The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-11
BUSINESS MEN TO ACT.
The Board Of Trade to Demand a Re-
peal Of The Sherman Law.

The Necessity for Immediate Relief by
the Financial World-A Memorial to
Congress-The Effect of the Refusal
of the West to Accept Local Checks
and New York Exchange on BUSH
ness Here.
A meeting of the board of trade has
been called for tomorrow morning at IL
o'clock TO consider President Cleveland's
message to congress. The cotton ex-
change has been invited to participate.
Resolutions will be presented, urging
Representative Lester and the other rep
resehtatives from this state to assist in
the repeal of the Sherman law, and repre-
senting to them the financial distress
which threatens the country, and which
is growing more imminent every day.
There is no doubt that strong resolu-
tions will be passed by the meeting show
ing the necessity for immediate relief for
the country and the certainty Of immense
disaster to this section if congress does
not take steps at once to relieve the sit
uation 1t is the unanimous conviction of
the business men of Savannah that the
immediate repeal of the Sherman silver
law is the only measure which can give
ICllCl4 anu Jlldb II SUCl tlOllOlA - uOb bdhtu
at once the country will soon be involved
in the greatest financial panic that has
ever occurred in its history.
STRIKES SAVANNAH HARD.
The condition of the finances of the
country at large has come nearer home to
the Savann ala merchants in the last few
days than at any time since the strin-
gency of the money market first began to
be felt. A number of the prominent
wholesale merchants and grain and pro-
vision dealers, probably all of them, have
received notices by telegraph and mail
within the last few days from their cor
respondents in Louisville Chicago and
other western cities that all orders must
hereafter be accompanied by currency or
checks upon the banks of the cities from
which the goods are ordered. Local
checks and New York exchange will no
longer be received. Similar notices have
been received by the merchants of
Charleston and other southern cities.
This action by the western business
men will have a very serious effect upon
the business of this section. All the ex-
change from this section is with New
York and and there is practically no eX-
change on Chicago from the southeast, all
dealings usually being through New York
The Savannah merchants have hereto
fore paid their western bills in exchange
On NbW IOEh VI ny CIltChS On buG Ill
nah banks, which was pretty much the
same thing, as the checkswhen returned
for collection We're paid by New York ex-
change.
The exports Of cotton and naval stores
are paid by drafts on New York, which
always gives the Savannah bank a pre-
ponderance of exchange on New York,
enabling them to settle accounts in other
cities by drafts on New York.
ATMosr r-Dypp rsr DuNyTrD
This is the first time in the history of
the country since 1873 that New York ex-
change was not good in any part of the
country. The effect Of this refusal to ac-
cept New York exchange by the western
banks is to reduce all transaction between
this section and the west to a currency
basis, requiring the shipment of cash by
express with orders
The action of the western banks is
caused by the refusal of the New York
banks to give currency in exchange
for drafts. What money the New York
banks have they propose to keep and
they will only pay drafts in certified
checks on the clearing house or checks on
banks in those cities where they have de-
posits. While the checks are good for
| the amount they represent, they are as
useless as waste paper to the business
man who must have currency with which
to transact his business.
AS the refusal of the New York banks
to send out currency applies in the banks
south as well as west, the southern mer-
chants will not find it an easy matter ID
! secure currency sufficient to pay for west
ern grain and provisions, and general
decrease in business in these lines is
| likely to be the result.
Many merchants regard the situation
as threatening and the prospects for the
| future as very gloomy indeed, unless con-
| gress affords immediate relief by the re-
| peal of the Sherman silver law.