The New York herald., 1876-02-25
NEW YORK FOR HARD MONEY.


B. RUGeLRs, PETER COOPER AND OTHERS.
Yesterday afternoon at one o'clock pursuant to
previous notice. there a meeting OF the members Of
the Chamber Of Commerce to take into consideration
the various hereses Of the soft money men, who have
lately flooded the country, particularly tho western
portion oft with circulars and documents purporting
TO emanate from the "Board of Tradeu Of this city,
ndorsing the Initiation schemes now before Congress-
AS this ephemeral Board OF Trade had been
somehow confounded with the Chamber OF Commerce
the body deemed the matter OF sufficient impor-
tance rearm their old and solid financial doctrines,
and 10 Mpress upon Congress the same time the ne
cesslty OF wsc legislation in regard TO the currency.
AT the time of meeting yesterday among the solid and
well known merchants Of the metropolis there
tced such representative Peter Cooper William
f. Dodge, Jacob Selgman, Demas Barnes, Robert l..
Stewart, A. A. Low Samuel D. Babcock, Samuel B.
Ruggles, Mr.. Conklin and others. Mr.. Babcock took
the chair and called the meeting to order. After the
reading OF the minutes of last meeting by the
rotary Mr. A. A. Low addressed the meeting as fol-
lows
ME PREsDExr-There is subject, which moro
than any other the present me exercises the pub
lie mind which, indeed, engages universal attention.
1t relates the future OF the national currency IL
concerns the welfare of between 4O,OOOOOO ana
so 900 900 Of people. II Is not question whether in
the transaction of business we shall or shall not use
tho greenback and national bank II is than
that; 1t question that involves not merely the Pc
cuniary interests of people, put the national char
acter IL is a question whether Congress will or will
not fulfil pledge IL has given under all the sanctions
OF law; whether IT, Will or viii not provide for the re-
dcmpton of the legal tender notes in coin The gold in
the Treasury OF tho United States 1873 has diminished
TO the extent OF $40 600 000 falling from S1l0 600
to about S70 600 less than three years And this
reduction is due in part at least to the uncertainty
which prevails abroad TO the decision of the question
to which have referred Europeans have not only
lost their money by bad investments in American
securities, but what is worse, they have, to some
tent lost faith in our rectitude of purpose The
age aud constancy the part OF soldiers which
cured us victory IN the war of the rebellion appear to
be wanting in the present crisis For the sake OF the
Union willing to encounter death; but 70
preserve the nations pighed faith, how many shrink
from the sacrifice IL demands, from present loss for
the sake OF future and permanent goodl On one
point the common judgment has become measurably
liked, viz upon the necessity of retiring portion OF
the legal tender notes authorized by law-the
OF 5000 000 600
Without attempting general exposition OF the diff
ncutcs to be encountered land am confident they
are greatly exaggerated) have drawn up series OF
propositions which beg TO ask the assent of this
Chamber They intended to correct false impress
sions in regard to the opinions OF this community as
represented here the subject of return to specie
payments and also to indicate the judgment Of practi-
cal men to particular features of laws that havc
been proposed 1t is Of the curious anomalies OF
financial condition that the actual valce in gold Of
'grecnback'' is about eighty cents, while the
national bank note is worth 109 cents in god that's to
say worth of the note is measured by the market
value of the six per cent bond deposited with tho
TreasdE Department to secure II, and moreover it
has the personal guarantee OF the stockhoder for
twice the amount OF his stock.
Mr.. President, / do not wish 10 dilate unon all
the propositions embraced under the resolutions
which the assent of the Chamber is asked, but toward
the close, there Is one that Is comparatively new AS
alternative to the ROW popular method of reducing
the volume Of legal tenders by funding 1t IL is pro-
posed in article 49, TO levy duty tea and coffee
(undcr a special enactmenO, to be made payable in
greenbacks and these TO be cancelled. Such law
would be slow but and effective in its operation.
II would possess the advantage of direct way TO the
desired end Where there ways OF eiecting the
same object, the simple and direct should be pre-
ferred TO the indirect
f.To oil IN
duty in greenbacks and the greenbacks were at once
destroyed, his obligation would be fulfilled, rcdemp-
tion commenced, and tie public indebtedness reduced
by single act The other MODE involves several pro-
not cventuatng in so good result II would be
this Tho merchant would buy gold with his cur
rency pay his gold into the Treasury by the Secretary
of the Treasury would be reconverted into currency
and possibly aftor these various changes be used IN tho
purchase of bonds Tor the ''sinking fund"
Now, am not ignorant OF the fact that existing laws
make the duties imports payable in gold, nor deem
1t unmportant that all the obligations involved in the
present tariff shall be sacrcdly observed Nor
perceive how another law, imposing duty tea and
coIee the income from which would be applicable TO
the reduction from the public debt would conflict in
any way with the spirit OF the law that approriates
the revenue arising imports the payment OF in
the public debt and TO '.snking fund for
the final extngushnent OF that debt The power that
made one law is ADEQUATE TO the making of another
The law requiring du,es to be paid in gold is not
sacred than the law that requires legal tender
notes TO be redeemed in gold, and measure that
would not interfere with the one but would facilitate
and render efcacious the operation OF the other,
not it seems TO me, be met with any reasonable or
valid objection.
Mr. Samuel b Rugglcs made powerful appeal to
the members to sustain the law of 1862 involae The
venerable gentleman stated that the Secretary had
$751; COO receipts from mposts and this amount
had be paid the creditors OF the government-rst
pay the interest the bonded Indebtedness, which
amounts to about 81, 500, 100000, making almost
s95 1000 for interest and one per cent to be set
apart annually a sinking fund.- which amounts to
about $2 COO C00 the balance of which, Of course.
could be distributed at the pleasure OF the Secretary
But II is better far better, for
ALL DUTIES TO Bs COLLECTED IN COIN
and that coin be paid out to the public creditors He
cOmbated Mr.. LOWS ideas Of currency tax being
placed and coffee Mr. Ruggles wanted the sense
the Chamber-hthcrto unsained amid the strife and
din of party passon-n favor Of the act Of 1862, in
favor OF the law beneacent and wise, the operation Of
which had already wiped out $685. 900 OF our debt
Mr.. Peter Cooper followed Mr.. Ruggles and read a
long paper advocating the soft paper system and bring
ing the testimony Of such wise mon as Benjamin
Franklin, Thomas Jefferson, John Calhoun, Reverdy
Johnson and Horace Greeley TO bear In his favor Mr.
Cooper said be believed the salvation OF the country Is
in the hands of the present Congress and the Execu
tive The President had said in OF his inauguTas
that the greenback currency Of the best that
had ever been devised, aud he believed him.
Mr.. Cooper believed that two laws were necessary
to be enacted order that the wisdom OF this 1nan
cia system should bo vndicated-drst, that the
national debt should bo funded into series OF three
sixtyve per cent bonds second that national banks
should be compelled by law TO recognize legal tenders
the sole currency and that the people should be
enabled to convert them whom 100 PLENTIFUL into gov
crnment bonds bearing the 65l00 rate OF interest
"France," SAID the speaker, 'is prosperous with
GOO 600 900 OF egalized paper, but our national debt
never can be paid by policy which eniorces ideness
millions OF people,
After much general discussion Mr. Lows reso-
utons Mr. Conklin moved a resolution which en-
bodied all the pth and substance of the rest which de-
clared that general resumption Of specie payments
is called TO In all pursuits OF com
merce.n After this almost unanimously carried
the resolution OF Mr.. Ruggles was embodied In tho
same so that the Chamber Of Commerce was not only
pledged to the already declared
RESUMPTION ny JANUARY j, 1879 =,
but also TO the Rugglcs resolution as 70 hodng tue
act of 1862 iuvolac The resolutions OF Mr. Low sec-
tions TO 13 were referred the Finance Committee
with instructions TO report at the next meetng after
which the Chamber adjourned.
BAPTIST WO1IAN'S SOCIETY
The Baptist woman's Missionary Society, OF Lor