New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-13
THE SILVER BILL OPPOSED
POSITION OF THE CHAMBER OF COMMERCE.
SPEECH BY JOHN JAY KNOX AGAINST THE
FREE COINAGE MEASURE

The adjourned meeting of the Chamber Of Commerce
10 hear the report of the Committee on Finance. which
includes George ;. Coo, John Jay Knox, W. T. ST. JOih
and J. Harsen Rhoades. on the financial legislation
pending in Congress, was held yesterday aitcrE0On.
After session lasting almost three hours, the Chamber
decided TO oppose. bTiy, the free coinage OF
silver The committee presented unanimous report
coademninc the proposal TO issue S20O0O0O OF per
cent bonds in place of an equal amount Of ana IL
per cent ones By vote taken latcr III the session.
the Chamber adopted the committees report and &c
cared itself against the intcrconvctbe bond scheme
Of the secretary OF the Treasury.
Regarding the proposed free coinage of silver, two
reports were presented by the Finance Committee
The majority one. signed by Messr'. Coz Knox and
Eh0adcs, was adverse TO the measure. While the
minority report, signed by ". T. IT. John. was III favor
OF IT, The majority report declared that the Tree coinage
OF silver fraught with danger To the hhahc.al
interests OF the cOuntIy. Further financial "siNa
ton IL continued was unnecessary. If Congress ad
journcd without adopting any legislation the country
would DC benefited Mr.. Knox thch made speech
in favor of the majority report. After defining the
question under consideration, he spoke III part a'
follows:
In nv opinion no additional paper currency is
needed at Inc present unc. Ddrins the iast t"cn.S
years the circulation OF tnc country id' Dcoh Ac"lS
doubted during me last Year nearly clU0,OUOOUO Has
been added to the circulation. IL true mat dHIln5
the past three months lUcTc mas seemed 70 DC d
scarcity OF currency. Ii originated III the 1act tHat
the people On country Plescr pdpcr t1tIcHcS -
coin when i, abundant; tnat small NATIONAL ban" hoee
have been rapidly rellrcd aud Only are hOtt' l9su
in place thereof and tntt whle congress auHVr@tN
large addition ol silver certificates durIHa H. ldso
session IL did not gave the Treasury thc A'i'tS ~.
furnishing small notes the baAns 10Y use IN tho
Ian business. There was, Therefore, lempoiiI!
dcicieney But the banks IN IN. "e,t anu Sum 1c
fuli Of these notes. inc iil! buslne,s Is Over
and there VIII be no urgent demand ITI la ~
portion OF these notes AGAIN unuI inc l"li SVaHon
ui 1901. The silver cerIHCates are rapidly Dc.n5
returned to the large Gs&, IN 'c cy rsn
be sent 10 the Treasury Tor ledelnpuon Mheie 'noS
redeemaDle in lesaltender notes ana titsc hoVS
he he'd by the banks IN the large ciucs lOi OeaI,,e
oase burgess: or lmey ca" gd FeIeu the silver
certificates. which being Ietuned IN large amounts
have but odtet, and mat Is by the return Oh 'ic
certificates to the Government ia inc pay men. "a
dues. The paper circulation oi the country IS aDui,
SuO.OOO,UOO IN the bill already passed curing tie
last session OF Congress viii supply eNeIj possible
deficiency. t A.,
1t is now proposed by senator stewart before The
effect OF the OF the last session Is hho"h, Pio
authorize the conversion Of al the sI>er bullion "hc
may be presented the minis INTO paper currency
oer,incaIes after the tall business i over ana
the produce OF the country delivered at tue home ana
foreign market may be compared 10 the purchase ny
a large railroad corporation Oi thousands Of Icishl
cars Tor the movement ol freight a.'cI the pilnc,pt
be OF whatever; they would be worse tlaM u'e
less, they would ObstIuct the business 81 the lOau
They must De placed upon size TRACKS and await inc
revival OF trde or the growth OF business or SOFA %
tcrest and principal. The freight car j. mcdlul
Of TRANSFORMATION the currency medium OF exchange.
The wealth of the country consists not IN it, coin aid
currency but in its great lesOurcc,-it5 houses ana
lands, lis railroads, lis fences ana 0lhcF improve
ments in the grain and cotton ana wool aid nay ana
nee and cattle in its ores ana lumber and coal; IN
it, immense amounts OF raw material anu miami.
IactuIed goods. which ale the result o. the INDUSTRY
The freight car and the currency are nothing but
the machinery, The tools Tor moving the iriI" ana
developing the business Of the country, and II !, -
foolish To invest large amounts OF capital in silver h
We do not wan,, a. for Ialllo|l COMPANY 10 man" ,
3acture hundred thousand freight carp t. move the
produce of tine country when onc-tchlh oi INC nun
Der would be more suhc nj i0r me Puiposc - - a.
culpablc for great nation. a. 10" COOPERATION 10
purchase a commodity II docs not need Inc coUHuy
mad an excellent ana ecOhohlcal tA'udtlts n.cuiu'
before the purchase of silver in >u'A ialgt amounts
was begun 1t does rot need any additional
produced should be sold in the worlds market ioI
gold or eAeansed for some oer Podn %nn W
gold standard i the true hmet9lst Tor he Is earnestly
IN favor Of using as much silver H7 eau Oc uScu' anu
He who advocates free coinage is the true mono
gold. except that he'd as reserve by the banks,
entirely ont of use, substituting temporarily loan
place thereof until finally standard Of valle shall
become the same as the standard Of China Japan and
Is Two months ago it wa Believed by many
that it would be desirable TO increase the paper cur
We have not to deal with It's results. The currency
ipr 6ns ram 6e Nest l and from The South and the
vaults Of the banks during the next lew months VIII
hold too much rather than little paper money.
What the country needs most of all at The present
time is rest Ii needs time to recover from the
financial shock. The discussion Of the currency
ton tends not to revive but TO impede and uneettc
business. Capital is timd, and many persons believe
# thew G' are mtaken he result vii be- the same
II free coinage Is imminent gold will be Withdrawn
from use and boarded, and every dollar withdrawn
has IA bad effect. Ii COngrcs, would dismiss from It's
consideration the subject Of the currency the country
Inc Chamber of Commerce believes in the best money
e has woi mo premGlse arans f sver 4dosr soa
piece contains eos grains Of gold II ten Of these
ron viii buy 500 worth Of good, Tie world over But
II 100 silver dollars were melted into silver bars they
upon the silver standard, only about $50 worth Of
goods The purchasing power Of gold is a. great
hgaltender quality, as with f.. silver coin not
decmable in gold has a purchasing power only equal
The merchants comprising the Chamber Of Com
merce have business dealings directly or indirectly
as charitable a. any body Of business men anywhere.
But the Chamber Of Commerce is not Charitable or
society. 1t is not speculative institution. 1t was
not organized to Try new 81 6 m ar for on
benefit Of other countries 1t Is business association
tend commerce. to make this city more the financial
and commercial centre Of North America. In order
to do business upon The ba, Of the best money. The
records Of this Chamber show that from the beginning
one course il has but opinion upon the subject of
the true standard for money feel certain that now,
ChsmbeT Of Commerce VIII again record its vote,
IL has always been recorded IN favor Of gold stan
dar and in favor Of the report which has been made
by lis finance committee.
This Chamber has from the beginning shown i,eslf
10 he a careful ana judicOus BODY ID the consideration
~ an questions OF finance. | know Of no financial
measure il has recommended IL Congress OF winch
IL should be ashamed
II ,he Congress Of the Tuiied stats shall insist upon
legislation contrary the experience Of all other
nations II il shall insist upon trying great none
experiment. for the benefit Of the human race. without
concurrence Of even other great nation lei Con
crss alone take the responsibility; let II do 50 without
the Endorsement of this Chamber.
Mr. ST. john whose views have been published
already in The Tribune in the minority report favored
legislation providing for the cancellation of bank notes
and of the existing gold and silver certificates They
NAV be paid into the Treasury. lie advocated "a new
issue of United States notes which shall be legal
tender for all debts, public and private, including