New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-05
THE SILVER MENACE.
SEEKING RELIEF FROM SILVER.


MERCHANTS COMPLAINING THAT THEY CANNOT DID,
CONGRESS.
A meeting of the Board of Trade and Trans
portop was held yesterday take action in regard to
the plethora of silver Ambrose Snow presided Anons
others present John ii. Kemp, a. b. Miller, T.. d.
rhurber Charles watrous. W. ii. Wiley, III. T. Hawley
Darwin r. James, George b. satterloc, VIM II. Law
nrston and Theodore Z. Allan resolution was onereu
TO send memorial TO Washington. rcciting the evils
of plethora of silver currency. which mas oeen ca
perienced by the merchants Of this city," Mr. Living
sion Objected; the resolution took 1t for granted thh
silver was evil it stated that twothirds OF Con
cress were In favor OF the Bland bill. ana certainly
that body represented the people. two-thrds OF the
people favored the measure.
+ r. Thurber said that although Mr.. Livingston was
member of the Board be thought no should not be per-
mitted to take part in the discussion as he was In ar
roars for dues and very rarely attended the meetings
The resolution TO send memorial was adopted without
dissenting voice, and IN address 10 congress- III sun
stance as follows, was read:
Many prominent wholesale merchants OF new noih
Rave recently experienced great Inconvenience from ac
cnulat of silver coin received from their custom
ers who principally retail tradeSmen 80 great a
anpnvoncp d this become that a call for special meet
ing of the Board Trade and Transportation was crcu
lated and in few hours was signed ny more la 3
firms whose annual sales OF merchandise are estimated
at upwards of S600.OO0000 AZ TINS meeting wn,cn
took place the 4th day OF February was snown
this Vicinity were in silver COIN with which
they in TURN sought TO pay l na nt receive silver on
deposit except when payable I'm klhh, ahu III man!
not at all, OWING TO lack %i P ,ope ,i 70 nav
out whenever they can, one nercnant siatins .a' Nv
Obliged to employ Wagon nTn oi s h le Owing ~,
however 10 the fact that most Of their purchases are III
large quantities and ny ia eId or T Sauk cneck in cur
r,ncy the silver accumuates upon the hands OF wnole
s.e erchaats especially grocery trade. and one
sr had already been obliged to buy safe
in which 10 keep II securely. The following notice Is
sued by prominent wholesale grocery house To Us Gus
t0ncrr explains the dilemma III which II Is placed;
We are receiving silver than pay out and must
sell 1t in the market at ana ia'o .e ~ ice P o.
person FOR ihe pre,rnI we n.y. ,o
notice receive mole than ten dollars from any one
person al sDge payment
Silver is now being bought and sold by the money
brokers at the 0f abOut 97a9s cents for paper
currency dollar aud many manufacturers arc PAYING
paid out for the necessities OF lie; many ol
these are sold by the wholesale merchant on
close margins OF profit. and il lac receives currency
which is not available except nj discount ho must add
inc difference the price OF his merchandise the loss III
the end falling upon the CONSUMER OF the meTcandseo or
i'm eject na, M ihe iaboror but % - cents where he
now receive, 100. Would the situation ns improved ~
rs IN Inc proposed bill pending I'm Congress, silver
was made "A l,galicnder for All sums except where other
currency agreed upont Your ucuI0 l3l'ls peioIc
that the evils complained 81 would only be enhanced;
all large transactions would, by agreement, De
made IN gold paper; the banks would rs above
mentioned pay silver 10 those from whom they receive
H. aud while might he absorbed for hank reserves
the amount would bc comparatively small IL
may be said that arrangements could he made Tor thc
deru,orc- OF the United states To- receive eINor upon
drpus and issue paper representatives, OF inc same;
while tins would greatly ouyiae tie physical inconEth
icuce o and handling the metal III Il dOuoliu
whether would DC aN.cd OF throughout lhc country!
thing ls to bcdOuc Tor the Dement, 81 lHr pro-
durrle Of syrr. Cfuly submit that II might ds
wei be done upon tie bullion and save ;he expense oil
coinage = W. are near the practical re-
sumption OF specie payments upon the same basis rs the
res OF the world that 10 seems ~ ihti tIdt h ihuch to
e h sired result whch will bring real ana ptrmaneht
Dru-uerIty 10 the whole couur should De lLcIiuPcu
and nos; oucd We sincerely trust that measures winch
are Intrnsically Involvement and bUrdcnOine Ia com
Inrrc may be defeated, that reason may prevail over uA
thinking cain0r and that enlightened statesuanship
viii firmly stand between National honor anu those VINO
eitutr ioolisnly wiilully seek 10 overthrow H.
Charles Watrous gave several incidents that had oc
Cured under his observation Of the inconvenience OF
silver IA medium IL California Le received one time
SO 600 ia silver and was obliged to pay porter - 10
carry the bag containing II to MS steamer IL was de
cded that the memorial should bo submitted to mer-
chants for signatures, before sending II TO Congress
The following resolution was adopted:
Eosolrcd That wo recommend to tls associated
institutions In Tie United states who are In Sympathy
win them the event 81 the passage ~ the b known
n, the Bland silver b, now before Jougftss t"hch OH
makes a silver dollar o. il2le grains g.. SILVER legal
render for all debts, both public and private cAcep
when Otherwise expressly agreed IN The contract ana
which In the present value OF silver IN the London market
is worth only 90 to 81 cents ~ gold cuiu thN hcy lm
diaely take measures. protection &" Themselves uhd
the community COnril gOd Ndiuci - Inc at"L'A
or par aud quote all otncr values Al discount or pc
gold coin the monetary standard Of Value throughout
the United States.