New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-07

THE CHAMBER or COMMERCE. on SILJER
The action of the Chamber of Commerce on
the silver question Yesterday was judiciouS and
creditable The meeting was a large one, OK
bibitng unusual interest in the subject. and
the discussion was able courteous and IN
structivc though necessarily under the clrcum-
stances not exhaustive. The arguments on be
half of silver coinage were strongly presented
by Mossrs. Higgins and st. John, while the
resolutions which were passed with only three
dissenting votes were sustained in two effective
arguments by Mr.. Clallin.
II is well that the resolutions were so drawn
that they could be heartily supported by all
advocates OF sound currency They pro
posed. not the repeal Of the sherman act in
the customary vague and loose phrase. but the
unconditional repeal of the silver purchase
clause of that act. They cmphatcaily OPP
poscd. moreover. the various compromising and
op-,oing schemes so much in vogue at ash
;ncten hv asking that after the repeal OF the
silver purchasing clause. all other phases OF the
monetary problem should be Investigated thOr-
ouchlv by a commission. and action thereon
deferred until tho regular session Of Congress.
This was urged on the ground that ha>ty action
was likely 10 be harmful and that other com
PROMISES. like the silver act itself, would be
apt to disappoint and d>Satisfy men OF all
GRADES Of opinion While the action of the
Chamber was in this respect opposed to inc
policy which the Administration Is supposed 10
favor there was no trace of a political purpose
| in the resolutions or the arguments. The de-
| cision was that of practical business men seek
| ing relief from present and threatened cNliS'
II was eInincnty worthy of notice that nearly
| all parts Of the Chamber were in thorough ac-
| cord on enc point namely. that the purchase OF
silver bullion should be stopped. Nlr. Higgins
alone opposed repeating the act. Mr..
| & John REGARDED the trouble due rather
20 a scare manufactured by bankers and
| business men III, msclvcs than 10 The silver
act. but thought the scare could only bc re-
moved by getting rid of The act. Mr. Clailin
did not believe the act originally the chef
cause of financial trouble. bat he urged that it
was the one continuing cause which could he
promptly removed. Nevertheless. while all
believed that a repeal Of the purchasing clause
WAS desirable, one side evidently favored II
| ONLY because it wanted free coinage instead.
| The argument which had by far the most
weight with the Chamber. judging from the
general and hearty applause with which II was
| received, WAS Mr.. ClallinS reasoning that the
United States had been chiefly responsible fol
| the decentralization and dep SSion Of silver. be-
| cause its course had made il easy for other
nations TO abandon silver and to get gold IN
| stead and thai this country could now he'll
| toward recommendation of silver i'll 10 Otncl
| way than by cca>ing 10 buy or keep that metal
by throwing It's product on the markets Of the
world, and by getting and keeping all the gold
it could In that way only. he maintained
| would other nations he forced 10 consider
whether they could get along with gold alone
| as a metallic basis. This reasoning. II was
Justly urged should appeal most strongly tC
those who believed the RECOMMENDATION Of silver
a necessity, and il is only just TO say that on
this point especially Mr.. Claliin was not an
sweied by other speakers Brief as the debate
was. it gave ample evidence that the business
men of New York have gone behind and below
the upr0ar OF partlsans, and are anxious tt
have such action by Congress. and only such
action. as shall rcmovc evil influences without
exposing commerce and industry to still gravcl
dangers than arc now confronted.