New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-10
UNITED AGAINST SILVER.

INSTITUTIONS OF NEw-YORK AND OTHER CITIES
URGING THAT BUSINESS BE PUT on GOLD
BAsIs-REPORT OF THE COMMITTEE APPOINTED
on sATuRDAY-THE DEFEAT OF RESUMPTION
AND GENERAL FINANCIAL CONFUSION PREDICTED
SHOULD The BLAND BILL BECOME IAw--CoN-
CRESS TO BE observation-disclosures OF
COMMITTRE-ADDREssBs BY JOHN CUMMINGS,
FRANKLIN HAVEN A. A. LOW, JOHN p. TOWN
SEND. JOHN A. STEWART, AND OTHERS.
The banks of New-York and Boston were fully
represented at the meeting in this city, Yesterday
to take action on the silver question, and Philadel
phia also sent representatives. Leading trust aud
insurance companies, and the mercantile classes.
took part through prominent citizens The report Of
the committee appointed on Saturday predicted that
the Bland bill. IL passed, would defeat resumption
in 1879, destroy the value of Government
bonds abroad, and produce general tnancial
fusion. The committee recommended cooperation
with the Treasury in preparing for resumption. and
that protest should be made against legislation
which would disturb confidence and unsetie values
Putting business on gold basis was urged, and it
was suggested that as the conversion OF assets into ,
gold would cost, at most, the premium paid, the
public might fairly ask the banks to sacrifice this
premium. A committee was appointed TO memor-
aze Congress against the passage of the Silver Bill.
and to secure the cooperation of other banks and
financial institutions. Several addresses were made
in approval of the report and resolutions.
ORGANIZATION AND ATTENDANCE.
The adjourned meeting of the representatives of
the financial institutions to take action the silver
question was held yesterday at the Clearing House,
at p. M, and lasted over an hour Ii was largely
attended, the following well-known bankers of this
and other cities being present:
Charles NJ. Fry, president Of the Bank OF ewYork;
william l.. jenkins. president OF the Bank OF America
j. d. Verrniye, president OF the Merchants National
Bank; p NJ Bryson, president OF the Paenix National
Bank; BENJAMIN b. Sherman, president OF the Mechan
ics NATIONAL Bank George s. Coe, president OF the
American Exchange National Bank; +. d. Ttppen pres
iGcnt OF the Galiatn National BANK. James ~ MOri-
change; Denton Pcalsal Butchers Drovers'
GEORGE Montague. Seventh Ward; William DOwd Bank
I. woodward Hanover John l.. Jewett. irving; s. T.
Comst"ck, ,atzens' Francis NJ Harris Nassau Robert
er; Joseph Pool Manufacinrer3' and Merchants;
S SSS Sadnd H F5 T Nas5o r. M SanS
can; Nicholas = Palmer. Leather Mannlacurers'
r. Buck Pacific; r. II. Lowry. Bank Of she Republic;
George 81 Hard Chatham George T. scney, Metropo.
sidney Green, Marine; j. L. Worth, Prs +. Chandler
Mccbani. banking Association; :. ). White, Groces'
tonaI T. LeLand, New-York County; A. Smith. Mas
sau; George NJ Groves. Bank OF the Metrop-
Oils John Z. I0WiscHd, B0Wcy SAVINGS; william
II Macy, seamen's savngs II. l.. HoHeJ, Elnigaant
, savings; php Bes,n9er German svings
ART, Unicd Sa,cs trust Company; It. L srauld NJ Cen
ance Company HWrsand1nck, Gcrmanii Lie Insurance
COMPANY; +. O. French ProSae Swings Lie Assur-
auc. society; Frank ID Haven MercbantS National
Bank of Boston; Asa p Potter, Maverick National Bank
OF Boston, W. H. khawn; Bans Of tle pubic OF Phl-
aiciBia; ex-Sscreiary Hugh MeCullOch. A. A. Low,
and William c. Langley.
The meeting was organized by tie selection Of
William Dowd as chairman. Mr. Dowd said:
II gives great satisfaction many represent
tafi NJ OH inst here
that protest should be made their part against ir
posing upon the financial and other industries OF the
country this attenuacd ana ghostly shape called dol
lar DO not believe that this thing II properly hyndcd
can be rut III on the country, Tor certainly y)l gem
tcnen, who represent savings bank. ard trust aud IN
snfance companies, viii be opposed 20 rtdueron OK
laon II Is Of quite as much importance for the labor
ing man NOT 10 have the purchseprce Of days ab'r
reduced or 10 cent a. that pQgclasepncc viii DO
reduced II this bill is passed Know butcher ba
her will sell dollars worth OF meat bread Tor
90 cents. do not imagine that it was contemplated
that should make speech; rather taat s1ould adj
hcre to my province OF presiding over your proceedings
THE COMMITTEES REPORT.
The following report was presented by George :.
Coe, the chairman OF the committee appointed at
last SATURDAYS meeting:
Tho subject referred to is presented to the committee
"a the form OF two very practical questions. VIZ:
fIrSt-Whnt effect the substitution o. silver dollars OF
ALL ,riius, tue pres Mt gold dnia.S, legal
measure OF value would have upon the of goa
clal business, aud uron the Institutions under orr
Sccont-What measures can be recommended tr save
orr c'ris from - loss which II - believed would re-
sut from such a change.
IL respect the FIRST question, your committee would
remark that sver bullion sufficient dollar Of
4I:2 gn- today be he'd for tracuonlc,s than 80
cents IN gold h,t the dollars winch the proposed law
would create would at once r"dlta the standard oae-
TENTH strike tuat rfrom tue ya.lc of AL out
standing dcb.s ana commercial obligations. fle moral
evil Of sach capri aud arbitrary -ial,ion. and rs
frl cfppp tIlh
the stability Of law, m lesSening the lewiri ~ indus
tsy, in impai-ins the Obligations OF contracts
aud in looscning the ties that bind men p.ctncF in
cy.l lie, are most obvious; Ont those considerations
are beyond the strict Inc Of oar inlay. S.uce the
;arlua1n OF tie tue currency OF the country las
clalualy recovered from IT. great decline VITA its
advance The debts OF the people to each Other have
kept pace. by coutn IL change TIE progress toward
rc.'oraou has boon recognized rs on 81 the slaable
c,u :ioas tac. and the losses attending she trans
ZION state have been iucUgreI and disiuoa.cd by
ri actrs. Capita! III ever, form has made It's
.try sacrifices aui contributions.
IT, uco-,sy ~ rco,omg which has bean forced upon
;. ucorr has been widely rcceped and has prod lccd
&. b,H,G..rt, Wsc;icgl rcTfs in diminished imports
.un other ca5uv,s. Vi"r Increased industry and xii
iiy"su ''3 'c-"r g. ''cI the balance OF trade FOR
s.yc.. So. i:e ear lareely IN or ;avcr Added 20
',is. ard as 90 commend the high endeavor Proyi-
cnce ~ b'es''d the country throughout Its wide
r.at wtL Ll-s. orumtcOus harycsts, while IT'S credit
abroad has a's) received corresponding favor. Fac
bonds @! ctcc uation III the world have approached
"a Nue near Goo It's own, have oIrs in TIE English
market. The cD..c debt is Bern; .apdy IcdGc d. both
p. .Ipai in the rate OF inter 81, tie lgttcnIer
currency cc,dcd TO $55o,Oo0,o 900 IA ancan, and
as Iscn To Within less tlaa per cent OF par va.ae
Prices " commodities have Appropriated AMI in navy
instances have onchcd the gold bass. anu tic means and
forces command of Iho 81 rotary al the Treasury arc
ahuiln; without further legislation and are proving
their c!ceac by funds Yidly uating in advance