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One of our first duties then, is to have a correct list made of all existing chartered bodies that come within our rules, and to take measures for bringing them within our membership.

The next effort should be to encourage the formation of a Board of Trade, or Chamber of Commerce, in every principal city and town of every State in the Union, to advise them as to the plan of organization suited to their local positions and interests, and to aid them, if necessary, in obtaining proper charters.

In the third place, we should open correspondence with all foreign national organizations, for the promotion of trade, commerce and manufactures, in order to get their reports and modes of action, so as to compare them with our own when the objects sought are similar, and when they differ, to inquire and determine whether they are of sufficient interest or importance to introduce them and give them a trial. A most important end that we should steadily keep in view, and not surrender, is the making of our association completely national and comprehensive in its character, so thorough in its investigations, and so conclusive in its modes of action, that it shall supersede entirely the so-called commercial conventions, and unite, thoroughly, all the intelligent and patriotic men of our country, in one well-constituted brotherhood, working truthfully and cordially for the common weal. Our National Board of Trade had its origin in two of the wisest and best of the commercial conventions ever held in this country, those of Detroit in 1865, and Boston in 1868; and the intentions they desired to carry into effect, whereby all other assemblages of business men should yield to a permanent and thoroughly organized body, have been, in my judgment, fully secured by our association. It will be seen, when our plan is fully examined, that it is sufficiently broad to embrace every national interest, and freely to treat and aid those which are seemingly local, but which, when thoroughly investigated, have bearings more or less important to the general well-being.

The membership of the local boards forming our constituency, is so easily obtained, that any one desiring faithfully to work may get enrolled; and our plan for considering no subject that does not come from a constituent body, or from our permanently organized Executive Council, brings everything into view that is to be examined at an annual meeting, and enables the delegates to prepare for their discussion; to express, if need be, the views of their constituent Board; and, after due deliberation, by searching debate, participate in decisions which bear the marks of care and thoughtfulness. What more than these can patriotic and earnest men desire for bringing their thoughts and projects before the people and their legislators? How

much more certain of permanent and profitable results is such action than the hastily formed, crude, or, what is worse, compromised resolutions of bodies made up of materials of no unity of purpose nor perpetuity of existence.

I cannot, therefore, too earnestly recommend the most extensive formation of local chartered general commercial bodies, and the promotion of hearty coöperation among them, as a cardinal measure for making the National Board of Trade most perfectly to fulfil the object of its organization. Let me not be misunderstood. I am far from claiming that our organization contains at present all the wisdom of the country; but I sincerely desire that it shall do so, and I wish to make its plan and purposes so well understood that wisdom will concentrate in it and guide its counsels.

The securing of union and harmony of action in reference to commercial usages, customs and laws, are other defined objects in our plan. To effect such union and harmony of action, we need the hearty coöperation of the constituent bodies, for the collection of information. on these subjects, the transmission of it to the Secretary of the National Board, and such explanations of their usefulness, or the abuses practiced under them, as will lead to the universal adoption of those that are good, and the extirpation of those that are bad. When such laws, customs and usages can thus be brought face to face under review by a competent analyzer, and the effects they have in promoting or retarding business can be justly weighed by comparing the business of different places subject to and free from a custom or usage, we shall be able to select and recommend for adoption those which experience and general use have found useful, convenient and beneficial. We are all aware of the inveteracy of usage and custom, and how difficult it is to make any changes therein, so long as they are viewed from the centre of a limited circle; but how apt they are to yield when the users of them can be placed in a wider field, and be benefitted by a knowledge of the methods which a community having a larger trade, have been sometimes, even by accidental circumstances, forced to adopt. I consider an interchange of reports on such local usages and customs, and a thorough examination of them with a view to adopt, when needed, an uniform practice on those subjects, as one of the important measures for the action of our Board. As matters of special attention under this head, I would refer to weights and measures, tares, draw-backs, deliveries, detentions, demurrages, samples, warehouse and dock receipts, commissions, charges, inspections, taxes, local license laws, etc., etc. To establish uniformity in these, and to direct public opinion and legislation, for the

modification or abandonment of those that are burdensome or oppressive, are also objects that we should not overlook.

The consideration of questions pertaining to the financial, commercial and industrial interests of the country at large, presents another and very wide field for our action. Currency and finance have had a large share of attention at every session, but on subjects of such vital importance, we have hitherto not been able to form any wellsettled judgments, not even to agree upon any plan for the early resumption of specie payment, and thus to restore our currency to the true standard of gold. The financial condition of the country is greatly affected by the state of our currency, and every industrial interest suffers from it, to an extent that it is difficult to estimate. It is a very delicate and difficult problem to deal with, but one on which the intelligent business men of the nation should not hesitate to spend time and thought for its solution. The disorganization has become so complete, and its operation in different localities so complex, that time must be an important element in the work of restoration, and if contraction of the currency be needed, it should be applied moderately and persistently. It will be the appropriate duty of our organization to support any well-digested plan that may be suggested to, and be adopted by, the National Government for the attainment of so desirable a result.

Our industrial interests are so dependent on the relations that we have with foreign nations, and on the duties that we levy upon imported articles, that the collection and tabulating of full statistical reports, showing the nature and extent of our foreign trade, and of our own agricultural, commercial and manufacturing interests, should claim our close attention. While the National Board should be the centre for the whole of this valuable information, it must depend on its constituent bodies for collecting it in their various localities. But it should, by its Executive Council and Secretary, set these bodies at work on some definite plan, so as to work with uniform purpose and energy.

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The transportation of commodities by land and water, is another important part of the working of civilized and social life. The magic changes that have been wrought by steam in the business of transportation, the extended net-work of railroads that cover our whole land, call for study and regulation. The business men of the country, above all others, have been the projectors and managers of these great works, and they are looked to for the supervision of their management, and for making them the economical and competent instruments of commercial intercourse. While they abundantly

minister to the wants of our internal trade, they are also the feeders of our foreign commerce; and it is now a patent fact that sailing and steamships depend on railroads and canals for abundant freights. Here is another wide field for the National Board of Trade to occupy and cultivate. The cost of transportation is one of the largest taxes paid by consumers, and every thing which tends to cheapen it should claim our earnest attention. While, from the peculiar features of the railroad and canal interests, being, as they generally are, the works of private corporations, depending on tolls for compensation, it may not always be expedient for us to recommend them for national or State aid in their construction, but it is different with great rivers and harbors. These are emphatically the free highways of commerce, and no State or nation can permit them to be inefficient or obstructed with impunity. Our country is marked as well internally as on its lake and coast lines, with so many of these great natural highways, that to ignore them in the great ends which our organization was intended to serve, would be criminal. We must therefore encourage all measures that will give us correct information as to the causes which affect their usefulness, and when proper plans and estimates are made for their improvement, give such plans our hearty support.

The vast extent of our country, and the diversity and magnitude of our agriculture and manufactures, demand large commercial facilities in the shape of ships and coasting vessels. To be mainly dependent on foreign nations for the supply of our. shipping, is a confession of national weakness that we should not make. Our very abundance, in many things, compels us to send them abroad for a market. Shall they go in American or in foreign bottoms? Many will answer, it does not matter which; but the true patriot feels a pride in national ships, and believes that real commercial independence cannot be enjoyed without them. Let us then, among the measures which we consider proper for our consideration, not neglect the encouragement of ship building, and national ship owning, whether steam or sail. With such an extent of seacoast as skirts our territory, we must be a maritime people. We must be prepared to have an efficient navy in time of war, and we cannot have such a navy, properly manned, unless we have at all times afloat a body of merchant seamen, from whom a national marine force can be speedily called into war service.

I have thus, briefly and imperfectly, sketched the objects to which we should direct our attention, and pointed out, in the same way, the measures that we should adopt as a National Board of Trade to give them vitality and influence. But our work should not

end here. The material blessings of this world, the wealth they bring, the power they wield, are very far from being all that business men should labor for or covet. They should be found foremost among those who are laboring for the promotion of technical and liberal education, for the reformation of politics, for the dissemination of truth on all subjects that increase the moral and social welfare of all classes of society. Business men, in the broad sense of the term, comprehend all who are not strictly of the three learned professions, but there is no reason why the agriculturist, the manufacturer, the mechanic, or the merchant, should not be liberally educated. Under our political system, these must naturally, and to a great extent, become our governors and legislators; and we should aim at such training as will fit them for these high and important trusts. We find that in the British Imperial Parliament they are already recognized as an intelligent, wise, and potent body in the national council; and they are daily moulding the laws of Great Britain with more and more reference to the claims of modern civilization, and to the enfranchisement of the masses from feudal and aristocratic bonds. In order that the great interests we represent, shall have their proper recognition in our national councils, we should not rest until a Department of Trade, Commerce and Manufactures, is established by Congress, and placed under the charge of a cabinet officer, equal in rank and power to a secretary of state or of the treasury. Such a department, modelled and improved upon the plan of the Board of Trade of Great Britain, is now a public necessity in this country, and until it is established we shall fail to have that harmony of interests which depends on equal and impartial legislation; for in no other way that I can conceive of is it possible to collect, arrange and use the statistics of our vast internal and foreign trade, and wisely and fairly to make laws for the collection of taxes, duties and excises.

There is one other feature of our organization, to which I have not referred, and, it has sometimes been brought to my notice as President of the Board. It is the annual expenses of our system. The assessment of these expenses on the constituent bodies, is confided to the Executive Council. So far we have been trying the experiment of a definitely constituted body as against accidental commercial conventions. As compared with such conventions I think our calls upon the constituent bodies will be found less than they had paid for the conventions. Our chief outlays are for printing and for the salary of our Secretary. As to the first item, it has been deemed proper that our debates and proceedings should be reported

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