The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-07-15

Confidence in Portland Banks.
There was rather a small attendance
but an interesting debate at the meeting
of the Board of Trade, called yesterday
forenoon to discuss the financial situa-
alton. President E. B. Winslow presided,
and there were present the following:
Messrs. Sidney w. Thaxter, Charles S.
Febes, A. B. Hall. J. E. Blabon, L. A.
Cloudy, J. S. Winslow, M. N. Rich, Thos.
Laughlin, Lyman Cousens, William H.
Sargent, Aurelius S. Kinds, William II.
Moulton, H. S. Melcher, W. M. Chenery,
q. s. Osgood, W. W. Merrill, Rev. Mr..
Southworth, Alderman Tolman, John M.
Adams. Fritz S. Jordan, Seth L. LARA
bee, George B. Loring, John M. Todd,
William Fl. Scott.
President Winslow announced that the
committee appointed to report course
of action in regard to the financial situa-
ton, Messrs. F. E. Richards, G. S. Fobes,
W. 81. Moulton, J. F. Blabon and w. W.
Merrill, had reported the following reso-
luton and preamble:
Whereas, The intrinsic value of a metallic
currency should correspond to it commercial
value, and
Whereas, The decline in the value of silver
has been SO great as to cause the silver curren-
cy Of the United States to be maintained at
parity with god at reat cost to the naE yeI
at the present rate will be attended with great
and Increasing evils, producing distrust at
home and abroad, therefore,
Poo hat ha
urges upon Congress the early and uncondltlon-
al repeal of the purchasing clause OF the Sher-
man act that confidence may De given I'VE 70 me
and ability of the United States to redeem all
Its obligations in gold.
RESOLVED. That the secretary OF the Board pc
instructed to forward copy OF these reSolu-
tions to each of the Maine Senators and REPRE-
sentatives to Congress; also to the various
Boards OF Trade OF the State OF Maine, inviting
their cooperation.
This report of the committee was &C
cepted, and the matter was thrown open
to discussion.
Mr.. Charles S. Fobes said that he
would be wise man who could settle
this question. The Board of Trade had
desire to help the business situation,
and he gave Congress the credit of desir-
ing to do the same thing. The questions
of coinage and currency were very deep
and complicated; and experience was
the only true guide. After long trial the
nations of the world have practically de-
cided upon silver and gold as the circula-
ting mediums; and now there seems to
be tendency to turn to gold alone. The
question now before the country is
whether this country has had experience
enough in buying silver to store it away.
Mr.. Fobes believed that it had, and that
the repeal of the Sherman act was de-
manded. There was no doubt that the
intrinsic and nominal values of our coins
should be as nearly equal as possible.
The
Ratio of Gold and Silver
has, however, been very difficult to- es-
tablish. In the year 1900 the ratio of
gold and silver was about II parts of sill
yer to one of gold. But the discovery of
the mines of Peru made silver cheaper,
and the ratio became about 16 to /.
Then came the Nevada mines, and today
the ratio is about 80 to /.
The silver dollar was taken merely,
and was good for it's face value only SO
long as the promise of the government
was back of it.
1t seemed wisest for the government
to suspend the purchase of silver until
the ratio should be fixed by the nations
of the world.
Colonel John M. Adams was called on
next. He said that he sympathized en-
tirely with the resolution.
Mr.. Sargent said that for the last few
years the government had been putting
out seventy-fve or one hundred millions
+/1,@ Iii
whence is this supply of money to come?
We have none too much money now, as
those of us who are in business and have
real estate know. Before the war,
our silver money was worth more as a
commodity than as money, and it did not
remain in circulation here, but went to
Europe at once About 1873 an act was
Struggled through Congress demonetiz-
ing silver. Even Grant, who signed the
bill, did not realize what it meant. About
this time Germany demonetized silver.
In 1878 we passed the Bland act. If
the price of silver is down, we are to
blame for it. believe that IT we had
had the free coinage of silver our silver
would not be down so low as it is now.
England has SO maneuvred as to pro-
duce surplus in the silver market and
so bring silver down.
comes scarce, and we cannot afford to
curtail the supply
Mr.. W. Fl. Moulton was called on. He
said he favored the resolutions. The
laws of commerce and trade were alto
gether more sound in their operation
than any laws Congress could make.
Col. John NJ. Adams said he had al
ways been friend of silver; but it
seemed to him that the purchase and
piling up Of silver was stumbling
block; and after that was cleared away
the intelligence of the country could
then act.
Mr.. w. w. Merrill said that his atten-
ton was attracted to the subject by no.
ticing the hard times that had come up
on the Industries of the country. He had
collected few statistic in regard to the
question. From February, 1878, Ito Feb
ruary, 1890. we were under the Bland act.
allowing the purchase of not less than
100000, nor over 100000 dollars a
month. In all the years Of the operation
of the Bland act 378, 1876, 900 silver dollars
were coined, of which only 100000 600
went into circulation. The Sherman act