Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1884-04-01
Chamber of Commerce.

Several NSW Members Hece1V6d-D1S-
cusstOn On the Coinage OF the Sill.
Adopted.
An adjourned meeting of the Chamber Of
Commerce was held last evening in the Al
dermanic chamber for the main purpose OF
| discussing the coinage of the silver dollar
| In the absence of the president or either OF
the vice presidents. J. B. Sargent was called
| to the chair. The reading of the minutes
was dispensed with. The following new
members were proposed for member.
| ship and elected: John. B. Fitch, James Eng
/ lish George E. Spare, H. N. Whittelsey, jr.,
| George II. Sutton, R. r. Hopkins, H. II.
| Strong, Herbert Barnes, George st. John
Sheffield, Eli Whitney, jr., B. Rogowski and
oseph T. Fitch.
MERGE of New York city was called up by
Major T. Attwater Barnes for discussion
The secretary read the resolution, which
provides that the coinage of silver dollars be
discontinued for two years and that the issu-
ing of one and two dollar bills also be discon-
tinued.
DR.. J. P. Phillips was the first speaker
He said he was under obligations to mem
Der of this chamber for assistance. He said
that Henry Gillian switched him on the right
track. If you are not switched right in the
beginning you never know what you are
studying He said he had had his views pub
lished in the Union and he would consider
any man his benefactor who would show him
wherein he was wrong. The doctor said the
trouble was that the currency question had
not been fully debated. He thought the
right thing to- do was to make gold
and silver semi-legal tender; that is if a man
owed s. 900 he should pay $500 in gold and
in oil Rnk hou hot
currency, as one will drive the other out
There is no doubt but that the government
bonds are clearly payable in silver. 1t is
plain that these bonds are payable in coin
and silver is coin as much as gold. The con-
tract under which the bonds were sold was
very plain and there was no right by which
the value of the gold dollar was increased
and the value of the silver dollar was de-
creased. He asked the members to read
what he had written and published.
James B. Colgate, Esq, of New York, was
the next speaker. He said he was glad to
have the opportunity to address the Oldest
Chamber of Commerce in the country save
one. He said he would talk on the subject
of silver which had always served the pur7
poses of trade and commerce well. Silver
he said had always been the unit of value
because it was universal and he believed that
the time was not far distant when silver
would be at a premium above gold. The
same thing complained of in silver lies in
gold. I submit that silver should not be
made the scapegoat for the non-circulation
of gold. I submit that the cause lies in the
greenbacks and national bank notes.
It appears that all this hue
and cry about silver is perfect nonsense
How are you going to pay your debts with
national bank notes? It cannot be done.
The national bank note is founded on debt
and no one expects they will ever be paid
any more than the continental notes were
paid. The government Is forcing paper
money upon the people which it may pay
and it may NOT just as sure as you are here,
gentlemen, this paper currency will bring us
sooner or later to financial ruin. When
Germany demonetizedj silver it never changed
its mind fin regard to the value of silver one
iota. The moment you restore the equilib-
rum between gold and silver then silver
comes back to its normal value. One is a
sequence of the other and one depends
upon the other; gold only receives its value
except by silver. You could not bring a
greater distress upon England than by alb.
sorbing all her silver. We cannot get along
without silver; it is the necessity of the
world while gold is a luxury; it is the bank
ers currency. If we could do away gradually
with our greenbacks and national bank notes
and substitute silver certificates in their stead
we should be much better off. National
bank notes have outIived their usefulness
[ don't see how you can get along without
the silver and don't see how you can get
along without the gold.
George A. Butler, of this city, was the next |
speaker He thought that silver and |
gold were both necessary to effect |
the exchanges OF the world. The |
vital point did not lay in the chemical |
ineness of either metal, but it lay in the ac- |
lion of Germany in cutting the two metals |
apart The question is whether We will |
place ourselves at the mercy of the silver |
aations of Europe. If we pursue the course
we are going We are at the mercy of England,
Germany, France, Italy and other foreign
a ations. I am not an alarmist. There Is no /
doubt but that silver may assert itself, but
IN so doing it may be our ruin We do not
aemonetize silver, for that has already been
done by the nations of Europe, and shall we
let them load us down? The contraction of
The coinage of silver does no harm whatever
and even if silver goes to the wall we shall be
no worse off than we are to-day. When the
government pays its balances in silver or
silver certificates then gold is no more need
ed. The poor laws of England were caused
BY the Issuing of silver, and it brought ruin
upon her In the sixteenth century. The
situation to day is different than it has ever
been in the history of the world. He said
this argument in favor of the continued
coinage of silver was like the man who went
put and hung himself for fear that he would
be drowned.
Joseph Sheldon discussed the question at
considerable length. He thought If we fol-
owed Germany's action of course the silver
metal would be cheaper. II you don't use
5he silver dollar, said Mr.. Sheldon. it's value
must go down. He Thought it best to make
haste slowly in this matter, end in the end
both of these metals would be recognized the
world over. The country was In no condi-
ion to make experiments that tended to
'ring ruin upon the people. II
The resolution was then passed with but
ew dissenting votes, and the meeting adj
burned. /