The Portland daily press., 1884-03-20
BOARD OF TRADE.
Passage of Resolutions ON the silver
Question.

The Board of Trade held special meeting
yesterday morning at IL o'clock. A fair num-
Der of its members we're in attendance when
President Wescott called the meeting to
order
Mr.. Theodore @. Woodbury. was called upon
by the chair to inform the members upon the
subject for which the meeting had been cali
ed. Mr.. Woodbury. said, in substance that
his attention as well as that of other members
of the board, had been called to this subject
by the condition of the money market. In
various places and from different reasons the
matter had been pressed upon the notice of
business men. and he thought, il we're posi-
Die to obtain full expression of merchants
and others,the opinion against the future COIN
age OF silver would be a unanimous one. Since
February, 1873, silver has been coined at he
rate of 900 per month and much diff
Guilty has been experienced in getting it into
circulation. The government has tiled sever
al expedents % bring about this end. Among
other methods. they have off red bonus to
the National Banks if they would take the
silver, BY agreeing to pay express charges On
the shipment of the metal from the treasury
vaults to the place where the banks may be
located. This plan has not been favorably re-
ceived by the banks. The issue of silver GER
titcates has assisted in obviating some of the
inconveniences of this constant coinage but
even they have been issued to OILY limited
amount. Plainly these are but temporary
ways OF meeting the difficulty and the time
must certainly come, if this coinage is to con-
Time. When il will III TO- 10
yer into circulation. To speak 10 round num-
bers We have circulation of 500, ,000, 900 on q
basis of $3.50 000, 900 specie. II one of the
monetary laws that the baser metal always
drives out the dearer, and the steady flow .of
deprecated silver into our vaults will call this
law into operation. The present system of
coinage seems to derive its chief support from
the silver producing states. When the law
was first passed it met with very general ac-
csptance throughout the West, but now the
want has changed, silver is a glut upon the
market, and many cities which six years pre-
sented petitions in favor of silver coinage are
now forwarding remonstrances to its longer
continuance With reference to the Eastern
States, in the two mopeyed centres of New
York and Boston, meetings have been held
and action has been taken, looking to the re-
peal OF the existing law. 1t seems as though
Portland might reasonably add its protest 10
those of the cities last mentioned. He then
offered the following resolutions
REVOLUTIONS.
Whereas-The Portland Board of Trade believes
that the amount of silver dollars now accamulating
in the government vaults is largely In excess of the
needs OF commerce, and as witnessed by the pie
report of the Secretary of the Treasur who say s
THE coinage (of silver dollars) between Novem Der
lst. 1882, and the same date in 1888 had increas-
81 $zo, o9l 69, the amount in circulation for the
same time had increased 81 136, ,32l thus
keeping up the great disproportion between the
amonnt ready to be supplied, and the demand for
them heret fore Noted in the reports of this depart
ment;" and
Whereas The continual coinage of 81, 90 900
per monthsunder the present condition of affairs is
full OF peril aud danger TO he financial and COM
mercial industries of the country; aud
Whereas-If the process is much longer continued
II must certainly enh in reducing THE country to
silver standard Therefore,
Resoiued That in the opinion of this Board of
Trade The public od requires that the coinage of
silver dollars should be Immediately suspended by
act of Congress.
Resotved-l hat a copy of these resolutions be
ransmi ed to our Representative in Congress by the
Secretary OF the board, ana that he be requested to
use his influence TO secure the suspension of the
coinage of silver dollars.
Hon. Charles Mclaughlin moved that the
resolutions be accepted aud forwarded, and the
motion was unanimously carried.
After the adoption OF the resolutions inior-
NAL discussion upon the subject of the meeting
became general, aud was participated in by
Messrs. Jacob Mcclellan, G.. W. True, r. M.
Richardson, CHARLES Mclaughlin, T. C. Wood
bury, j. e. Blabon, T. c. Hersey, and others.
About twelve o'clock the Board adjourned.