to-morrow. If any more light can be brought out to-morrow, I shall be in favor of more discussion. I therefore hope that the subject will be submitted to a Committee, and that the question may be presented to-morrow in such shape that we can all harmonize upon it.

The question was put, and the motion to refer to a Committee agreed to, by a vote of twenty-seven to nine. The President appointed the following gentlemen as the Committee:

J. S. ROPES, Boston,

W. M. BURWELL, New Orleans,

THEODORE COOK, Cincinnati.

Mr. WETHERILL, of Philadelphia: I move that a Committee of five be appointed to take into consideration subject number XIII on the programme· "Direct Importations" — and to report when that subject shall be reached.

This motion prevailed, and the Chair announced the Committee as follows:

J. P. WETHERILL, Philadelphia,

THEODORE COOK, Cincinnati,

W. M. BURWELL, New Orleans, GEORGE OPDYKE, New York, R. R. KIRKLAND, Baltimore.

The order of business was suspended, and Mr. KIRKLAND, of Baltimore, from the Committee on Credentials, submitted the following report on the application of the Pittsburgh Board of Trade to withdraw from the membership:

At the meeting of the Board in Richmond two years ago, an application for withdrawal from membership from the Pittsburgh Board of Trade, was presented and referred to the Committee on Credentials.

The Committee reported that the Pittsburgh Board be permitted to withdraw, as provided by the Constitution, on the payment of its dues, the assessment for 1869 not having been paid.

The Pittsburgh Board was immediately notified of this action; but failing to make payment of its dues, continued under the terms of the vote in the Board, and just prior to the annual meeting a year ago, paid the assessments for both 1869 and 1870, withdrew its proposition to leave the Board, and was represented by its delegates in the annual meeting. It has received all the publications of the National Board during the year, and has been treated in all respects as being in the

membership; but it did not respond affirmatively or otherwise to the circular sent in February last, advising it of the amount of the assessment due from it for the year 1871. A reminder of this assessment being addressed to it on the 10th of November, a reply was received from the President, Mr. GEORGE H. THURSTON, as follows:

"In reply to yours of 10th, I would state that we sent no delegates to the session of the National Board of Trade at Richmond, (1869,) but, in lieu thereof, a notice of intention of withdrawing from the membership. Permission was granted, and, we sent our dues to Buffalo, (1870,) with the delegates, in accordance with the resolution authorizing our withdrawal, and presumed our membership was ended, as we intended."

This was the first intimation received by any officer of the National Board that the Pittsburgh Board of Trade proposed again to retire from the membership. Its previous intention having been reconsidered, and its delegates having participated in the proceedings of the meeting at Buffalo a year ago, it was not competent for it, under the Constitution, to seek again to withdraw until the present meeting, and then it would have to show that its dues for 1871 were paid.

The Committee is of opinion that the Pittsburgh Board is clearly bound to pay the assessment for 1871, regularly notified to it last winter, amounting to one hundred and twenty-five dollars; and it is hereby respectfully recommended that this Board be requested to make this payment, and that upon its doing so, its request for withdrawal be granted.

It is also recommended that a copy of this report be transmitted by the Secretary to the Pittsburgh Board, in behalf of the Committee on Credentials.

St. Louis, December 7, 1871.

The report was accepted, and its recommendations were adopted.

The Board then, in accordance with the vote of yesterday, adjourned to Friday morning, at ten o'clock.

THIRD DAY.

FRIDAY, DECEMBER 8, 1871.

The Board met at ten o'clock, the President in the Chair.

Prayer was offered by the Rev. Dr. BURLINGHAM, of St. Louis, after which the journal of yesterday was read and approved.

REPORTS OF COMMITTEES.

Mr. ROPES, of Boston: The Committee appointed yesterday on the subject of the Southern levees have agreed to a resolution, which they request me to submit to the Board. As I am unable to read it myself, I will request my friend, Mr. Cook, who has it in charge, to read it.

Mr. Cook, of Cincinnati, read the report as follows:

Resolved, That we earnestly request Congress to investigate the existing state of the navigation of the Mississippi river, and of the levees upon its banks, and to aid as far as may be practicable and proper the efforts of the States lying upon its course, to protect the adjacent lands from inundation, and to secure the permanent improvement of its navigation and levees.

Mr. SHRYOCK, of St. Louis, moved the adoption of the report, and after a brief debate, it was agreed to.

II.-NATIONAL PACIFIC RAILROADS.

The Secretary read the resolutions presented at the meeting of the Board last year at Buffalo, from the St. Louis Merchants' Exchange, as follows, and which had been continued upon the programme:

WHEREAS, Another Pacific railroad is imperatively demanded to produce a healthful competition whereby the rate for freight and travel may be reduced, and greater accommodations secured for the public; and

WHEREAS, Justice to the whole country demands that the United States Government should grant such liberal subsidies and all such other needed legislation as will secure the most speedy construction of another great national Pacific railroad on a more central national route, which will more equitably subserve the interests of the whole country; therefore

Resolved, That the Executive Committee be instructed to memorialize Congress to grant such liberal subsidies and all other needed legislation as will secure the earliest possible construction of a more national central Pacific railroad to San Diego and San Francisco.

An amendment proposed last year by Mr. Bonner, of St. Louis, was also read, as follows:

WHEREAS, Another Pacific railroad is imperatively demanded to produce a healthful competition whereby the rates for freight and travel may be reduced, and greater accommodations secured for the public; and

WHEREAS, Justice to the whole country demands that the United States Government should grant such liberal and needed legislation as will secure the most speedy construction of another great national Pacific railroad on a more central national route, which will more equitably subserve the interests of the whole country; therefore

Resolved, That the Executive Committee be instructed to memorialize Congress to grant such liberal legislation as will secure the earliest possible construction of a more national central Pacific railroad. Said road to be built by the United States Government of double track, and on which every one shall be permitted to draw his trains, whether as an individual or an incorporated enterprise, under similar conditions as lines of boats are allowed to navigate the canals of the country, taxing the tonnage passing over at a sufficient toll to maintain the road-bed in perfect order.

Mr. BONNER, of St. Louis: Mr. President, The productions, resources and climatic advantages possessed by this country are acknowledged to be superior and more widely extended than may be found on any other continent. Our natural advantages, such as lakes, rivers, ocean harbors and an extended seaboard have contributed to our inland commerce and foreign

trade, but the growth of our commerce and the development of our resources were comparatively slow. The new material life which has expanded into magnificent proportions and developed with marvellous rapidity came to us with the application of steam-power to the locomotive, and of the lightnings for the conveyance of human thought. The multiplication of these agencies has quickened the pace of our material advancement and lifted high the standard of our civilization. If we shall continue to increase in the same ratio for forty years to come as we have since the introduction of railways, our population will exceed a hundred millions, and within the lifetime of some who hear me, it will be equal to two-thirds of that of Europe to-day, and the time of a half dozen generations will find within our boundaries a population almost equal to that of the Celestial empire. This vast population, these millions of the human race, born of the spirit of our institutions, will of necessity enjoy the highest degree of intelligence, culture and civilization yet attained. Here the development and perfection of the arts and agencies which bring blessings to mankind, will be realized in a degree hitherto unknown. Surrounded on every hand with resources rich and abundant, we shall behold the sublime spectacle of nearly half the human race congregated within the boundaries of our own nationality, struggling for the world's supremacy in art, agriculture and commerce. Such a mastery may be achieved, and such a mental, social and moral culture may be maintained only by the employment of such agencies as afford rapid and economic transit, the quickest possible modes of communicating thought and bringing mind and energy into contact and competition. These agencies are railroads and telegraphs. Wipe out, if you will, the railroads of the country, strike down its telegraph lines, go back to the days of turnpikes and stage coaches, compare them with now, the advantages and facilities of those times with what we enjoy, and you have some conception of the vigor of enterprise, the mental and physical activities. which these agencies have imparted. At the close of the present century our railroads will stretch out to eighty thousand miles, and by the close of another, probably three times as many will be brought into requisition, enabling the people to place their products in the commercial marts and trade centres in successful competition with the world. But if the millions who inhabit the country, and the hundreds of millions who are to follow, are to be benefited in the degree contemplated, if these stupendous agencies are to become mighty in the subjugation of the wilderness, and in bringing prosperity and blessings to the people, then their growth into monstrous monopolies must be checked without delay.