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however, feel like longer continuing in the performance of the arduous work of Secretary of this Board. Those duties alone might not be considered arduous, but, as you know, I am associated with other organizations in Philadelphia, and I think that justice, not only to those associations, but to this association, as well as to myself, requires that I shall now lay down that portion of my work and retire in favor of one who can give his entire attention to the duties of the office, because I feel, after hearing the admirable remarks of Mr. DOUGLAS, that this Board deserves the attention of one who can give his entire time to the work that is laid out for the future.

I thank you kindly indeed, gentlemen, for your generous expressions, and I cannot tell Mr. STONE how much I thank him, because he knows how highly I regard him. [Great applause.]

Mr. FERNLEY, of Philadelphia.-Mr. President, while you have so near you the Vice-President, I ask that you delegate one of them to occupy the Chair. I have a few remarks to make which may be more properly heard and considered when some one else is in the Chair.

Vice-President WHITE took the Chair.

Mr. FERNLEY.-Mr. Chairman, I have not the eloquence of Mr. STONE, but I want to offer a resolution in commendation of the excellent service rendered the National Board of Trade by Mr. FRANK D. LA LANNE, your President. [Applause.]

I come from the class known throughout the country as commercial men. Some of you do not know me in that connection; my face is not as familiar to you as I should like it to be. But I am Secretary of the National Hardware Association of the United States, which is composed of 216 of the principal hardware jobbers of the country, doing a business, approximately, of $300,000,000 per annum; I am Secretary of the Hardware Merchants' and Manufacturers' Association of Philadelphia, which is a large commercial organization in that city; I am Secretary of the

Affiliated Association of Presidents and Secretaries of Commercial and Trade Organizations,, taking in some of the principal chambers of commerce and boards of trade throughout the country; I have the honor to be the Advising Secretary of the National Wrought Pipe and Building Association, an organization composed of dealers who do a business, approximately, of $200,000,000 per annum; I occupy the same position with the National Jobbers of Plumbing Supplies, which is a National organization doing a business of about $175,000,000 per annum; I am also Secretary of the Philadelphia Association of Wholesale Dealers in House Furnishing Goods, of the credit branch of the Philadelphia Plumbing Supply Club, of the credit branch of the Metal Dealers' Supply Association of Philadelphia, I am the adviser of the Leather Belting Club of America. I forget the rest. [Laughter.] I am also willing to take anything else that comes my way. Oh, yes, I forgot the National Supply and Machinery Dealers' Association.

I assure you, gentlemen, that it is with great regret that I learn of the resignation of my esteemed friend, Mr. TUCKER. I hate to hear of a secretary resigning anything. [Laughter.] But in my capacity as Secretary of these various organizations I do come in contact with many men engaged in the commerce of this country, many of whom are personal friends of our esteemed President, and, therefore, I know of the respect in which he is held and the prestige he has given this organization as its President. I therefore move that the thanks of the National Board of Trade be and they are hereby tendered to Mr. FRANK D. LA LANNE, who has for the five years past been President of this association and who has so unsparingly given his time, talents and means toward the furtherance of the interests of this organization.

Mr. FURLONG, of Philadelphia.-Mr. Chairman, I really feel envious of the gentleman who has just made this motion, because he took the words out of my mouth. So while I cannot be the mover of the resolution, I wish heartily to second it.

I want to say that I have never attended any convention or meeting of this nature-and I have attended quite a few -where the business was so expeditiously transacted and where the presiding officer has in every way exhibited such unfailing tact, kindliness and thoughtfulness; and so I desire to second the resolution offered by Mr. FERNLEY, of Philadelphia.

The PRESIDING OFFICER.-Gentlemen, you have heard the resolution offered by Mr. FERNLEY. (Putting the question.) Mr. President, I am happy to inform you that it is a unanimous vote.

The PRESIDENT.-Thank you.

President LA LANNE resumed the Chair.


The PRESIDENT.-The Chair recognizes Mr. TRUESDELL to make a report on Banking and Currency.

Mr. TRUESDELL.-Mr. President, and gentlemen, the Committee on Banking and Currency thought it best to defer their report until after the meeting of the Monetary Conference of yesterday, believing that the Monetary Conference, under the auspices of the National Board of Trade, in its action would indicate the position that should be taken by this organization on that important question. The meeting held this morning was unfortunately attended by but five members of the committee, who are, so far as we know, present in the city at this time, some of the members having already returned to their homes. We have adopted the resolutions that were adopted yesterday at the National Monetary Conference, which I will read, if that be the wish of the convention; but as they are all familiar to you, and as our time is valuable this morning, I will not read them unless requested to do so.

Mr. LOGAN, of Pittsburg.-As I understand, these are the resolutions that were read yesterday by Mr. WARBURG?

The PRESIDENT.-They were read by Mr. WARBURG.

Mr. TRUESDELL.-If there is no request to read them, I submit the resolutions as adopted yesterday, and move their adoption now by the Board.

The PRESIDENT.-Gentlemen, the report offered by Mr. TRUESDELL is the report of the Monetary Conference adopted yesterday, as the Chair understands. Is not that true, Mr. TRUESDELL?

Mr. TRUESDELL.-No, it is the report of our Committee on Banking and Currency to the National Board of Trade.

The PRESIDENT.-This is the report of the Committee on Banking and Currency to the National Board of Trade. Mr. TRUESDELL.-The report adopted yesterday was by an independent organization.

The PRESIDENT.-So the Chair understands. This report is based upon the report adopted yesterday?

Mr. TRUESDELL.-We have adopted the resolutions as adopted by the Monetary Conference yesterday.

The PRESIDENT.-Mr. TRUESDELL reports the resolutions adopted yesterday by the Monetary Conference, and he presents those resolutions to the National Board of Trade this morning for adoption or rejection. You have heard the resolutions, or you all know them. Was it decided not to 'read them?

Mr. TRUESDELL.-No one called for the reading.

Mr. E. R. WOOD, of Philadelphia.-Mr. President, I was a member of that committee, and do not want to take the time of the Board unnecessarily, because I assume that there are other delegates here who will want to discuss the question.

I would like to see this Board act in a national sense, not in a provincial manner. This was borne in upon me yesterday at the Monetary Conference by gentlemen from certain sections of the country who appeared to sit with us, and we listened to their remarks. It was a brilliant affair, and I felt as if we were working in the temple of

high finance and that the high priests were well instructed in their parts. But I do not feel that that conference represented the country.

One of the gentlemen present, certainly not beyond middle age, said that he had studied this question and felt sure that the conclusion which had been united upon by so many classes of people was correct. He said the bankers had united in approving this proposition, the legislators had united in approving it, and the business men had united in approving it. One might have supposed he was speaking of the entire United States, whereas the truth was he was speaking only for New York. A principle or proposition may very well, as you know, be practically unanimously accepted in the city of New York, and yet not be found at all applicable or acceptable by the rest of the country. Whether the National Board of Trade wants to write itself down like Dogberry's constable is a question for the Board to decide.

I urged the committee to state simply the fact that they had attended the meeting yesterday, the discussions of which had been ably conducted, and that the committee had framed certain resolutions which the National Board of Trade thought were a valuable contribution to the monetary subject and therefore embodied in its report. But the form in which the committee has now presented its report, if accepted by the Board, makes this Board responsible for it as its own opinion. I simply protest.

Mr. WELDING RING, of New York.-I do not know that I have very much to say in reply to Mr. WOOD. This question was very fully and ably discussed yesterday, and I think the arguments of Mr. VREELAND fully answered all the arguments of Mr. ACKER and convinced practically every person that Mr. ACKER's views were incorrect and that the views expressed by the committee were proper, particularly as they were in accord with those embodied in the report of Senator Aldrich.

Mr. Wood says that it only means New York. I differ with him there, because we had nine communications,

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