New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-09
RESISTING A SILVER FLOOD.
PLANS TO MEET THE CRISIS.

PREPARING FOR THE MEETING OF FINANCIAL IN
sTITUTIONs TO-DAY -IHE COTTON TRADE
ACKNOWLEDGEMENTS AGAINST A DEPRECATED
CURRENCY.
The committee of bankers, Of which George
g. Coo, president of the American Exchange Bank Is
chairman which was appointed az the meeting on satur
day TO prepare plan of action to be submitted to the
banks and other financial institutions today met yester-
day and discussed subject at length, hut no nf"rna-
ton as to the result OF their abors given out last
evening
preliminary meeting Of the managers or the Cotton
Exchange held yesterday at the office OF lnman,
swan & Co.. for the purpose OF considering the question
of petitiong the Board Of Managers 10 call meeting OF
the Exchange to take nN action relative to the BLANC
Silver Bill, now before Congress. Henry Hen;z,
formerly president of the Exchange, was made
chairman, and Solomon Ranger secretary. The
attendance was much larger than had been provided Tor
and interest manifested. Mr. Heniz called at
tfnon for the meeting, and said that az
it had become evident that Congress TO take action
when looked towards the of tire bill, the whole
country had apparently been stirred up 1t would be
detrimental 10 commerce. and in tact all kinds OF Dusi-
ness" he said have silver thrust upon u.s. and nade
a legal-tendcr with gold
Walter T. Miller offered a resolution that a committee
be appointed TO draft resolutions to he presented at
meeting Exchange, to be called for the purpose OF
considering them. He added that it would be OF great
advantage that the resolutions be generally stcd, 80 as
TO meet the yiew~ Of the members of the Exchange, and
thus void unnecessary ana confusing discussion.
JOHN II. Inmn SAID that there was general feeling
that the Cotton Exchange ought to take action IN
connection with Other exchanges, ana thus combine
their influence The cotton trade, which represented
the South ought in the matter andlc the South
know how the North agreed with Southern Exchanges
There was general feeling of satisfaction because of IN"
action which Ncw-Oreans had taken 10 demand sub
stantla currency.
T. i. Donnell Thought that II was hest to avoid conus
ing the Silver question with specie payments. II the
Silver BIZ thrust uYon the people 20 saisfY .prt
of The country, i, would destroy that cUnd ncO which
credit rested upOn, aud ii the United states were a@ai
placed ID the position of borrower they would hnd
their credit MOI good as before Inc passage OF IN
Silver would be an element o coniISioii ana hiSi9F
tune throughout the country. few specuatos might
make money Oi IT at the expense oi III" country
II would dtprecate paper money 10 per cent, but that
l- worst feature II woui destroy The credit 0i
the merchant. manufacturer and the nation -
Water I. Miller sad thai II an unlimited silver OIL
slOud become law The cotton trade would he obliged
10 nake contracts gold basis silver could not ne
clllcd bass, fact there Was bat one recognized NM
and that gold. An unlimited SILVER law wpGd
william Woodward, IT,, said that there had been too
mln, fluctuations III business and IN values already.
What the country wanted VIC steady currency oi a
fixed vane ihe exports dnIins me p,t irVrn moh'!i,
the imports and tins fcj evidence In sell ia' TIE
c,,n, was straGy advancing toward specie payments
Il tne pol ticias would keep !her hands oil ana 1T com
~ the country would reach sicti" pay
ss"G!i pass Umt States bonds would os BACK to the
country from abroad faster than they coud be- taken
care The market very sensitive now, and II was
icnlt DIS ,osc more than 100000 ono day:
bat before this agitation IL easy mat or 10 sell
II 100000 Consider TIE ,ations II the southern poo
u 20 The Rnlnc question. An tlHg which lu;crilcs
with sound, stable money iniurc- th,m greatly.
Now I'd y practically almost oIt oi drb.; they aye
working and toDg ~ people ever worked
before, and with growing prosperity th'ir
financial institution ~ Improving; They ar
less dcpcndcnt upon NcwlOrk capital th'lr deposits
are Increasing tacy want 10 build up soidy. and any
thing looking Ike depreciation oi TIC CURRENCY VIII DE
more injurious to the South than ~ other aiI OF TIE
country.
on Rc>Olniion> " T. Miller. Ranger, = -. Harrison
r. j. Douuc, Dixon q. Watts, ~. Woodward, IT,, ". i.
Henry HrutZ.