The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-06-30
AL BOARD on TRADE
lportant Debate and Resolutions
on the Currency Question.
sciprocity in Lighthouse Dues
Asked from England.
\LISH FREE TRADERS VIEWS.

Board OF Trade resumed It's session at
Pday morning. Mr. Edward Fralcy, OF
the chair.
In said that the Executive Council
DScssion the previous night to consider the
and matters referred to them by the Con-
III resolution offered by Mr.. Nourse OF Boston,
ht Congress be petitioned not to make silver legal
hder in any sum exceeding s., considered by
Executive Council, and recommended by them 10
printed and placed the programme Tor the favor
e consideration of the Convention. In reference to
resolution by Mr.. Price, Of Scranton, the Executive
uncil reported that it Is nexpedent at the present
ne TO recommend the resolution. The Executive
uncil reelected Charles Randolph as Secretary and
casurer q the Board for the year. They also
cided that the Conventional this Board be held
Milwaukee
In reference TO Mr.. Conkng's resolution, the Execu-
70 Council report adversely, this Board has
wsr 10 communicate with foreign governments on
ade questions. They can simply confer with trade
ards and organs In other countries
Mr. Norrse said that the new silver dollar
as not worth more than eghty-four and a
lf cents and was likely to be worth sil
So The greenback dollar Is worth cighty-nine
"a q halt cents-nve cents more than the silver
flar. The Committee on Banking and Finance
Fought in bill TO the Senate reporting favorably
aking silver a legal tender for amount large
20, and one Senator moved that 1t be made legal
|cder for any amount This was passed by vote OF
10 IA; but fortunately there was not quorum
resenL II the present silver dollar could thus
made q legal tender TOR $40 1t would be
iinoas in the extreme TO the community in general
be reason advanced, and that specious reason,
~ that II would mako a market for the mines Of
evada- The poor win be compelled 10 hold most OF
be silver il the limit is made S. for II be $50
hey can be paid by their employers in that coin,
hich will be gam to the employers and a loss OF
om i've 10 ten per to themselves II said in
ongress that the country required $50 600 900 worth
- subsidiary coin, but never IN the most exciting
mes did the country over S35 COG, 900 worth OF
actional currency III the bill passed IT would be death
low at the savings bank system. The only resource
pr The workngman holding coin fifteen per cent below
old value would be 10 deposit IL in savings banks, and
lc general amount OF money In SUCH banks oi this
0untry would aggregate 81, 00O 900 600 Now, the
anks psy out their moneys IN large sums or gold, and
ecclve them small sums SILVER, II would be
ccessary Tor such institutions 10 refuse 70 take in
1 lver coin or lose considerable in brokers' fees Ii
he workngman was compelled TO get rid OF his silver
otn, be would have TO pay IL TO his grocer or other
mail trader and such dealer would add fifteen per
lint 10 has profits
Mr. George Opdyke OF New York. and Mr. Buchanan
Trenton, spoke IN support OF the resolution, and
notion mnue by Mr.. Buchanan to telegraph the rcso
niion TO the senate anu House OF Representatives At
Nj. John ". Cvnd.er OF Boston, by consent
brought up the subject OF lighthouse dues and offered
ne following resoiutions:--
Whereas Al The request Of this Board the President Of the
ned States has given 10 Congress and the public the
|srs, nee wrea place during s she year. 1850 70
Britain reat 20 The collection OF lighthouse dues
ing .hs request having been made With view
the application Of our owe sovernment At the
where's; he .sim,ss,isn ss1rs.sssasas.
sn'ss s s''s s
LINE i wa. no, met y positive refusal and am not with
ted with that a early day way win
n found for efectng this reform; and whereas the ship
os.ransnt the sxpedsncy Of deirayinx The
the policy tic unsa
Ind other IN artime nations; theresors
specsisy AK the Prssiaens the United states to H.
the 4, A%srs." Mns. ;n ss SSs q s.
a,eTso,s ana 10 fersrs possible ,r
usser p.ymens Of lighthouse dues in the ports Of the
|ution the effect that the national govern
ment OF this country paid its own lighthouse dues
Aons The entire bcncn, Of English well
~ other shipping, the English government should
pord the privilege TO other shipping.
The resolution passed alter short discussion.
The following resolutions submitted by the Board OF
1rnde, oil Boston, the day previous, and recommended
Fsop me Executive ''''''' men '""' Up lot 1'''a'
solved That she National Board Trade rsarms
Its long cherished and oft repeated conviction
financial and industrial prosperity Of country
and appreciated paper currency. ana that me only
edy for existing eommereai distress depression ana
r:' ri are Of ss .as
y OF imitation and Extravaganza ending In collapse.
" transaction. Of the people on sonnd basis, by
from e,saagn ,ns ssss surplus % sg ,
and We call earnestly upon tue Congress q the
nr or ossewss rdsemnr and sanesn these notes
those which remain in circulation shall be at with
zee resolutions provoked a general debate which
I for over two hours and q half
Rusby, OF Philadelphia, spoke against the re-
ption Of specie payment.
\Tge 0pdyke SAID that what needed q
,ion Of confidence, and not contraction OF
j. a frcs, Of scranton. ascribed the present
lution in Pennsylvania to the want OF the crcu-
medium. He did not believe IN contracting tho
|ncy ifit was going TO starve the people.
Nufne, OF Boston, gave detailed history OF the
enslon and resumption OF specie payments by the
oil England during the period between 1871 and
during the Napolecnic wars. and tho period after
tiIl 1874, when the crisis occurred
J. Austin stevens, oil the CHAMBER OF Commerce,
that com Is money and paper was valuable only
ar It's relative ratio 10 coin was good. In the
ted less than Two o. coin 10 seven OF
In the s, year o. me war the soan n o oaa
n coin Now there hardly 500 100000 in com TO
Ma, 000.Ovo IN paper. somebody must take mat
kculat,on OF paper money We will have the
lundcst finance In ths world IL Is not the want
c.nndcnce among ourselves that makes trade SO duh
Mines SO hard bat the want oil confluence In Us by
(eopIe OF Europe, who have money to lend on any
M lke safe investment, but our Wild specuistions
w. frightened forcign capital
1 W,-lopcr. Of Boston, responded TO Mr.. Buzby, OF
phia. In a long. interesting speech
f[Wcshcreil, OF Philadelphia was IN favor OF some
|~du,te mode OF resumption and he offered n rcsoiu-
~ TO the effect that the Executive Council should
aw up plan be presented 10 Congress the basis
retiring IS COO 600 worth OF currency every MONTH
exchange Tor long bonds low ratio OF interest
practicable
fhe dcpste this and the former resolution was long
wa and aud second OF the orig
ka resolutions Lost reconsidsied al the resolu
pns offered by the Boston Board OF Trade were finally
ogted Dy twothras vote, with the following slight
idm, Mt leaving out the words "Oy Withdrawing
Ban circulation the large surplus oil legal tender notes
hch cannot be aintained on par with com. Y
Before ihcse resolutions were adopted MI. hunhy
f Chicago said that he wished 10 10 the Conven
hon that the people OF Chicago IN favor OF the re-
Dxmption OF specie payment
M. Crowell OF Kansas said the large majority OF
xax A rfaffh "a try war