Year: 1868

The business men of the United States


have been slandered. They have been charg-


ed with being especially restiye under taxa
tlon and with approving, as a means of escap-
ing from it, some of the most atrocious tlnan-


cial beresies that the depraved ingenuity OF


man ever devised. The action of the Nation
al Commercial Convention, held La Boston


last week, must forever remove the unjust


reproach from them and place it where it be-


longs, upon the shoulders Of demagogues.-


That Convention was In the truest sense OF


the word representative body. The dele


gates came from every important commercial


center OF the country with the exception of


New Orleans. Its conclusions, therefore. NAV


be taken as the conclusions of the business


men OF the country. They were in session


only four days, but in that time they not only
deilbera,ed upon nearly all the important f.
naneia,, commercial and industrial questions
that are now asitating the public mind, but
had time to enjoy the hospitality of the Bos-
ton merchants to the utmost.


Inc conclusions arrived at by the Conyen-
tion which are the most creditable to the mer-
chants OF the country are embraced in the re-
port of the Committee ON Currency and FL
nance. The appeals for more currency have
been made in behalf of these very men,
II Is they who are supposed to be
suffering ior more greenbacks. II is
they who are in distress for more money "to
move the the crops" But we find them ask
ing only that the currency shall be neither
expanded nor contracted till the LIST OF jan.
1869. They are in situation where fuc-
tuations in the volume of currency subject
them TO peculiar Inconvenience. They would
nave the present status maintained till the
date above mentioned, and after that time
would provide for the funding of the green
backs at the rate of three millions per month.
Even the Western merchants, who are popu-
iarly supposed to regard the imitation of the
currency as the sole method of relieving The
country from the present industrial and COM
mercial depression, made but Slight resist
ance to the resolution that embodied these
views. Thus the Pendletons, the Pomeroys,
the Careys and the Fl. Clay Deans of the
West are repudiated by the very men in
whose name those demagogues profess to
speak. l-go#


1t will forever reflect honor upon the mem
ory OF the business men of this period that
tney declared for paying the five-twenties in
coin. 80 unanimous were the members up.
on that particular point, that they were not
content to let 1t pass even In the prominent
Place in the resolutions where it was oriojn-
ally placed, but one of the last transactions
before the adjournment was the passage amid
great applause of resolution reaffirming the
previous declaration of the Convention on
taat subject


1hls IS in marked contrast with the hesi-
tatlng action of Congress on the same cues
tion. When the November session commence
ed, Senator Edmunds, of Vermont. proroptly
offered a resolution of much the same tenor
as that passed by the Commercial Conyen-
tio9r Up to this time it has not been passed,
though it is pretty well understood that
large majority of members are in favor of IL.
There is no doubt that the hesitation of Con-
gress may be accounted for by the existence
OF an erroneous impression on the part of
members that such course would be object
ed to by the very men who are now squirting
them up to this commendahle actinn- There
rs no longer shadow of reason why Congress
should delay an authoritative declaration of
the nations good faith towards its creditors.


Equally gratifying is the declaration of the
Convention on the taxation of government
bonds. Experience in business has taught
the merchants of this country the inestima-
BILE value of untarnished honor and unim-
peachable integrity. They know that any
dereliction of principle reacts upon ma
tion as surely and as fatally as upon an indi-
Vfdual Hence we see in all the proceedings
of the Convention peculiar sensitiyeness to
anything approximating to bad faith or
breach of contract. The objection to the re-
duction of the American dollar to the value
OF the French five-franc piece, according to
the monetary convention with France nego-
tiated by Mr., Ruggles, is that it involves par
tial reputation. Therefore the Convention
protests against the proposed change, unless
the rights of creditors can be saved.