The Providence news. (Providence [R.I.]) 1891-1906, 1893-01-19
LOCAL FlNANCIERS.
The Talk on the Repeal of the Sher-
man Act.
JOHN W. vERNON'S ARGUMENT.
John MeAusian. Charles II. tMerrimsn,
Samuel X. Dorrance, Joshua wiibour
A Letter from Con gressman Harter-
Resolution for Repeal of the Act.

held yesterday afternoon at 3 o'clock 4
discuss the silver bill. The meeting w a
the result II three letters received from
the New York Chamber OF Commerc,
and Congressman NJ. ID. Harter.
President Pierce called the meeting t,
order and asked John w. Vernon {,
make some remarks. He spoke in par
as follows:
The fact is pltent 10 all that thi
nation is striving to sustain and carry
| alone an enormous burden of silver Il
| which ii 10 adding month by month.
All other nations deci g TO aid us anC
| IL Is Only question OF time when tn,
steadily increasing strain will break u,
| down.
First the cause-It is one OF the mosr
| striking illustrations of the power OF or
ganizei effort that few silver produc
ing states in the far West have succeeds cd
IN bulldozng Congreas, bullduzing both
OF the great political parties and bull
dczing the whole country into buying
their product at prices far above its value.
virtua ly agreeing not to sell IL again and
taxing everybody TO pay for IL.
We must part company quickly and
once for all. Repeal now this silver pur-
chase bill which is sapping our strength
month by month and day bv day. IL
matters not how rich or how powerful
this country may be. it cannot stand
alone. In this age every financial pulse
beat is felt throughout the civilized
world.
Right OF wrong Congress always bends
to the gale-yields To the pressure of
public opinion.
We are told that the task is n hope
less one since the masses are prejudi !, d
becaused they have been deceived. The
fact that they have been deceived makes
IL nOSSibla nnlQeaiya thpn Thair
minds are now open To conviction When
they haye found the truth and those who
have been deceived are undeceived the
reaction will be irresis ibe.
There Is also natural misconception
OF the results OF our present silver policy
which must be met and answered, indi-
rectly IL IL cannot be overcome by direct
ass iut. Ii is this: We see four millions
of silver bought by the government every
month and paid for b. silver certific ties.
Do these not 90 at once into circu lation
and increase By so much the amount of
money afloat? III so, will not some of it
fihd its way into our pockets? Now these
who are accustomed to watch the ebb and
flow OF money, the functions of credits
and clearings through banks aud clear
ing houses, the currents of foreign and
domestic exchange, know that this whole
assumption tnouga apparently true is
really false. but II is diricult to explain
it to those whose occupations aud
thoughts move in other channels.
What then shall we dor Is it not DOS
sible to side track this taking fallacy and
in its place furnish more attractive de-
vice that will really provide not limit ed
monthly increase OF money, but an in
crease that shall be limited by the needs
OF The country at any and all times.
If IL be necessary In order to secure the
report OF the Sherman act to repeal the
state bank tax, repeal it at once. do
not PIE end to argue the question Of its
cJnstitutonality. l will not say that it
was imposed either to furnish a market
for good bonds or else to benefit the
national banks.
assert that its repeal will enable us 10
say TO the West and the South, we ask
you to join US In repeating this silver bill
and we will join you in repeating the
state bank tax which will enable you to
get all the currency you need or can use,
on terms TO be prescribed by yourselves.
Is there any more danger of this coun-
try relapsing into an era OF undesirable
wildcat banking and currency ii the
state bank tax be repealed, than there
would be of it's relapslng into slavery il
the fifteenth amendment were repealed ?
Can il he imagined that the people
would now consent for n single day TO
nave forced upon Them bank bills Of
fluctuating or Of merely local value
How could anyone be forced to accept
such issues' There is 10 legal tender
act that would apply. None such could
ne passed. National bank bills and gov
ernmeut issues would still be available
Many will not saccept the demonstra-
ton OF "a logical argument. Tn re are
few who Will not accept the demonstra-
tion of an experience. Therefore / say
let us have the educating process OF the
existence OF ate and national banks Of
issue side by side upon equal terms and
we shall witness the survival Of the
httest. Ask no favor. Absolute security
and universal acceptance of national
bank currency and government super
vision would inevitably give national
banks the preference, both in the matter
OF circulation and in that OF deposits.
Mr.. wilbour Remarks.
Mr.. Joshua Wilbour said this is a ques-
ton that vitality interests us all. 1t is
one with which every business man and
every man of intelligence should be
acquainted. The Sherman bill was a
bill. AT the time OF its
passage. there were many who favored
free coinage. This was. therefore,
made with the hope that
silver might he maintained ut par. This
view. however, was fallacious. The issue
Of silver certificates is an imitation nearly
as great as that OF the issue OF green
ba ks during the war. Or purchase OF
siiNtr ~ urINluS kOlu OUT Oi tnls country.
Our exports of cereals and cutton should
cause gold now TO be imported. But
goods will always flow where there is
money TO buy Hence our imitation at
tracts goods which we pay for among
ourselves with silver but We must send
gold abroad To pay for them.
The banks OF foreign countries have
realized the need or gold and they are &C.
IL rapidly.
/ cannot agree with the compromise
suggested by the preceding speaker I
believe IN no compromise with this ques.
ton. The fault of the Republican PARTY
was this one OF always compromising.
They have compromised with silver for
en- years, and IL is time now TO act on
'xact principles OF right IL il time TO
part company with any principle but
right, and | believe I'm the unconditional
repeal of the law as IL stands
what Mr.. Dorrance said.
Samuel r. Dorrance said that there is |
no donbt that thus far both gold and sill.
yer are now maintainei Mt par. but the
of 4,50O, 600 ounces per month is |
,very day bringing us nearer aud nearer
.he time when That parity can no longer
Dc maintained. am earnestly in favor |