be prepared and printed in one volume. There was a great demand for the summary, and it is hoped that the commission will soon issue a document containing the salient features of the various banking and currency systems of the world.

It was expected that the Monetary Commission would make a preliminary report at the opening session of Congress last December, so that the business organizations would in the meantime have at least a tentative plan to consider. This, in a measure, accounts for the small number of resolutions from commercial organizations, as few of them were prepared to express an opinion regarding the improvement of our banking and currency system, based upon such study as they had given the subject; but sufficient interest was shown in the summary and a report from the commission to indicate that a large number would have presented their views if a plan or suggestion had come from some responsible source in time for careful consideration.

While the Monetary Conference was in session, the "Suggested Plan for Monetary Legislation," submitted to the National Monetary Commission by Hon. Nelson W. Aldrich, was made public, in which Mr. Aldrich said: "It will furnish to the commercial organizations of the country, who are now considering this subject, a basis for criticism and discussion."

The resolutions adopted at the Business Men's Monetary Conference appear in full in another part of this report, and provide for the appointment of a committee to co-operate with this and other organizations in furtherance of the work inaugurated by the National Board of Trade among the commercial organizations of the country.

A number of the leading journals of the country, as well as the leading members of the National Monetary Commission, have commended President LA LANNE for his activity in this attempt to arouse the interest of the business men of the country in an intelligent study of the banking and currency question. The National Board of Trade deserves the support of every commercial organization in the United States in this attempt to carry on a constructive work of the first importance to our financial and commercial interests.

The National City Bank of New York, in its March circular says: "The Sixty-first Congress accomplished more legislation of importance to commercial and financial interests than has been enacted by any Congress in a good many years." Particular reference is made

to the following: Enabling the Secretary of the Treasury to issue Panama bonds authorized under the law of 1909 without the circulation privilege; authorizing the issue of gold certificates against the deposit of gold bullion and foreign coin; and authorizing the payment of customs and internal revenue by certified check on Government depositories.

From 1905 to 1911, at every annual meeting, the National Board of Trade had earnestly recommended the enactment of a law similar to the Weeks Bill for the establishment of National forests in the Appalachian and White Mountains. The Weeks Bill passed the House of Representatives during the second session of the Sixtyfirst Congress, and on February 15, 1911, passed the Senate by the significant vote of 57 to 9, atlhough the bill was fought on the floor of the Senate by its opponents with great persistence.

For several days prior to the close of the Sixty-first Congress, both Houses were the scenes of unusual turbulence, and day and night sessions were attended with periods of bad temper and filibustering, preventing the passage of Canadian reciprocity in the Senate, and the passage in the House of the bill to create a permanent Tariff Commission.

The Gallinger Ocean Mail Bill, in which the National Board of Trade was deeply interested, failed of passage in the House. The commercial interests of the country must now await the action of a future Congress for this or some other means of better mail and transportation facilities to increase our foreign trade.

President Taft has called an extra session of the Sixty-second Congress to convene April 4, 1911. The business sentiment of the country appears strongly in favor of the new Congress acting upon the Canadian Reciprocity Bill, creating a permanent Tariff Board and allowing the business of the country to rest until the regular session in December, 1911.

An unusual effort will be made during the coming year to increase the influence of the National body by urging upon local commercial organizations greater activity regarding National policies affecting our trade and commerce. A special committee has been appointed to consider ways and means of extending the influence of the National Board of Trade, and its report is awaited with much interest.

The officers who served so well during 1910 were all unanimously re-elected to their respective positions with one exception. Mr. Wm.

R. TUCKER, who has served the Board so faithfully and ably as its Secretary and Treasurer for the past sixteen years, declined reelection as Secretary in consequence of other pressing duties. Mr. TUCKER was, however, unanimously chosen to serve as Treasurer for the ensuing year. President LA LANNE reappointed the Board of Managers for the year 1911. Mr. A. T. ANDERSON was elected Secretary, and immediately after the adjournment of the annual meeting opened permanent headquarters for the National Board of Trade in the Maryland Building, 1410 H street, Northwest, Washington, D. C.

A. T. A.

CONSTITUTION

OF THE

NATIONAL BOARD OF TRADE

ADOPTED AT PHILADELPHIA, JUNE 5, 1868

AND

AS AMENDED AT THE

THIRTY-THIRD AND THIRTY-FIFTH

ANNUAL MEETINGS

HELD IN

WASHINGTON, D. C., JANUARY, 1903 AND 1905

DECLARATION.

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; in order 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, on this 5th day of June, 1868, is hereby formed by delegates now in session in the city of Philadelphia representing the followingnamed commercial organizations, to wit: