our pilotage system was not only that it was costly,
but that it was inefficient; and so even more costly in the losses of
vessels and cargoes than in fees. But, after half a century of contest,
the present system was reached in 1853, and it is, beyond dispute,
acknowledged by underwriters and by merchants that, as a system, it has
worked well--uncommonly well. If, therefore, the present dispute between
the merchants and the pilots be, as I understand that it is, in all its
vital points a dispute as to fees, I recommend to the merchants and to
the pilots the Chinese method of adjustment--by compromise. Do not let
us expose to the hazard of legislative interference a system which is
not likely to be bettered, and which gives us certainly efficient
pilotage, because we cannot all at once get by compromise a reduction in
our favor quite equal to what we think our due. [Applause.]

But what can I say, Mr. Chairman, of the Chamber of to-day? The subject
is full, very full, of interest and of other good things. "May good
digestion wait on appetite, and health on both." It is curious to see,
all along the history of the Chamber, how coming events have cast their
shadows before. In 1837 the Chamber petitioned Congress to improve the
navigation at Hell Gate; in 1846 they approved a report suggesting as
feasible a railroad across the continent to the Pacific; and in 1852
they asked Congress to remove the mint from Philadelphia, intimating
pretty plainly that Philadelphia was too insignificant a place to enjoy
so great a luxury. The first two achievements have been accomplished.
The mint is almost due in Wall Street. Let Philadelphia hear and
tremble. [Applause.]

When I think, Mr. Chairman, of the influence the Chamber wields, and of
the influence it ought to wield, it seems to me one thing of all others
should be avoided. The Chamber ought never to be put upon record in an
important matter until full discussion upon fair notice has preceded
action, whenever this is possible. Sometimes I have thought the action
of the Chamber was somewhat the result of chance, even with reference to
questions of great importance. If the Chamber is to continue free, as in
the main it has been free, from being used for personal ends, and at the
same time is to exert an influence at all commensurate with its power as
a representative of commercial New York, the action of the Chamber ought
to be the result of intelligent discussion. I would only sugg