Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1891-01-29
FREE COINAGE OF sILyRR

Opposed by the Chamber of Com.
merce AFTER Exhaustive Arguments |
Pro and Con-George A. Buffers |
Resolutions-How Judge sheldon |
Views the Matter.
President George A. Butler of the Trades
mems bank presented a set of resolutions
upon the pending silver bill to the chamber
of commerce last night. They were as fol- |
lows: -@-s5> ..
Whereas, A bill relating to the coinage OF silver
which has for one of it's objects the
Of fictitious and arbitrary commercial value to
that metal, without concurrent action by Other
the senate Of the United States:
Resolved, That we, citizens of the common
Haven chamber of commerce, duly assembled,
earnestly protest against such mischieyous and
destructive legislation, and we earnesty eau up
to use all just means to defeat this bill and also
s as f s obiesst ss
shall 6e in accord with and under an agreement
toration Of silver to its former position as one of
the great monetary metals. And in the last re,
States to Prevent the Senate Bill from becoming
a law by the exercise Of the constitutional pre-
transmitted to the president, the speaker Of the
house of representatives the Chairman mo q the
resentatives in congress.
Mr.. Butler, in support of his resolution,
said that until the demonstration of silver
by the German government it was used by
the nations as full legal tender for
money. Now we find ourselves with
large annual product of silver with no
foreign markets except India and two other
southern countries. With none but these
and ourselve to absorb our product we find
that ba frodo oopditiona do not allow In
dia to take it and pay for it. We find we
HAYES burden to carry, if we open our
mints to silver, which should be carried
jointly by all the world. If we have free
coinage we must take the production of
/ our own mines, the $40, 0O0, 900 year
from the Mexican mines, and whatever sill
yer that the outside world wishes to I'M
load upon us. We must take all that
comes. An increase of coinage
will not only not help us but
| it will make the next crisis more
| severe than the one Just over. when you
| increase the currency to a point greater
| than is necessary for the uses of the coun-
| try you have introduced an element that
| creates higher range of prices, and at the
same time no new capital has been Great
ed. The effect of the silver bill might in
crease the value of silver at first After
| wards it would not surprise me if it fell
| lower than it ever has been yet.
| Judge Joseph Sheldon said the discus
sion of the silver question would continue
| throughout the country until the free coin
age of silver was placed upon the statute
| books. There were three prominent lines
| of argument, said he; one of morality, one
| of currency and one of the India phase,
which is the argument Of the Farmers al
| lance The farmers have found out that
| they have been swindled to the tune of
| $500, 900 900 year, and they will continue
to agitate it until a president is in the
chair who will not finch from signing a
free coinage bill.
Attorney Henry G. White thought the
free coinage of silver was measure which
could not possibly be endured by the coun-
try at present. He thought Judge Sheldon's
ideas were decidedly erroneous upon the
| question.
| Nathan Easterbrook said that he would
like to hear the subject thoroughly dis
cussed for it is one of great moment. BE
| moved the chamber adjourn to the common
| pleas court room next Wednesday night
Mr.. Butler thought debate would not
change the opinion of any member of the
chamber and hoped a vote might be taken
Professor Simeon E. Baldwin agreed
with Mr.. Butter and thought that Connec-
ticut's and New Ravens interest manifest
ly lay in opposition to the free coinage
bill
Mr.. Easterbrook's motion was lost upon
vote.
General E. E. Bradley expressed himself
in favor of Mr.. Buffers resolutions, but
desired to hear something in the negative
Judge Sheldon then delivered himself Of
this side. He said that careful researches
in India prove that the value of wheat il
relation to silver has not changed one iota
THE silver coined dollar will be added to il
value. 1t is manufactured article ane
has value added to it over the bullion
value. But suppose all you say is true ant
we should lose our gold and be reduced tx
silver coinage. Would not the effect b.
to raise the prices of everythinga 1t would
place us at the head of all the silver using
nations of the world and we, as old Johr
Randolph of Roanoke once said would hang
up the barometer of the worlds exchange
in New York. I tell you that these farmers o.
the west have learned this lesson well ant
will not rest until they have re-establishet
| that old act upon the statute book which
was originated by jefferson, favored b,
Madison and inaugurated by Washington
After a discussion of two hours the res
| olutions of Mr.. Butler were adopted by
large vote.
F. II. Russell, L. w. Moody, Seymou,
II. johnson and Charles H. LOOMS were
elected members of the chamber.
On motion of Nathan Easterbrook an an
nual assessment of So was laid upon eacl
| member