New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-08
proceeding with his remarks, yielded to motion ioi
executive session.
NEW-YORK;S PROTEST.
rrMovsrpANCr nE TUE MERCHANTS

PENOySTRANCE OF THE MERCHANTS.
WHY THE CHAMBER or COMMERCE OPPOSES THE
BLAND BrLL-A MEMORIAL TO CONGRESS ADOPT
ED-THE Arguments AGAINST SILVER TERSELi
PRESENTED.
There was large attendance ut the meeting
OF the Chamber OF Commerce yesterday to take action
the silver question. Before the SILVER matter w''
taken up, memorial Congress was adopted, praying
that money be appropriated for the Improvement OF
Harlem River and spuyten Duyv Creek, according to
the plan Of General Newton, submitted to the Depart
ment July IL. 1876.
A. A. Low being absent because OF family affection
Dodge read the report of the committee
appointed 10 draw up memorial 10 Congress III reBaiu
10 the Bland silver Bill. 1t was as follows:
The Chamber of Commerce of the State OF Ncw,York
respectfully represents the Senate and House OF Repre-
sentaiyes Of the United states, In Congress assembled
that, at regular meeting OF the Chamber, held on the
9TH day Of February inst, the following preamble and
resolution adopted aud ordered TO Dc engrosse III
the form of memorial and the same haylrg been duly
executed by the officers of the Chamber, to be trans
mitted 10 Congress. VIZ. =. -
Whereas, Among the powers delegated to The Congress
OF the United States are the following. VIZ
"To coin money. regulate the value thereof ana OF
foreign con ana fix the standard OF weights ana meas
And corresponding duly Is implied in the grant Of Of
the power % regulate" the value OF money ana IN
pursuance of tails power. Congress did in the year
reduce the weight of the silver dollar then
whereas In the year 1873, during temporary ad-
vance value OF silver it being deemed inexpedent
the weight of the dollar. resolve as an Al
ternayc to stop the coinage OF silver aot Se OF on ,y
standard OF value In the United States. as practically IL
Wh"reas At the recent extra session of Congress,
House Of Representatives passed bill, known as .ie
Bland SILVER Bill which bill s now ts pending oSeGi Of Is
bill to make silver dollar Of the weight or 4l22 grams
full lcgal-tender for the discharge OF al oDisalos
public and private as to this Chamber, ia dsre-
gard of the duty implied In the powers grahteu "
Congress- and the enactment osuch law Will seriously
nNvhta
home abroad in the good faith OF the United states
Now, therefore. be II, and it Is hereby -. o.,
RcSoired, That this Chamber VIII. ana docs, most
earnestly remonstratc against the proposed aw on the
FIyt-Tha il IS opposed the spirit if not to the let
Sceond-That il is not possible have standards
OF value III the United Saes-onc OF silver and one OF
gold-when other nations are limited TO one; because
the metal disuscd By Other nations will tuctuac In
price and these fluctuations Will necesstae constant
change in the weight suljectng the user to u false
Thrd-That 1t is not right TO make 4121a grains of
silver standard Of value for lllar wner At the
present time 40 grains but the equivalent OF our
gold dollar which remains, as 1t has been Tor so many
years, accepted standard.
To,1ih-Tnai Is not wise to separate ourselves from
other civilized nations OF the world 10y adopting metal
when become sole stand lrl, and be subject 10
unccasing fluctuations home, because 10 Will always
hc subject cnange other countries with which we
have intercourse and the danger Huctuatou L. agra
waited by prospect OF increased supplies OF silver
FiJtt-That gold Is compact. and convenient
OF value and medium OF exchange ana silver Is
Sirti-That 1t is inoxpedent and unwsc to force an
excnang. of II jOOOO0OO OF gold now in the United
STATE, Treasury Tor like amount ot ponds held abroad
under circumstances 80 preiudical to the National
honor and tn National interest - ,...,.,
NersHU-Tuat IL Is wrong To nilict on our National
bans-, savings institutions and our life, IRE and
trust c0mpanics ~ wei as our marine insurance com
pauics OF 10 per cent; thus icopardzlnS the III
icrcss involved ~ al these Institutions ana even I'M
IarGg tue security oI those who hOli bs 81 our Ma
tInuai banks the failure oi some oi Wichis announced
from day to day. Such action Is to be &c rccated,
because destined, In the end. 10 njurou-ly Affect the
w,rs.ng classes The widow and the ORPHAN.
IiBh-That law making silver 4l2l2 Grains weight
dollar, VIII necessarily dirt resumption ~ LS'J dc-
moncuLlng from SlJO,O00OOO 10 ou,OO0.0OO gold.
not cXp0rtcd-whicn cannot be replaced VITA silver
Ana the Chamber OF Commerce Of the State OF New
York respectfully submits 10 the Senate aud House or
Representatives 0i the United states IN COgIess as
senblci tie foregoing n 'ait objections 10 Jaw inc
the c0mhctcai interests OF our cty rlardihS recovery
from Effects of the revision OF 1873, 10y extending
dl,trust which before limited 10 diyiduas,
coiport0ns aud states, to the state Government lse
Aud your mcnOrilllsts piay that regard may be had
t. thc views a. now presented
In support OF this memorial SIR Dodge told
INK story Of Southern planter, who, nj the time The
United states Bank was abolished, was Obliged to spend
the whole afternoon IN counting over len thousand do
lara In silver. The old gentleman stopped after each
hundred dollars Wa. counted aud cursed General jack
son The feelings Of all would be much the
same Mr.. Dodge said II the Bland bill became law
Doigc, IN conclusion without doubt they honestly be-
lcve that they are going 10 give rs IN expansion which
will lit from the present financial po,trdtion. Bat
their action breeds dsu,t II II not for tie pres
ent agitation, before 1879 We should have had most
prosperous thu. ="
After the memorial had pecu adopted unanimously and
applaudcd. samuel -. Rdgglrs spoke briefly wish to
have entered upon the minutes oi this meeting. h. SAID
ian cXplnato of the silence which the memorial OBJ
serves IN regard 10 the disorelltabc, unhappy and
almost fatal rcsout passed ny COn-rc>s IN favor Of
paving the bonds silver. regard that resolution
National calamity. We have made no mention of here,
because n doe. not represent the Government Il
WHOLE thanks 10 discretion which Kept II from beng
sent 10 the PRECEDENT The Government has been DIS
grnc,d only ~ part"
Mr. Ru.g.s's motion, IN regard 10 the explanation.
was npp!audcd and adopted.
r. r. Thufbrr offered resolution. declaring that the
Chamber Of Commerce uncquiyocally IN favor of
canals. Mr. Rugglcs proposed one, approving the
bin Introduced senate Wednesday. 10y SEN
atur ~ John. Tor the purpose OF allowing narowgauge
raj way tracks along boh banks OF the canals to BE-
used IN towing the boats by steam. Mr. Thurbcrs mo-
ton was adopted and the second resolution, at Mr. Rug
clcs's request referred 10 special committee for
1nurller.itlnn.