The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-07-20
whether this Chamber of COM

whether this Chamber of COM
merce approves this substitution.
Mr.. Smith continued: / have no
objection to the reconciliation OF
the silver dollar, provided that the
silver dollar when remonetiZed
shall be unlimited legal tender for
all debts, public and private. have
in my experience heard enough of
this talk of one kind of money for
the bondholder and another kind
of money for the people. And il
we are TO have the silver dollar at
all, 1 want it for everybody; but in
nv opinion, Mr.. President and
gentlemen, the thing that is most
distressing to the country is this
perhaps: The forced resumption
of specie payments on the first OF
January, 1879. 1 had a converse
ton a few days ago with the Elk
Secretary of the Treasury, Mr..
Bristow, and he informed me that
when the bill providing for the re-
sumption OF specie payments on
the 1st of January, 1879, was in
troduced, he pronounced it i'm
practicable, as he says it is imprac-
ticable now-and in his part Of the
country now are the greatest crops
produced that are raised in the
United States. say to you mer-
chants of Cincinnati. what I need
not say TO the bankers of Cincin-
natl, that is the very thing that is
depressing business now. They
are afraid to invest their money In
industrial enterprises because they
know that the resumption of
specie payments on the 1st of jan
uary must contract the currency.
Now the Government of the United
States talks about contracting the
currency, talks of resuming specie
payment in 1879 without any
means of resuming. We all know
that they have no gold to resume.
We all know that they might re-
sumo to morrow, bat that it would
not continue, and the result OF 1t
would be disastrous to the indus
trial interests of the United States.
want the Cincinnati Chamber of
Commerce to prepare to speak in
diligently and out, and it is my
opinion that the idea of resumption
in 1879 ought to be brought out and
put into practical shape, and that
our Chamber of Commerce speak
the sentiments of the mercantile
and manufacturing people OF this
country. Loud applause. That
is the object in my moving this
resolution back to the Chamber,
in order that it may bring this sub
ject before US to be fully and in
diligently discussed.
After speeches by Hon. BeDja-
min Eggleston, of the Times, and
others, the Chamber of Commerce
voted on and unanimously adopted
the following preamble and reso
luton:
WHEREAS, The effect of the resump-
ton act is, In the opinion of this
Chamber, working unnecessary hard
ships to the industrial and financial
interests of the country, creating ap-
prehensions of depression and disas-
ter, and believing that the government
can make no adequate preparation foI
the resumption and maintenance OF
specie payment ut so early date as
fixed by said act, and that with silver
remonetized, the public debt properly
funded, and the exercise of rigid
public and private economy, we may
safely await the time when natural
causes and healthful conditions shall
indicate a date when resumption
should be enforced by law; thereto
tore,
Resolued, That the National Board
of Trade respectfully recommends tC
Congress such modification or the re-
sumption act as shall postpone the
| time of its enforcement.