portraits were rescued from the fire of 1835, and, covered with canvas, were stored in a garret in Wall Street. They were found there in 1843 by Mr. Wetmore, Secretary of the Chamber, somewhat damaged by mildew and dust. They were completely restored and are among the choicest of the treasures which the Chamber has on exhibition in its permanent home.

CHAPTER IV

EARLY STAND FOR HONEST MONEY

STEPS IN ITS INTEREST AND IN THAT OF PURE FOOD AND BUSINESS INTEGRITY

1768-1774

FROM the very beginning of its existence the Chamber manifested that keen and sensitive devotion to the highest welfare of the community which has been its distinguishing characteristic throughout its career. By their first acts as a body the members showed that in forming their organization the impelling motive had been a conviction that they had a public duty to perform. At the moment, the city as well as the country was suffering from the evils of a depreciated paper currency. Each colony had a brand of its own, with a value of its own, and the result was confusion and discredit everywhere in the channels of trade. At its second meeting the Chamber took up this question in a proposal that at some future meeting it should declare whether the society should "discourage the paper currency of Pennsylvania from passing in this colony" and whether the paper currency of Jersey should be received at a valuation above that given to it by the Jersey treasury. This proved to be a very troublesome question, so far as Jersey currency was concerned. The Pennsylvania part of it was disposed of easily, for the financial position of that colony at the time was better than that of New York, and its trade was in a more flourishing condition. By a great majority the Chamber voted at its eighth meeting in October, 1768, that hereafter "Pennsylvania money be received by any member that inclines to take it at 634 per cent advance."

The problem of New Jersey currency was a far more difficult one because of a practice which had grown up of receiving it at a higher valuation than the State's own treasury placed upon it. After four years of debate and repeated postponement, a resolution was passed in March, 1772, that on and after the 3d of September following, Jersey money should be received or paid by members of the Chamber only at the valuation fixed by the State's treasury. The immediate result was the resignation of eighteen members who declared that they could not conform to the regulation without injury to their business. Many other members absented themselves from the meetings of the Chamber for the same

reason.

In January, 1774, the action was rescinded. Every member was declared to be at liberty to receive and pay Jersey money as formerly current, and the members who had resigned were invited to offer themselves as candidates for re-election under the annual ballot restrictions. In extending the invitation the Chamber stood firmly by the principle of its original action by declaring that the members who persisted in receiving Jersey currency above its State value were by so doing "depreciating our own currency," which, of course, was the fact. Thus early the Chamber took its position in favor of a sound money system, though it failed to stand by its guns when the first real test arose.

Another matter which was taken in hand at the second meeting was carried to a more complete success. This involved the principle of fair dealing in trade, a fundamental principle which the Chamber had been founded to maintain. The staple product and chief export article of the colony was wheat, surprising as that may seem at the present day. There were many and serious complaints about its quality and price. A proposal was made that the Chamber consider whether the price of flour and bread casks could not be reduced, and at the next meeting it was voted unanimously

that after a fixed date no member should pay more than a certain price. It was also decreed that steps should be taken to detect fraudulent practices in the construction of casks and to have the flour inspected and weighed. The members were instructed to do all in their power in these proceedings for the detection of fraud and to bring offenders to justice.

A combination was formed by the bolters, millers, bakers, and sellers of flour to oppose the Chamber's action and maintain existing prices. This was met at once by the Chamber in sending an agent to Philadelphia with authority to purchase from fifteen hundred to two thousand barrels of flour at the lowest price obtainable, have them shipped to New York, members of the Chamber to be supplied first and the remainder to be disposed of on account of the Chamber. The flour was purchased and shipped, but before its arrival representatives of the combination surrendered unconditionally. The following note in the record of the Chamber's meeting of November 14, 1768, quaintly tells the story of the victory:

Several of the sellers of Flour, Bakers, and Boulters attended the meeting, upon notice given them that the Chamber was ready to hear anything that could be said in support of their late demand of raising the price of flour and bread cask from 25s. 6d. to 28s., which they demanded lately on account of flour being rather scarce. But their allegations did not amount to sufficient proof for the Chamber to alter their resolution; and both parties debating thereon, they, the Flour sellers, Bakers, and Boulters, acquiesced with charging in the future no more than 25s. 6d. per ton, craving, at the same time, that the Chamber would take into their consideration at their next meeting the difficulty they have to make their principals give into the measures adopted by the Chamber.

Having thus secured supervision of the flour business, the Chamber proceeded to impose strict regulation upon it and to take measures for improving the quality of the flour. It referred the question of a more rigid system of inspection to a

committee which made a formal report in which it said that an improved inspection system of flour imported from the colony was necessary "so as if possible to retrieve its general disrepute in all parts of the world." The committee recommended a single inspector, giving in support of the proposal this interesting narrative of the eager rivalry in rascality which had grown up under the old system:

Whereas, on the footing the law now stands, of admitting several Inspectors of equal authority, each endeavors to establish a reputation with the Flour Sellers and Factors, and to secure a preference of their business; not by vieing with each other who shall inspect best, but who shall suffer the worst Flour to pass inspection; and there have been instances where one Inspector has condemned, and for that reason not been allowed to proceed any further, when another has given the sanction of his brand to all the remaining parcel of the same sort of Flour.

The committee recommended also that the single inspector should not only "advert to the flour being of a proper fineness, but carefully to examine (either by mixing up a little of the Flour into a cake and baking it, or by some other effectual experiment) whether it has not been injured by being ground too close, or in some other way, so as to prevent its riseing and making light white bread; and that he ought not to brand it for exportation if deficient in any of these respects."

After providing for better inspection the Chamber took steps to improve the quality of the flour by advocating the importation of "French Burrstones" for the better grinding of the wheat, the reputation for superior quality which the Philadelphia flour enjoyed being attributable to the use of those stones, for the "wheat from the North River is much better than any which comes to Philadelphia."

These and other steps taken at that early day for the establishment of the principle of fair dealing in trade, for the encouragement of commerce, and for the best welfare of the people of the city, are merely examples of its general conduct.