St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-07
BUSINESS MEN SPEAK.
Gotham's Chamber of Commerce
Demands Silver Purchase IRE

Gotham's Chamber of Commerce
Demands Silver Purchase aRe-
peal
New YORK, July 6.-The business
men Of the metropolis met today, and
looking each into the others face, con-
sidered the financial and commercial
situation by which they are surrounded.
The occasion was the gathering of the
chamber of commerce, in response to a
call issued by its leading members, who
therein declared that 1.-The present dis
turbed condition of the finances of the
country, brought about primarily by
the enforced purchase of useless
silver bullion and the consequent
distrust in the ability of the govern
ment to preserve the gold standard,
calls for public expression of opinion by
business men as to the remedies to be
applied for the restoration of conf
dence." Vice President Orr presided,
and Immediately the overlooking cham
Der had been called 10 order John
Clafin arose in response the chairman's
question, ''Wbat is your pleasure?" and
said that they did not need tOybe told
that the strain the business men
were suffering from was a severe
one. He said that he had been
told that the strain was greater than
that of any panic III former years. He
did not believe they were OF the verge
Of a commercial panic; they were pass
ing through one. There had been many
causes, he said, which had contributed
to the present trouble. Most of them
would right themselves in the natural
course or business, but there was one
chief cause which was not included in
that category, and that was the silver
purchasing clause of the Sherman law.
1t had caused distruSt abroad, and
weakened us while it strengthened
Europe. He did not see how any sem
Sible man could oppose the repeal of
that law, the wiping it off our statute
book. Any law that might take its
place should only be enacted after wise
and lengthy deliberation. Mr.. Clafin
concluded by offering fol, adoption the
following:
"Whereas, this country has often suf-
fered greatly by reason of hasty and i'll
advised legislation;
"Whereas,i it is now suffering from the
effects of the Silver-purchasing clause
of the Sherman act, which by creating
diStruSt as to the interchangeability of
our currency based on silver with our
currency based on gold, has caused
widespread alarm. and has almost
| CIedlSu IL COlllLlSICldl pdlliCs anu
"WhereaS, In consequence of this
alarm, money is Withdrawn from circu-
lation, business is greatly depressed,
many mills and manufactures are clos
ing or preparing to close, n thousands
| of laboring men are about TO be thrown
ont of employment; and
"WhereaS, Business enterprises will
not be resumed or LABOR be steadily en-
plOyed until money can be obtained by
manufacturers and by merchants at
moderate rates; and
"Whereas, Ordinary interest rates
cannot be expected until confidence in
the stability of all the money of the
country shall be thoroughly re-estab-
lished, so that the lender may not fear
repayment in dollars less valuable than
those he lends: nov be it
"Resolyed, THAT the repeal of the
silver-purchasing clause of the Sherman
act, which month by month renders i'll
creasingly difficult the maintenance of
the parity of each dollar with every
other dollar, is essential to the prompt
restoration of national prosperity. This
chamber therefore urges the speedy and
unconditional repeal of such silver par
chase clause.
"Resolved. That. in the Judgment of
this chamber, a representative commits
sion sheHld be appointed by congress at
the special session about to convene,
which commission should diligently
| study the whole body of coinage and
currency laws of the United States and
: OF other countries, and report at tue reg