New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-11
AGAINST SILVER COINAGE.
ACTION OF THE CHAMBER OF COMMERCE.

.n,prlSG MEMORIAL TO CoNGREss-ARGUMENIs
or MEssRs. sELIGMAN AND DODGE.
Although there were many bankers at the
oci meeting of the Chamber commerce Yesterday 10
idor report of snecia committeeo silver coinage,
,hev were overshadowed in numbers by lawyers ana
bus,ncss engaged IN tn, produce cotton sugar
ooa and shipping trades AMI aVote at the ehd OF tho
di,cusson disclosed that only three OF inc hnurc W
more present were opposed 70 repeal of the standard
.nyer dollar law james VI. Brown presided The COM
,co in its repcrt recommended that the Chember SEND
tils memorial to Congress
That the coinage of silver dollars under the compu,
orr law of February 1875 has now reached an extent
mi IT'S farther continuance pcrs the credit OF inc GOV
eminent and the prosperity OF the people. .,ru,i.o
,,rhiy favorable to interest OF every form OF .cI
mate trade and industry, nut that TINS lmpenns
OF serious disturbance aud deterioration Vi U1o Nv
NJ value threatens aud arrests a business -,
fnnliring confidence IN the tGtAre measuF" Vi i'S ~
w tho dangers arc clearly and justly set forth in the
M a. 1hn Treasury in whose views ana recomnenda'
lions upon this subject TINS ChamDe coiu'i}I ',io %,
ami respectfully coh"c"1S '0
Congress. -. c...-o..
The memorial closed with a rogue" that CONGRESS
consider fayorably the recommendation u Tue
mat the compulsory coinage Of silver do"rs oc''eu
bv the law passed In February 1873 Do su'Pou"eo'
Jesse Seligman spoke III FAVOR VI 'n0 0Oi
mendat,on, saying III part: ,,
The credit of the United states 10 day seconu ~
no other Power iii the world ana TINS nS ronrse
Inc great question before the people to1y 10 or u"t
,n sat,.6e6 Ibaf no man VIII acknowledge that tho
Government Is acting honorary wien IL IN
people coin which Is worth but 80 CENTS anu 10Y W t
&c ives 100 cents. No Government can anord 10 pert
ariver coinage to be placed i'll the hauus OF l,S PcpJ
of denrecated value. believe au understanding CUuu
he had with the European Powers by whlch Ltlr ana
amcable arrangement can bo male TO nave UNIFORM
ratio and coinage although up 10 the present time Doth
England and Germany have rejected aI i'''S'
Congress. at its present session. should repeal inc o
James H. Colgate, in defence OF the Bahd OlI spoko
substantially as follows:
Ifear that President Cleveland IS intent on the de-
,truction OF half dozen National Industries IN
Chamber must pause before 1t aids in destroy!h;
these industries and ia diminishing the produc ion OF
gold and silver Orese the extensive mining nj renn-
Ing plants OF the West will so TO the dogs i"o rl
roads that are developing the country VIII aJ" dc 20
mand silver currency 1t Is the universal COIN OF the
is the value of silver which gives value TO gold. We
are too ready 10 follow the German schoolnastCrs'
Let us discard the German and English fnancicrs We
talk about deprecated silver aud swallow greenbaoks
What an absurdityl This thing great. nasnlh-
hours Laughter and cries Of Question J" Queston
The moro look at it The less seem TO know aDoht H.
Renewed laughter.l
william +. Dodge said:
The question under consideration is vital ono to the
general nrospery we per'sr IN our dwsTd silver
standard, with its abs lutte change OF values ana certain
nsn. me World to double standard ana if we
go OH ourselves with the crude ana ue-
pendent nations OF the East and direct opposition to
The commercial nations of Europe. with whom rela
lions so intimate and so complex, ana who "htiner
admit do II the values OF the world usI as
all other Indications besl to point toward revival OF
business and industrial interests, we invite re-
action and parayze all healthy progress ana an sle In
vestments. The steady and relentless PING up Oh
unused coin in the Treasury mpcrs all Interests even
those of the producers OF the metal. VINO VII nl'i;
when coinage is STOPPED, moro healthy anu EorE t
market for their product TO one point wish I" car
particular attention. There Is strange Isacy ani"lu
that stOppagc OF coinage is IN the Interest OF bankers
and merchants the East. and Is opposed 10 tho true
interest OF the working and agricultural population,
and especially the debtor class. This curious error Is
tie basis OF much of the opposition 10 the
measure. Nothing could be further from the truth.
Samuel r. Lang opposed tho adoption Of the recon-
mendations He said that silver should be the currency
IN order 10 meet tho wants OF trade. He wanted the
greenbacks to be retired aud silver to be substituted for
them.
Henry Hentz said that he was silver man, but he
would stop coinage fora time. The recommendations
and report were then adopted only three members vot-
ing In the negative.