X.-THE CHICAGO FIRE.

The autumn of the year 1871 will ever be memorable in the history of the United States, for the terrible visitation of fire which came upon a portion of the North-west, laying waste villages and towns, overwhelming entire communities, and almost utterly consuming a large portion of one great city. This Board cannot assemble without giving prompt utterance to its feelings of sympathy for Chicago, especially, in view of the unparalleled calamity which has befallen it. Stately commercial structures, and streets but just now all alive with the activity of busy crowds, have been destroyed; the accumulations of years of industry have been swept away; homes almost without number have been converted into desolate heaps. Disaster has come upon some who have met with us as delegates in these annual meetings, and a constituent member has suffered as probably no Board of Trade ever suffered before. During the series of meetings in Philadelphia, in the summer of 1868, when the National Board was brought into existence, the expression was quoted and applied to these related commercial associations, that when "one member suffers, all suffer with it." At the time, this seemed like a figure of speech, permissible amid the enthusiasm of so auspicious an occasion, but not to be taken too literally. We have had an illustration, however, of its entire and exact truthfulness. A member of this Board has suffered; have not all the other members suffered with it? The mutual acquaintanceship and friendship among the business men of our various cities, made possible in most instances only by convocations like the present, brought home as though it had been a personal visitation of Divine Providence, the sorrow of Chicago to many hearts far away, and threw across them the shadow of the great affliction, to use the language of a favorite poet, under which the stricken people of that" city sat dumb. The commercial organizations united cheerfully with. citizens of every profession and walk in life, in supplying such means of succor and relief as they were able to do; and in several of the leading cities it was their privilege to initiate and conduct the movements to this end. For similar works of good will, may they always be ready. They do not exist solely for the purpose of buying and selling and getting gain; but also to make available their associated experience and to put in exercise their combined strength, whenever the pressure of a great exigency requires this at their hands, and, particularly, whenever they are called upon to recognize the obligation under which they all rest, to help one another, each in the time of its need.

CONCLUSION.

A condensed summary statement has been prepared for the use of the delegates, showing the action of the Board thus far, on every question which has come before it. Several of the topics which have already been carefully considered, as, for example, currency and finance, internal taxation and tariff duties, ship-owning and shipbuilding, are again upon the programme, and they must continue thus to claim attention, year by year, from the merchants of the country and their representatives in these meetings, until everything relating to them shall have been permanently settled by an enlightened public opinion, by wise statesmanship, and by wholesome legislation. It is confidently believed by the Executive Council that the discussions of the Board will, in due time, produce their legitimate effect, both upon the public at large, and upon those at Washington with whom rests the responsibility of determining the financial and commercial policy of the nation. Respectfully submitted.

St. Louis, December 5, 1871.

The Treasurer's report, duly audited by two members of the Council, was as follows:

-Dr.

For expenses connected with the annual meeting at Buffalo,

and the meeting of the Council in Washington, Reporting and printing the annual report, (2000 copies,) Monthly statistical tables,

Miscellaneous printing, (pamphlets and circulars.).

Office expenses, including salary, postages and stationery,

$287.36

1,996.98

642.88

208.49

4,113.25

$7,248.96

To cover this balance, a sufficient amount is due from constituent Boards, which will doubtless be paid.

Mr. MCPHERSON, of St. Louis, moved a recess until three o'clock.

Some debate followed on this motion, which resulted in the passage of a vote that hereafter the sessions of the Board commence at ten, A. M., and close at four, P. M. A recess was then taken until three o'clock.

AFTERNOON SESSION.

The Board met at three o'clock.

The PRESIDENT: The next business in order is the election of President. I will request Mr. BAGLEY, one of the Vice-Presidents, to take the Chair.

Mr. STRANAHAN, of New York: I nominate for President, Mr. FREDERICK FRALEY, of Philadelphia.

Mr. BISHOP, of Cincinnati: I second the nomination.

On motion of Mr. WELSH, of Philadelphia, the Chairman pro tem. appointed as tellers, Messrs WELSII and Bisпop, who reported the following as the result of the ballot:

And Mr. FRALEY was declared elected, amid hearty applause.

On motion of Mr. STRANAHAN, the Chair appointed a Committee of two, consisting of Messrs STRANAHAN, of New York, and THOMPSON, of Baltimore, to wait upon the President elect, and to conduct him to the Chair.

This Committee having discharged their duty, the Chairman pro tem. said:

Gentlemen of the National Board of Trade, It gives me more than ordinary pleasure to introduce to you, as I once before had the honor to do at Richmond, Mr. FREDERICK FRALEY, of Philadelphia, the re-elected President of this Board; a gentleman who has been a co-worker with us since the organization of this body, and who has been tried by us for several years and never found wanting.

The PRESIDENT: I am deeply sensible, gentlemen, of the renewed honor which you have conferred upon me by this election. I have endeavored, so far, to discharge the duties of the office in accordance with the principles laid down at the organization of the Board. I can do nothing more upon the present occasion than to repeat my thanks for the confidence which you thus repose in me, and to renew the pledge that I have heretofore given; that my best efforts shall be given to promote the interests of the association.

At the meeting of the Executive Council held in Washington in March last, I was requested to prepare an address, giving my views of such measures as seem best adapted to promote the efficiency of the Board; and in lieu of any other remarks, on assuming the position to which you have again called me, I will take this occasion to lay the address before you, which I have prepared in compliance with the request referred to:

Gentlemen,- At a meeting of the Executive Council held in the city of Washington, in March last, the following resolution was adopted:

Resolved, That the President be invited to consider and report in an address, suggestions as to measures that may tend to make the National Board of Trade more speedily and completely fulfil the objects of its organization: the address to be given at the next annual meeting.

It is with great diffidence that I undertake the performance of the duty thus assigned to me. I feel that the objects of our organization are so vast and comprehensive, that properly to elucidate and give them practical scope and efficiency, far exceeds any knowledge or ability that I can command.

But in order to present for your consideration the measures and suggestions called for by the resolution, it may be proper to refer to the constitution under which we are organized, and see what we proposed to accomplish.

Our preamble declares as follows: "In order to promote the efficiency and extend the usefulness of the various Boards of Trade,

Chambers of Commerce and other chartered bodies, organized for general commercial purposes in the United States; to secure unity and harmony of action in reference to commercial usages, customs and laws; and especially, in order to secure the proper consideration of questions pertaining to the financial, commercial and industrial interests of the country at large, this association is formed."

By the unanimous vote of the delegates present at the Convention held in Philadelphia in June, 1868, thirty-two Boards of Trade, Chambers of Commerce and other commercial bodies established for general commercial purposes, adopted the foregoing principles as the basis of a National Board of Trade.

Under this organization the Board has held four regular sessions, whose deliberations, proceedings and votes have been fully reported and spread before the constituent bodies, Congress and the country.

I think it is not saying too much when I assert that for their importance, and generally for their accordance with the declared objects of the association, the subjects discussed at these sessions prove that our Board has been working in the right direction, and that it needs only persistent action in that direction, improved and guided by enlarged experience, to accomplish all, and even more, than was originally designed. The interchange of differing views on questions of deep interest, affecting the financial, commercial and industrial interests of the country, has shown to what extent dissimilar local conditions, habits and prejudices tend to the formation of opinions; and it has been seen in our discussions how potent the light of truth is, when it can have full and free scope in a well-regulated debate on some definite proposition. It must be remembered that our decisions are purely recommendatory; but, when deliberately formed, they are meant to express the judgments of the business men of the country, on the most important national and social problems - problems on the correct solution of which the prosperity and happiness of the people greatly depend. If we cannot look to the wise guidance of our business men on these momentous matters, where or on whom shall we place our dependence?

And the importance of such considerations as these leads me, in the first place, to point out what I deem to be an essential measure for more speedily and completely fulfilling the objects of our organization.

We have been very fortunate so far in getting the hearty coöperation of a large majority of the local organizations which were intended to form our constituent bodies. But we have not all of those that are already formed and chartered, and there are many places in which none exist.