The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-31
NATIONAL BOARD OF TRADE.
Recommendation for More Stringent En-
fOrcement of National Bank Laws.

proposition from the Portland, Oregon, Board of
Trade. recitIng the necessity for improvement
of the Columbia river was taken up and Senator
Dolph offered the following resolution:
Resolved. That the necessities of commerce demand
the speedy removal of distractions navigation III
the Columbia river, and the Improvement of the bar
at the mouth of the river, and recommend to Con-
gress that sufficient appropriations be made to secure
completion of the improvements already commenced
the river and bar the earliest practicable time
consi stent with economical expenditure of the appro
priation."
Senator Dolph proceeded to set forth the inn
portance of the proposed improvements to the
Northwest The improvement of the Columbia
river should not be charged to Oregon. 1t was
not local project, but plan for rendering
navigabe river that drained 100000 square
miles. The value Of the products exported from
its valley aggregated SIS, $40 900 last year.
Mr.. Durham seconded the resolution. He
said it would be we'll if this board could convince
members of Congress that the people were not
in sympathy with their ideas of economy The
people were not solicitous in regard to this
questi on of money. We hear great deal about
the rate of taxation being too high, and that
it should be reduced. He did not
believe in reducing taxation to such an exte mt
that it would run into niggardly economy. He
did not believe in extravaganza; he did not be-
lieve in appropriating money where there was
no necessity for it, or where it might be wasted
IN an extravagant way; but he did believe that
the interests OF this country and of the people
demanded the cheapening of transportation rates
and internal improvements. Economy was q
good thing in its way, but nggardly economy
was dangerous to the interests of the country.
The resolution was unanimously agreed to.
The proposition presented by the Chicago
Board of Trade touching foreign discrimination
against American pork was temporarily laid
aside, in order that all the Cincinnati members
of the board might be present during its dis
cussion.
THo, aofin al ha~ on%x 4hn ~ MT
discussed, and the following resolutions were
adopted:
Resolved, That the executive council of the Ma
tonal Board of Trade respectfully memorabilia the
resenaves to carefully consider the propriety OF so
revising amending the national bank act to make
the punitive features of the law more efficient, es
peciay the limit therein expressed of loanng money
not in of oneenth of the capital of the bank to
any corporation or individual.
Resolved That the executive council be requested
Revised Statutes relating to national banks, to
render the section prohibiting certfcaton of checks
effective in the method of enforcing the penalty
for violation of the same, that the penalty will be
rigidly and strictly enforced"
The president called up the following propo
stions, the first submitted by the New York
Chamber of Commerce. and the second by the
Philadelphia Board of Trade:
ut is the opinion of this Chamber that Congress
should at once act to suspend coinage of the
standard silver dollars.
Resolved, That the coinage of dollars from 412
grains of silver threatens permanent depression of
national standard of value for which Con-
gress is respectfully urged to repeal the law"
There was a pause in the proceedings for a
few moments which was broken by Mr. Henry,
of New York, who said: Il see nobody is will
ing to father that BILL / wish to leave silver
and gold alone, and move to lay the resolu-
tions on the table,"
Mr. Sterne Immediately objected and made an
animated attack upon the silver dollar.
Mr.. Henry deprecated any interference With
the silver coinage. He should not wonder if it
appeared that certain banks in New York were
at the bottom of this movement and that one of
their means was to threaten panic if the use of
silver were persisted in. The matter should be
left entirely to Congress, and this board should
not alarm the country by dabbling in it.
Mr. Thurber offered the following as substi-
tute FOR the resolution under discussion:
Resolved That suspension of the coinage of silver
become desirable, and that the Secretary of the
Treasuryshoud be empowered to suspend compulsory
purchase of silver bullion and coinage thereof; and
further that the Treasury of the United States should
be empowered to receive silver bullion deposit and
issue certificates of convenient denominations repre-
senting the same"
Mr. Buchanan said he did not believe in lodg-
ing power of the kind proposed in the hands of
any Secretary of the Treasury, especially at this
time, when that official is to be changed and the
country is all at sea to who the new official
will be. He proposed to amend the proposition
of the Philadelphia Board of Trade so as to make
it read that in addition to repeal of the law
making such coinage compulsory. Congress
should also provide for coinage of silver dollars
of substantially gold value
Mr. John A. Gano of Cincinnati, said he
thought the country in much greater peril from
the fact that greenbacks had not been demone-
tized than from the fact that silver has not been
so treated. The great peril now in regard to sill
yer. he said, was the peril of an apprehension of
a great surplus. This country is out of joint
with other nations on the question of silver, and
he thought if this country should stop the coin
age of silver now, that the question would soon
be adjusted. He objected to the compulsory
feature Of the silver law as unnatural He pro-
posed as a substitute for the resolution the fol-
lowing:
Whereas, Compulsory coinage of silver dollars Is
against public policy and threatens the country with
serious financial disturbance; therefore,
Resolved, That the act providing for the compul-
sorry purchase and coinage of silver bullion into dol
lars to the extent of 100000 per month should be
repealed"
Mr.. Fraley, president of the board, addressed
the meeting at considerable length, and then the
proposition offered by Mr. Gano was voted down
% to Is.
The proposition submitted by Mr. Buchanan
was lost without division. and Mr. Thurbers
substitute was voted down in the same way,
after which the resolution Of the Philadelphia
Board of Trade was agreed to without dissenting
vote. The board then adopted without debate,
on motion OF Mr.. Howe. of Chicago, the fol-
lowing resolution, presented by the Chicago
Board of Trade.
Resolved That the fullest intelligence requisite to
the preservation of proper equilibrium between the
great industries of the country and that Department
of Commerce and Manufactures should be established
by the government to gather necessary information
Also, that ndorse the bill now before Con gress
presented by Representative Dunham-an act to es-
eablish Department of Commerce-and recommend
its adoption by the Congress of the United States"
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An Ubiquitous Practice.
SAN Francisco, Jan. 30-The newspapers
have entered on crusade against the niquitous
practice, just discovered, of white mothers Civ
ing and selling their illegitimate babies to Chi
nese Inquiry shows that a systematic traffic
in hahas has been going on for a lone time