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.


portaton was held at its rooms. No. Ito Pearl street,
yesterday afternoon to consider means OF relief in
view OF the law making silver an unlimited legal ten
der President Ambrose Snow was In the chair Tho
call for the meeting signed by over three hundred
of the largest firms and best known merchants IN the
city, brt the number present was just thirteen me
meeting being called 70 order Mr. T. L. Alien, OF
Messrs. Alien Co., tobacco merchants, Nos l73 and
ITS Chambers street, offered resolution in favor OF
presenting a memorial TO Congress, duly attested by
the officers OF the Board setting forth the evils ex.
perenced by the merchants of TINS city because OF
the great abundance OF siiver Tho hrm with which
Mr. Allen connected Is receiving about Sl2Ooo
week In silver and, although they have up to this
time been enabled dispose of 1t, he felt seriously
alarmed for the Iuturc
Mt r. +. Austin, of Messrs Fits Austin, grocers,
OF No 100 Reade street. seconded the resolution. His
firm already lelt ths rumbhng 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 10 appre-
cale what such currency means and II viii not be
long before they are educated TO understand that
efforts being made depreclae dollar 10 ninety
two conts.
RESOLUTION OPPOSED.
Mr.. W. II. Liviugston opposed the resolution. The
call OF the meeting ana The papers placed be them
presupposes that silver evil, and that unless 1t is
beng precipitatcd upon the community lie thought
that the majority OF the people Of the country and
two-thirds OF members OF Congress did not indorse
such sweeping coucuson lie deemed the action oil
the Board hurried and asked them to hesitate
Mr. Livlngston's remarks proved somewhat of
,ombshell and objection was his presence on
the ground that he arrears for hts dues. Mr..
Livingston considered himself member, and upon
paying his dues TO the secretary was recognized as
being good standing.
Mr. George b. satterce thought that the Board was
acting hurrledly Ia the matter and upon proceeding
TO denounce government Tor coming and circuat-
ing the dollar called to order not speak
ing to the question. The resolution offered By Mr.
Allen then adopted.
THE MEMORIAL
Mr. +. b. Thurber, OF Mossrs. II. K f. b. Thurber
Co., grocers, West Broadway and Reade street,
tho following memorial in behalf OF the Execu-
ave Committee:-
TO THE noSoRABLE MEMBERS SENATE
House OF i,krRLsEsrArIyEs IN CONGRESS ASSEMBLED -
Many prom mel wholesale merchants New York
recently experienced great nconvenie from accumua-
lions silver received from their who
principally retail tradesmen SO great an ANNOYANCE did
this become cal Tor SPECIAL meeting o the Board
signed by than three hrndred firms whose
a Al h meeting A oo place % hs
day OF February h was shown tnat large part OF tue re-
coin with which they IN turn soush to pay their Liabilities
wholesale
deposit excerl payable in kind' many
not AL owing to aek OF proper storage room The whole
they merchant stating tnat was Obliged TO
nver his bills. owing however to the act
That most OF their are !" large eun,ss ana
IN bank cheek in currency the silver aeeunnates
trade and ops merchant had already 9een Obliged
lowing notice by prominont Wholesale grocery
house its customers explains tne dilemma in which it is
' NOTICE TO OUR CUSTOMERS. ., -s
I'VE receiving silver than can pay out, and
must sell in the market at discount and raise the price
goods correspond must limit the amount TO
received IRON person For the present we have
ther cannot receive more than So from any one per-
Silver now being bought sold the brokers
ABOUT 81 % cents for paper currency dollar
silver which course. paid tor ;he
res ollie many wholesale merchant
on close margins Of prodl, i he receives
Is not m M nre h s in the end
falling upon the consumer of the merchandise or III effect
Where he now receives 100 The money brokers however
toned remarked to merchant that business was getting
again. he having made so the previous day In buy
The above is statement OF facts existing under the
prop sed bill now pending in Congress silver was made
legal tender for all sums except where other currency was
evils complained OF would only be eniancei; all
in gold paper the banks would, as above
anu might absorbed bank reserves the
amount would be comparatively small As person will
fret pennies because they TO
80 w aesS or G @ scs rid
aud retain the assr thus thrown the entire duty ct cir
isss OF the community & "a general % II may be SAD
tories OF the United receive silver upon
% na rSs s the ys E .aH
yenenee OF counting and handling the metal i is doubt
aud such thing is 70 be done for the benefit Of the
as well be done the bullion and the OF
Ne have thus far principally confined ourselves to pre-
senting they exist We have that silver
Of the present weight and standard now at discount OF
two three cent compared with paper and
practically the heaviest part Of this loss tails upon the poor
weight Of silver than those Ia circulation the loss
law. wheI cannot be sSrossted whIs il is possible
nations ereaitoSs we viii pay you of in dollars aiI.rsn
you expected worth only what please
suffering indirectly tho adoption OF such course.
to Communities nations indIvdua,s and We do
not believe u to be good policy o Ees nation to violate
We 20 near the practical resumption o. specie
that pity that this much be desired result
wsos ws ngy w gS Should be- a 70 s
sincerely trust that measures which are ntrnsicay in
prevail over unthinnng eamor ana thar
national honor aud those who either iooshy wlluy
Beek ~ overthrow IT,
THE MEMORIAL ADOPTED
Mcssrs. sattercc ana Livingston opposed the adop-
lion OF tho memorial. Mr. W. II. Wiley, while he
III iavor OF II, considered tna 1t would have more
force II signed by the individual firms connected with
the Board Mr. Thurber accepted such amendment,
but before tho vote was taken spirited discussion
ensued.
Mr.A b. Miller, of Mcssrs Miller a. CoEgcr stor.
age No. So Pearl street, read from the HERALD Of tho
4tn the opinion OF Minister Foster, VINO recently
arrived from Mexico, upon the Bland bi considering
the testimony oil sucn gentleman the question OF
great value. Mr.. Miller nnu frequently known where
malorities had been In the wrong and thought Con-
gress should DO classcd under this head.
Mcssrs. W. II. Morreil, j. T. Townsend, Charles VAT
aud others OF long experience as merchants,
favored the memorial anu denounced the movement
silver legal tender. The memorial was then
adopted, and IL Will be circulated Tor signatures
GOLD COIN IS BASIS
Mr.. i. r. Austin Introduced the following preamble
and which received the approval oil
meoting:-
Whereas nearly all the great commercial nations OF the
have adopted gold coin the standard OF value and
IlI