That the Chamber of this period was not composed of "peace-at-any-price" men was demonstrated anew, on April 20, 1798, when the relations between the United States and the Republic of France were becoming more strained daily. A committee appointed for the purpose made a report approving the neutral policy adopted by President Washington at the beginning of hostilities in Europe, and adhered to by his successor, John Adams, for an amicable settlement of misunderstandings with France, and concluded its report with the following declaration and resolution:

But, estimating our rights as an independent nation far above any considerations of inconvenience, which may attend the means of maintaining and preserving them,

Resolved, that we will zealously support such measures as the wisdom of the Government may dictate, and demonstrate by our unanimity, that all efforts to divide us will be vain.

About forty members were present at the meeting when the report was made. They voted unanimously to approve it and its accompanying declaration and resolution, and to forward a copy to President Adams. This was done, and under date of April 27, 1798, the President sent a reply in which he said the declaration and resolution were "expressive of sentiments worthy of the American people," and added: "Your approbation of the system of the United States, and the manner of the Government to pursue and preserve it, afford much satisfaction to me in reflecting on what is passed and encouragement to perseverance in future."

But the demoralizing effect of the long interruptions in the sessions of the Chamber because of yellow fever began to be apparent after 1798. Very few meetings were held, and the attendance at them was too small for the transaction of business. It became necessary to call special meetings when action was considered important. One was called on December 26, 1799, to consider "some appropriate mode of testify

From a print in the New York Public Library.

ing regret for the irreparable loss sustained by the nation in the death of George Washington"; and others to send memorials to Congress on the subject of some matters of large interest to the welfare of the city. Efforts were made to secure a larger attendance, but were without success, and beginning with 1806, for a period of eleven years no meetings were held. Undoubtedly the commercial depression and internal dissensions attending the controversy with Great Britain, which resulted in the War of 1812, had much to do with this.

CHAPTER XI

REVIVAL OF THE CHAMBER

FREE-TRADE ATTITUDE OF THE MEMBERS-NATIONAL BANKRUPTCY LAW FAVORED-REMOVAL TO THE

MERCHANTS' EXCHANGE

1817-1827

ON March 4, 1817, Cornelius Ray, who had been President of the Chamber when meetings ceased in 1806, summoned its members together, saying to those who responded that, "from a variety of circumstances the meetings of the Chamber of Commerce had been intermitted for a considerable number of years; that at the request of several respectable gentlemen he had summoned the present meeting for the purpose of reviving this once eminent and highly useful institution." The names of thirty-six persons for new membership were proposed.

At this meeting the former Treasurer resigned and in turning over the affairs of his office to his successor gave this inventory of the assets of the Chamber on June 1, 1806: One share in the United States Bank; I share in the Bank of New York; and $188.27 in cash. At the meeting in March following, the Treasurer reported the funds of the Chamber as follows: One share in Bank of New York; 7 shares in the Eagle Fire Insurance Co.; $372.67 in cash. The Treasurer was ordered to invest the moneys in hand in shares of the Eagle Fire Insurance Co.

In April following, the practice of monthly meetings was abolished, and bimonthly ones were ordered, those in May, July, and September to be held at 12 o'clock noon, and those in November, January, and March at 6 P. M. This was the