6. The said bank to make loans to other banks and to trust companies, in such sums, on such security and at such rates of interest as the Board of Managers may approve.

7. The said bank to be the depository of the current funds of the United States and of the funds of any State, Territory or city, and to act as the fiscal agent of the United States or of any State, Territory or city.

8. The said bank to maintain at all times a cash reserve equal to 25 per cent. of its deposits, at least 15 per cent. of which cash reserve shall be in gold coin or gold certificates, and 10 per cent. in silver coin or silver certificates.

9. The said bank to submit its accounts and affairs to the examination of experts appointed by the Secretary of the Treasury, and to publish quarterly reports of its condition for the information of the public.

10. The said bank to establish reciprocal relations with any bank or trust company in the United States, or in any Territory thereof, under regulations prescribed by the Board of Managers.

11. The currency of the country to consist ultimately of gold and silver coin and subsidiary coin and gold and silver certificates issued by the United States, and notes of the said bank of the United States, provision being made for the gradual retirement of all other forms of currency now in circulation.

XVIII. OPPOSITION TO PARCELS POST.

NATIONAL HARDWARE ASSOCIATION OF THE UNITED STATES.

WHEREAS, We believe it is against the best interests of our country to have the Government enter into the merchandise carrying business. WHEREAS, We believe that this system, if adopted, might lead to Governmental ownership of railroads; and

WHEREAS, Those who are pressing for a parcels post are engaged in a mail order business, which would thereby be greatly built up to the detriment of the interests of rural communities; therefore

Resolved, That the National Board of Trade is opposed to a parcels post of any character, either experimental or otherwise.

XIX. RURAL FREE DELIVERY PARCELS POST.

NEW YORK PRODUCE EXCHANGE.

WHEREAS, It is the judgment of the National Board of Trade that the adoption of a system for the delivery of parcels which originate and are for delivery upon the same rural free delivery route, would

assist in building up our rural districts and become a source of large revenue to the Postal Department; be it

Resolved, That the National Board of Trade urges Congress to adopt a system of postal delivery of parcels which originate and are for delivery upon one and the same rural free delivery route.

XX. RURAL PARCELS POST.

PHILADELPHIA BOARD OF TRADE.

Resolved, That the carriers of the postal rural free delivery should be permitted to take parcels in their wagons subject to a moderate post office charge.

XXI. PARCELS POST.

SCRANTON BOARD OF TRADE.

Resolved, That Congress be urged to establish a parcels post for the delivery of parcels which originate and are for delivery upon the same rural free delivery route, as desirable in extending a great convenience to the country merchant and his customers, and likely, by the revenue derived thereform, to make possible penny post.

XXII. TOU VELLE BILL.

BOSTON CHAMBER OF COMMERCE.

WHEREAS, It is a well-known fact that the work of the Federal Post Office Department is greatly facilitated by having envelopes clearly and uniformly stamped with the address of the sender; and

WHEREAS, The United States Government now furnishes to order in lots of 500 or more, stamped envelopes bearing the return address at a price but little above that of the stamped envelopes alone, by reason of the fact that the envelopes can be stamped and the address printed all at one operation; and

WHEREAS, This practice results in a great saving and convenience to the public and is in entire accord with the clearly recognized policy of the Post Office Department to render the best and most economical service possible, and cannot be construed as unfair competition with private interests; therefore be it

Resolved, That the National Board of Trade is opposed to the passage of H. R. 3,075, known as the TouVelle Bill, forbidding the further sale by the Federal Government of stamped envelopes bearing the purchaser's return address, as a measure which is inimical to the interests of the general public.

XXIII. LIMITING THE PRINTING ON GOVERNMENT STAMPED ENVELOPES.

PHILADELPHIA BOARD OF TRADE.

The National Board of Trade heartily commends the action of the House of Representatives in passing, at the last session of Congress, H. R. Bill No. 23,098, being "A Bill prohibiting the printing of certain matter on stamped envelopes and the sale thereof," by a vote of 192 to 27.

This measure was reported favorably by the unanimous vote of the House Committee on Post Office and Post Roads, after exhaustive hearings had been accorded those favoring and those opposing the bill. The bill is now pending in the Senate; therefore

The National Board of Trade earnestly petitions the United States Senate to early pass the bill in the form adopted in the House, so that the same may be handed the President for his approval and thus become law.

XXIV. PRINTED MATTER ON GOVERNMENT STAMPED ENVELOPES.

PHILADELPHIA CHAMBER OF COMMERCE.

Resolved, That the National Board of Trade records its approval of the action of the House of Representatives in passing Bill No. 3,075, being "A Bill prohibiting the printing of certain matter on stamped envelopes and the sale thereof," which bill was passed by the overwhelming vote of 192 to 27. As a similar bill is now pending in the Senate, the National Board of Trade earnestly hopes that the Senate will pass the same as adopted by the House, and thus meet the wishes of many thousand business men throughout the United States.

XXV. ONE-CENT LETTER POSTAGE.

PHILADELPHIA CHAMBER OF COMMERCE.

Resolved, That the National Board of Trade earnestly reaffirms its advocacy of 1-cent letter postage because said rate, segregated from the unprofitable classes of mail matter, is believed to be profitable, and the present rate of 2 cents consequently exacts from all classes of letter writers a net profit of more than 100 per cent; be it further

Resolved, That if it be deemed inexpedient to establish general I-cent letter postage at this time, the National Board of Trade respectfully urges the immediate adoption of 1-cent local letter postage, to be applied to letters which are delivered in the same towns and cities in which they originate.

XXVI. ONE-CENT LETTER POSTAGE.

SCRANTON BOARD OF trade.

Resolved, That the National Board of Trade once more reaffirms its many times repeated utterances in favor of 1-cent letter postage. It believes that the present postal system of charging letter postage 300 times more than cost in order to make up for a deficit caused by carrying second-class matter at one-eighth its actual cost is inequitable and iniquitous. It is robbing one class of business for the benefit of another. All kinds of mail matter should be made to pay the cost of its own transportation, which being done, 1-cent letter postage can be had without a postal deficit. In any event, we insist on having letter postage at 1 cent, which at that rate will still yield a profit of 150 per cent.

XXVII. POSTAL AFFAIRS.

WILMINGTON BOARD OF TRADE.

WHEREAS, Under the wise and able management of the present Postmaster-General the deficit in the Post Office Department seems to have been very largely decreased during the past year;

Resolved, That the Wilmington (Del.) Board of Trade reaffirms its former resolutions to the National Board of Trade and urges the said Board to recommend to Congress the immediate adoption of 1cent general letter postage.

XXVIII. DISCHARGE OF SEWAGE INTO NAVIGABLE WATERWAYS.

BALTIMORE CHAMBER OF COMMERCE.

WHEREAS, It is being demonstrated that the sewage of a city of the largest size can be raised to a satisfactory degree of purity before being discharged into waterways; and

WHEREAS, There is now no reason why all cities and communities should not in time treat their sewage before it is discharged into rivers and waterways; and

WHEREAS, The widespread and indiscriminate discharge of crude sewage into our natural rivers and waterways is rapidly destroying one of the nation's greatest assets, "pure water"; therefore be it

Resolved, That the National Board of Trade recommends such general legislation as will tend to discontinue the indiscriminate discharge of sewage into rivers and waterways and favors the enactments of National legislation which shall place under control of the Government all interstate waterways for the preservation of health

by preventing pollution of streams, and further recommends the appointment of a National Commission of broad-minded men, familiar with this subject, whose duty it shall be to study the question from a National standpoint and to thoroughly digest existing laws, and to report such modifications or new laws that will secure the co-operation of the United States Government, States, cities and communities, which are now in constant conflict with one another concerning this important question; and be it further

Resolved, That a copy of these resolutions be sent to the President, the President of the United States Senate and the Speaker of the House of Representatives.

XXIX. EXTENSION OF PIERS.

NEW YORK PRODUCE EXCHANGE.

With the near approach to completion of new steamers of such extreme length that at present there are no berthing facilities to accommodate them in our harbors, it is becoming urgently necessary to provide proper piers of sufficient capacity if we are to avail of the best and most modern means of ocean transportation; therefore be it

Resolved, That the National Board of Trade strongly urges the Board of Army Engineers to give this subject most careful and immediate attention, and where it may be at all possible and safe, to permit local authorities to extend pier head lines, making the piers of sufficient length to berth the largest steamers that may come to this country.

XXX. IMPROVEMENTS IN OUR RIVERS AND HARBORS AND INTERNATIONAL WATERWAYS.

NEW YORK PRODUCE EXCHANGE.

WHEREAS, It being a well ascertained fact that water transportation is the cheapest and most economical means for moving of merchandise, particularly of bulky and cheap products; and

WHEREAS, The opportunities for development of inland waterways and sea coast harbors are greater in the United States than any other country; therefore be it

Resolved, That we are strongly in favor of a well-defined policy by the Government that will first make careful investigation by its army engineers or other proper officers of such rivers, streams and harbors, as will best serve transportation interests in all parts of the country, and then adopt a system of financial aid that will carry such works to completion speedily and systematically and not, as at present, depend upon the uncertainty of irregular appropriations from year to