The New York herald., 1878-02-05
TOO MUCH SILVER.
Meeting of the Board of Trade and
Transportation.
APPEAL TO CONGRESS.
Banks Recommended to Consider Gold
Values as a Standard.

special meeting OF the Bolru OF lraue anu Trans
portaon held at It's rooms No. Ito Pearl street,
yesterday afternoon to consider means OF repef in
view OF the law making silver an unlimited legal ten
der President Ambrose Snow was In the chair Tho
call for meeting signed by over three hundred
of the largest firms and best known merchants In the
city, but the number present was Just thr'een' me
meeting being called 70 order Mr. 7. L. Alien, OF
Messrs Allen Co., tobacco merchants, Nos l73 aud
ITS Chambers street. offered resolution IN favor OF
presenting memorial TO Congress- duly attested by
the officers Board, setting forth the evils ex-
perenced by the merchants Of this city because OF
the great abundance OF SILVER. Tho hrm with which
Mr. Allen Is connected receiv NJ about sl2, 600
week In silver and, although they have up to this
time been enabled dispose OF 1t, he felt seriously
alarmed for the iuture
Mr. r. F. Austin, of Messrs. Fits & Austin. grocers
OF No JOG Reade street. seconded tho resolution. His
firm already felt the rumbling of the shock which
debased currency will give the community, and as
they deal in the necessarics OF life he convinced
that the aborng classes also beginning TO appre-
cate what such a currency means. and it viii not be
long before they are educated 10 understand that
efforts being made TO depreclate dollar TO ninety
two cents.
RESOLUTION OPPOSED.
Mr. w. II. Liviugston opposed the resolution The
call OF the meeting and the papers placed he ore them
presupposes that silver is ev and that unless 1t is
beng precipitatcd upon the community. he thought
that the majority OF people Of the country and
two-thirds OF the members of Congress did not ndorso
such sweeping CONCLUSION He deemed the action oil
the Board hurried and asked them to hesitate
Mr. Lvingston's remarks proved somewhat OF
,ombshe, and objection was made his presence on
the ground that he IN arrears for hts dues Dir.
Livingston considered himself member, and upon
paying his dues to the secretary was recognized as
being IN good standing
Mr. George b. satterlce thought that the Board was
acting hurriedy IN the matter and upon proceeding
TO denounce the government Tor coming and crcula-
ing the trade dollar called to order not speak
ing to the question The resolution offered BY Mr.
Allen then adopted
MEMORIAL
Mr.. f. B. Thurber, OF Mossrs. II. K F. b. Thurber
l. Co., grocers, West Broadway and Reade street.
offered tho following memorial in behalf OF the Execu-
ave Committee
TO THE IioSonABLE MEMBERS OF the SENATE AND
HOUSE, OF .hrh.sGsrATivhs IN CONGRESS asssMgLap M L Ia
lowing facts
recently inconveni from accumula
iions silver coin received from their who are
principally retail tradesmen SO great an annoyance ad
this become that ca io special meeting OF the Board
hours signed by more than three hrndred firms whose
ooo this meeting, which place the 4th
day Of February was shown tnn large part OF tne re-
coin with which they in turn sought to pay their liabilities
deposit exeert When payable IN Kind and IN many
not At AL owing to ass OF proper storage room The & whoe
merchant stating tna was Obliged TO
nlver around TO his bills owing, however TO the ac
BY aaIsenent With importers and manaiactuers payable
ia bank ehees in currency the silver aeeunulates ties
Ssa rass and ona rs"sy ss
lowing notice, issued by prominent Wholesale grocery
house customers explains the dilemma in which iii
NOTICE TO OUR CUSTOMERS, 9a ~, =, 1879
I'VE are receiving more silver pay and
Of our goods TO correspond or the
e received from aIy one person For the we nave %
ther receive than $40 from any one per.
Ssins 9oashs and sold by the money brokers
at S s o s are py Of
silver which is OF course at once PAID on Tor me
margns of poh, and y he receives currency
price hs merchandise the loss in the end
failing the consumer OF the merchandise or ~ effect
where receives 100 The brokers, however,
thrive OF them stated AZ the meeting above men
toned remarked to merchant tha business was getting
ing selling silver coin.
The aSye T a a facts Sa sang pnser as IN the the
prop sed bill now pending in Congress silver was made
agreed upon Your mem oriasts believe that the
large fvs sapsaeon, would by arsemen be made
in gold or paoer The e.a banks % would as above
while might absorbed tor bank reserves the
when receiving ehanse pennies and part ia silver
fret out the because they are TO
convenient gold first get rid of the former
cuaton the inferior the Inconvenience and
1 OF nS ou "a BE- Made for "a o De
tories OF the United states to receive silver upon
s & rSd isy the Syea
ia whether It would be svaea Of throughout the country
and such n thing is 70 be done for as esnet , Of the
rs ws be done upon the bullion and the OF
We have thus far principally confined ourselves pre-
Of the present weight ana standard is now at Of
two TO three per cent as compared with paper and that
man II SILVER dollar is coined containing still
viii DO prOportiouatey greater There
laws which be ebrogated and while it possible
tor tue nation through its cDesentatves TO say 70 the
nations credtors we win pay you OIL in dollars different
taemit Is not possible 70 prevent the nation from
ie ruie that honesty is the poiiey applies equally
communities and nations to ndviduas and we do
the spirit agreement IL the permits
payments upon the same as as the rest Of the World
that 1t seems Pity that this much TO be desired result
whole country should be interrupted postponed We
convenient and burdensome commerce deieaed
engntsned E tasesmansHip viii army stand between
national honor and those who either foolishy wiluy
THE MEMORIAL ADOPTED.
Messrs satterlee and L'vlngs,on opposed the adop-
was IN oil IL, considered tnat would have more
force II signed by the individual firms connected with
The Board. MI ihuTuer accepted such amendment,
but before the vote was taken spiriled discussion
ensued.
Mr.. A. B. Miller, OF Messrs Miller Corger, stor-
No. IS Pearl street, READ from the HERALD Of tho
4tn the opinion OF Minister Foster, VINO recently
arrived from Mexico, upon tho Bland bill, considering
the testimony oil sucn gentleman ou the question OF
great value. Mr.. Miller nud frequently known where
rnajorities had been In the wrong aud thought Con-
gress knould bc cassed under this head.
Mcssrs W. H. MorreIl, j. y. Townsend, Charles Wat
rous aud others oil loug experience as merchants,
favored tho memorial ana denounced The movement
La silver legal tender. Ihe memorial then
adopted, and II will be circulated Tor signatures
Mr.. i. r. Austin Introduced the following preamble
and resolutions which receiy cd the approval oil the
mecting--
Whereas nearly all the great commercial nations Of the
adopted gold the STANDARD OF value and
that the Commercial o this
shond approximate nearly possible to that OF other
nations villa whom have largest commercial deal
vhnraas the state California tho break.