The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-04
THE SILVER AGITATION.
THE ALBANY BOARD OF TRADE PROTESTS
AGAINST EEMoNETIzirioS-A BANK PGEsI-
DENT DESoUNcEs THE UNJUST DOLLAR
OF 4l2t GRAINS.


AGAINST EEMoSETIzirioS-A BANK PnEsI-
DENT DENoUNcEs THE UNJUST DoLLAB
OF 4l2t GRAINS.
ALBANY, Jan. 3 1878
About hny OF the leading business mea OF this
city met ut the Board OF Trade rooms here to-
day, In pursuance OF n call issued Yesterday, TO
take action on the silver question" Mr. Durant
presided. Mr. Chaunccy p. Williams, president OF
the Albany Exchange Bank, undertook 10 cnlghtcn
tue audience on silver coinage. He commenced by
stating That the Two problems before Congress
the reconciliation OF silver ana resumption-re.
solved themselves into the one question,
What Is 10 be the dollarY Tho old sill
yer dollar coined under the act OF 1892 was
a coin authorized until tho act OF 1873, that never
entered iRio the circxAstsa OF the country to any
considerable extent; indeed as matter OF fact only
about eight million OF these dollars struck or
between years 1892 and 1873. In the latter year
silver was stricken out, and now Congress stands in
great danger OF making u vital mistake by remone-
tzlng the old silver dollar, alter. once dseoninung
It's coinage by law; and, alter depreciation, entering
upon areconagc Of this piece OF SILVER IN order 10
meet the debtspt the government. II this Is done it
VIII DO at the expense OF expcns gold.
MORE WEIGHT WANTED.
The Coinage act passed when Alexander Hamilton
was Secretary o.! the Treasury established tic weight
o.! the silver dollar at 4lG grains An amendment
passed IN 1887 changed the weight to 4l2s grains. but
did not alter the amount Of pure silver Ia the coin.
which still remained at 81 grains. Now, this amount
OF pure silver originally established by mistake.
Tho law passed at the time Intended that tho
United States dollar should be equal 10 the Spanish
silver dollar But this latter do lar contained about
three hundred ana seventy seven grains OF pure sill
yer, or six grams than the dollar authorized by
the original coinage act OF our government Tho
United States CON- therefore, was not adapted to
foreign trade, aud never had any general circula.
ton. !, was OF less value than the Mexican
dollar as well as the Spanish. Tho China trade
and that with Japan was almost exclusively
carried on In silver, and the Spanish and Mexi.
can dollars wore used IN these TRANSACTIONS Tho
Chinese discountcnanced the American dollar, and
merchants our Western coast were compelled 10
buy Mexican coins ut premium OF six per cent.
This OF things led to the law oil 1879 aud tho
establishment OF tho trade dollar, which furnishes
market for silver Since the year 1873 three
AS many trade dollars there old dollars have
been coined. The change In 1878 wise, and was
not seathiy brought about although doubtless many
Congressman did not understand the issue.
Mr., Williams further said that reconciliation would
draw the capital OF tho country from tho OF
the country and plunge all interests into confusion
Nobody, no alleged, would advocate reconciliation IL
silver was at n premium. lie then moved tho follow
ing resolut, ons which were unanimously adopted -
RESOLUTIONS.
Whereas the uniform m'nslary policy of the United
the adoption OF the constitution down,
hbited In tho Coinage acts OF 1892 1884, 1853 1873
has been tho circulation gold silver as
tho eon currency Of the country. with steadily
creasng tendency toward gold as the chief standard
Silver bin authorizing the unlimited coinage Of 4i3Jl
be u Of that uniform polly and would sill
dsprsesssa !. !. in the market. OF the world
il would drive out aud demonetize gold: therefore
ny as Hs sy
OF the United states be earnestly urged 10 deteA. the
Resolved That in the Judgment OF this Board of Trade
hs be % % u.s. fnasa
nations Of the Toa VIII sn,s with US IL conventions
viii agree circulate aud maintain them; and would
Resolved Thu. without such concurrent seton Of the
BY our alone wouId be- disastrous In Its
unsstsie vsucs deprecIato all h,ed investments drive
capital from IFS needed suppo. Of tho industries Of the
with tic chief na,oa with whom trade relations must
ernment aud would strike blow possible TO
that on.ence in the stability OF values 50 cssentsi to tha
| recovering prosperity OF country
Resolved That OF the highest duties devolying upon
standard OF value and that when only
OF the utmost gravity and should
but result from even needed change how much more from
hesoved That the experience OF mankind confirmed by
that own history has proven that two or more stand
time that If more than one are iessissi the poorest
for the time being VIII DO
Resolved Therefore that the Board OF Trade 70
specfuy but most earnestly request Congress
the gold standard being the most In harmony the
commercial world and the best adapted
the prosperity whole country well as in
Itself the reliable and least nuctuatinx la value
ANOTHER APPEAL TO CONGRESS.
Mr. Williams offered the following resolut TONS
and they were also adopted:-
Resolved, That this Board Of Trade respectfully ut
earnestly urge upon Congress tho duty OF the
pledge world In net OF iSth
OF March in the fJ.i.wng words land the OF the
United states Is also hereby pledged to mae provision
the earliest practicable period for the rede the
United States In coin.n
ssoy cd. That the Legislature of State he
to Congress expressive OF tho sentiment and
oesre Of the people OF the state OF New York touching
Bland silver bill and tho bill tor the VI tho
tivn act.