habits Of industry and
eco omy; nor will he fail to ind incentives up
right the homage that Is always paid to truth 10
Justice and to virtue.
wuhin short period conventions have been held ut
Cincinnati and 81 LOUIS. ana, IN the way that Is
deemed petite. they have declared their adhesion TO
certain general principlcs the body, dsrcg riding
tho other rejecting the .Rcsumption act''thc only
remedial yet adopted by Congress Tor the res
toralion OF sound currency. Let chambers oil COM