Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-01-27
Second Days Session of the National
Board of Trade.
MANY RECOMMENDATIONS MADE
Revision Of Banking Laws and a
Department Of Commerce Urged.
OTHER TOPICS CONSIDERED

The national board OF trade continued its
sessions at the Shoreham today, convening
at 10 o'clock and remaining in meeting un-
til 1:30 when recess until 2:3O was taken
for lunch. A large amount of business was
transacted. The report Of the committee
appointed last year to consider the needs
of the consular service was read. 1t was
lengthy and recommended a general over
hauling of the service; the appointment OF
well-equipped men to the service, and an
assured tenure of Office. 1t was unanimous
ly adopted. and the same action was taken
on the report of the committee, which had
under consideration and recommended the
adoption of uniform legislation among the
various states.
Private Banks for Circulation.
The resolution presented by the Balti-
more chamber of commerce was adopted,
declaring it to be the sense of the board
that the banking. business of the nation
should not be a function of the govern
ment, notably that the issue of paper
money whether 1t be based on the credit
of the government redeemable in coin, or
whether 1t be issued on the strength of
bullion deposits in it's custody or held as
Its own, is pernicious system; that the
volume of money in circulation should
adapt itself to the ever-fluctuating needs
of commerce and daily life, and the private
means of Independent agents, such as
banks, should be devoted to the special
business of providing adequate resources
for the varying wants of the community by
a fair and unrestricted resort to the mar
kets of the world, drawing capital from the
cheapest market and dispensing an over
supply when necessary; that to use the
credit of the government by selling bonds
in order to relieve the money market when
private enterprise could easily procure the
necessary remedy is not only very ex-
penSive, but also a very dangerous method,
it cannot be done without dragging
simple business transaction into the arena
of politics; that 1t opens the door for the
introduction of a multitude Of plans likely
to originate from motives of selfish interest
and apt to be devised by unframed minds,
and that private responsibility should take
the place of public irresponsbility in hand
ling money matters.
Tae board also resolved to urge the pass
age of House resolution No. 1913, authoriz-
ing preliminary proceedings looking to the
adoption of an international coin or coins
which should be common unit in all gold
standard countries, and passed resolutions
in favor Of the adoption of uniform state
insolvent laws; a national bankruptcy law,
and reaffirmed its approval of the Torrey
bankruptcy bill.
Contractors Bonds.
A resolution from the Philadelphia boarl
of trade suggesting that the attention of
Congress be directed to existing regula-
tons pertaining to bidders and contractors
bonds upon river and harbor Improvement
with an inquiry into the method of their
application, and the results of their opera
tion. Also an inquiry into the action which
has been taken in the past against failing
bidders or contractors their suretieS or
bondsmen. with the object of determining
to what extent their liability has been en-
forced under existing regulations and what
legislation or action, if any, is required for
rendering fully operative and effectual the
bonds required from bidders or contractors
on works of river and harbor improvement
was also adopted.
New Executive Department.
The board strongly recommended the
establishment Of department of COM
merce and manufactures. declaring that the
work coming naturally under its direc-
tion would greatly relieve the Treasury
and State departments and admit of a
wider sphere of service in the interest of
domestic trade and industry and promote
extension of commerce with foreign coun-
tries.
The resolutions relating to the tariff ques-
ton and which emanated from various
boards Of trade and other bodies affiliated
with the national body were grouped under
the one general head of the tariff and were
under discussion when The Evening Stars
report closed
Yesterdny's Afternoon Session.
The afternoon session of the national
board of trade yesterday was brief A
resolution was adopted directing Secre-
tary Tucker to cast the unanimous vote of
the board for the reelection of Frederick
Fraley Of Philadelphia. as president, and
long list Of vice presidents was an
nounced.
A resolution was adopted urging upon
q a ~ TINS of los IN holt
compulsory pilotage for sailing vessels en-
gagged in the coastwise trade. At Y:45 the
board adjourned and attended in a body
House.