accommodation required could not be found in that part of the city. To locate anew was a question of some moment, and it was discussed very freely at two meetings of the Government of the Board. Finally, and on the 4th of September, a vote was passed, without dissent, to lease the rooms then occupied by the Mayor and Aldermen, in the building of the "Massachusetts Charitable Mechanic Association." A committee* to make the necessary arrangements was designated, and, on the 10th of October, we took possession of these elegant and commodious apartments.

REDUCTION OF THE CURRENCY, AND RETURN TO SPECIE PAYMENTS.

The views entertained by the Secretary of the Treas‐ ury on this all important matter are those of a statesman, and must, we think, meet the approbation of business-men who desire to put an end to fluctuations in values, and to restore the various branches of industry to their normal condition; and we cannot but hope that he will earnestly press upon Congress the necessity of adopting the policy which he has announced to the country. Speculators in gold and merchandise willdoubtless oppose him, and attempt to show that the course which he has indicated is not only unwise, but utterly impracticable. It may be admitted that Mr. McCulloch has as serious difficulties to encounter as can' well be imagined; but his powers are ample, and his practical knowledge of finance such as to inspire confidence, and with the unequivocal and steady support of the bankers, merchants, and manufacturers, such, indeed, as to insure success.

Thus premising, we insert the preamble and resolu

*The above, and James C. Converse.

tions* passed by the Government of this Board at the Regular Meeting in November, with the Secretary's

response:

Whereas, Hon. Hugh McCulloch, Secretary of the Treasury of the United States, in a speech recently delivered at a meeting of his fellow-citizens in the State of Indiana, has fully and clearly stated his views in relation to the currency, and has insisted upon the vital importance of the adoption of systematic measures for contracting the present large volume of the currency, with a view to preparation for the resumption of specie payments as soon as may be found to be practicable; and

Whereas, In affirmance of these views, the Hon. Secretary has already made a commencement of his plan of gradual contraction by funding a large amount of compound interest notes; and

Whereas, It is desirable that the Hon. Secretary should feel assured that he has the countenance and co-operation of the business-men of this and other centres of trade, in order that he may carry forward successfully his plan of contraction by funding: therefore

Resolved, That the Government of this Board received with satisfaction the announcement that the head of the Treasury Department at Washington has not only announced an intention of gradually contracting the currency, but has actually commenced the work, and furnished the evidence in the monthly statement just published.

Resolved, That, in the opinion of the Government of this Board, the return of peace to our country not only deprives the National Government of the argument of necessity for the continued expansion of the currency, but that it imperatively demands a judicious, gradual, and regular contraction of currency, by economy, funding, and taxation.

Resolved, That in the present condition of things, in which prices are so very high, importations excessive, exports so small in amount and limited almost to cotton and specie, we are forcibly reminded, that, however we may barter with each other, the only standard of value by which we can settle with the rest of mankind is the precious metals; and that we cannot anticipate a healthy state of business, finance, or even of morals, in our community, until we as a nation are prepared to pay our debts in gold and silver as they fall due.

Resolved, That we counsel no hasty action by the Government or

*Introduced by the Hon. Samuel H. Walley.

the community on this subject; that we do not recommend the policy of naming any date for the resumption of specie payments; but we do approve of the avowed purpose of the Government, not only to cease expansion, but to inaugurate, and steadily and firmly to carry out, a carefully devised plan for regular contraction as rapidly as events may prove to be salutary to the country, keeping the object steadily in view, an early resumption of specie payments.

Resolved, That a copy of these resolutions be forwarded by the officers of this Board to the President of the United States, and to the Secretary of the Treasury.

TREASURY DEPARTMENT, Nov. 13, 1865.

GENTLEMEN,I have the honor to acknowledge the receipt of the Resolutions adopted by the Board of Trade of Boston, approving of the views expressed by me in my recent speech at Fort Wayne.

Please return to the Board my sincere thanks for the Resolutions. They are well calculated to confirm my opinions of the soundness and importance of the recommendations which I shall make to Congress for the contraction of the currency.

I am very truly yours,

H. MCCULLOCH, Secretary.

GEORGE C. RICHARDSON, Esq., President, Boston, Mass.
LORENZO SABINE, Esq., Secretary,

INDUSTRIAL INTERESTS OF THE SOUTH.

These interests, in the present condition of the country, are momentous. The balance of trade with foreign nations, under existing circumstances, must be paid in productions, of which cotton is the chief, or in gold. This balance, if paid in cotton and other staples, would, of course, keep gold at home, and thus give additional strength to our paper currency, and essentially aid in the restoration of specie payments.

Soon after we received and considered an elaborate communication from Alanson Penfield, inviting our cooperation with the New-York Chamber of Commerce in forming a "National Cotton-Growing Convention;" and, on the 27th of November, at a Special Meeting of the

Government of the Board, we passed the following resolutions, after a spirited discussion, unanimously:—

Whereas, By the recent civil war, many of the Southern States have become greatly desolated, and a large part of their capital destroyed, and no inconsiderable portion of the laboring classes are destitute of employment, whose labor, unless now aided by capital, must be lost to the country:

Resolved, That the commercial and financial interests of the United States alike demand that speedy and efficient measures be immediately employed to organize and develop industry in the Southern States, in order to increase the production of their staples, and especially of

cotton.

Resolved, That while we recognize the fact, that the causes and principles which more or less affect the ability of the banks to redeem their circulation in specie are various, the quantity of cotton raised in this country must, in a degree, determine the time when specie payments can be safely resumed; and that to hasten that time is the part of sound political economy and of a wise statesmanship, and is indispensable to the permanent prosperity of the entire country.

Resolved, That in view of the fact, that efforts by private enterprise to draw capital and intelligent labor to the Southern States must, in their results, be remote and contingent, and, however ultimately useful they may be, cannot be relied upon materially to increase the agricultural products of next year, or even for several years to it is vitally important to the interests of the nation that the Government should, within the sphere of its legitimate powers, aid forthwith in sustaining and organizing such portion of the laboring classes now in the Southern States as cannot be reached by private capital, not only on the ground of a considerate humanity, but also to save their labor to themselves and the country.*

come,

On motion of CHARLES O. WHITMORE, Esq.,

Resolved, That the President and Secretary be requested, in behalf of this Board, to transmit a copy of the Resolutions just adopted to the President of the United States, and to memorialize him to carry into effect the objects therein proposed, through the agency of the Freedmen's Bureau, so far as its powers are adequate to the purpose.

* These three resolutions submitted and supported at length by Hon. Edward S. Tobey.

On motion of the Hon. SAMUEL H. WALLEY,

Resolved, That a copy of these resolutions be sent to the Boards of Trade and Chambers of Commerce in the United States, with the request that they be carefully considered, and that such action may be taken in reference to them as shall seem most likely to promote the objects therein comtemplated.

Voted also, That, in case of a Convention as above mentioned, the President and Secretary of the Board be requested to appoint delegates to attend the same.

The seeming necessity of another department of the Federal Government to relieve the Secretary of the Treasury, and to possess, as nearly as the nature of our institutions will allow, the powers of the Board of Trade of England, was stated by us in our Fifth Annual Report. After the lapse of six years, it will now be seen by the following official letter that the Government of this Board is charged with the initiative in this important measure. In performance of the duty imposed by the Commercial Convention, we barely add, that a circular has been addressed to the several Boards of Trade and Chambers of Commerce; and that, as yet, the replies are very limited.

BOARD-OF-TRADE ROOMS,

DETROIT, Aug. 10, 1865.

Hon. LORENZO SABINE,

Secretary of the Boston Board of Trade.

MY DEAR SIR, By a resolution adopted by the late Commercial Convention, the following (framed by the Committee after adjournment) were ordered to be placed on the minutes as duly adopted :Resolved, That in order to relieve some of the departments of the

* Committee on National Board of Trade, -James C. Converse, Alexander H. Rice, John H. Thorndike, Edward Atkinson, George O. Carpenter.